New York, June 09, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electric Truck Global Market Report 2022" - https://www.reportlinker.com/p06284372/?utm_source=GNW
The global electric truck market is expected to grow from $1.26 billion in 2021 to $1.83 billion in 2022 at a compound annual growth rate (CAGR) of 45.06%. The electric truck market is expected to reach $8.99 billion in 2026 at a CAGR of 48.78%.
The electric truck market consists of sales of the electric truck by entities (organizations, sole traders, partnerships) that refers to a large motorized vehicle with an open bed designed to transport goods and whose primary propulsion technology is battery-electric or powered by rechargeable batteries alone or hydrogen fuel cell electric or hybrid electric that are powered by batteries and an internal combustion engine.
The main types of electric trucks are light-duty electric truck, medium-duty electric truck, heavy-duty electric truck.Light-duty electric trucks are those that have gross vehicle weight of up to 8,500 pounds or 3,855 Kgs and payload capacities up to 4000 pounds or 1,815 Kgs.
The propulsion used in electric trucks are battery electric vehicle, hybrid electric vehicle, plug-in hybrid electric vehicle, fuel cell electric vehicle that can cover a range of up to 150 miles, 151-300 miles, above 300 miles. Electric trucks are used across various applications such as last mile delivery, long haul transportation, refuse services, field services, distribution services.
Western Europe was the largest region in the electric truck market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the electric truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Government incentives and schemes are expected to drive the growth of the electric truck market.Government bodies across the globe are implementing innovative policies and incentive schemes to increase the adoption of electric vehicles across all categories (bikes, autos, cars and commercial vehicles).
The main policies, which are currently driving the EV’s adoption are significant financial incentives for the purchase of LDVs, subsidies for primary purchase, vehicle purchase, and tax rebates on registration as these vehicles control pollution and promote a good environment.For instance, the Indian government launched the PLI (production-linked incentive) scheme for the auto sector and the FAME (Faster Adoption and Manufacturing of Electric Vehicles) II amendment, with the aim to switch 30% of private cars, 70% of commercial vehicles, and 80% of two- and three-wheeler to electric by 2030.
Such subsidies and support from the government are expected to boost the electric truck market during the forecast period.
The development of self-driving electric trucks is the key trend gaining popularity in the electric trucks sector.The companies operating in the electric trucks sector are partnering with related technology-based companies to boost their development activities in innovative self-driving truck models.
For instance, in January 2022, Pininfarina, an Italy-based design company owned by Mahindra, developed an electric semi-truck in collaboration with Deppway, a subsidiary of Baidu, with a self-drive system. The self-drive system utilizes 11 cameras on board, an infrared detector, radars, and LIDAR sensors.
In October 2020, BYD Auto Industry Co., Ltd, a China-based conglomerate manufacturing company entered into a joint venture agreement with Hino Motors, Ltd., a Tokyo-based manufacturer of commercial vehicles and diesel engines, to establish a company for the development of commercial battery electric vehicles. The new venture is established with 50% of capital investment from both Hino and BYD.
The countries covered in the electric truck market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06284372/?utm_source=GNW
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