Electric Truck Market Size [2023-2029] worth USD 7,146.4 Million

The global Electric Truck was valued USD 505.5 million in 2021, and is projected to reach USD 7,146.4 million valuation by 2029, growing at CAGR of 41.43% from 2023 to 2029. Sky-rocketing fuel prices is main factor for the growth of Electric Truck market in recent years.

Pune, Jan. 09, 2023 (GLOBE NEWSWIRE) — According to Fortune Business insights, the global electric trucks market size is expected to grow USD 7,146.4 million by 2029 from its valuation USD 631.3 million in 2022, at a CAGR of 41.43%. According to our analyst, increasing adoption of autonomous driving technology and increasing fuel prices is boosting the electric truck market growth.

Key Industry Development:

May 2022: 800 Freightliner eCascadia electric trucks will be purchased by Daimler and Sysco; the first lot delivery is planned for the end of the year. By 2026, all 800 trucks will have been deployed. The corporation will electrify 35% of the fleet as a result of this agreement.

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Report Highlights:

Drivers & Restraints-

Increase in Prices of Fuels will Create Demand for Electric Trucks

Global fuel costs are highly erratic and growing. Costs for refueling options will also vary by area and rise over time. Electric vehicles appear increasingly alluring to consumers as gas costs rise. For the average American, the annual cost of fueling a light commercial truck is projected to be roughly USD 3500. An equivalent car with a suitable electric propulsion system is anticipated to cost around USD 850 to fuel, which is roughly three times cheaper. As electric motors are more efficient than gasoline engines, EVs offer much lower operating expenses than conventional cars.

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Report Coverage

The report presents a holistic study of the market along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report.

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segments-

Battery Electric Vehicle (BEV) to Dominate Market Owing to Benefits Such as Producing No Exhaust Gases and Deliveries in Zero-Emission Zones

By propulsion, the market is segmented into Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), and Fuel Cell Electric Vehicle (FCEV). The BEV segment holds the largest market share attributed to its benefits and adoption in serval countries, such as China and the US, and European countries.

Light Duty Truck Held Largest Share of Market Owing to its Low Maintenance and High Performance

Based on application, the market is divided into light duty trucks, medium duty trucks, and heavy duty trucks. The light duty trucks segment held the largest market share in 2021.

151-300 Miles Dominates Market Due to Increasing Development in Electric Truck

Based on range, the market is segmented into 150 miles, 151-300 miles, and above 300 miles.

The 151-300 miles segment held the largest electric truck market share in 2021. This segment’s growth is attributed to increasing electric truck sales (151-300 range) in Asia Pacific.

Regional Insights-

Asia Pacific to Lead Backed by Rise in Sales and Demand for E-trucks

With China accounting for the majority of the market share, the Asia Pacific region dominated the market, which reached USD 224.5 million in 2021. The factors include an increase in the number of commercial electric vehicle sales and registrations.

The industry is expected to increase significantly in Europe as there is such a strong demand for e-trucks that emit no emissions and have lower transportation costs. The lightest commercial vehicle will be offered in Europe in 2021.

The market is anticipated to increase in North America as well. Demand for e-truck brands has steadily grown in the US In the US, there are 18 electric LDVs for every public charging station.

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Competitive Landscape

Key Players Sign Significant Contracts to Make Remarkable Changes in the Market

The players operating in the market often employ numerous tactics that will aid the electric truck market growth and product demand. Among the pool of strategies, one such notable strategy to expand the business prospect is signing multimillion contracts with government bodies and securing a profitable revenue for their own company.

A list of prominent Third-party Logistics manufacturers operating in the global market:

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ELECTRIC TRUCK MARKET TABLE OF CONTENTS:

Introduction

Executive Summary

Market Dynamics

Market Drivers

Market Restraints

Market Opportunities

Key Insights

Key Industry Developments – Mergers, Acquisitions and Partnerships

Porter’s Five Forces Analysis

PESTEL Analysis

Technological Developments

Impact of COVID-19

Global Electric Truck Market Analysis, Insights and Forecast, 2018-2029

Definition / Key Findings

Market Analysis, Insights and Forecast – By Propulsion

Market Analysis, Insights and Forecast – By Vehicle Type

Light Duty Trucks

Medium Duty Trucks

Heavy Duty Trucks

Market Analysis, Insights and Forecast – By Range

150 Miles

150 – 300 Miles

Above 300 Miles

Market Analysis, Insights and Forecast – By Region

North America

Europe

Asia pacific

Rest of the World

North America Electric Truck Market Analysis, Insights and Forecast, 2018-2029

Market Analysis, Insights and Forecast – By Propulsion

Market Analysis, Insights and Forecast – By Vehicle Type

Light Duty Trucks

Medium Duty Trucks

Heavy Duty Trucks

Market Analysis, Insights and Forecast – By Range

150 Miles

150 – 300 Miles

Above 300 Miles

Market Analysis – By Country

Continued…

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