China Electric Truck Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

China Electric Truck Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A5853
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Market Overview:

The China electric truck market is expected to exhibit a growth rate (CAGR) of 28.8% during 2023-2028.

An electric truck is a heavy-duty commercial vehicle with an energy storage system, power converter, and propulsion motor and related controllers powered by rechargeable batteries. It comprises ambulances, containers, city or municipal buses, local delivery vans, utility terrain vehicles (UTVs), and dump, fire, food, garbage, forklift, light-duty cargo, mail, mining, pickup, and tow trucks. It does not emit greenhouse gases and pollute the environment with spilled fuel or toxic residues. In addition, it incurs lower operating and maintenance costs compared to internal combustion engines (ICEs). At present, there is a rise in the demand for electric trucks in China due to rising environmental concerns among the masses.

China Electric Truck Market Trends:

The growing development of sustainable transportation systems in China to reduce carbon dioxide (CO2) emissions and improve air quality in cities represents one of the key factors driving the market. Moreover, there is an increase in the number of electric vehicle (EV) manufacturing companies in the country. This, along with the rising development of charging infrastructure, is propelling the growth of the market. In addition, governing authorities are focusing on reducing dependence on oil imports. They are also giving tax exemptions on buying electric vehicles (EVs), which is positively influencing the market. Besides this, key market players are extensively investing in research and development (R&D) activities to introduce enhanced electric trucks that are cost-effective. In line with this, they are focusing on innovative marketing strategies to expand their customer base in the country. Furthermore, the increasing employment of electric trucks to transport cargo or passengers in highly congested areas, such as crowded tourist areas, busy shipping ports, transit centers, warehouses, and hospitals, is expected to bolster the growth of the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the China electric truck market report, along with forecasts at the country and regional level from 2023-2028. Our report has categorized the market based on vehicle type, propulsion, range and application.

Breakup by Vehicle Type:

  • Light-duty Truck
  • Medium-duty Truck
  • Heavy-duty Truck

Breakup by Propulsion:

  • Battery Electric Truck
  • Hybrid Electric Truck
  • Plug-in Hybrid Electric Truck
  • Fuel Cell Electric Truck

Breakup by Range:

  • 0-150 Miles
  • 151-300 Miles
  • Above 300 Miles

Breakup by Application:

  • Logistics
  • Municipal
  • Construction
  • Mining
  • Others

Breakup by Region:

  • Guangdong
  • Jiangsu
  • Shandong
  • Zhejiang
  • Henan
  • Others

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Report Coverage:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Million
Segment Coverage Vehicle Type, Propulsion, Range, Application, Region
Region Covered Guangdong, Jiangsu, Shandong, Zhejiang, Henan, Others
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2699
Five User License: US$ 3699
Corporate License: US$ 4699
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

We expect the China electric truck market to exhibit a CAGR of 28.8% during 2023-2028.

The rising consumer environmental concerns, along with the increasing demand for electric trucks, owing to their minimal carbon emissions, reduced vehicular noise, and advanced driving features, are primarily driving the China electric truck market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across the nation, resulting in the temporary closure of numerous manufacturing units for electric trucks.

Based on the vehicle type, the China electric truck market has been divided into light-duty truck, medium-duty truck, and heavy-duty truck. Among these, light-duty truck currently exhibits a clear dominance in the market.

Based on the propulsion, the China electric truck market can be categorized into battery electric truck, hybrid electric truck, plug-in hybrid electric truck, and fuel cell electric truck. Currently, hybrid electric truck accounts for the majority of the total market share.

Based on the range, the China electric truck market has been segregated into 0-150 miles, 151-300 miles, and above 300 miles. Among these, 0-150 miles currently exhibit a clear dominance in the market.

Based on the application, the China electric truck market can be bifurcated into logistics, municipal, construction, mining, and others. Currently, the logistics sector holds the largest market share.

On a regional level, the market has been classified into Guangdong, Jiangsu, Shandong, Zhejiang, Henan, and others, where Guangdong currently dominates the China electric truck market.

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China Electric Truck Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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