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Electric Trucks Market worth USD 3,105 Million by 2029- Exclusive Report by Cognitive Market Research

Propulsion (BEV, PHEV, and FCEV); by Type (Light, Medium, and Heavy); by Range (upto 200 miles, and above 200 miles) and Region (North America, Europe, Asia Pacific, Latin America and Middle East, and Africa)


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13 days ago | 3 min read


As per Cognitive Market Research analysis, Electric Trucks market size is projected to grow from USD 467.18 Million in year 2022 to USD 3,105 Million by 2029 at a CAGR of 31.09% from 2022-2029.

Electric Trucks Market Overview:

Electric trucks are powered by batteries and are particularly designed to reduce pollution. These trucks are used to transport cargo, carry specialized payloads, or perform other utilitarian work.

Market Dynamics:

Climatic change is one of the most concern and debatable topics across the globe. According to the U.S. Environmental Protection Agency, carbon emissions, in the form of carbon dioxide, make up more than 80 percent of the greenhouse gases emitted in the United States.

Moreover, the problems associated with the wide consumption of fossil fuels is not only leading to environmental problems but also causing depredation of fossil fuels. hence, government and manufacturers of vehicles are focussing towards more sustainable transport solution. One of the ideal alternatives is the usage of electric vehicles. Hence, rising environment concern is attributing the growth of electric truck market.

Electrification of the transportation system is considered to play a vital role in reducing the environmental impact and oil dependency across the globe. The European government is also taking the initiatives to promote the electric vehicles. With the Sustainable and Smart Mobility Strategy, European Commission has presented action plan and 82 initiatives to lays the foundation to achieve no net emissions of greenhouse gases by 2050 mission.

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Regional Analysis of Electric Trucks Market:

Asia-Pacific dominated the electric truck market in 2021. This is attributed owing to China's dominance in electric vehicles market. Population of China has showed a faster pace to adopt electric vehicles (EV) compared to other countries globally. In 2021, the sales of electric vehicles in China reached 2.92 million and dominated more than half (53%) of the global market share. This attributes APAC region to be on the highest position in electric trucks market.

Top players involved in the Electric Trucks market:

  • AB Volvo
  • BYD Auto Co. Ltd
  • Daimler AG
  • Dongfeng Motor Corporation
  • FAW Group Co., Ltd.
  • Foton Motor Inc.
  • Isuzu Motors Ltd
  • Navistar, Inc.
  • PACCAR Inc.
  • Scania
  • Tevva Motors Limited
  • Others.

Current Trends of Manufacturers:

  • September 2022

Swedish truck maker AB Volvo have started series production of heavy electric trucks, catering to a growing demand for zero-emission transport.

  • November 2021

Chinese electric vehicle maker BYD have launched premium electric vehicle in India.

Segment Analysis:

Based on propulsion, battery electric vehicle is showing dominance in the market as it solely based on the batteries. It runs on the battery pack which can be recharged from the grid. BEVs are zero-emission vehicles since they produce no hazardous exhaust emissions or air pollution threats like typical gasoline-powered vehicles do.

By type, medium-sized electric trucks dominate the market owing to its wide usage in logistics. However, heavy sized electric trucks will grow at highest CAGR as it has been surveyed by US Department of Energy that by 2035, electric medium- and heavy-duty trucks will cost the same as or less than diesel trucks. Hence, use of heavy type of trucks will increase at a pace.

In terms of range, upto 200 miles held highest market share, and above 200 miles shows high growth rate during the forecast period.

Top Report Findings:

  • APAC is the highest revenue contributor to the global market
  • Stringent emission norms imposed on fossil-fuel powered commercial vehicles is the major factor attributed to the growth of market
  • Based on propulsion, battery electric vehicle is showing dominance in the market
  • The global market size in year 2021 was estimated to be USD 423.17 Million
  • The market for electric truck is growing at a CAGR of 31.09% from 2022-2029

Conclusion:

Besides, report covers complete manufacturers analysis. Additionally, it provides sales channel, analysis findings and results. The report covers holistic analysis on external and internal factors affecting the growth of market. It spots some new entrants within the market. The study thus, suggests a brand-new proposition to embellish electric trucks market and nurture business as it explains current global market as well as future market.

Related Report:

About Cognitive Market Research Company:

Our company gather and analyze data about customers, competitors, distributors, and other actors and forces in the marketplace. We being a market research company, follows a complete process of gathering information about target market and end-use industries to verify complete journey of the product in the global market. It helps our readers to understand the demand and viability of their product/service and to see how it might perform in the real world.

The global market also includes analysing the global, regional, and country levels, along with key market trends, significant players analysis, market growth strategies, and key application areas.

Report is a complete blend about consumer behaviour and economic trends to confirm and improve business strategies. We additionally accept customization of report as per client requirements in order to provide more insightful content to readers.

  • 24/7 free analyst availability
  • Free pre-sale and post-sale support
  • Additional country analysis/manufacturers analysis
  • Quarterly updates

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