The global electric truck market is valued at $19.5 billion in 2023 and is expected to grow to $78 billion by the end of 2033, with a notable CAGR of 14.5% between 2023 and 2033.
Electric trucks are commercial vehicles powered by battery packs and intended for cargo transport. Notably, these vehicles' motors contain fewer moving parts than their diesel equivalents, reducing the need for sophisticated multi-speed gearboxes. This component reduction not only lowers vehicle maintenance costs, but also increases reliability, all while dramatically reducing noise pollution.
Preference for electric trucks over diesel alternatives is spurred by governmental incentives aimed at fostering electric truck adoption, alongside the undeniable benefits they offer, including abundant torque, negligible noise emissions, and reduced maintenance expenditures.
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Governments around the world are increasingly recognising the importance of lowering carbon emissions and encouraging cleaner transport solutions. To attain these objectives, several governments have implemented supportive laws, incentives, and subsidies to encourage the use of electric vehicles, especially electric trucks.
These initiatives encourage manufacturers to develop electric truck models while also incentivising fleet operators to switch to cleaner options.
Ongoing advances in electric vehicle battery technology are lowering the cost of electric vehicle batteries. Because batteries account for a significant amount of an electric vehicle's total cost, this reduction has a direct impact on the affordability of electric trucks. Lower battery costs make electric trucks more affordable to consumers while also increasing their viability for commercial fleet operators.
Key Takeaways from Market Study:
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The global market for electric trucks is valued at US$ 19.5 billion in 2023.
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Worldwide demand for electric trucks is predicted to increase at a CAGR of 14.5% through 2033.
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By the end of 2033, the market is anticipated to reach US$ 78 billion.
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Over the forecast period, the Asia Pacific market is expected to expand at a CAGR of 23%.
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In terms of vehicle type, use of light-duty electric trucks is forecasted to rise at a CAGR of 6% through 2033.
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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 new entrants and startups, are investing in the development of electric trucks. These companies are focussing on developing technology, extending product options, and addressing electric truck-specific concerns like as battery life, charging periods, and upfront costs.
· January 2022, Volvo Group, Daimler Truck, and Traton Group completed the final phase of their joint venture to develop charging infrastructure across Europe. This collaborative effort aims to build and maintain a network of 1,700 high-capacity charging points powered by sustainable green energy. These charging stations are strategically located on highways and near logistics centres around Europe.
Electric Truck Industry News:
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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, in its new offering, presents an unbiased analysis of the global electric truck market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges 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, above 300 miles), and end use (last-mile delivery, long-haul transportation, refuse services, field services, distribution services), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
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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