Rockville, MD, Oct. 15, 2024 (GLOBE NEWSWIRE) — As per Fact.MR, a provider of market research and competitive intelligence, the global electric truck market is predicted to expand at a CAGR of 14.5% to reach a valuation of US$ 78 billion by the end of 2033.
Electric trucks are commercial vehicles propelled by battery packs and designed for cargo transportation. Notably, these trucks feature fewer moving parts within their motors compared to their diesel counterparts, eliminating the need for complex multi-speed transmissions. This reduction in components not only cuts down vehicle maintenance expenses but also enhances reliability, all while significantly minimizing noise pollution.
Preference for electric trucks over diesel alternatives is spurred by governmental incentives aimed at fostering electric truck adoption, alongside the undeniable benefits they offer, including abundant torque, negligible noise emissions, and reduced maintenance expenditures.
Governments across the world are increasingly recognizing the urgency of reducing carbon emissions and promoting cleaner transportation options. To achieve these goals, various countries have introduced supportive policies, incentives, and subsidies aimed at boosting the adoption of electric vehicles, including electric trucks. These initiatives not only encourage manufacturers to develop electric truck models but also incentivize fleet operators to transition to cleaner alternatives.
Ongoing advancements in electric vehicle battery technology are driving down the cost of electric vehicle batteries. As batteries represent a substantial portion of an electric vehicle’s overall cost, this reduction has a direct impact on the affordability of electric trucks. Lower battery costs not only make electric trucks more accessible to consumers but also enhance their feasibility for commercial fleet operators.
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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 automotive manufacturers, as well as new entrants and startups, are investing in the development of electric trucks. These companies are focusing on improving technology, expanding product offerings, and addressing the unique challenges posed by electric trucks, such as battery life, charging times, and upfront costs.
In January 2022, Volvo Group, Daimler Truck, and Traton Group concluded the last phase of establishing their previously announced collaborative venture focused on charging infrastructure in Europe. This joint endeavor intends to deploy and manage a network comprising 1,700 high-capacity charge points powered by sustainable green energy. These charging stations are strategically positioned along highways and near logistics hubs across Europe.
Electric Truck Industry News:
Dongfeng Rich 6 electric vehicle, an electric pickup truck created in partnership with Nissan, was unveiled by Dongfeng Motor Corporation. An electric motor producing 160 horsepower and 420 Nm of torque powers the car.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global electric truck market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights into the market based on 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 (up to 150 miles, 151 to 300 miles, above 300 miles), and end use (last-mile delivery, long-haul transportation, refuse services, field services, distribution services), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
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