July 14, 2024
Electric Truck Market

Electric Truck Market Is Estimated To Witness High Growth Owing To Rising Demand for Environment-Friendly Vehicles

The Electric Truck Market Is Estimated To Be Valued At US$2.73 Billion in 2022 and Is Expected to Exhibit a CAGR of 18.1% over the Forecast Period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The electric truck market is witnessing significant growth due to the growing awareness about the adverse effects of pollution caused by conventional vehicles. Electric trucks offer numerous benefits, including reduced greenhouse gas emissions, lower maintenance costs, and quieter operation. These trucks are being adopted by various industries, including logistics, e-commerce, and municipal services, for transportation and delivery purposes. The increasing concerns regarding climate change and the need to achieve sustainable development goals have led to the widespread adoption of electric trucks.

Market Dynamics:

The electric truck market is primarily driven by the rising demand for environment-friendly vehicles. Stringent government regulations regarding emissions and the need to reduce reliance on fossil fuels have propelled the demand for electric trucks. Additionally, increasing investments in charging infrastructure and technological advancements in battery technology have further boosted the market growth. Moreover, the availability of government subsidies and incentives for purchasing electric vehicles is expected to drive the market growth over the forecast period. However, the high upfront cost of electric trucks and limited charging infrastructure are the key factors hindering the market growth.

Segment Analysis:

The electric truck market can be segmented based on vehicle type, propulsion type, and end use. In terms of vehicle type, the dominating sub-segment is the medium-duty segment. This is mainly due to the increasing demand for electric trucks in urban transportation and delivery services. Medium-duty electric trucks offer better maneuverability and are ideal for short-haul applications. They are also more cost-effective compared to heavy-duty electric trucks.

PEST Analysis

Political: Governments worldwide are implementing strict emission regulations to reduce carbon footprint, which is driving the adoption of electric trucks.

Economic: The total cost of ownership for electric trucks is significantly lower compared to conventional diesel trucks, leading to increased demand.

Social: Changing consumer preferences towards sustainable and eco-friendly transportation solutions are boosting the demand for electric trucks.

Technological: Advancements in battery technology and charging infrastructure are making electric trucks more viable and convenient for long-haul applications.

Key Takeaways

The global electric truck market is expected to witness high growth, exhibiting a CAGR of 18.1% over the forecast period (2023-2030). This growth can be attributed to increasing government regulations to reduce emissions, the lower total cost of ownership of electric trucks, and changing consumer preferences towards sustainability.

In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the electric truck market. This can be attributed to the presence of major key players, favorable government policies, and the growing demand for electric vehicles in the logistics and delivery sectors.

Key players operating in the electric truck market include AB Volvo, Workhorse, BYD Company Ltd., Tesla, Daimler AG, Scania AB, Tata Motors, Rivian, Dongfeng Motor Group Co., Ltd., and Man SE. These key players are focusing on technological advancements, collaborations, and partnerships to gain a competitive edge in the market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it