Market Synopsis:
The global Electric Truck Industry is anticipated to witness considerable growth over the forecast period as per the analysis and study undertaken by Market Research Future (MRFR). The growth of the market is reported to be at a compound annual rate of 15% during the forecast period between 2021 and 2027.
The increasing number of strict policies imposed by the government to control vehicular emissions and the incentive-based policies imposed to increase the purchase of electric trucks in countries like Germany, Japan, the US, and China is a major driving factor for the global market. Furthermore, the increasing per capita disposable income of consumers, continuous increase in transport activities, and the growing prices of fuel is also expected to increase the growth of the global market. Also, the less operating cost linked with electric mobility and the growing efforts put forward by manufacturers in terms of discounts on additional features or packages is also anticipated to massively boost the sales of electric trucks during the forecast period. However, it is also worth noting that the high prices associated with these electric trucks is expected to hamper the growth of the global market over the forecast period.
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Regional Analysis
It is reported through the study undertaken by MRFR that the global market of electric trucks is flourishing across various regions, especially in Europe and North America. The Asia Pacific region is expected to experience significant growth and demand over the forecast period due to the presence of China. China is identified as the leader in terms of manufacturing any type of fully or hybrid electric technologies like electric trucks. This is due to the presence of various major manufacturers herein. Furthermore, it is stated that the availability of subsidies and incentives provided through government schemes will further ameliorate the global demand and sales for electric trucks in the Asia Pacific region.
Elsewhere, the European region is estimated to switch towards full or hybrid electric trucks to attain the target set for EU’s 20-20-20 policy. The North American regional market is projected to witness slow paced growth in the coming years compared to other mentioned regions. The sales of full and hybrid type electric vehicles is projected to be less than the ones with natural gas powertrains. This is due to the lack of development of battery charging infrastructure in major countries of this region like the US and Canada.
Both North America and Europe combined with China comprise more than 70% of the global market of electrics trucks. It is reported that the increasing concerns related to environmental pollution through internal combustion engine vehicles will be a major factor in driving the development of the global market.
Market Segmentation
By truck type, the market segments into heavy duty and medium duty.
By charge type, the market breaks down into plug-in hybrid, battery, hydrogen fuel cell, and hybrid.
By application, the market segments into municipal, logistic, and others.
Competitive Landscape
The global Electric Truck Marketcomprises a host of key players. Some of the key players highlighted by MRFR in its report are China National Heavy Duty Truck Group Co., Ltd., (China), Daimler AG (China), Foton Motor Inc. (China), AB Volvo (Sweden), Dongfeng Motor Corporation (China), Navistar, Inc. (US), Isuzu Motors Ltd (Japan), FAW Group Co., Ltd. (China), and). PACCAR Inc. (US), BYD Auto Co., Ltd. (China), and others.
May 22nd, 2019, a West Coast waste management organization named Recology made history as it went out for delivery with the first fully electric garbage truck. It is also the first ever electric class 8 rear-loader in the US.
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