Electric truck market Growth Projections, Current market Report Figures with Demand by Countries and Future 2030
Electric truck Market Research
With a predicted CAGR of 14.8% from 2023 to 2030, the market for Electric truck market worldwide, worth $9.2 billion in 2021, is expected to reach $27.7
billion by 2030.
Electric trucks are commercial
vehicles used for cargo transportation powered by a battery pack. They don't
require multi-speed gearboxes, which lowers maintenance costs and increases
vehicle dependability while producing nearly no noise. Electric trucks' internal motors
also feature fewer moving parts than diesel trucks. Further, due to government
attempts to encourage the use of electric vehicles and their outstanding
benefits, including vast amounts of torque, less noise pollution, plus lower
operating costs, Electric
trucks are increasingly becoming the preferred choice among diesel trucks.
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Market Segmentation
Due to the increase in the product portfolio brought on by the increasing
investment and finance, along with the recent advances that have been made, the
electric radio control truck is currently on the verge of experiencing an
exceptional level of growth and need.
The following criteria have been used to segment the Electric truck market:
By Propulsion Type
- PHEV
- BEV
- FCEV
By Type
- Medium Duty Trucks
- Light Duty Trucks
- Heavy Duty Trucks
By End-User
- Refuse Services
- Last-Mile Delivery
- Long Haul Transportation
- Distribution services
- Field Services
By Range
- Above 200 Miles
- Up to 200 Miles
By Battery Capacity
- 50-250 Kwh
- Less Than 50kwh
- Above 250 Kwh
By Payload Capacity
- 10,001-26,000 lbs
- Up to 10,000 lbs
- Above 26,001 lbs
By Level of Automation
- Autonomous
- Semi-autonomous
By Battery Type
- Lithium-Iron-Phosphate
- Lithium-Nickel-Manganese-Cobalt
Oxide
- Others
Regional classification
Due to the significant demand for electric vehicles for logistics
transport fleets, the North American area is expected to increase steadily. The
market for electric pickup trucks is likely to develop at the quickest rate in
the European region because of the logistics industry's rapid adoption of these
vehicles. Automotive OEMs are being forced to produce fuel-efficient and environmentally
friendly automobiles for reasons that are on the rise, including increased
pollution and environmental risks, strict government restrictions, and fierce
competition. In this effort, various business sectors, including automobile
OEMs and component producers, are looking into developing and designing
vehicles that can adhere to emissions and fuel economy regulations.
The governments of the European region are offering significant
incentives to encourage electric automobiles. Manufacturers of Electric trucks, including Volvo,
Daimler, and many others, are based in the area. As a consequence, there is now
a huge demand for electric vehicles. Europe has devised a plan and set a highly
ambitious goal of cutting CO2 emissions by 80% by 2050. The long-term emphasis
will remain on electric vehicles as various national governments in
contributing areas like Europe provide subsidies for electric infrastructure.
Industry news
The industry for Electric trucks is expanding due to factors
including a rise in government measures to promote e-mobility, strict emission
standards placed on commercial vehicles fuelled by fossil fuels, and falling
battery prices. The absence of charging infrastructure and the high cost of Electric trucks impede market
expansion throughout the anticipated time frame. Additionally, it is projected
that the growing demand for Electric trucks from the logistics industry and the
advancement of self-driving Electric truck technology would offer fantastic
growth opportunities for businesses engaged in the Electric truck market.
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