Market Research Report
Europe Electric Truck Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
|Europe Electric Truck Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)|
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 70 Pages
Delivery time: 2-3 business days
The Europe Electric Truck Market is expected to exhibit a growth rate of over 18% during the forecast period 2020-2025.
With the growing environmental concerns, governments and environmental agencies are enacting stringent emission norms and laws that may increase the manufacturing cost of electric drivetrains and fuel-efficient diesel engines in the coming years.
In Europe, European Union (EU) is committed to achieve 20% greenhouse gas reduction target in 2020 for second phase of Kyoto Protocol (base year 1990). European Union has also set the target to achieve 40% greenhouse gas reduction by 2040 compared to 1990. By 2050, EU has set a target of 0% greenhouse gas emission by 2050. European Union regulation EU 253/2014 sets the target of 147 gm of CO2 emission per kilometer for 2020 and 2021 for light commercial vehicles (LCVs) based on NEDC test procedure. European Union set the target of 31% reduction of CO2 emission for LCVs by 2030.
Germany is expected to account for significant share in the total sales of electric trucks during the forecast period. Germany is investing heavily in infrastructure development for electric mobility and it opened a new electric highway for hybrid electric trucks where they will be powered from overhead electric lines. Moreover, growing concerns about environmental pollution through internal combustion engine vehicles are also expected to play a crucial role in the growth of the electric truck market. However, the ongoing research and development in commercial vehicle fuel cell technology is expected to hamper the growth of battery electric trucks in Europe. In April 2020, Daimler Trucks AG and Volvo Group agreed to form a joint venture to produce fuel cell powered and battery powered medium and heavy trucks.
The European electric truck market is characterized by major players, such as BYD Auto, Scania, MAN, Daimler Trucks, Volvo Trucks, etc. among others. Recently, Volvo unveiled two fully electric-powered commercial trucks in 2020, and this is likely to help the company maintain its competitive position in the market.