Global Electric Truck Market to Grow at a CAGR of 29% During 2024-2032, Aided by the Development of Innovative Electric Trucks

The development of electric trucks with enhanced durability and longevity of electric trucks is further fuelling the industry growth. The increasing cost-effectiveness of electric trucks is increasing their demand, therefore invigorating the market growth. Increasing investments by various governments to promote the use of electric vehicles and reduce carbon emission is accelerating the growth of the electric truck industry. The surging prices of petroleum-based energy sources such as diesel and petrol in low and middle-income companies are projected to invigorate the industry growth. The increasing production of electric trucks by the leading companies is fuelling the industry growth. In addition, the development of lightweight batteries that can be charged swiftly is escalating the adoption of electric trucks. The increasing research and development (R&D) activities by major companies to develop heavy electric trucks for long haulage while reducing total electricity costs.

AB Volvo (STO: VOLV-B), one of the leading players in the market, announced that it would sell an entire range of electric, heavy-duty trucks in Europe in November 2016. The company was running tests of the electric heavy-duty Volvo FH, Volvo FMX, and Volvo FM trucks to be used for urban construction and regional transport operation in Europe. The trucks are set to launch in the region by 2021. The company aims to start selling electric trucks powered by hydrogen fuel cells, which is one of the primary steps to reach its goal towards a fossil-free product range by 2040. The company, through electric trucks, is transitioning to a more sustainable mode of transportation for haulage operators while offering them profitability and productivity. Such products are anticipated to propel the market growth of electric truck.

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Market Analysis by Propulsion, Vehicle Type, Range, and Region:

• The market, on the basis of propulsion, can be divided into battery electric truck, hybrid electric truck, plug-in hybrid electric truck, and fuel cell electric truck.
• Based on vehicle type, the industry can be divided into light duty, medium duty, and heavy duty.
• The ranges of electric truck include 0-150 miles, 151-300 miles, and above 300 miles, among others.
• The regional markets for electric truck include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The rapid electrification of vehicles to reduce carbon emissions is invigorating the market growth.
• The market is being driven by the rising adoption of electric trucks to decrease operational costs and total cost of ownership to increase profitability.
• The rising demand to eliminate the use of fossil fuels is increasing the adoption of electric trucks, therefore propelling the market growth.
• The development of charging infrastructure and prototypes of diverse electric trucks is invigorating the market growth of electric trucks.

Key Offerings of the Report:

• The EMR report gives an overview of the global electric truck market for the periods (2018-2023) and (2024-2032).
• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the propulsions, vehicle types, ranges, and regions of electric truck.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global market for electric truck are AB Volvo, Daimler AG, Dongfeng Motor Corporation, Scania CV AB, and Paccar Company, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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