Electric Truck Market Will Reach 1,154,996 Unit Sales by 2030

The sales volume of the electric truck market was 86,799 units in 2022, which is predicted to hit 1,154,996 units by 2030, advancing at a 38.2% CAGR from 2022 to 2030, as per P&S Intelligence.

Compared to electric trucks, the traditional ones have higher maintenance and operating costs. Additionally, electric variants help buyers save significantly on component expenses because they do not need to have their oil changed, spark plugs replaced, fuel filters repaired, or emissions checked.

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The BEV category is all set to develop with a higher CAGR, of approximately 40% in the next few years. This can be ascribed to the increasing government aid in the form of economic subsidies for buying and developing these vehicles, and enhancements in technology. Government subsidies for these vehicles have been declared in some countries, with plans and arrangements for helping associated freight equipment and infrastructure.

Commercial vehicles are a vital part of the transport sector. To reduce carbon emissions from gasoline-based trucks utilized by fleet workers, the governments of several countries have declared a ban on the usage of diesel-based vehicles. This ban will be effective as early as 2030.

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In 2022, APAC had a significant revenue share in the electric truck market, in which China is the biggest utilizer. The requirement for vehicles in the country is majorly boosted by supportive government initiatives, municipal air quality targets, and national alternative-fuel-vehicle replacement sales targets.

The electric truck industry in other regions is still growing and highly hinge on the strategies of the government. The reasonably higher upfront prices, undersized value chains, and existence of few OEMs have restricted sales in these regions. Still, the producers are profoundly investing in the growth of electric trucks, which will drive market growth in the future.

Hence, because of the high maintenance of gasoline trucks in comparison to e-trucks, and the reducing battery prices, the requirement for electric trucks will grow considerably in the future.

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This release was published on openPR.