Electric Truck Market

Electric Truck Market by Propulsion Types (Plug-in Hybrid, Fuel Cell Electric, and Battery Electric), Applications (Logistics, Municipal, Construction, and Mining), Regions (Asia Pacific, Latin America, North America, Europe, and Middle East & Africa) Forecasts, 2021-2028

  • Report ID: AL-4400
  • Author: Growth Market Reports
  • Rating: 4.8
  • Total Reviews: 2
  • No. Of Pages: 165
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The global electric truck market is anticipated to expand a robust CAGR during the forecast period 2021-2028. The electric truck market is seen as the future based upon the recent advancements seen in the market and electric segment is seen as the leader in the upcoming years. The outbreak of COVID-19 resulted in lockdown and decreased demand for commercial as only essential activities were permitted during the lockdown period. However, it is expected that with the relaxation in restrictions in economies, the demand for electric trucks is estimated to return owing to strict emission norms imposed on commercial vehicles, government incentives for the adoption of cleaner and zero emission vehicles, and reduction in the fuel and maintenance costs.


Electric Truck Market key takeaways

Market Trends, Drivers, Restraints and Opportunities:

  • Technological advancements and production of electric vehicle batteries has reduced the cost of EV batteries. This has led to a decrease in cost of the electric trucks, driving the market growth.
  • Rapid electrification of the automobile industry can propel the growth of the market.
  • Rising e-commerce activities can proliferate the market growth in the coming years.
  • High capital investment for the production of electric trucks can create challenges for the market growth.
  • The presence of government incentives on the purchase of electric vehicle and rising investment in the industry can create lucrative opportunities during the market growth.

Scope of the report:

The report on electric truck market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Attributes

Details

Report Title

Electric Truck Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018 & 2019

Forecast Period

2021–2026

Segmentation

Propulsion Types (Plug-in Hybrid, Fuel Cell Electric, and Battery Electric), Applications (Logistics, Municipal, Construction, and Mining),

Regional Scope

Asia Pacific, North America, Europe, Latin America, and Middle East & Africa

Report Coverage

Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast

Key Players Covered

Daimler AG, Dongfeng Motor Corporation, BYD Auto Co. Ltd, PACCAR Inc., and Scania

 

Electric truck Market Segment Insights:

Plug-in hybrid segment to grow at a rapid pace

Based on propulsion types, the market is segmented into plug-in hybrid, fuel cell electric, and battery electric. The battery electric segment is anticipated to account for a major market share in the projected timeline. Rising trend of electric vehicles and stringent government regulations are major factors driving the market growth.

The plug-in hybrid segment is expected to grow at a robust rate in the coming years. Hybrid electric vehicles (HEVs) are powered by an internal combustion engine in combination with one or more electric motors that use energy stored in batteries. HEVs combine the benefits of high fuel economy and low tailpipe emissions with the power and range of conventional vehicles.


Electric Truck Market by propulsion types

Logistics segment to account a significant market share

On the basis of application, the market is divided into logistics, municipal, construction, and mining. The logistics segment is anticipated to hold a significant share in the market owing to rapid growth of the logistics sector. Electric trucks help in transportation of the goods. which are traded nationally and internationally and helps in the growth of the market. On the other hand, the construction segment to grow at a robust pace owing to increasing construction activities in emerging economies such as India and China. This is due to rapid urbanization in these economies.

Europe is expected to dominate the electric truck market

In terms of regions, the market can be fragmented into Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Europe accounted for sustainable market share in 2020, and is expected to dominate during the forecast period. The presence of vehicle manufacturing companies, the strict emission norms, increasing freight and logistics, and construction activities are driving the demand for electric trucks in the region. In Europe, Germany is one those countries that is working on electric highways. Germany has started real-world tests of an e-highway system on a 3.1-mile long road of the Autobahn between Frankfurt and Darmstadt, with an electric-diesel hybrid truck that receives power from overhead cables to keep it from using its combustion engine. Most truck manufacturers in the UK realized hybrid electric trucks as a better option as they use hybrid electric vehicle (HEV) technology as opposed to combustion engines, which is much cleaner and better for the environment.


Electric Truck Market by regions

Segments

By Propulsion Types
  • Plug-in Hybrid
  • Fuel Cell Electric
  • Battery Electric
By Applications
  • Logistics
  • Municipal
  • Construction
  • Mining
By Regions
  • North America
  • Europe
  • Latin America
  • Asia Pacific
  • Middle East & Africa
By Key Players

Competitive Landscape

Key players of the Electric Truck Market are Daimler AG, Dongfeng Motor Corporation, BYD Auto Co. Ltd, PACCAR Inc., and Scania.

The companies are focusing on making new strategic partnerships, investing in R&D projects, and launching new products in the market, in order to gain competitive advantage.

Electric Truck Market by key players

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Electric Truck Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Electric Truck Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Electric Truck Market - Supply Chain
  4.5. Global Electric Truck Market Forecast
     4.5.1. Electric Truck Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Electric Truck Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Electric Truck Market Absolute $ Opportunity
5. Global Electric Truck Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Electric Truck Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Electric Truck Demand Share Forecast, 2019-2026
6. North America Electric Truck Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Electric Truck Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Electric Truck Demand Share Forecast, 2019-2026
7. Latin America Electric Truck Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Electric Truck Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Electric Truck Demand Share Forecast, 2019-2026
8. Europe Electric Truck Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Electric Truck Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Electric Truck Demand Share Forecast, 2019-2026
9. Asia Pacific Electric Truck Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Electric Truck Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Electric Truck Demand Share Forecast, 2019-2026
10. Middle East & Africa Electric Truck Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Electric Truck Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Electric Truck Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Electric Truck Market: Market Share Analysis
  11.2. Electric Truck Distributors and Customers
  11.3. Electric Truck Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Daimler AG
     11.4.2. Dongfeng Motor Corporation
     11.4.3. BYD Auto Co. Ltd
     11.4.4. PACCAR Inc.
     11.4.5. Scania
By Propulsion Types
  • Plug-in Hybrid
  • Fuel Cell Electric
  • Battery Electric
By Applications
  • Logistics
  • Municipal
  • Construction
  • Mining
By Regions
  • North America
  • Europe
  • Latin America
  • Asia Pacific
  • Middle East & Africa
By Key Players

Key players of the Electric Truck Market are Daimler AG, Dongfeng Motor Corporation, BYD Auto Co. Ltd, PACCAR Inc., and Scania.

The companies are focusing on making new strategic partnerships, investing in R&D projects, and launching new products in the market, in order to gain competitive advantage.

Electric Truck Market by key players

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