Global Electric Truck Market size was valued at US$ 1.5 Bn. in 2020 and the total revenue is expected to grow at 28.1% CAGR through 2021 to 2027, reaching nearly US$ 8.49 Bn.

Global Electric Truck Market Overview:

In terms of value, the electric truck market is expected to reach 69,597 units in 2021 and 307,528 units by 2027, with a CAGR of 28.1 % from 2021 to 2027. Electric trucks are commercial vehicles that are powered by a battery pack and are used to transport cargo. Furthermore, compared to diesel trucks, electric trucks have fewer moving parts and do not require multi-speed gearboxes, which lowers vehicle maintenance costs and improves reliability while emitting nearly no noise. To know about the Research Methodology :- Request Free Sample Report 2020 is considered as a base year to forecast the Market from 2021 to 2027. 2020’s Market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years trends are considered while forecasting the Market through 2027. 2020 is a year of exception and analyzed specially with the impact of lockdown by region.

Global Electric Truck Market Dynamics:

Thanks to technological advancements and manufacturing of EV batteries on a large scale, the cost of EV batteries has been decreased over the past decade. This has led to a decrease in cost of the electric trucks as EV batteries are one of the most expensive parts of an electric truck. For example, an electric vehicle battery cost roughly USD 1,100 per kWh in 2010. According to Bloomberg, their price would have dropped to roughly USD 137 per kWh by 2020, while the price in China is as low as USD 100 per kWh. This is due to lower battery manufacturing costs, lower cathode material prices, and higher production volumes, among other factors. According to a study on Research Gate, trucks will be priced similarly to traditional ICE trucks. Along with the growing demand for low-emission transportation, electric trucks will become more popular in the future decade. The recent development of self-driving trucks will have an impact on the electric truck business. Top manufacturers like as Tesla, Volvo, Vera, and Daimler have been working on self-driving electric trucks for the market. Self-driving electric trucks are also being developed by startups such as Embark, Einride, TuSimple, Ike, and others. Tesla, for example, hopes to have its self-driving electric truck on the road by the end of 2021. Since January 2020, Waymo has been testing its self-driving trucks. Electric vehicles require a substantially larger initial investment than gasoline, diesel, or compressed natural gas trucks. The cost of producing parts and machinery is likewise relatively significant. The high cost of electric batteries used in electric trucks is one of the main reasons behind this. Electric trucks will be less expensive than trucks that run on traditional fuels as battery technology develops and prices fall. According to a Forbes article by energy innovation, the production cost of an electric vehicle is currently much more than diesel or petrol trucks, but with lowering battery prices, it will be 50% cheaper by 2030 compared to diesel and petrol variations.

Global Electric Truck Market Segment Analysis:

Based on type, based on equipment the Electric Truck market is segmented into Battery Electric Trucks and Hybrid Trucks. The battery electric trucks segment accounted for the major revenue share of 84.76 % in 2019 & is expected to keep its dominance during the forecast period. The segment is projected to increase at high CAGR during the forecast period, thanks to the increasing life & energy density of batteries & a drop in battery values. Moreover, growing government regulations to command zero-emission vehicles will also support segment development. For example, the European Union has passed enactment to decrease emissions by at least 40 % by 2030. The EU has also fixed a goal to decrease emissions by almost 60 % by 2040. Based on application, Electric Truck market is segmented into Logistics, Municipal, Construction, Mining, Others. Logistics segment has held the biggest market share in the past and will continue to do so over the projected period. Peterbilt and Dana recently announced the debut of the Peterbilt Model 220EV, which will have a range of up to 200 miles. The car is expected to be produced in late 2020. Navistar has entered the contest as well, offering a medium-duty electric vehicle under its global banner. The production manager has committed to a single-charge range of 250 miles with a battery capacity of 312 kWh, as well as completion of manufacture by early 2021.

