Market Research Report
Global Electric Truck Market 2019-2023
|Published by||TechNavio (Infiniti Research Ltd.)||Product code||748496|
|Published||Content info||114 Pages
Delivery time: 1-2 business days
|Global Electric Truck Market 2019-2023|
|Published: November 2, 2018||Content info: 114 Pages||
Electric trucks allow significant saving in the fuel and maintenance costs, which are major cost parameters for the fleet operators. The growing developments in drive unit by the prominent electric truck manufacturers to make the truck more durable will be a driving factor for the global electric truck market. For example, Tesla changed the goal of drive unit endurance from 200,000 miles to 1 million miles. The development to increase the endurance of the driveline will allow the customers to extract maximum value from the electric truck, compared with traditional diesel trucks. Thus, all these factors will drive the growth of the global electric truck market.
Since electric trucks are driven by battery powered systems, the battery cost is one of the most important factors contributing to the upfront cost of the electric truck. There have been several improvements in the technology of battery electric vehicles. Making them more desirable to consumers. For example, advances in Li-ion batteries made them comparatively lightweight with a long lifespan compared with conventional lead-acid and valve-regulated lead-acid (VRLA) batteries.
The stakeholders in the global electric truck market are promoting electric trucks on the basis of the low total cost of ownership (TCO) compared with a diesel truck. The operating and maintenance cost of an electric truck is lower than a diesel truck. Generally, larger the number of mile travels for the truck, better is the TCO of the electric trucks compared with diesel trucks. However, most of the purchases done in the global electric truck market are based on upfront cost.
For the detailed list of factors that will drive and challenge the growth of the electric truck market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including AB Volvo and BYD the competitive environment is quite intense. Factors such as the reducing battery prices boosting electric truck demand and creation of long-term value for customers, will provide considerable growth opportunities to electric truck manufactures. AB Volvo, BYD, Daimler, Dongfeng Motor Group, Hino Motors, and Navistar are some of the major companies covered in this report.