Global Electric Truck Market, By Product Type (Light Electric Trucks, Medium-Sized Electric Trucks, Heavy Electric Trucks), End Use (Last Mile Delivery, Long Haul Transportation, Refuse Services, Field Services, Distribution Services) - Industry Trends and Forecast to 2031.
Electric Truck Market Analysis and Size
The electric truck market refers to the industry involved in the manufacturing, distribution, and sale of electric-powered trucks designed for transporting goods. These trucks utilize electric propulsion systems, often powered by batteries, as an eco-friendly alternative to traditional internal combustion engine trucks. The market encompasses various vehicle types, including delivery trucks, freight trucks, and other commercial vehicles, contributing to the ongoing transition towards sustainable and low-emission transportation solutions on a global scale. Electric trucks are gaining popularity as part of the broader effort to reduce carbon emissions and dependence on fossil fuels in the transportation sector.
Data Bridge Market Research analyzes that the global electric truck market which was USD 31.16 billion in 2023, is likely to reach up to USD 188.24 billion by 2031, and is expected to undergo a CAGR of 25.21%during the forecast period. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customized 2016-2021)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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By Product Type (Light Electric Trucks, Medium-Sized Electric Trucks, Heavy Electric Trucks), End Use (Last Mile Delivery, Long Haul Transportation, Refuse Services, Field Services, Distribution Services)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of the Middle East and Africa
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Market Players Covered
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AB VOLVO (Sweden), Workhorse (U.S.), Tata Motors (India), Dongfeng Motor Group Co., Ltd (China), Rivian (U.S.), SCANIA AB (Sweden), BYD Company Ltd (China), MAN SE (Germany), TESLA (U.S.), DAIMLER AG (Germany)
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Market Opportunities
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Market Definition
An electric truck is a type of commercial vehicle powered by electric propulsion, typically through electric batteries or a combination of batteries and other energy storage technologies. Unlike traditional trucks that rely on internal combustion engines fueled by gasoline or diesel, electric trucks leverage electricity to drive electric motors, providing a cleaner and more environmentally sustainable mode of transportation.
Global Electric Truck Market Dynamics
Drivers
- Rising Government Incentives
The market is driven by the rising tide of government incentives aimed at promoting sustainable and environmentally friendly transportation solutions. Governments worldwide are increasingly offering financial incentives, tax credits, and subsidies to both manufacturers and consumers to encourage the adoption of electric trucks. As nations prioritize environmental conservation and emissions reduction, such government initiatives become a crucial driver propelling the growth of the market.
- Rapid Advancements in Battery Technology
The market is being driven by rapid advancements in battery technology. As battery technology continues to evolve, electric trucks benefit from improved energy density, longer driving ranges, and enhanced overall performance. The advancements in battery technology not only extend the operational capabilities of electric trucks but also contribute to reducing costs, enhancing overall efficiency, and accelerating the adoption of sustainable transport solutions in the commercial vehicle sector.
- Low Emissions and Noise
The market is driven by the dual advantage of low emissions and reduced noise levels. Electric trucks contribute significantly to environmental sustainability by producing fewer emissions compared to traditional diesel counterparts. The transition to electric trucks aligns with the growing emphasis on eco-friendly transportation and regulatory measures to curb air pollution.This makes electric trucks an attractive choice for businesses aiming to meet stringent environmental regulations, enhance their sustainability profile, and operate seamlessly in noise-sensitive zones, thereby driving the adoption of electric trucks worldwide.
Opportunity
- Growth of E-commerce
The exponential growth of e-commerce presents a significant opportunity for the market. As online retail continues to surge, the demand for efficient and sustainable last-mile delivery solutions intensifies. Electric trucks offer a compelling solution by providing a cleaner and more cost-effective alternative to traditional delivery fleets. E-commerce companies are increasingly recognizing the advantages of electric trucks in meeting environmental goals, reducing operational costs, and enhancing their overall sustainability initiatives. The expanding e-commerce landscape, coupled with the need for eco-friendly logistics solutions, positions electric trucks as a strategic opportunity to revolutionize the delivery sector and support the evolving demands of the digital retail era.
