RICHMOND, Nov. 15, 2023 (GLOBE NEWSWIRE) — According to a research report “Electric truck marketby vehicle (light duty, medium duty, heavy duty), battery technology (battery electric, hybrid electric, plug-in hybrid electric, fuel cell electric), battery capacity (< 100 كيلووات في الساعة، 100-300 كيلووات في الساعة، > 300 kWh), total weight of water (< 6 طن، 6 - 14 طن، > 14 tons), application (logistics and delivery, construction, waste management, others) And the region.
Global market for electric trucks Scope of report:
|Market value in 2023||15.6 billion US dollars|
|Market value in 2030||60.7 billion US dollars|
|Forecasting units||Value (Million USD / Billion USD)|
|Covered sectors||Vehicle, Battery Technology, Battery Capacity, GVWR, Application and region|
|Geographic areas covered||North America, Europe, Asia Pacific and Western Europe|
|Sample of included companies|
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TOC covers depth and respiration Electric truck market
170- Market data tables
65- List of numbers
225 – Pages
The report includes vendor assessment (company profiles, market positioning, strategies, recent developments, capabilities and product offerings/mapping), technology assessment (developments and economic impact), ecosystem of partners and customers (product services, propositions and key features), competitive benchmark and competitive indicators. Regional footprint by MarketDigits.
The global electric truck market is playing a pivotal role in transforming the transportation industry towards sustainability and environmental responsibility. As the world grapples with the challenges of climate change and urban pollution, electric trucks are emerging as a critical component in reducing the carbon footprint of the shipping and logistics sector. With zero tailpipe emissions, electric trucks contribute significantly to improving air quality, especially in urban areas where traditional diesel trucks are major contributors to pollution. This transformation is in line with global efforts to achieve a greener and more sustainable transportation ecosystem.
Beyond the environmental benefits, the electric truck market is driving innovation and reshaping the automotive industry. Big players and startups alike are investing in electric truck technology, fueling advances in battery capabilities, charging infrastructure, and vehicle design. The industry’s evolution toward electric trucks is not just a response to regulatory pressures; It represents a paradigm shift in how goods are transported, emphasizing efficiency, cost-effectiveness, and reduced reliance on fossil fuels. This market is not just a response to the changing regulatory landscape but a proactive step towards a future in which transportation is environmentally conscious and economically viable.
Top vendors in the global electric truck market AB Volvo, Ford Motor Company, Rivian, BYD Motors, Daimler Truck AG, Geely Automobile Holdings Limited, MAN SE, Scania, Tata Motors Limited, Tesla, Bollinger Motors, General Motors, Hino Motors, Leon Electric, Mitsubishi Fuso Truck, Bus Company, Nikola Company, PACCAR Company, Proterra Company, Workhorse Company And others.
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Environmental regulations and sustainability initiatives
One of the primary drivers driving the global electric truck market is the increasing stringency of environmental regulations and increasing focus on sustainability. Governments around the world are implementing stricter emissions standards to combat climate change and reduce the environmental impact of transportation. Electric trucks, which emit no tailpipe emissions, seamlessly comply with these regulations. Reducing greenhouse gas emissions and relying on renewable energy sources contributes to creating a more sustainable and environmentally friendly transportation ecosystem.
As governments set ambitious goals to achieve a carbon-neutral future, demand for electric trucks is on the rise. Fleet operators are realizing the long-term benefits of moving to electric vehicles (EV), not only to comply with regulations but also to enhance their corporate social responsibility (CSR) profiles. The confluence of regulatory pressures and companies’ commitment to sustainability is creating a conducive environment for the growth of the electric truck market.
- Environmental regulations and emission reduction targets
- Advances in battery technology
- Total cost of ownership (TCO) benefits.
- Government incentives and subsidies
- Growing demand for last-mile delivery solutions
- Expansion of e-commerce and logistics industries
- Partnerships and strategic cooperation
- Developing shipping infrastructure
Total cost of ownership (TCO) benefits.
The second major driver of the global electric truck market is the growing awareness of the total cost of ownership (TCO) benefits associated with electric trucks. While the initial cost of electric trucks tends to be higher than their conventional counterparts, the lower operating and maintenance costs over the life of the vehicle make them economically viable in the long term. Electric trucks have fewer moving parts, reducing the need for maintenance, and electricity, as a fuel source, is often more cost-effective than diesel or gasoline.
Furthermore, governments and municipalities are offering incentives and subsidies to encourage the adoption of electric trucks, further offsetting the initial purchase costs. As companies evaluate total cost of ownership and consider economic benefits over the life cycle of a vehicle, the value proposition of electric trucks becomes increasingly attractive, leading to a significant shift toward electrification in the commercial trucking sector.
North America dominates the electric truck market.
The dominant region in the global electric truck market currently is North America, with the United States at the forefront of adoption. The US government’s commitment to environmental sustainability, along with federal and state incentives, has accelerated the deployment of electric trucks. Companies like Tesla, Rivian, and traditional automakers are investing heavily in electric truck models.
In terms of future growth potential, Europe stands out as a key region. EU countries have set strict targets to reduce carbon emissions, and many countries, including Germany and the Netherlands, are investing in charging infrastructure and offering significant incentives for electric trucks. In addition, China is a leader in the Asia-Pacific region due to its ambitious electric vehicle adoption goals and strong government support.
Battery technology segments are expected to hold the largest market share during the forecast period
The battery technology segment, which includes battery electric, hybrid electric, hybrid electric, and fuel cell electric trucks, dominates the global electric truck market due to its pivotal role in addressing environmental concerns and promoting sustainable transportation. Battery electric trucks, in particular, have gained importance because they operate solely on electrical energy stored in high-capacity batteries, and emit no tailpipe emissions. This is in line with global initiatives to reduce carbon footprints, combat climate change, and promote the adoption of electric trucks as an environmentally friendly alternative to traditional vehicles powered by combustion engines. The versatility offered by different battery technologies, including hybrids and fuel cells, enhances the attractiveness of this segment, meeting different operational needs and contributing to the overall dominance of battery technology in the electric truck market.
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