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The global electric truck market was valued at US$ 426.7 Million in 2021.
We expect the global electric truck market to exhibit a CAGR of 30.15% during 2022-2027.
The increasing consumer demand for electric trucks, owing to their minimized carbon emissions,
vehicular noise, and self-driving features, are primarily driving the global electric truck market.
The sudden outbreak of the COVID-19 pandemic has led to the growing adoption of electric trucks
for transporting essential goods with the rising trend of e-commerce services during the lockdown
scenario across several nations.
Based on the vehicle type, the global electric truck market has been divided into light-duty truck,
medium-duty truck, and heavy-duty truck. Among these, light-duty truck exhibits a clear dominance
in the market.
Based on the propulsion, the global 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 holds the majority of the total market share.
Based on the range, the global electric truck market has been segmented into 0-150 miles, 151-300
miles, and above 300 miles. Among these, 0-150 miles currently represent the largest market share.
Based on the application, the global electric truck market can be bifurcated into logistics, municipal,
construction, mining, and others. Currently, the logistics sector accounts for the majority of the
global market share.
On a regional level, the market has been classified into North America, Europe, Asia-Pacific, Middle
East and Africa, and Latin America, where North America currently dominates the global market.
Some of the major players in the global electric truck market include VolvoGroup, 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
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