Electric Truck Market Size Is Poised To Reach $14.19 Billion By 2027: Grand View Research Inc.

 


The global electric truck market size is expected to reach USD 14.19 billion by 2027, according to a new report by Grand View Research, Inc. The market is projected to register a CAGR of 43.3% from 2020 to 2027. Stringent emission regulations, coupled with declining battery costs and lower maintenance costs of electric trucks, are expected to drive the market growth. Electric trucks are an alternative to traditional trucks and are powered by an electric motor instead of an internal combustion engine. The electric trucks are classified into battery-electric and hybrid trucks. Increasing the adoption of electric trucks in transportation and logistics and municipal sectors to reduce greenhouse gas emissions will fuel the market growth over the forecast period.

With the growing environmental concerns, environmental and government agencies are imposing stringent emission laws and norms that may force commercial vehicle manufacturers to invest in developing electric trucks. National and local regulations enable a supportive environment in the form of stricter emission targets and diesel bans. For instance, the European Union (EU) has enacted enactment to reduce emissions by at least 40% by 2030. This is expected to fuel market growth over the forecast period. However, due to the COVID-19 pandemic, the sales have declined in 2020. The pandemic has disrupted the manufacturing operations and supply chain worldwide.

The market in China held the largest share of the overall market in 2020, owing to the presence of several key companies such as BYD Auto Co. Ltd., Dongfeng Motor Corporation, FAW Group Co., Ltd., and Daimler AG in the region. Europe held the second-largest market share in 2020, due to increased sales in prominent countries such as Germany, Italy, France, and the Netherlands. According to the European Automobile Manufacturers Association (ACEA), around 618 medium and heavy electric trucks (battery-electric trucks, hybrid trucks) were sold in Germany in 2020.

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For instance, in February 2020, CEVA Logistics, a U.K. based logistics company, started trials using electric trucks for supplying goods in Central London. Over the next six months, two Tevva electric trucks will operate from Dartford to St Thomas’ NHS Foundation Trust and Guys to make daily deliveries. Lack of charging infrastructure is anticipated to be a key factor hampering the growth of the electric truck market. High costs, driven by permitting, building code, and regulatory red tape, could hinder the charging station's need to power electric trucks. Besides, the adoption of electric trucks is low in the emerging economies compared to developed countries due to low investments.

Electric Truck Market Report Highlights

  • The battery-electric trucks segment held the largest market share in 2020 and is anticipated to continue its dominance over the forecast period
  • China held the largest market share in 2020, owing to the presence of some of the leading market players in the country
  • The U.S. market is estimated to expand at the highest CAGR over the forecast period due to increasing demand from the logistics and transportation sector in the region

The outbreak of the COVID-19 pandemic is expected to have a noticeable impact on market growth. The lockdowns imposed to arrest the spread of the disease have disrupted the supply chains and manufacturing operations all over the world. The demand has reduced considerably as the logistics companies were shut down owing to the border closures. Nevertheless, the demand for electric trucks is expected to gain traction after the lockdown restrictions are relaxed. The governments across several economies have imposed targets for emission reductions, which will surge the demand post-COVID-19.

The battery electric trucks segment accounted for the largest revenue share of over 85% in 2020 and is anticipated to maintain its dominance over the forecast period. The segment is estimated to expand at the highest CAGR during the forecast period, owing to the increasing life and energy density of batteries and a decline in battery prices. Moreover, increasing government regulations to mandate zero-emission vehicles will also support segmental growth. For instance, the European Union (EU) has enacted enactment to reduce emissions by at least 40% by 2030. The EU has also set a target to reduce emissions by almost 60% by 2040.

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The market is highly competitive in nature and is characterized by the presence of large and small players. The key players that dominated the market in 2020 include Dongfeng Motor Corporation; BYD Auto Co. Ltd.; Daimler AG; PACCAR Inc.; and Scania. These players offer a wide range of electric trucks and cater to logistics and transportation and municipal sectors. The market players are also focused on manufacturing fuel cell electric trucks with a better range for the long haul. New product launches and upgrades of the existing trucks have remained the key strategy of these players. For instance, in June 2018, Daimler trucks revealed Freightliner eM2 106 and Freightliner eCascadia at the Capital Market & Technology Day at Portland International Raceway. In March 2020, Daimler Trucks launched the Electric Freightliner Customer Experience Fleet in North America. The fleet consists of two medium-duty Freightliner eM2 106 and six heavy-duty Freightliner eCascadia. Some of the prominent players in the electric truck market include:

  • AB Volvo
  • BYD Auto Co. Ltd
  • Daimler AG
  • Dongfeng Motor Corporation
  • FAW Group Co., Ltd.
  • Foton Motor Inc.
  • Isuzu Motors Ltd
  • Navistar, Inc.
  • PACCAR Inc.
  • Scania
  • Tevva Motors Limited

For this report, Grand View Research has segmented the global electric truck market based on vehicle type and region:

Electric Trucks Vehicle Type Outlook (Revenue, USD Million, 2016 - 2027)

  • Battery electric Trucks
  • Hybrid Trucks

Electric Trucks Regional Outlook (Revenue, USD Million, 2016 - 2027)

  • The U.S.
  • Europe
    • Germany
    • Italy
    • France
    • Netherlands
  • China

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information:www.grandviewresearch.com

 

 

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