How Do Government Initiatives Propel Electric Truck Industry?

The electric truck industry is projected to rise in the coming years, led by low operational and maintenance costs of these trucks, government initiatives in the form of regulations and incentives, and reduced battery costs.

Under the propulsion segment, the industry is divided into four categories; BEV or battery electric vehicles, HEV or hybrid electric vehicles, PHEV or plug-in hybrid electric vehicles, and FCEV or fuel-cell electric vehicles.

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Among these, the BEV category is projected to experience the fastest speed in the coming years. It is led by governments' support as financial incentives for purchasing and developing such vehicles and improving battery technology.

Governments in several countries have previously announced incentives for BEV trucks in the form of programs ad schemes that fuels the batter truck industry growth.

In developed countries, such as the U.S., and European nations, the electric HDTs industry is rising at a rapid rate, ascribed to rising long-haul HDTs demand which runs on alternate fuels. Moreover, trucking companies are consistently adding HDTs to cater to the growing freight demand and provide maximum gains to governments.

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Under the application segment, the electric truck industry is divided into municipal, logistics, and others. The logistics industry captures the largest industry share, and it is projected to dominate the industry, led by a growing logistics industry, with a major rise in e-commerce, manufacturing, and retail sectors in emerging economies.

APAC captures the largest industry share, accounting for more than 85%. China offers the largest market for such trucks across the world. The demand for such trucks in the regional industry of the country is led by air quality targets, favorable government subsidies, and alternative fuel-vehicle replacement sales targets.

The low operational and maintenance cost of electric trucks provides support in achieving cost parity compare to the conventional counterpart. Due to government regulations, the industry is projected to rise at a rapid rate. The worldwide strict target emissions for reducing nitrogen oxides and carbon dioxide in the air, and an anticipated ban on diesel in urban regions, with cities such as Madrid, Paris, and Mexico City propels the industry.

The major companies operating in the industry are; Mitsubishi Fuso Truck and Bus Corporation, Alkè, Voltia a.s., and Zenith Motors LLC.

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This release was published on openPR.