Electric Truck Market to Surpass 77.46 Billion by 2030 Drives Due to Environmental Regulations
SkyQuest projects that the electric truck market will attain a USD 77.46 billion value by 2030, with a CAGR of 43.3% over the forecast period (2023-2030). The growing pressure on businesses to cut their carbon emissions and adhere to environmental standards is one of the main factors driving the market for electric trucks. Electric vehicles have no tailpipe emissions, which makes them a desirable choice for businesses trying to minimize their carbon footprint.
Westford, USA, Jan. 10, 2024 (GLOBE NEWSWIRE) — According to SkyQuest, In the main EV markets throughout the world, there has been an increase in demand for electric trucks in the logistics industry. Due to the substantially lower cost of charging electric vehicles than other fuels, the electric truck market for medium- and heavy-duty trucks is anticipated to expand as EV trucks can increase the long-term profitability of this sector. The US Postal Service placed an order for delivery trucks with Workhorse Group (US) in January 2022. By 2030, there will be a 36% rise in delivery vehicles in inner cities, according to the World Economic Forum (WEF).
Browse in-depth TOC on the “Electric Truck Market”
- Pages – 157
- Tables – 35
- Figures – 74
The market for electric vehicles is anticipated to grow in the near future as their use for last-mile deliveries of goods from warehouses to clients increases. To cut down on fuel costs and emissions, businesses are thinking about adding electric trucks and pickup trucks to their fleets. Tesla, Inc. reported in November 2022 that its electric cyber truck has received 1.5 million pre-orders from all across the world.
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Prominent Players in the Electric Truck Market
- Daimler AG
- Volvo Group
- Tesla
- PACCAR Inc.
- Navistar International Corporation
- BYD Company Limited
- Nikola Corporation
- Rivian Automotive LLC
- Chanje Energy Inc.
- Proterra Inc.
- Lion Electric Company
- Foton Motor Group
- Dongfeng Motor Corporation
- Hino Motors Ltd.
- Isuzu Motors Limited
- Scania AB
- Mitsubishi Fuso Truck and Bus Corporation
- Ashok Leyland Limited
- Mahindra & Mahindra Ltd.
- Tata Motors Limited
Medium-Duty Truck Segment is Expected to Grow the Market Due to their Widespread Integration
The medium-duty vehicle market for electric trucks is expanding at the quickest rate. The three markets with the biggest demand for medium-duty trucks are China, the United States, and Europe. Therefore, increasing medium-duty vehicle applications have a beneficial effect on market expansion.
The market was dominated by Asia Pacific, and it is anticipated that this dominance will persist during the forecast period. More than 80% of the world’s GDP was produced by China, and it is anticipated that over the projected period, China will have a substantial revenue share. This is because illustrious corporations like Daimler AG, Dongfeng Motor Corporation, BYD Auto Co., Ltd., and FAW Group Co., Ltd. are all present. The central government of China lifted stricter weight restrictions on truck and LCV subsidies, which led to the region’s largest adoption of electric trucks.
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Light-Duty Trucks Segment is Expected to Dominate the Market Due to its Escalating Trend of Health-Conscious Snacking
The light-duty electric truck market, which contributed the most to the market, led the electric truck market. Due to the launch of a new lineup of models by electric car manufactures with exceptional towing capacities, the market for light-duty trucks is anticipated to expand.
Regional markets in the North America are likely to see the fastest growth. In the United States, the market is expected to expand at the highest CAGR of 59.5% between 2023 and 2030. The area is expected to grow as a result of increased demand from the logistics sector. Starting in 2024, the Board of the California Air Resources will also establish sales targets for electric truck manufacturers.
A comprehensive analysis of the major players in the electric truck market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in the Electric Truck Market
- January 2022, Isuzu Motors Limited (Isuzu), DENSO Corporation (DENSO), Toyota Motor Corporation (Toyota), Hino Motors, Ltd. (Hino), and Commercial Japan Partnership Technologies Corporation (CJPT) announced that they have begun planning and preliminary research on hydrogen engines for heavy-duty commercial vehicles, intending to use internal combustion engines as one option to achieve carbon neutrality.
- January 2022, Volvo Group, Daimler Trucks, and the TRATON GROUP have completed the final stage in forming the previously announced joint venture for charging infrastructure in Europe. The JV intends to develop and operate at least 1,700 high-performance green energy charging points along and near motorways and logistics centers throughout Europe.
Key Questions Answered in Electric Truck Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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