Market Research Report
Electric Truck Market by Propulsion, Vehicle Type and Range : Global Opportunity Analysis and Industry Forecast, 2021-2030
|Electric Truck Market by Propulsion, Vehicle Type and Range : Global Opportunity Analysis and Industry Forecast, 2021-2030|
Published: January 12, 2022
Allied Market Research
Content info: 317 Pages
Delivery time: 2-3 business days
Electric trucks are the vehicles that take power from the pack of batteries for propulsion. Governments of various countries are setting stringent emission regulations, which, in turn, propel adoption of electric trucks by the fleet owners. In addition, electric trucks are noise free, zero emission, and efficient mode of transportation with lower maintenance cost, which in turn, makes them the preferred choice for fleet owners. Further, governments are also taking initiatives to provide sufficient charging infrastructure for electric trucks to facilitate smooth operations in the future.
Factors such as increasing government initiatives for promotion of e-mobility, stringent emission norms imposed on fossil-fuel powered commercial vehicles, and reducing cost of electric vehicle batteries drive growth of the electric truck market. However, lack of charging infrastructure and high cost of electric trucks are expected to hinder the growth of the market during the forecast period. Further, rise in demand for electric trucks from the logistics sector and development of self-driving electric truck technology is anticipated to provide remarkable growth opportunities for companies operating in the electric truck market.
The electric truck market is segmented on the basis of propulsion, vehicle type, range, and region. By propulsion, the market is classified into battery electric truck, hybrid electric truck, plug-in hybrid electric truck, and fuel-cell electric truck. By vehicle type, it is categorized into light-duty electric truck, medium-duty electric truck, and heavy-duty electric truck. By range, it is divided into upto 150 miles, 151 to 300 miles, and above 300 miles. By region, the market is analyzed across North America, Europe, Asia-Pacific, Latin America & Middle East (LAME) and Africa.
The companies profiled in the global electric trucks industry report are AB Volvo, BYD Compay Ltd., Daimler AG, Dongfeng Motor Company, Geely Automobiles Holdings Limited, Man SE, Paccar Inc., Scania, Tata Motors and Workhorse
COVID-19 SCENARIO ANALYSIS
The overall automobile market suffered losses in the initial months of the pandemic when sales of vehicles reduced drastically due to lockdowns. Closing down the factories resulting in the expulsion of the workers and the terror of stagnation due to coronavirus are leading to a significant decline in the sales of the electric trucks in first and second quarter of the 2020. Nevertheless, the demand for electric trucks is expected to gain traction after the lockdown restrictions are relaxed. However, during the second half of 2020, the sales increased and, in most cases, reduced the losses for those past months. The sales of electric vehicles increased in 2020 and 2021 due to the growing trend of vehicle electrification around the world. This sector was thus, less affected by the pandemic.
By Vehicle Type