About This Report

Electric trucks are commercial trucks that use electric as their main power source, often using an electric motor and a rechargeable battery. They substitute the conventional internal combustion engines, such as those found in diesel and gasoline-powered trucks, with a cleaner, more environmentally friendly replacement. Delivery trucks, large trucks for mining and construction work, and vehicles used for municipal services like street sweepers and garbage trucks are all examples of electric trucks.

Electric trucks are a subset of the larger electric vehicle (EV) market, which also includes buses, passenger cars, and other types of vehicles. Concerns about climate change and air pollution have led to an increase in the use of electric trucks in recent years, and advancements in battery technology have increased the performance and range of electric vehicles. Compared to conventional diesel or gasoline-powered trucks, electric vehicles are usually more expensive to buy, but over time, because of their lower fuel and maintenance expenses, they may prove to be more cost-effective.

In 2020, the Electric Truck market was valued at US$ YY million, and it is anticipated to be around US$ YY million by 2027. Over the forecast period, the market is expected to grow at a CAGR of YY%.

Government initiatives and regulations and Advancements in battery technology are the drivers, while Charging infrastructure is a restraint

Government policies and regulations are regarded as market drivers for electric trucks since they provide incentives for companies and people to switch to using them. For instance, The American government declared in March 2021 that as part of its infrastructure plan, it would invest $174 billion on electric vehicles, including electric trucks. Along with installing 500,000 charging stations across the nation, this also includes providing incentives to automakers to make electric vehicles.

Moreover, the introduction of more effective and long-lasting batteries has increased the potential of electric trucks as a mode of transportation, and advancements in battery technology are therefore also seen as key drivers for the electric truck market. For instance, Tesla revealed their new Megapack battery energy storage system in April 2021. This system is intended to work in tandem with solar or wind energy systems to provide a sustainable energy source for charging electric cars, including trucks.

On the other hand, the market for electric trucks is said to be constrained by the availability of charging infrastructure. Although the availability of charging infrastructure is essential for the general adoption of electric trucks, the industry is now facing considerable challenges due to the lack of charging stations, especially fast-charging stations. For instance, The UK government stated in March 2021 that it would invest £20 million in the construction of a network of fast-charging stations for electric trucks along the nation's main thoroughfares. The investment intends to solve the UK's lack of heavy-duty electric vehicle charging infrastructure.

Battery electric vehicle (BEV) segment is expected to account for significant market share by propulsion segment

The global Electric Truck market is mainly classified by Battery Capacity, Battery Type, Range, Propulsion, and Application. Battery capacity is segmented into below 50 KWH, 50-250 KWH, and above 250 KWH. Based on the Battery type, the market is divided into container handling, lithium-nickel-manganese-cobalt Oxide, lithium-iron-phosphate, livestock Monitoring, and others. On the basis of Range, the market is divided into up to 200 miles, and above 200 miles. Based on the propulsion, the market is categorised into battery electrical vehicle, hybrid electrical vehicle, plug-in hybrid electric vehicle, and fuel cell electrical vehicle. Truck type is categorized into logistics, municipal, construction, mining, and others

Based on propulsion, the Battery Electric Vehicle (BEV) category dominates the Electric Truck market. This is due to the fact that BEVs are entirely electric and do not rely on fossil fuels, making them a sustainable and eco-friendly mode of transportation. BEVs have various advantages over conventional internal combustion engine vehicles, including lowered pollution, lower running costs, and better energy efficiency. Majority of the companies are focusing to launch battery electrical vehicles into the market. For instance, A new series of battery-electric vehicles would be introduced by Daimler vehicles under the Freightliner name in 2020. The eCascadia and eM2 models are created for long-haul and local distribution applications, respectively. The eCascadia will begin receiving deliveries from Daimler Trucks' customers in 2021.

