Global electric truck market is valued at $19.5 billion in 2023 and is expected to grow to $78 billion by 2033 at a 14.5% growth rate from 2023 to 2033.

Electric trucks are battery-pack-powered commercial trucks used for carrying cargo. Importantly, motors in these vehicles contain fewer moving parts than in diesel engines, reducing the necessity for costly multi-speed gearboxes. This part reduction not only lowers the cost of vehicle maintenance, but also enhances reliability, all while significantly reducing noise pollution.

Government incentives to promote electric vehicle uptake, combined with the obvious advantages they offer, including abundant torque, no noise pollution, and reduced maintenance, fuel preference for electric trucks over diesel counterparts.

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Governments across the globe are increasingly recognizing the need to cut carbon emissions and encourage cleaner modes of transportation. To this end, some governments have passed enabling legislation, incentives, and subsidies to encourage the use of electric vehicles, especially electric trucks.

These efforts encourage manufacturers to produce electric vehicle models as well as incentivize fleet operators to switch to cleaner alternatives.

Electric vehicle batteries are becoming cheaper as technology advances. Since batteries contribute a significant percentage of the overall cost of an electric vehicle, this reduction has a direct impact on the affordability of electric trucks. Reduced battery prices make electric trucks cheaper for consumers while also improving their business fleet profitability.
Key Takeaways from Market Study:

• The global market for electric trucks is valued at US$ 19.5 billion in 2023.
• Worldwide demand for electric trucks is predicted to increase at a CAGR of 14.5% through 2033.
• By the end of 2033, the market is anticipated to reach US$ 78 billion.
• Over the forecast period, the Asia Pacific market is expected to expand at a CAGR of 23%.
• In terms of vehicle type, use of light-duty electric trucks is forecasted to rise at a CAGR of 6% through 2033.
• Battery electric trucks command the foremost portion of the market share.

“Electric trucks have gained significant attention and momentum due to increasing concerns about environmental sustainability, need to reduce emissions, and advancements in battery technology. Electric trucks are considered a promising solution to address the transportation sector's environmental impact, particularly in terms of air pollution and greenhouse gas emissions,” says a Fact.MR analyst.

Leading Players Driving Innovation in the Electric Truck Market:

Key players in the electric truck market are BYD Company Limited, AB Volvo, Daimler AG, Foton Motors Inc., Volkswagen AG, Hino Motors Ltd, Toyota Motor Corporation, Dongfeng Motor Corporation, Navistar, Inc.

Market Competition

Established automakers, as well as newcomers and startups, are investing in the development of electric trucks. These companies are concentrating on creating technology, expanding product offerings, and addressing electric truck-specific issues like as battery life, charging times, and initial pricing.

·       across January 2022, Volvo Group, Daimler Truck, and Traton Group completed the final phase of their joint venture to create charging infrastructure across Europe. This collaborative initiative intends to establish and maintain a network of 1,700 high-capacity charging stations powered by renewable energy. These charging stations are strategically situated along highways and near logistics areas throughout Europe.

Electric Truck Industry News:

• Dongfeng Rich 6 electric car, an electric pickup truck developed in collaboration with Nissan, was launched by Dongfeng Motor Corporation. The vehicle is driven by an electric motor delivering 160 horsepower and 420 Nm of torque.

Even More Valuable Insights Available:

Fact.MR's new service includes an impartial appraisal of the electric vehicle market in the world along with historical data on demand in 2018-2022 and forecast information for 2023-2033.

The research brings to light vital market information in terms of propulsion (battery electric trucks, hybrid electric trucks, plug-in hybrid electric trucks, fuel cell electric trucks), vehicle type (light-duty trucks, medium-duty trucks, heavy-duty trucks), range (less than 150 miles, 151 to 300 miles, greater than 300 miles), and end use (last-mile delivery, long-haul transport, refuse services, field services, distribution services), in five key regions of the globe.

Old Source: https://www.globenewswire.com/news-release/2024/10/15/2963073/0/en/Electric-Truck-Market-is-Projected-to-Grow-at-a-14-5-CAGR-Reaching-US-78-Billion-by-2033-Fact-MR-Report.html