Press release
Electric Truck Market is Booming Worldwide
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In terms of application, the electric truck market is divided into municipal, logistics, and others (which include mining, agriculture, and construction purposes). Among these, the logistics division held the largest share of the market during the historical period and is expected to account for the major share of the market during the forecast period as well, both in terms of value and volume. This is attributed to the expanding logistics industry and considerable growth in retail, manufacturing, and e-commerce industries in emerging economies.
A major trend in the electric truck market is the adoption of electric trucks for urban logistics. The existing concepts of logistics in urban areas are being fundamentally transformed in several nations around the world. Distribution centers are being moved closed to urban areas. In addition, a double-digit growth rate has been witnessed in online retail for parcel service providers in recent years. This is projected to result to the development of new logistics concepts for urban areas, as the demand for faster and more flexible deliveries from the consumers is expected to rise.
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Electric Truck Market Competitive Landscape
The global electric truck market is dominated mostly by the Chinese players, owing to the rapid industrialization, urbanization, and economy growth coupled with government support for the adoption of eco-friendly vehicles. Dongfeng Motor Corporation is one of the leading players in the market. The company has wide product portfolio and has strong position in Chinese electric truck industry. Whereas, BYD Company Limited. is the second largest manufacturer of electric trucks in the industry. The other key players in the market include Hino Motors Limited., Daimler AG, Volvo Group, Iveco S.p.A., Isuzu Motors Limited, Nikola Motor Company, Workhorse Group Incorporated, Cummins Inc., and E-Force One AG.
GLOBAL ELECTRIC TRUCK MARKET SEGMENTATION
By Propulsion
Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle (HEV)
Plug-in Hybrid Electric Vehicle (PHEV)
Fuel Cell Electric Vehicle (FCEV)
By Vehicle Type
LDT
MDT
HDT
By Range
0-150 Miles
151-250 Miles
251-500 Miles
Above 500 Miles
By Application
Logistics
Municipal
Others
By Geography
North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
Netherlands
Norway
Rest of Europe
APAC
China
Japan
South Korea
Rest of APAC
Rest of the World (RoW)
U.A.E.
Brazil
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About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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