Restraints/ Challenges
- High Upfront Cost
The high upfront cost of electric trucks poses a significant restraint for the market. While electric trucks offer long-term operational savings in terms of fuel and maintenance, the initial investment required to acquire electric vehicles remains comparatively higher than their traditional diesel counterparts. This cost barrier can deter potential buyers and fleet operators, especially in markets where the economic feasibility of electric trucks is a crucial consideration. Overcoming the challenge of high upfront costs is pivotal for the widespread adoption of electric trucks, requiring strategic measures such as government incentives, subsidies, and advancements in battery technology to make electric vehicles more financially accessible and attractive to businesses.
- Limited Range and Charging Infrastructure
The limited range of electric trucks, coupled with the inadequacies in charging infrastructure, presents a significant challenge for the market. Range anxiety remains a concern for potential buyers and fleet operators, especially in long-haul transportation where the ability to cover extensive distances on a single charge is crucial. In addition, the insufficient availability of charging stations, particularly in certain regions, hampers the widespread adoption of electric trucks. Overcoming these challenges requires substantial investments in expanding charging infrastructure, advancements in battery technology to enhance the range of electric trucks, and collaborative efforts between industry stakeholders to address the concerns associated with limited range and charging accessibility.
This electric truck market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the electric truck market contact the Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.
Recent Development
- In November 2023, Tesla Semi finally went into production after being teased for years. This futuristic, aerodynamic truck boasts a range of 800 kilometers and promises significant cost savings for long-haul trucking companies
- In October 2023, Daimler Truck unveiled its eActros LongHaul, a long-range electric truck capable of traveling up to 500 kilometers on a single charge. This marks a significant leap in range for heavy-duty electric trucks and opens up the possibility for long-distance haulage with zero emissions
Global Electric Truck Market Scope
The electric truck market is segmented on the basis of product type and end use. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product Type
- Light Electric Trucks
- Medium-Sized Electric Trucks
- Heavy Electric Trucks
End Use
- Last Mile Delivery
- Long Haul Transportation
- Refuse Services
- Field Services
- Distribution services
Global Electric Truck Market Region Analysis/Insights
The electric truck market is analyzed and market size insights and trends are provided by country, product type, and end use as referenced above.
The countries covered in the market report are U.S., Canada, Mexico, Brazil, Argentina, the rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, and rest of the Middle East and Africa.
North America is expected to dominate the market due to combination of regulatory support, environmental consciousness, and a burgeoning interest in sustainable transportation solutions. The region has been at the forefront of adopting stringent emission norms and promoting clean energy initiatives.
Asia-Pacific is expected to be the fastest growing region due to the region's burgeoning population, rapid urbanization, and increasing industrialization have led to a surge in demand for sustainable and efficient transportation solutions.
The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the region data.
Semiconductor Infrastructure growth Installed base and New Technology Penetration
The electric truck market also provides you with a detailed market analysis for every region’s growth in healthcare expenditure for capital equipment, installed base of different kinds of products for the electric truck market, the impact of technology using lifeline curves, and changes in battery regulatory scenarios and their impact on the electric truck market. The data is available for the historic period 2011-2021.
Competitive Landscape and Global Electric Truck Market Share Analysis
The electric truck market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the electric truck market.
Some of the major players operating in the electric truck market are:
- AB VOLVO (Sweden)
- Workhorse (U.S.)
- Tata Motors (India)
- Dongfeng Motor Group Co., Ltd (China)
- Rivian (U.S.)
- SCANIA AB (Sweden)
- BYD Company Ltd (China)
- MAN SE (Germany)
- TESLA (U.S.)
- DAIMLER AG (Germany)
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