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Electric Truck Market Projected to Reach USD 27.7 billion, with a CAGR of 14.8% by 2030 – Report by Market Research Future (MRFR)
Market Research Future
8 min read
Market Research Future
Electric Truck Market Growth Boost by Increasing Logistic Activities, Competitive Revenue, and Global Trends
New York, US, April 30, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), "Electric Truck Market Information by Propulsion Type, Type, End-Use, Range, and Battery Capacity, and Region - Forecast till 2030", The market for electric trucks will increase from USD 10.5 billion in 2022 to USD 27.7 billion in 2030, at a stunning rate of 14.8% from 2022 to 2030.
Electric Truck Market Overview
Government programs that encourage adoption have made electric vehicles more prevalent than diesel trucks. Rising demand for logistics services, decreased fuel prices, and cheaper maintenance costs are driving the market's expansion. Additionally, there are more and more incentives to drive an emission-free car. For commercial cars, severe emission rules apply. To meet the rising market demand, producers would thus need to make significant investments in the production of electric trucks. Manufacturers will have to invest a lot of money to accommodate this expanding demand.
Market Competitive Landscape:
The affluent firms in the electric truck industry include
Commercial e-truck company Volta Trucks has announced that it is moving to the US, almost three years after unveiling renderings for its electric goods mover. Prior to pilot tests in late 2023, a Class 7 Volta Zero design-verification prototype is scheduled to arrive in California. A combined motor, gearbox, and axle will be provided by Michigan-based Accelera by Cummins for the 16-ton Zero electric trucks, which will be offered with a modular (150 to 225 kWh) Proterra battery bank capable of between 95 and 125 miles of urban operation on a single charge.
A truck-as-a-service concept from Volta would enable businesses to pay monthly rental costs for the electric trucks together with the associated servicing, maintenance, training, and insurance needs. Vehicles built to US specifications are anticipated to be available starting in 2024.
Electric Truck Market COVID 19 Analysis
As a result of COVID-19, the globe experienced hitherto unheard-of economic, humanitarian, and medical problems. Lockdown measures have decreased the spread, albeit at a significant financial cost. On the corporate side, the automotive and mobility industries have been particularly hard hit. Following the pattern shown in countries where COVID-19 previously spread, lockdown measures and other restrictions have decreased mobility and left many consumers unable or hesitant to purchase autos. Due to the disease's rapid spread, fewer people are buying new automobiles, which has had a significant impact on the global micro mobility business. OEMs and other stakeholders are also utilizing inventive business models to boost sales in the post-COVID-19 timeframe.
Report Scope:
Report Metrics
Details
Market Size 2030
2030: USD 27.7 billion
CAGR during 2022-2030
14.8% CAGR
Base Year
2021
Forecast
2022-2030
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Propulsion Type, Type, End-Use, Range, and Battery Capacity
Key Market Opportunities
Increasing logistic activities
Key Market Dynamics
The measures taken by the governments The ban on diesel in several cities
Browse In-depth Market Research Report (128 Pages) onElectric Truck Market:
The electric truck market benefits from rising logistical demand, falling fuel and maintenance costs, and incentives for switching to zero-emission trucks. In addition, strict pollution standards for commercial vehicles will compel manufacturers to spend money on the production of electric trucks. As a result, it is projected that manufacturers would make sizable expenditures to meet the rising demand and significantly contribute to market expansion. Several industries, including logistics, municipal, and other domains, employ electric trucks. Any nation's GDP growth is largely attributed to the logistics industry. Delivery to remote areas could be necessary for a logistics provider as a result of the e-commerce sector's growth. Companies involved in logistics and supply chains are actively taking part in the transition from internal combustion engines to electric fleets.
Electric vehicles are becoming more and more common in the market as a result of a declining gasoline supply. Global electric truck market expansion will continue to be supported by laws and standards pertaining to pollution, global warming, and greenhouse gas emissions. Due to increased public awareness of electric cars, sales of electric trucks have increased globally. Offering tax benefits as an additional incentive, both industrialized and emerging nations are enticing consumers to buy electric automobiles. Additionally, the government is making great efforts to provide a sustainable infrastructure for charging electric vehicles. These measures will make it easier for those who utilize electric trucks to complete their jobs more quickly. As a result, the global market for electric vehicles is expected to rise throughout the forecast period.
Government subsidies and initiatives are expected to help the electric truck industry grow. Governments all around the globe are putting innovative laws and incentive programs into place to encourage the adoption of electric vehicles in all market categories (bikes, automobiles, trucks, and other commercial vehicles). For instance, the Indian government launched the PLI (production-linked incentive) program and the FAME II amendment for the auto sector with the goal of converting 30% of private cars, 70% of commercial cars, and 80% of two- and three-wheelers to electric by 2030. As a result, the expanding government policies have increased the CAGR of the worldwide market in recent years.
Market Restraints:
The expansion of the electric truck market is expected to be significantly hampered by a lack of charging infrastructure. The necessity for the charging station to fuel electric trucks may be hampered by high expenses brought on by red tape related to building codes, permits, and regulations. Additionally, due to cheap investments, the adoption of electric trucks is lower in emerging nations than it is in industrialized economies.
BEV, PHEV, and FCEV are among the propulsion-based market segments for electric trucks. Throughout the anticipated year, battery electric trucks will continue to rule the market. The sector is predicted to develop at the highest CAGR over the forecast period due to increasing battery life and energy density as well as declining battery prices.
Additionally, the PHEV had considerable growth in 2021. The plug-in hybrid truck is propelled by an electric vehicle motor and internal combustion engines. Leading automakers are introducing a new infrastructure for charging electric vehicles while they are in motion.
By Electric Truck Type
Light-duty trucks, medium-duty vehicles, and heavy-duty trucks are the three categories into which the electric truck market has been divided depending on type.
By Range
The Electric Truck Market segmentation, based on range, includes up to 200 miles and above 200 miles. The upto 200 miles category was the largest contributor to the market. Due to their increased efficiency and lower operating costs, these vehicles are employed for short-distance applications. Given the most recent advances from major participants in the segment, the over 200 miles segment, which previously held the second-largest market share, is predicted to take the lead.
By End-Use
The last-mile delivery, long-haul transportation, waste services, field services, and distribution services are the end-use categories into which the Electric Truck Market data has been divided. The market was controlled by the last mile segment. Delivery services for the final mile have seen tremendous change and growth. The social distance and other Covid-related conventions have greatly increased customers' reliance on doorstep last-mile delivery.
By Capacity
Less than 50kwh, 50-250 kwh, and beyond 250 kwh are the three battery capacity ranges that make up the segmentation of the electric truck market. The 50–250 KWh range is thought to be the market's biggest segment. Significant advantages of the 50-250 kWh battery include rapid charging at a cheap cost and outstanding energy efficiency. The use of batteries with a capacity greater than 250 kwh is expected to be accelerated by rising technological advancements and declining battery costs.
The market for electric trucks in North America was valued at USD 3.9 billion in 2021, and over the research period, it is anticipated to rise at a strong CAGR of 43.2%. Numerous industry competitors and extensive R&D activities are expected to drive the North American electric truck market.
car rentals, bolstering the expansion rate of the regional industry.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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