Electric Truck Market is anticipated to grow at a CAGR of 17.7% from 2019 to 2030

Market Industry Reports (MIR) has published a new report titled “Electric Truck Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global Electric Truckmarket is estimated to account forover US$9.2 billion in 2019. It is anticipated to grow at a CAGR of 17.7% from 2019 to 2030. 

The electric truck market is anticipated to grow at double-digit CAGR in the coming years.The consistentgrowth of the electric truck market can be attributed to several factors.Advancements in battery technologies & electric powertrain systems andincreasing the electric truck range in single charging are among the major factors that make these trucks more desirable and convenient for logistics and other applications. For instance, advancements in Li-ion batteries enable them to store more power and increase the lifespan as compared to conventional battery technologies.The increasing demand for fuel-efficient and zero-emission trucks for logistics and various other applications are also propelling market growth globally.

The increasing adoption of electric trucks by shipping companies such as USP and Amazon, favorable government policies, and growing environmental concerns, andthe enactment of stringent emission norms on conventional commercial vehicles are the primary factors driving growth ofthe electric truck market during the forecast period. The enactment of Euro-VI emission norms for ICE vehicles is going to increase the manufacturing cost of Internal Combustion Engine (ICE)vehicles. The key manufacturers and new entrants are investing heavily in the development of electric trucks to overcome the stringent environmental regulations globally.

However, the high cost of electric trucks and inadequate charging infrastructure worldwide are the major hindrances, restraining market growth globally. Furthermore, consumer awareness and consumer education regarding electric trucks are among the majorbarriers to the adoption of electric trucks globally.

Browse key industry insights spread across 210 pages with market data tables & figures & charts from the report, 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 in detail along with the table of contents:https://www.marketindustryreports.com/electric-truck-market/144

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 the major market share followed by North America.Huge investments in the research & development of battery technologies & powertrains systems and stringent emission regulations, such as Euro-VI, and better-supporting infrastructure, are boosting the adoption of electric trucks in the region.

Some of the prominent players in the global electric truck market are 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.

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