Press release
Electric Trucks Market worth USD 3,105 Million by 2029- Exclusive Report by Cognitive Market Research
As per Cognitive Market Research analysis, Electric Trucks market size is projected to grow from USD 467.18 Million in year 2022 t
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Electric Trucks Market Overview:
Electric trucks are powered by batteries and are particularly designed to reduce pollution. These trucks are used to transport cargo, carry specialized payloads, or perform other utilitarian work.
Moreover, the problems associated with the wide consumption of fossil fuels is not only leading to environmental problems but also causing depredation of fossil fuels. hence, government and manufacturers of vehicles are focussing towards more sustainable transport solution. One of the ideal alternatives is the usage of electric vehicles. Hence, rising environment concern is attributing the growth of electric truck market.
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Regional Analysis of Electric Trucks Market:
Asia-Pacific dominated the electric truck market in 2021. This is attributed owing to China's dominance in electric vehicles market. Population of China has showed a faster pace to adopt electric vehicles (EV) compared to other countries globally. In 2021, the sales of electric vehicles in China reached 2.92 million and dominated more than half (53%) of the global market share. This attributes APAC region to be on the highest position in electric trucks market.
Top players involved in the Electric Trucks market:
Players involved in global Electric Trucks market are:
• AB Volvo
• BYD Auto Co. Ltd
• Daimler AG
• Dongfeng Motor Corporation
• FAW Group Co. Ltd.
• Foton Motor Inc.
• Isuzu Motors Ltd
• Navistar Inc.
• PACCAR Inc.
• Scania
• Tevva Motors Limited
• Others
Current Trends of Manufacturers:
September 2022
Swedish truck maker AB Volvo have started series production of heavy electric trucks, catering to a growing demand for zero-emission transport.
November 2021
Chinese electric vehicle maker BYD have launched premium electric vehicle in India.
Segment Analysis:
Based On Propulsion, battery electric vehicle is showing dominance in the market as it solely based on the batteries. It runs on the battery pack which can be recharged from the grid. BEVs are zero-emission vehicles since they produce no hazardous exhaust emissions or air pollution threats like typical gasoline-powered vehicles do.
By Type, medium-sized electric trucks dominate the market owing to its wide usage in logistics. However, heavy sized electric trucks will grow at highest CAGR as it has been surveyed by US Department of Energy that by 2035, electric medium- and heavy-duty trucks will cost the same as or less than diesel trucks. Hence, use of heavy type of trucks will increase at a pace.
In terms of range, upto 200 miles held highest market share, and above 200 miles shows high growth rate during the forecast period.
Top Report Findings:
APAC is the highest revenue contributor to the global market
Stringent emission norms imposed on fossil-fuel powered commercial vehicles is the major factor attributed to the growth of market
Based on propulsion, battery electric vehicle is showing dominance in the market
The global market size in year 2021 was estimated to be USD 423.17 Million
The market for electric truck is growing at a CAGR of 31.09% from 2022-2029
Top Report Findings:
APAC is the highest revenue contributor to the global market
Stringent emission norms imposed on fossil-fuel powered commercial vehicles is the major factor attributed to the growth of market
Based on propulsion, battery electric vehicle is showing dominance in the market
The global market size in year 2021 was estimated to be USD 423.17 Million
The market for electric truck is growing at a CAGR of 31.09% from 2022-2029
Related Report:
Global Electric Vehicles Market - https://www.cognitivemarketresearch.com/electric-vehicles-%28ev%29-market-report
Global Automotive technology Market - https://www.cognitivemarketresearch.com/list/automobile-%26-transportation
Electric Trucks for Logistics - https://www.cognitivemarketresearch.com/electric-trucks-for-logistics-market-report
All electric Trucks Market - https://www.cognitivemarketresearch.com/all-electric-trucks-market-report
𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬
Nicolas Shaw
Cognitive Market Research
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About Cognitive Market Research
Our company gather and analyze data about customers, competitors, distributors, and other actors and forces in the marketplace. We being a market research company, follows a complete process of gathering information about target market and end-use industries to verify complete journey of the product in the global market. It helps our readers to understand the demand and viability of their product/service and to see how it might perform in the real world.
The global market also includes analysing the global, regional, and country levels, along with key market trends, significant players analysis, market growth strategies, and key application areas.
Report is a complete blend about consumer behaviour and economic trends to confirm and improve business strategies. We additionally accept customization of report as per client requirements in order to provide more insightful content to readers.
• 24/7 free analyst availability
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