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Increasing demand in the long-haul transportation sector has given boosted vehicle production across the globe. However, marginal fuel-efficiency improvement of new trucks is increasing the share of greenhouse gas emissions. Stringent government regulations to curb emissions have compelled manufacturers to invest heavily in the adoption of fuel-efficient vehicles. A consistent rise in transportation emissions and increased pollution levels in urban cities is expected to increase the adoption of electric trucks over the forecast period. The electric truck is an e-mobility vehicle powered by an electric motor that receives energy via onboard batteries powered by the electric grid or charging stations. Electric trucks create low or zero emissions, which helps to curb global carbon footprint coupled with reduced noise and vibrations compared to conventional fuel-powered trucks. Increased demand for high power electric trucks in developing countries owing to high population levels is projected to boost the electric truck market during the forecast period. Rising fuel prices, global warming, and air pollution, along with government incentives for the purchase of electric trucks, are expected to drive the market growth over the forecast period. Technological advancements
Key Market Driver -
Rising fuel prices and stricter emissions control to safeguard the human health and environment expected to drive the growth of this market.
Key Market Restraint -
Lack of reliable charging infrastructure and the high cost of electric vehicles is expected to restrain the growth of this market.
Lack of charging station infrastructure and the high cost of electric trucks is expected to restrain the growth of this market. Greater weight compared to conventional trucks owing to the weight of the batteries is also expected to restrain the growth of this market
Globally, the electric truck market has been segmented by truck type, by electric vehicle type, by application, and by region. By truck type, the market is segmented into light-duty trucks, medium-duty trucks, and heavy-duty trucks. The light-duty trucks segment is expected to show steady growth in this market owing to increasing demand for utility vehicles such as pick-up trucks and minivans among fleet operators. The medium-duty trucks segment is expected to show significant growth owing to increased adoption for services such as garbage disposal trucks, general trucks, etc. The heavy-duty trucks segment is projected to dominate this market owing to the rising freight demand by trucking companies and increasing demand for long-haul trucks running on alternative fuels by fleet operators. By electric vehicle type, the market is segmented into the battery-electric truck and hybrid electric trucks. The battery-electric segment is anticipated to hold the largest market share owing to the ability to emit no pollution and quiet operation compared to conventional vehicles. Increasing emissions regulations, especially for commercial vehicles, are anticipated to fuel market growth in this segment over the forecast period. The hybrid-electric segment is projected to show steady growth owing to technological innovations that offer maximum efficiency, improved fuel economy, and benefits of conventional fuel-powered vehicles for extensive city driving. The plug-in hybrid trucks segment is also anticipated to show steady growth owing to better fuel efficiency and a moderate driving range suitable for the transportation of lightweight goods. By application, the market is segmented into logistics trucks and municipal trucks. The logistics truck segment is projected to dominate this market owing to the push by manufacturers to curb transportation emissions and suitable solutions for the transportation of bulky goods over long-distances. The municipal truck segment is also expected to show steady growth in this market owing to rapid urbanization and use in services such as waste collection vehicles and pick-up trucks.
The major companies in the global Electric Trucks market include Tesla, Inc., Dongfeng Motor Corporation, Daimler AG, BYD Company Limited, AB Volvo, Hino Motors Ltd., Navistar International Corporation, PACCAR Inc., Rivian among others.
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Geographically, the electric truck market is segmented into North America, Europe, Asia-Pacific, and the rest of the world. Asia-Pacific holds the largest market share owing to favorable government policies, push towards the alternative-fuel-vehicle replacement, and increased efforts to control the air quality, particularly in countries such as China and Japan. Europe is projected to show significant growth in this market as a result of an increased shift to battery-electric and hybrid vehicles to meet emission regulations in this region. North America is also expected to show steady growth owing to the greater widespread availability of charging infrastructure, early adoption of this technology, and the presence of key OEMs investing heavily in the advancement of this market.
By Truck Type
By Electric Vehicle Type
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