Electric Truck Market by Type (Battery Electric Truck, Plug-in Hybrid Truck, Hybrid Truck, and Fuel Cell Electric Truck), Vehicle Type (Light-Duty Truck (LDT), Medium-Duty Truck (MDT), and Heavy-Duty Truck (HDT)), Range (< 250 miles, 251 - 500 miles, and Above 500 miles), Application (Logistic and Municipal) - Global Analysis & Forecast 2019-2030
Report ID : 144 | Published Date : May 2020 | Pages : 210 | Region : Global | Report Code : AT-2
Electric Truck Market Overview and Introduction
Electric Truck Market is estimated at US$ 9.2 billion in 2019. The market is anticipated to further grow at a CAGR of 17.9% from 2019 to 2030.
Electric trucks are better alternatives to traditional trucks as they generate no air pollution. Electric trucks operate on electric motors instead of internal combustion engines that use a mixture of fossil fuels and air for propulsion. In order to address issues, such as rising pollution, global warming, and depleting natural resources, fuel-based trucks engines are expected to be replaced with electric motors. Electric trucks may run on one or more electric motors depending on the size and application for which the truck is being used. Electric trucks may be battery-based, hybrid, or fuel-cell-based. They have significant potential to reduce air pollution through the use of reusable energy for propulsion. Moreover, these trucks are generally powered by on-board battery packs. The electric truck market is growing primarily due to technological advancements, high R&D investments and stringent emission regulations to control pollution.
Advancements in battery technologies and electric powertrains are the major factors driving electric truck market growth. Several technological advancements in electric trucks are making them more efficient & high powered while increasing the distance covered in single charging, which makes them more desirable and convenient for logistic applications. For instance, technological advancements in Li-ion batteries makes batteries lightweight, capable of storing more power, and increases their lifespan as compared to conventional lead-acid & valve-regulated lead-acid batteries. The increasing demand for fuel-efficient and zero-emission vehicles in logistics and the growing interest of shipping companies, such as UPS and Amazon, in electric trucks is also propelling the growth of this market.
The adoption of electric trucks has witnessed a significant boost in the past few years. With growing environmental concerns, governments are enforcing stringent emission regulations on diesel-powered trucks. As a result, the manufacturing cost of diesel-powered trucks is expected to increase with an increase in R&D expenditure and betterment of exhaust systems in these trucks. With the enactment of Euro-VI emissions for heavy-duty vehicles, the manufacturing cost of commercial vehicles has increased to match these norms. This, in turn, is expected to drive the demand for electric trucks globally. Several prominent players, new entries, and existing truck manufacturers are investing heavily in the development of electric trucks to overcome the stringent environmental regulations worldwide.
Although the electric truck market has tremendous opportunities, inadequate charging infrastructure stands to be a major challenge. Moreover, risks associated with the adoption of electric trucks, such as consumer awareness and higher prices, when compared with diesel-powered trucks, may hinder market growth during the forecast period.
The global electric truck market can be segmented into the following categories - By Type, By Vehicle Type, By Range, and By Application.
Electric Truck Market By Type
The type segment can be classified into battery-electric trucks, plug-in hybrid trucks, hybrid trucks and fuel cell electric trucks. The battery-electric truck category accounted for the highest market share in this segment owing to technological advancements in different types of batteries.
Electric Truck Market By Vehicle Type
The vehicle type segment can be majorly classified into Light-Duty Truck (LDT), Medium-Duty Truck (MDT), and Heavy-Duty Truck (HDT). The LDT segment is anticipated to account for the largest market share during the forecast period followed by MDT. Low emission zones in urban areas and the limited range of the electric trucks are significantly propelling market growth.
Electric Truck Market By Range
The range segment can be majorly classified into < 250 miles, 251 - 500 miles, and above 500 miles. The above 500 miles sub-segment is projected to grow at the fastest rate during the forecast period. The growth of this segment can be attributed to the reducing cost of the long-halt trucks and technological advancements in electric trucks to increase the range.
Electric Truck Market By Application
The application segment can be majorly classified into logistics and municipal. The logistics sub-segment is anticipated to account for the largest market share. The increased range of trucks and heavy investments in the charging infrastructure are boosting the share of logistics application in the electric truck market.
Electric Truck Market by Regions
The global electric truck market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). Europe is expected to hold a major market share followed by North America. Heavy investments in research & development, stringent emission regulations, and better supporting infrastructure are contributing to market growth in these regions.
Electric Truck Market Prominent Players
Some of the key players operating in the global electric truck market include Orange EV, Tesla, HINO MOTORS SALES U.S.A., INC., GOUPIL, IVECO, Cummins Inc., BYD Motors Inc., Daimler AG, Nikola Corporation, and AB Volvo, among others.