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The global electric truck market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 20% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Electric truck refers to a commercial vehicle operating on rechargeable batteries. It consists of an electric motor to power the vehicle using high-voltage batteries. They are commonly available in light-, medium- and heavy-duty variants with varying speed capacities. Novel electric trucks are also available in hybrid variants, which operate through both fuel-gas and battery-operated engines. In comparison to the fuel-based alternatives, electric trucks are more cost-effective, reliable and have minimal vehicular noise and carbon emissions. These trucks are also manufactured using light-weight materials, have regenerative braking systems and are equipped with automatic start and stop facilities.
Significant growth in the automotive industry, along with the increasing consumer preference for hybrid and electric vehicles (H/EV), is one of the key factors creating a positive outlook for the market. Furthermore, the implementation of favorable government policies promoting e-mobility and minimizing the dependency on fossil fuels, especially in the developing economies, is providing a thrust to the market growth. Governments of various nations are launching schemes to encourage automobile manufacturers to develop electronic trucks that do not require diesel fuel consumption and can assist in minimizing greenhouse gas (GHG) emissions. Various technological advancements, such as improvements in the electronic charging infrastructure and the utilization of magnetic resonance for wireless vehicle charging, are acting as other growth-inducing factors. Moreover, growth in the e-commerce, retail and manufacturing industries, along with extensive research and development (R&D) activities, are some of the other factors anticipated to drive the market further.
IMARC Group provides an analysis of the key trends in each sub-segment of the global electric truck market, along with forecasts at the global, regional and country level from 2021-2026. Our report has categorized the market based on vehicle type, propulsion, range and application.
Breakup by Vehicle Type:
Breakup by Propulsion:
Breakup by Range:
Breakup by Application:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being AB Volvo, BYD Company Ltd., Daimler AG, FAW Group Co. Ltd., Isuzu Motors Ltd, Navistar Inc., PACCAR Inc., Rivian Automotive Inc., Scania AB (Volkswagen AG), Tata Motors Limited, Tesla Inc. and Tevva Motors Limited.
|Base Year of the Analysis||2020|
|Segment Coverage||Vehicle Type, Propulsion, Range, Application, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||AB Volvo, BYD Company Ltd., Daimler AG, FAW Group Co. Ltd., Isuzu Motors Ltd, Navistar Inc., PACCAR Inc., Rivian Automotive Inc., Scania AB (Volkswagen AG), Tata Motors Limited, Tesla Inc. and Tevva Motors Limited|
|Customization Scope||10% Free Customization|
|Report Price and Purchase Option||Single User License: US$ 2299
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|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)|
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