Electric Truck Market Size Was Valued at USD 3.19 Billion in 2023, and is Projected to Reach USD 10.28 Billion by 2030, Growing at a CAGR of 18.2% from 2024-2030.
Commercial vehicles with electric propulsion systems that take the place of conventional internal combustion engines are known as electric trucks, or e-trucks. These vehicles are a cleaner and greener option than traditional diesel or gasoline-fueled trucks since they run on electrically operated motors that are powered by batteries. Nowadays, electric cars are starting to play a part in the greater shift in transportation toward sustainability. As more people gain access to mobile internet, battery and charging infrastructure advancements continue to remove barriers to electric mobility. As a result, these vehicles continue to advance rapidly. They can be employed in a variety of capacities, including commercial transportation, freight hauling, and product delivery. They also provide an eco-friendly replacement for those dusky diesel trucks of old.
Governments and customers are increasingly turning to ELECTRIC TRUCK as a more sustainable and ecologically friendly alternative as concerns about air pollution and the environmental effects of traditional fuel-powered cars grow. The increasing cost of fossil fuels is another important reason. Given their significantly lower operating and maintenance costs, electric vehicles have a cost advantage that is further exacerbated by the volatile prices of gasoline and diesel. Due in large part to their affordability, ELECTRIC TRUCK are becoming more and more common in commercial applications including last-mile delivery and passenger transportation.
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Top Key Players in Global Electric Truck Market are as follows
PACCAR Inc. (United States), Navistar International (United States), Tesla (United States), Rivian (United States), Nikola Corporation (United States), Bollinger Motors (United States), Xos Trucks (United States), Workhorse Group (United States), Motiv Power Systems (United States), Lightning eMotors (United States), Daimler AG (Germany), Volvo Group (Sweden), Traton SE (Germany), Einride (Sweden), Arrival (United Kingdom), Tevva Motors (United Kingdom), BYD Auto Co. Ltd (China), Dongfeng Motor Corporation (China), FAW Group (China), Hino Motors (Japan), SEA Electric (Australia), and Other Major Players.
Increasing Requirement from the Logistics Sector
Over the course of the projection period, there should be steady development prospects in the electric truck market due to the strong demand from logistics organizations worldwide. Growing public knowledge of ecologically friendly transportation options is crucial because over 80 percent of emissions come from freight and airline transportation combined.
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Segmentation of Electric Truck Market:
By Propulsion
· Battery electric vehicle
· Hybrid electric vehicle
· Plug-in hybrid electric vehicle
· Fuel cell electric vehicle
By Vehicle type
· Light-duty electric truck
· Medium-duty electric truck
· Heavy-duty electric truck
By Range
· 0-150 miles
· 151-300 miles
· 300 miles above
An in-depth study of the Electric Truck industry for the years 2024–2032 is provided in the latest research. North America, Europe, Asia-Pacific, South America, the Middle East, and Africa are only some of the regions included in the report's segmented and regional analyses. The research also includes key insights including market trends and potential opportunities based on these major insights. All these quantitative data, such as market size and revenue forecasts, and qualitative data, such as customers' values, needs, and buying inclinations, are integral parts of any thorough market analysis.
Geographically, The report covers:
- North America (US, Canada, Mexico)
- Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
- Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
- Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
- Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
- South America (Brazil, Argentina, Rest of SA)
Key Features of the Report:
1. Competitive Analysis: Gain a comprehensive understanding of the evolving Electric Truck Market landscape to effectively adapt and strategize.
2. Forward Perspective: Discover what is driving or inhibiting market growth from a forward-looking perspective.
3. Product Segmentation: Identify key product segments and their growth potential to align your strategies with Electric Truck Market trends.
4. Informed Decision Making: Deepen your understanding of the market and its segments to make well-informed business decisions.
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Global Electric Truck Market report also contains analysis on:
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Report's Scope
Three key factors determine the market segmentation of ELECTRIC TRUCK MARKET: vehicle type, battery type, and battery capacity. The market is divided into two segments based on the kind of vehicle: load carriers and passenger carriers. Based on battery capacity, the market is divided into 101Ah segments. The lead acid battery, lithium-ion battery, and nickel metal hydroxide battery segments of the market are separated based on the kind of battery.
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