Press release
Electric Truck Market 2027 Future Product Development Plans | Covid-19 Impact Analysis | Hino Motors, Dongfeng Motor Corp, PACCAR Inc, Daimler (Mitsubishi Fuso), Isuzu, Renault Trucks, Tesla Inc
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Key players of the electric truck industry analyzed in the research include Hino Motors, Dongfeng Motor Corporation, PACCAR Inc., Daimler (Mitsubishi Fuso), Navistar International Corporation, Isuzu, BYD Auto Co. Ltd, Renault Trucks, Zenith Motors, Smith Electric Vehicles, Tesla Inc.. They have adopted various strategies including new product launches, collaborations, partnerships, mergers & acquisitions, joint ventures, agreements, and others to gain a stronghold and international presence across the world.
The global electric truck market is experiencing a significant growth, and will grow considerably in next few years. Electric truck is an electric vehicle which is operated on electric power supply through batteries to provide cargos. From past hundred years, electric trucks have been used in niche application, but more recently, the arrival of lithium ion batteries helped to enable the travelling capacity of electric trucks to travel up to several hundred miles. Electric trucks are preferred in various industries and applications owing to its features including no local pollution and low running costs. However, electric trucks are heavier than the tradition diesel trucks.
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The electric trucks requires recharging its battery after a travelling of particular distance owing to the less energy density of the lithium batteries used in this trucks which is responsible to cause delay and vehicle swapping. Innovations in the electric truck industry pave the way for improved and better transportation than other types of trucks, which have petrol and diesel engine.
Top impacting factors:
Surge in demand for electric truck in the transport and construction sector due to its low running cost &l ow maintenance and the government incentives for the purchase of these vehicles are the factors that drive the global market. However, the high price of lithium batteries used in this truck may hinder the market growth. Contrarily, research and development (R&D) activities regarding battery technology along with partnerships with motor and battery technology providers to enhance energy density and improve battery life present new pathways in the industry. The global electric truck market trends are as follows:
Low operating and maintenance cost of an electric truck
The operating cost of trucks which operated with fuel such as diesel and petrol is high due to the rising price of the crude oil. In case of electric trucks, the operating cost is almost one-fourth of the fuel cost, and the mileage is also double in comparison with normal trucks. Moreover, there is no emission of gases that are harmful for the environment as these trucks are not operating on petrol and diesel.
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In February 2020, Tata Motors has launched Ultra T.7 Electric - India's first intermediate commercial electric truck which can be fully charged in two hours with high speed DCfast charger.
Innovation in the electric truck industry
The electric trucks are the best substitute for the regular trucks as these trucks are operated without emission of harmful gases. However, these trucks are not capable of the long distance transportation. The capacity of the batteries used in this truck is not sufficient for the long distance transportation. The innovation in the battery technology toward improving energy density and increasing battery life coupled with the reduction in the battery price also act as an opportunity for the global electric truck market.
In March 2020, Tesla has launched batteries with cathodes made from lithium iron phosphate for its Model 3s. These new batteries will provide higher charge & discharge rates and longer life times than conventional lithium-ion cells.
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Key benefits of the report:
o This study presents the analytical depiction of the global electric truck industry along with the current trends and future estimations to determine the imminent investment pockets.
o The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global electric truck market share.
o The current market is quantitatively analyzed from 2020 to 2027 to highlight the global electric truck market growth scenario.
o Porter's five forces analysis illustrates the potency of buyers & suppliers in the market.
o The report provides a detailed global electric truck market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the electric truck Market research report:
o What are the leading market players active in the market?
o What the current trends will influence the electric truck market in the next few years?
o What are the driving factors, restraints, and opportunities in the electric truck market?
o What are the projections for the future that would help in taking further strategic steps?
Browse Complete Report @ https://www.alliedmarketresearch.com/electric-truck-market-A06183
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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