Interesting Facts of Electric Truck Market

• Due to the need for larger batteries to meet the power requirements for long-distance transportation, the over 250 KWH battery capacity sector currently maintains the largest market share in the electric truck industry.
• Currently, the largest market share in the electric truck sector belongs to the logistics sector. This is due to the fact that the logistics industry is one of the major consumers of commercial vehicles, and that electric trucks provide significant financial savings and environmental advantages over conventional diesel-powered trucks.
• One of the fastest-growing markets for electric trucks is the Asia Pacific region. Due to factors like growing urbanisation, expanding population, and a focus on lowering greenhouse gas emissions, the requirement for electric trucks in the entire area is growing rapidly.
• Governments all across the world are implementing programmes and rules to encourage the use of electric trucks and lower transportation-related carbon emissions. For instance, the European Union passed new restrictions in 2021 mandating a 30% CO2 emission reduction for heavy-duty cars by 2030.

North America holds the largest market share of the Electric Truck industry

There are various factors that contribute to North America now being the largest market for electric trucks. The adoption of electric vehicles, particularly electric trucks, is being encouraged and supported by the governments of North America. For instance, the governments of the US and Canada both provide tax credits and refunds for the purchase of electric trucks, respectively. The reduction of carbon emissions from transportation is required by stringent environmental restrictions in North America. Companies trying to comply with these requirements may find electric trucks to be a tempting alternative to conventional diesel trucks because they are cleaner and more environmentally friendly.

Moreover, many of the top technological and electric vehicle producers in the world, including as Tesla, General Motors, and Ford, are based in North America. These businesses are making significant investments in the advancement of electric truck technology, which is fuelling the sector's innovation and expansion. In North America, a network of charging stations and other infrastructure is expanding to facilitate the use of electric trucks. This infrastructure improvement is facilitating the switch for businesses to electric trucks and fuelling the industry's further expansion. For instance, the US Biden administration has suggested spending $15 billion on charging stations to aid in the switch to electric cars.

Global Electric Truck Market key Players:

Some of the major competitors in the global Electric Truck market include AB Volvo, Alke SRL, BYD Auto Co. Ltd, PACCAR Inc., Tesla Inc., Daimler AG, Scania AB, IVECO SpA, Man SE, Dongfeng Motor Company, Navistar Inc., and Renault Trucks
The Electric Truck industry is extremely competitive with aggressive market strategies of global and regional companies looking to strengthen market position. The Electric Truck market is continuously changing as new competitors emerge and established players broaden their product portfolios through acquisitions and joint ventures. The following are some recent market developments:

• Ford and Rivian have created a joint venture to create an all-electric Ford F-150, and General Motors and Nikola, an EV startup, have collaborated to create an electric pickup truck.
• In order to research and construct fuel cell systems for heavy-duty vehicles, including electric trucks, Daimler Trucks and Volvo Group established a joint venture in 2021.
• The Cyber truck from Tesla and the F-150 Lightning electric truck from Ford were both introduced in 2021.
• To improve its electric vehicle capabilities, Tesla purchased Maxwell Technologies in 2020. Maxwell Technologies is a business that specialises in battery technology. Similar to this, Daimler purchased Torc Robotics, a pioneer in autonomous truck technology.
• BYD, a Chinese automaker, bought Alexander Dennis Limited, a producer of electric buses based in California, in 2021.

Frequently asked questions about global Electric Truck market

Q: What is the current size of the global Electric Truck market?
Ans: The Electric Truck market was valued at XX Million US$ in 2020 and is projected to reach XX Million US$ by 2027, at a CAGR of XX% during the forecast period.

Q: What are the major opportunities in Electric Truck industry?
Ans: The development of e-commerce, the expansion of government support and incentives for the use of electric vehicles, as well as improvements in battery technology and charging infrastructure, are the main opportunities in the market for electric trucks.

Q: What is major growth driving factor for Electric Truck industry?
Ans: The growing demand for environmentally friendly transportation choices is the main development driver for the electric truck market.

Q: Which region is expected to have the largest share of the Electric Truck market?
Ans: North America is anticipated to hold the highest share of the global market for electric trucks due to government support, stringent environmental restrictions, high demand, technological improvements, and infrastructural development.

Q: Which battery type type will dominate the Electric Truck market?
Ans: Lithium-ion batteries dominates the global market. When compared to other battery kinds, such batteries have a higher energy density, quick charging capacities, and longer lifespan.