According to the latest report by IMARC Group, titled, “Electric Truck Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028″, The global electric truck market size reached US$ 515.1 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,556.1 Million by 2028, exhibiting a growth rate (CAGR) of 32.2% during 2023-2028.
An electric truck refers to a commercial vehicle operating on rechargeable batteries for transporting cargo. It is reliable and cost-effective,minimizes carbon emission and vehicular noise, and equipped with regenerative braking systems and automatic start and stop facilities. It is manufactured using lightweight materials and widely available in hybrid variants that operate via both fuel-gas and battery-operated engines.
Electric Truck Market Trends
Rapid urbanization, burgeoning automotive industry, and rising consumer preferences for hybrid and electric vehicles (H/EVs)are among the major factors positively influencing the market. In addition to this, governing authorities of numerous countries are undertaking initiatives to encourage the adoption of electric trucks, minimize the consumption of fossil fuels and consequently reduce greenhouse (GHG) emissions, which is bolstering the growth of the market. Furthermore, various technological advancements, including enhancements in the electronic charging infrastructure and the usage of magnetic resonance for wireless vehicle charging, are other factors anticipated to drive the market.
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Global Electric Truck 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- AB Volvo
- BYD Company Ltd.
- Daimler AG
- FAW Group Co. Ltd.
- Navistar Inc.
- PACCAR Inc.
- Rivian Automotive Inc.
- Scania AB (Volkswagen AG)
- Tata Motors Limited
- Tesla Inc.
- Tevva Motors Limited
The report has segmented the market on the based on region, 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:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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