Global Electric Truck Market size was valued at US$ 1.92 Bn. in 2021 and the total revenue is expected to grow at 28.1% CAGR through 2021 to 2029, reaching nearly US$ 13.93 Bn.
Electric Truck Market Overview:
A research team conducted extensive primary and secondary research for the Electric Truck market study of the global market. In order to augment already-existing data, segment the market, calculate the overall market size, and project market size and growth rate, secondary research was conducted.
Market revenue is determined by primary and secondary research, and market leaders are recognised through these two methods. In-depth interviews with influential thought leaders and business leaders, including CEOs and marketing executives, were conducted as part of the main study.
As part of the primary research, extensive interviews with key opinion leaders and business leaders, including CEOs and marketing executives, were done. As part of the secondary research, the annual and financial reports of the major manufacturers were examined. Global market percentage splits, market shares, growth rates, and breakdowns are produced from secondary sources and validated against primary data.
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Market Scope:
The report contributes to a better knowledge of the global Electric Truck market's dynamic structure by identifying and assessing market segments and estimating market size. The report also contains a comparison of key firms' pricing, financial standing, application growth objectives, and regional presence. To assist shareholders in prioritising their efforts and investments in the global Electric Truck market, the study also contains a PESTLE analysis.
Decision-makers now have a clear picture of the future of the market thanks to the investigation of external and internal factors that are expected to either benefit or harm enterprises. Through the analysis of market segmentation and projections of market size, the study also contributes to an understanding of the dynamic structure of the global Electric Truck market. The study is a resource for investors by giving a thorough representation of the competitive analysis of significant organizations in the Global Electric Truck Market based on price, financial position, growth strategies, and geographic presence.
Electric Truck Market Segment:
The Electric Truck market is divided into Battery Electric Trucks and Hybrid Trucks depending on type and equipment. The sector of battery electric trucks accounted for the largest revenue share of 84.76% in 2019 and is anticipated to maintain its leadership throughout the projected period. Due to improving battery life and energy density as well as a decline in battery prices, the market for this segment is expected to grow at a rapid CAGR during the forecast period. Additionally, escalating government rules mandating zero-emission automobiles will encourage category growth. For instance, the European Union has established legislation requiring a minimum 40% reduction in emissions by 2030. The EU has set a target to reduce emissions by nearly 60% by 2040.
Electric truck market is divided into Logistics, Municipal, Construction, Mining, and Others based on application. The logistics sector has historically held the largest market share and will do so during the anticipated timeframe. The Peterbilt Model 220EV, which will have a range of up to 200 miles, will go on sale soon, according to a recent announcement by Peterbilt and Dana. The automobile should start production in the latter half of 2021. Additionally competing, Navistar is providing a medium-duty electric vehicle under its global brand. The production manager has promised a battery capacity of 312 kWh, a single-charge range of 250 miles, and the conclusion of production by early 2021.
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.
Regional Analysis:
The Electric Truck Market is examined at the national level with a focus on nations with the largest market shares, categories with the potential for strong growth, and categories. The regional breakdowns in the Electric Truck Market research include North America (USA, Canada), South America, Asia Pacific (China, Japan, India, Korea), Europe (Germany, UK, France, Italy), and Other nations.
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COVID-19 Impact Analysis on Electric Truck Market: The report covers COVID-19 impact on Electric Truck market.
Key Questions Answered in the Electric Truck Market Report are:
- What will the CAGR of the Electric Truck market be during the forecast period?
- In the Electric Truck market, which market segment has become the market leader?
- Which companies dominate the Electric Truck market?
- In 2029, how big will the Electric Truck market be?
- Which company held the largest proportion of the Electric Truck market?
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