Electric Truck Market The Rise of Demand Market Analysis and Growth Expectations in 2030 | AB Volvo, Workhorse, BYD Company Ltd

Electric trucks are commercial vehicles that use electric motors for propulsion instead of diesel or gasoline engines. They are used for freight transportation and cargo load applications. Electric trucks deliver superior torque and efficiency along with zero emission.

The global electric truck market size was valued at US$ 2.73 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 18.1% from 2023 to 2030.

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Market Dynamics:

The electric truck market is expected to grow at a significant rate owing to two major drivers - increasing government support and growing demand for emission free transportation. Many governments around the world are providing large subsidies and tax incentives to companies for adopting electric commercial vehicles. This is positively impacting the sales of electric trucks. Further, stringent emission norms are forcing commercial vehicle owners to shift to electric models. Rising environmental consciousness is also driving the demand for zero emission freight transportation. At the same time, improving battery technologies are enhancing the driving range of electric trucks, addressing a key concern of commercial customers.

Major Drivers of Electric Trucks:

Growing Concerns Regarding Air Pollution and Carbon Footprint Will Significantly Drive the Demand for Electric Trucks

There is a rising concern regarding the negative impact conventional diesel trucks have on the environment due to the tailpipe emissions they generate. Electric trucks do not produce any direct emissions and can help reduce carbon footprint considerably. Various governments across the world are implementing stringent emission regulations and offering subsidies to promote adoption of electric commercial vehicles. This is encouraging more companies to switch to electric trucks for transportation and logistics needs. The electric truck market is expected to get a big boost as corporations aim to achieve sustainability goals and reduce their environmental impact.

Declining Battery Prices and Improving Performance Will Help Accelerate Electric Trucks Sales in the Coming Years

The falling prices of lithium-ion batteries, which are the key component of any electric vehicle, is one of the biggest positives for the electric truck market. Higher energy density and longer life cycles are allowing manufacturers to design trucks with extended driving ranges on a single charge. This is alleviating one of the major concerns regarding electric trucks. As battery technology progresses further, electric trucks will be able to achieve price parity with diesel trucks in the near future. This will make them an attractive commercial proposition for fleet owners and logistics companies. Continuous investments in research and development of advanced battery solutions will fuel growth of electric truck sales globally.

Key Company Profiles:

AB Volvo, Workhorse, BYD Company Ltd., Tesla, Daimler AG, Scania AB, Tata Motors, Rivian, Dongfeng Motor Group Co., Ltd., Man SE

Market segmentation:

Global Electric Truck Market, By Propulsion
Battery electric vehicle
Hybrid electric vehicle
Plug-in hybrid electric vehicle
Fuel cell electric vehicle

Global Electric Truck Market, By Vehicle type
Light-duty electric truck
Medium-duty electric truck
Heavy-duty electric truck

Global Electric Truck Market, By Range
0-150 miles
151-300 miles
300 miles above

Regional Analysis:

●North America (U.S., Canada)
● Europe (U.K., Italy, Germany, France, Rest of EU)
● Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
● Latin America (Chile, Brazil, Argentina, Rest of Latin America)
● Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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Major Restrain for Electric Trucks:

Limited driving range remains a challenge that impedes wider adoption of electric trucks

While battery technologies are advancing rapidly, the current driving range of electric trucks still lags behind conventional diesel trucks considerably. Most electric trucks can travel 150-250 miles on a single full charge under normal driving conditions. This restricts their usage to short-haul applications within cities mainly. High payload and longer journeys require multiple battery swaps or recharges, adding downtime. The limited range also increases operational costs for fleet owners. Until battery technologies advance to provide 500+ miles of range, electric trucks may not fully replace diesel trucks used for long-haul transportation. Overcoming the range barrier through technological innovations is crucial for electric trucks to gain broader acceptability in the transportation industry.

Major Opportunity for Electric Trucks:

Growing investments in charging infrastructure development present a big opportunity to drive electric truck adoption

Lack of robust public charging network has been a major hurdle in large-scale adoption of electric vehicles. However, governments as well as private charging station operators are aggressively working towards building an extensive nationwide fast-charging infrastructure. Major investments are being made to install DC fast and ultra-fast chargers along highways as well as truck stops. This will significantly improve the viability of electric trucks for long-distance freight transportation. As the availability of reliable and extensive charging network increases, range anxiety issues will reduce, making electric trucks an appealing proposition even for long haul applications. The expansion of charging infrastructure presents a big opportunity for the electric truck market to grow exponentially in the coming years.

Major Trend in the Electric Truck Market:

Rise of startups and newcomers will intensify competition and drive further innovation in electric truck technology

While major incumbent truck manufacturers are embracing electrification, a large number of startups are also entering this space and attracting huge investor funding. These new entrants are developing electric trucks from ground up focusing exclusively on battery technology and vehicle design. This intense competition is expected to accelerate technological progress and drive down costs through economies of scale. More players in the market will offer a wider variety of electric trucks with payload capacities for different applications. The arrival of these agile startups is a key trend that will raise industry standards and benefit end-users through increased product choices, better features and competitive prices. It will further strengthen the case for businesses to transition to electric trucks sooner.

Key Questions in This Report:

How big is the world market for Electric Truck Market right now?

What is the anticipated rate of growth for the Electric Truck Market worldwide between 2023 and 2030?

What are the primary elements propelling the Electric Truck industry worldwide?

Which are the main kinds of Electric Truck Market and how are they used?

Which areas are the main Electric Truck Market?

Which companies/major players dominate the global Electric Truck Market?

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This release was published on openPR.