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The global electric truck market size reached US$ 426.7 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 1923.2 Million by 2027, exhibiting a CAGR of 30.15% during 2022-2027. 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. These insights are included in the report as a major market contributor.
An electric truck functions on rechargeable batteries for transporting specialized payloads and cargos. It is equipped with automatic start and stop facilities, an electric motor, and regenerative braking systems. It minimizes carbon emissions and vehicular noise and is more cost-effective and reliable than fuel-based alternatives. Nowadays, its hybrid variants are available in the market, which ismanufactured using lightweight materials and can function on both fuel-gas and battery-operated engines.
Electric Truck Market Trends:
Increasing preferences for hybrid and electric vehicles (H/EV) across the globe represents one of the key factors positively influencing the market. Apart from this, governing authorities of various countries are implementing stringent regulations to minimize dependency on fossil fuels and reduce greenhouse gas (GHG) emissions. This, in confluence with the inflating prices of petrol and diesel worldwide, is contributing to the market growth. In addition, improving electronic charging infrastructure and the integration of magnetic resonance for wireless vehicle charging are stimulating the market growth. The launch of self-driving electric trucks, along with the growing traction of automated vehicles, is creating a favorable outlook for the market. Furthermore, the expansion of the e-commerce industryis promoting the adoption of electric trucks in the freight sector.Besides this, due to the growing environmental consciousness, logistics companies are focusing on upgradingtheir fleet to electric powertrains, thereby creating lucrative growth opportunities for manufacturers operating in the industry. Moreover, increasing investments by leading players in extensive research and development (R&D) activities to develop advanced electric trucks with compact battery size, improved fuel efficiency, and enhanced mileage are anticipated to propel the market growth.
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 and regional level from 2022-2027. Our report has categorized the market based onvehicle type, propulsion, range,and application
Breakup by Vehicle Type:
Presently, light-duty electric trucks dominate the market on account of their lower daily mileage and convenient charging features.
Breakup by Propulsion:
Hybrid electric trucks exhibit a clear dominance in the market as they are cost-effective and provide extra mileage.
Breakup by Range:
Electric trucks with a range between 0-150miles account for the majority of the market share as they save on energy consumption and battery and operational costs.
Breakup by Application:
Presently, the logistics segment holds the majority of the market share on account of the expansion of e-commerce channels worldwide.
Breakup by Region:
North America currently represents the leading market due to expanding logistics sector and the easy availability of established electronic charging infrastructure.
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players areVolvoGroup, BYD Company Ltd., Mercedes-Benz Group AG, China FAW Group Co. Ltd., Isuzu Motors Ltd, Navistar Inc., PACCAR Inc., Rivian Automotive, Inc., Volkswagen AG, Tata Motors Limited, Tesla, Inc., and Tevva Motors Limited.
|Base Year of the Analysis||2021|
|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|
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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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