The global electric truck market is estimated at $19.5 billion in 2023 and is predicted to expand to $78 billion by the end of 2033, with a 14.5% CAGR from 2023 to 2033.
Electric trucks are commercial vehicles powered by battery packs and designed for cargo transportation. Notably, these vehicles' motors have fewer moving parts than diesel engines, decreasing the need for expensive multi-speed gearboxes. This component reduction not only reduces vehicle maintenance costs, but also improves reliability, all while significantly lowering noise pollution.
Government incentives to encourage electric vehicle adoption, together with the clear benefits they provide, such as plentiful torque, zero noise pollution, and lower maintenance costs, drive preference for electric trucks over diesel equivalents.
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Governments around the world are increasingly acknowledging the necessity of reducing carbon emissions and promoting cleaner transportation options. To achieve these goals, some governments have enacted supportive legislation, incentives, and subsidies to promote the usage of electric vehicles, particularly electric trucks.
These initiatives encourage manufacturers to create electric vehicle models while also incentivising fleet operators to adopt cleaner alternatives.
Electric vehicle batteries are becoming more affordable as technology progresses. Because batteries account for a large portion of an electric vehicle's total cost, this decrease directly affects the affordability of electric trucks. Lower battery costs make electric trucks more affordable for consumers while also enhancing their business fleet viability.
Key Takeaways from Market Study:
- The global market for electric trucks is valued at US$ 19.5 billion in 2023.
- Worldwide demand for electric trucks is predicted to increase at a CAGR of 14.5% through 2033.
- By the end of 2033, the market is anticipated to reach US$ 78 billion.
- Over the forecast period, the Asia Pacific market is expected to expand at a CAGR of 23%.
- In terms of vehicle type, use of light-duty electric trucks is forecasted to rise at a CAGR of 6% through 2033.
- Battery electric trucks command the foremost portion of the market share.
“Electric trucks have gained significant attention and momentum due to increasing concerns about environmental sustainability, need to reduce emissions, and advancements in battery technology. Electric trucks are considered a promising solution to address the transportation sector's environmental impact, particularly in terms of air pollution and greenhouse gas emissions,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Electric Truck Market:
Key players in the electric truck market are BYD Company Limited, AB Volvo, Daimler AG, Foton Motors Inc., Volkswagen AG, Hino Motors Ltd, Toyota Motor Corporation, Dongfeng Motor Corporation, Navistar, Inc.
Market Competition
Established automakers, as well as newcomers and startups, are investing in the development of electric trucks. These companies are concentrating on creating technology, expanding product offerings, and addressing electric truck-specific issues like as battery life, charging times, and initial pricing.
· across January 2022, Volvo Group, Daimler Truck, and Traton Group completed the final phase of their joint venture to create charging infrastructure across Europe. This collaborative initiative intends to establish and maintain a network of 1,700 high-capacity charging stations powered by renewable energy. These charging stations are strategically situated along highways and near logistics areas throughout Europe.
Electric Truck Industry News:
- Dongfeng Rich 6 electric vehicle, an electric pickup truck created in partnership with Nissan, was unveiled by Dongfeng Motor Corporation. An electric motor producing 160 horsepower and 420 Nm of torque powers the car.
More Valuable Insights on Offer
Fact.MR's latest service provides an unbiased analysis of the global electric vehicle industry, including historical demand data from 2018 to 2022 and projected information for 2023 to 2033.
The study reveals essential insights into the market based on propulsion (battery electric trucks, hybrid electric trucks, plug-in hybrid electric trucks, fuel cell electric trucks), vehicle type (light-duty trucks, medium-duty trucks, heavy-duty trucks), range (up to 150 miles, 151 to 300 miles, more than 300 miles), and end use (last-mile delivery, long-haul transportation, refuse services, field services, distribution services), across five major regions of the world.
Old Source: https://www.globenewswire.com/news-release/2024/10/15/2963073/0/en/Electric-Truck-Market-is-Projected-to-Grow-at-a-14-5-CAGR-Reaching-US-78-Billion-by-2033-Fact-MR-Report.html
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