Pune, India, Dec. 22, 2021 (GLOBE NEWSWIRE) -- The global electric truck market was estimated to value USD 670 million in 2021 and is projected to grow at a CAGR of 23.5% during the forecast period 2021 to 2030, as per a recent comprehensive market study by Quince Market Insights.
Electric trucks are the commercially used and are powered by a battery pack, these trucks are mainly used to transport cargo. Additionally, electric trucks have rare moving parts and do not need multi-speed gearboxes, which drops vehicle maintenance prices and upsurges consistency with minimum noise.
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Surging demand in the logistics segment, decrease in the fuel and maintenance prices and incentives for adopting zero-emission vehicle are some of the major factors propelling the market growth.
Thus, massive capitalization from manufacturers to cater to the surging demand will play a vital role in propelling market growth. Electric trucks are used across numerous segments, such as logistics, municipal, and other parts.
The logistics segment is a major contributor to economies. Development in the e-commerce industry may need a logistics worker to deliver to remote locations. Logistics/supply chain corporations are vigorously contributing to substituting internal combustion engine fleets with electric fleets.
On the other hand, lack of charging infrastructure is expected to hamper the development of electric truck market. Additionally, high price, driven by allowing, building code, and regulatory red tape, could hamper the charging stations necessitate to power electric trucks.
Market Segmentation
By Type
Based on type, the market for electric truck is classified into light-duty trucks, medium-duty trucks, and heavy-duty trucks.
The light-duty trucks are anticipated to hold the fastest growing market segment in the forecast period. This is on account of surging demand for utility vehicle such as pickup trucks, and minivans among fleet operators.
By Propulsion
The electric truck market is classified based on propulsion into BEV, PHEV, and FCEV. The plug-in hybrid electric vehicle (PHEV) is the fastest-growing segment. This is on account of management support in India for battery electric vehicles in its (adoption and manufacturing of hybrid and electric vehicle) FAME-II system in the form of government incentives and grants.
By Range
The electric truck market is classified based on range as 0-200 miles, and above 200 miles. The 200 miles segment is projected to be the fastest growing segment over the forecast period. This is on account of high demand of heavy logistics above 200 miles in the electric truck.
By Application
The electric truck market is classified based on application as municipal, construction, logistics, mining, and others.
The municipal segment is anticipated to hold the fastest growing segment in the forecast period. This is on account of fast urbanization and use in facilities such as pick-up trucks and waste gathering vehicles. These factors are expected to drive the market growth in the forecast period.
By Battery Type
The electric truck market is classified based on battery type, as lithium-iron-phosphate, lithium-nickel-manganese-cobalt oxide, and others. The lithium-iron-phosphate segment is expected to be the fastest growing segment in the forecast period. This is on account of low cost and high demand from end users.
By Length
The electric truck market is classified based on length as 0-9 meters, 10-14 meters, above 14 meters.
Above 14 meters length is projected to be the fastest growing segment over the forecast period. This is on account of high demand, and fast urbanization and use in facilities such as pick-up trucks.
By Payload
The electric truck market is classified based on payload as 0-10,000 LBS, 10,001- 26,000 LBS, and above 26,000 LBS.
The 10,001-26,000 LBS payload segment is anticipated to be the fastest growing segment during the forecast period. This is on account of best performance of this payload segment.
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By Region
In the electric truck market, there are five major regions, including North America, Europe, Asia Pacific, Middle East and Africa, and South America.
North America is anticipated to become the fastest growing segment during the forecast period. This is on account of early acceptance of this technology, extensive availability of charging infrastructure, and presence of major original equipment manufacturers (OEMs), and presence of major OEM capitalizing heavily in the advancement of this market.
Impact of COVID-19 Pandemic
The lockdowns imposed to stop the spread of COVID-19 have disrupted the manufacturing operations and supply chains across the globe. The demand has decreased significantly as the logistics industries were shut down on account of the border closures.
However, the demand for electric trucks is predictable to gain traction after the lockdown limitations are relaxed. The governments across numerous countries have imposed targets for carbon emission reduction, which will surge the demand during the post-pandemic period.
Recent Developments in the Market
- In March 2021, the Volvo Group (Germany) in acquired 50% of the association interests in the remaining Daimler Truck Fuel Cell GmbH & Co. The desire is to make the new joint scheme a top global producer of fuel-cells, and thus support the world take a key step towards sustainable transportation and climate-neutral by 2050.
- In November 2020, Scania AB (Sweden) obtained truck manufacturing authorization in China.
Some Major Findings of the Global Electric Truck Market Include:
- Profiles of major market players operating in the global electric truck market include Tevva (U.K.), Volta Trucks (Sweden), StreetScooter (Germany), E-Trucks Europe (Netherlands), and Einride (Sweden).
- Impact of COVID-19 on the global electric truck market.
For more insights, check report on Quince Market Insights Website titled, “Global Electric Trucks Market, by Type (Light-Duty Trucks, Medium-Duty Trucks, and Heavy-Duty Trucks), Propulsion (BEV, PHEV, and FCEV), Range (0-200 Miles, and Above 200 Miles), Application (Municipal, Construction, Logistics, Mining, and Others), Battery Type (Lithium-Iron-Phosphate, Lithium-Nickel-Manganese-Cobalt Oxide, and Others), Length (0-9 Meters, 10-14 Meters, Above 14 Meters), Payload (0-10,000 LBS, 10,001- 26,000 LBS, and above 26,000 LBS), Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America)”
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