CO2 emission is considered as the major factor driving the move to zero on-road emission freight. As per a report published by the International Council on Clean Transportation (ICCT) stated that vehicle emissions accounted for 385,000 premature deaths worldwide in 2015, while the cost of health impacts through vehicle emissions totaled to US$1 trillion in the same year. Medium and heavy-duty trucks are considered as an integral part of global freight transport industry, acting as the backbone of any economies, as it helps in the movement of goods within the country premises. Ever rising online shopping, the trend of increasing urbanization and reducing personal car ownership are projected to increase the demand for home delivery service market.
Regardless of medium and heavy-duty trucks representing only 9% of the global vehicle stock, majority of the inefficient diesel truck along with high average annual mileage, indicates that truck sector contributes 39% of the total greenhouse gas emissions from the transport sector, or equivalent to around 5% of global fossil fuel derived CO2 emission. Hence, with global community planning to meet targets to reduce greenhouse gas emissions and reduce the impact of climate change, rapid decarbonization of global truck sector would be one of the important priorities.
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According to UnivDatos Market Insights (UMI)’ research report “Electric Trucks Market”, the market is expected to witness CAGR growth of more than 70% in volume terms during the forecast period 2021-2027F. Electric Trucks Market is experiencing significant growth due to Decreasing cost of battery system will make Electric trucks more affordable, truck manufacturers venturing into electric trucks market, High adoption rate of electric pick-up trucks in the logistics sector, Growing electrification of commercial vehicles. However, High manufacturing cost of electric trucks, limits widespread adoption paired with lack of EV charging infrastructure would hamper the growth of electric trucks. To add on, rising pollution and environmental hazards, stringent government regulations, and stiff competition and Development of self-driving truck technology would provide ample growth opportunity for the Automotive OEMs and component suppliers.
Based on Propulsion Type, the Electric Trucks Market is segmented into Battery Electric Trucks, Plug-in Hybrid Electric Trucks, Fuel Cell Electric Trucks. Plug-in Hybrid Electric Trucks is expected to witness significant growth during the forecast period. As per IEA reporting, the global electric truck registrations reached 7,400 units in 2020, an increase of 10% compared to 2019.
Based on Truck Type, the market is bifurcated into Light Duty Trucks, Medium Duty Trucks, Heavy Duty Trucks. Currently, Light Duty Trucks dominates the market, owing to its major use for last mile delivery service. In the Net Zero Emissions Scenario, 85% of 2/3-wheelers, 55% of buses and 25% of heavy trucks sold globally are electric by 2030. This is considerably higher than the 2020 sales shares of 3% for electric buses and ~0% for heavy trucks.
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Based on Range, the global electric truck market is bifurcated into Up to 300 miles, More than 300 miles. Current, electric vehicle is major used for short distance travel, however, with advancement in battery technology, these vehicles would be used for long distance travel purpose as well.
Based on Application, the global Electric Trucks Market is segmented into Logistic & Delivery Service, Long Haul Transportation, Construction, Mining, Other Applications. Various companies in the mining industry have announced the shift of fleet to electric in the next few years. In August 2021, Hindustan Zinc Ltd. announced a US$ 1 billion investments across its eight mines to replace diesel-powered trucks and equipment with battery EVs.
Asia-Pacific dominates the market
Based on regions, the report provides detailed analysis for overall demand of Electric Trucks for major regions including North America (US, Rest of North America); Europe (Germany, Norway, Netherlands, Rest of Europe); Asia-Pacific (China, India, Japan, Rest of Asia-Pacific); and Rest of World. Asia-Pacific is expected to dominate the market as China accounted for the largest market for electric trucks in 2020. China Society of Automotive Engineers set a goal of over 50% EV sales by 2035.
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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Electric Trucks Market are Tata Motors, BYD, Daimler AG, AB Volvo, Nikola Motor, Rivian, Ford Motor Company, General Motors, Honda Motor Company, Tesla Inc etc. These companies are investing heavily on Electric Trucks to increase their customer base.
- In May 2021, Daimler Truck AG and CATL expanded their global partnership for joint development of sophisticated truck-focused batteries and supply agreed beyond 2030. CATL to supply batteries for Mercedes-Benz eActros Long Haul truck starting 2024. The partners intend to jointly design and develop even more advanced next-generation battery cells and packs for truck specific applications
- In March 2020, Kenworth collaborated with Toyota Motor for the development of 10 zero-emission Kenworth T680s. The new electric truck would have range of over 300 miles under normal operating conditions
- In July 2019, Dongfeng Motor Corporation launched an electric pick-up truck called as “Dongfeng Rich 6 EV” in collaboration (Joint-Venture) with Nissan moto. The new electric truck is powered with a single electric motor with 160 hp and 420 Nm. Battery capacity of the truck is 68 kWh
- In January 2019, Daimler announced an investment of US$ 570 million for self-driving electric trucks. Self-driving electric truck technology will increase demand for electric trucks
“Electric Trucks Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on different parameters. This will help companies in the formulation of go to market strategies and identifying the blue ocean for its offerings.
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Market Segmentation:
- By Propulsion Type (Battery Electric Trucks, Plug-in Hybrid Electric Trucks, Fuel Cell Electric Trucks)
- By Truck Type (Light Duty Trucks, Medium Duty Trucks, Heavy Duty Trucks)
- By Range (Up to 300 miles, More than 300 miles)
- By Application (Logistic & Delivery Service, Long Haul Transportation, Construction, Mining, Other Applications)
- By Region (North America, Europe, Asia-Pacific, Rest of World)
- By Company (Tata Motors, BYD, Daimler AG, AB Volvo, Nikola Motor, Rivian, Ford Motor Company, General Motors, Honda Motor Company, Tesla Inc.)
Key questions answered in the study:
- What are the current and future trends of the Electric Trucks industry?
- How the industry has been evolving in terms of end-user demand and product category?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the Electric Trucks industry?
- What is the customer orientation, purchase behavior, and expectations from the Electric Trucks suppliers across various countries?
Table of Content –
- MARKET INTRODUCTION
- RESEARCH METHODOLOGY OR ASSUMPTION
- MARKET SYNOPSIS
- EXECUTIVE SUMMARY
- ELECTRIC TRUCKS MARKET COVID-19 IMPACT
- ELECTRIC TRUCKS MARKET REVENUE (USD BN), 2019-2027F
- MARKET INSIGHTS BY PROPULSION TYPE
- MARKET INSIGHTS BY TRUCK TYPE
- MARKET INSIGHTS BY RANGE
- MARKET INSIGHTS BY APPLICATION
- MARKET INSIGHTS BY REGION
- ELECTRIC TRUCKS MARKET DYNAMICS
- ELECTRIC TRUCKS MARKET OPPORTUNITIES
- ELECTRIC TRUCKS MARKET TRENDS
- LEGAL & REGULATORY FRAMEWORK
- DEMAND AND SUPPLY SIDE ANALYSIS
- VALUE CHAIN ANALYSIS
- COMPETITIVE SCENARIO
- COMPANY PROFILED
- DISCLAIMER
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