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Electric Truck Market Growth - Valued at $392.3 Million (2020), Projected to Reach $3,861.8 Million (2030) at 26.4% CAGR
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Among the analyzed regions, Asia-Pacific is expected to account for the highest revenue in the global market throughout the forecast period, followed by Europe, North America, LAME, and Africa. Moreover, LAMEA (Latin America, Middle East and Africa) is expected to witness the highest growth rate, owing to government regulations related to emission.
An electric truck is an electric vehicle powered by batteries designed to transport cargo, carry specialized payloads, or perform other utilitarian work. Electric trucks reduce noise and pollution, relative to internal-combustion trucks. The operation cost of electric trucks is massively lower compared to gasoline-powered trucks, owing to the high efficiency and low component-counts of electric power trains, no fuel burning while idle, and silent and efficient acceleration. Electric trucks are available in several different types including general trucks, pickup trucks, semi-trailer & tractor trucks, electric tractors, garbage truck, off-road and mining truck. These trucks are most commonly used in logistics, construction, mining and several other applications.
Factors such as increasing government initiatives for promotion of e-mobility, stringent emission norms imposed on fossil-fuel powered commercial vehicles, and reducing cost of electric vehicle batteries drive growth of the electric truck market. However, lack of charging infrastructure and high cost of electric trucks are expected to hinder the growth of the market during the forecast period. Further, rise in demand for electric trucks from the logistics sector and development of self-driving electric truck technology is anticipated to provide remarkable growth opportunities for companies operating in the electric truck market.
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COVID-19 Impact Analysis :
The overall automobile market suffered losses in the initial months of the pandemic when sales of vehicles reduced drastically due to lockdowns. Closing down the factories resulting in the expulsion of the workers and the terror of stagnation due to coronavirus are leading to a significant decline in the sales of the electric trucks in first and second quarter of the 2020. Nevertheless, the demand for electric trucks is expected to gain traction after the lockdown restrictions are relaxed. However, during the second half of 2020, the sales increased and, in most cases, reduced the losses for those past months. The sales of electric vehicles increased in 2020 and 2021 due to the growing trend of vehicle electrification around the world. This sector was thus, less affected by the pandemic.
Leading Market Players :
Scania
Daimler AG
Dongfeng Motor Company
Tata Motors
Paccar Inc.
AB Volvo
Workhorse
Man SE
Geely Automobiles Holdings Limited
BYD Company Ltd.
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Key Findings Of The Study :
By propulsion, the fuel cell electric truck segment is expected to register a significant growth, registering a GAGR of 29.9% during the forecast period.
By vehicle type, the light duty electric truck segment dominated the global electric truck market in 2020, in terms of revenue.
By range, the above 300 miles segment is projected to lead the global electric truck market in terms of growth rate, owing to higher CAGR.
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