Global Electric Truck Market Regional Insights:

During the anticipated period, the European region holds the biggest market share for electric trucks. France, Germany, the Netherlands, Norway, Sweden, and the United Kingdom make up Europe's electric truck market. Emission regulations in Europe are very strict. Governments across Europe are providing significant incentives to encourage the use of electric vehicles. As a result, the demand for electric vehicles in the region has skyrocketed. Electric truck manufacturers such as Volvo, Daimler, and others are based in the region. Europe has set a lofty goal of lowering CO2 emissions by 80% by 2050, and has devised a plan to achieve it. The EPA and NHTSA have proposed that the Safer Affordable Fuel-Efficient (SAFE) cars regulation be adopted from 2021 to 2026 in the United States. The proposal could set corporate average fuel economy and greenhouse gas emissions standards for passenger and light vehicles. OEMs are required to sell a certain amount of clean and zero-emission vehicles under the Zero Emission Vehicles (ZEV) Program (electric, hybrid, and fuel cell powered commercial and passenger vehicles). By 2030, the ZEV strategy hopes to have 12 million ZEVs on the road. China accounted for the major revenue share of over 78.85 % in 2019 & is expected to endure its control in APAC. The region is expected to hold a maximum revenue share through the forecast period thanks to the occurrence of key companies like Dongfeng Motor Corporation, etc besides, the region has the maximum adoption of electric trucks as the central government in China removed upper weight restrictions on subsidies for trucks & LCVs. Kenworth and Toyota Motor teamed together in March 2020 to produce ten zero-emission Kenworth T680 trucks. Under normal operating conditions, the vehicles will have a range of more than 300 miles.

Recent Developments:

• Scania AB announced its expansion into China with a new manufacturing unit in October 2020. In China, the company will open a totally owned manufacturing facility in Jiangsu Province, near Shanghai. Scania AB has decided to invest in the country due to the quick transition to a more open and market economy-based structure that is now taking place. • The Volvo Group purchased 50% of the partnership rights in the existing Daimler Truck Fuel Cell GmbH & Co. in March 2021. The goal is for the new joint venture to become a dominant global manufacturer of fuel cells by 2050, allowing the world to take a massive step toward climate-neutral and sustainable transportation. • Paccar's trucks will be equipped with 141 kWh and 282 kWh battery packs, allowing for 100 and 200-mile ranges, respectively, in December 2020. Customers would have the option of choosing between 355 hp and 469 hp motors. • In June 2020, the California Air Resources Board sets electric truck sales goals for makers staring in 2024. The law is projected to bring around 0.3 Mn electric trucks to California’s highways by 2035. The objective of the report is to present a comprehensive analysis of the Global Electric Truck Market to the stakeholders in the industry. The past and current status of the industry with the forecasted Market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include Market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the Market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the Global Electric Truck Market dynamics, structure by analyzing the Market segments and project the Global Electric Truck Market size. Clear representation of competitive analysis of key players by Type, price, financial position, Type portfolio, growth strategies, and regional presence in the Global Electric Truck Market make the report investor’s guide.

Global Electric Truck Market Scope: Inquire before buying

Global Electric Truck Market, by Region

• North America • Europe • Asia Pacific • Middle East and Africa • South America

Global Electric Truck Market Key Players

• AB Volvo • BYD Auto Co. Ltd • Daimler AG • Dongfeng Motor Corporation • FAW Group Co., Ltd. • Foton Motor Inc. • Isuzu Motors Ltd • Navistar, Inc. • PACCAR Inc. • Scania • Tevva Motors Limited • Tesla • Rivian • Ford • GM • Workhorse • Atlis • Lordstown • Bollinger • Volkswagen AG • Hino Motors Ltd. • Chanje Energy Inc. • Orange EV • Mitsubishi Fuso Truck & Bus Corp. • Nikola Motor Co. • Fiat Chrysler Automobiles N.V.

Frequently Asked Questions:

1] What segments are covered in Global Electric Truck Market report? Ans. The segments covered in Global Electric Truck Market report are based on Type, Application, Population and Level of Automation. 2] Which region is expected to hold the highest share in the Global Electric Truck Market? Ans. Europe is expected to hold the highest share in the Global Electric Truck Market. 3] What is the Market size of Global Electric Truck Market in 2027? Ans. The Market size of Global Electric Truck Market in the forecast period 2027 is US $ 8.49 Bn. 4] Who are the top key players in the Global Electric Truck Market? Ans. AB Volvo, BYD Auto Co. Ltd, Daimler AG, Dongfeng Motor Corporation, FAW Group Co., Ltd., Foton Motor Inc., Isuzu Motors Ltd, Navistar, Inc., PACCAR Inc., Scania, Tevva Motors Limited, Tesla, Rivian, Ford. 5] What was the Market size of Global Electric Truck Market in 2020? Ans. The Market size of Global Electric Truck Market in 2020 was US $ 1.5 Bn.