According to the latest report by IMARC Group, titled “Electric Truck Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” provide the global electric truck market size reached a value of US$ 426.8 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 1923.2 Million by 2027, exhibiting a CAGR of 30.15% during 2022-2027.
Base Year: 2021
Forecast Year: 2022-2027
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Electric Truck Market Industry Definition and Application:
An electric truck refers to an electric vehicle (EV) that functions on rechargeable batteries for transporting cargo. It is equipped with an electric motor, regenerative braking systems, and automatic start and stop facilities. It promotes a greener environment as it significantly minimizes carbon emissions and vehicular noise. It finds applications across various segments, such as municipal and logistics.Nowadays, its hybrid variants are available worldwide, which are manufactured using lightweight materials and function via fuel-gas and battery-operated engines.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Electric Truck Market Trends and Drivers:
The burgeoning automotive industry and increasing preferences for hybrid and electric vehicles (H/EVs) are among the major factors creating a positive outlook for the market. Besides this, governing authorities of various countries are undertaking initiatives to minimize the consumption of fossil fuels, which is encouraging the adoption of EVs. This is consequently assisting in reducing greenhouse gas (GHG) and driving the market. Moreover, the improving electronic charging infrastructure and the integration of magnetic resonance for wireless vehicle charging are stimulating the market growth.
Electric Truck Market Segmentation:
The report has segmented the market on the basis on vehicle type, propulsion, range and application.
Breakup by Vehicle Type:
- Light-duty Truck
- Medium-duty Truck
- Heavy-duty Truck
Breakup by Propulsion:
- Battery Electric Truck
- Hybrid Electric Truck
- Plug-in Hybrid Electric Truck
- Fuel Cell Electric Truck
Breakup by Range:
- 0-150 Miles
- 151-300 Miles
- Above 300 Miles
Breakup by Application:
Breakup by Region:
- North America:( United States, Canada)
- Asia-Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico,Others)
- Middle East and Africa
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Who are the Major Electric Truck Market Key players?
The report provides a detailed analysis of the market leaders, including.
AB Volvo, BYD Company Ltd., Daimler AG, FAW Group Co. Ltd., Isuzu Motors Ltd, Navistar Inc., PACCAR Inc., Rivian Automotive Inc., Scania AB (Volkswagen AG), Tata Motors Limited, Tesla Inc. and Tevva Motors Limited.
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