Electric Truck Market worth USD 21.68 billion by 2027, registering a CAGR of 28.1% – Report by Market Research Future (MRFR)
New York, July 15, 2021 (GLOBE NEWSWIRE) — Electric Truck Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Electric Truck Market Research Report, Truck Type, Charge Type, Application and Region – Forecast till 2027” the market size is projected to be worth USD 21.68 billion by 2027, registering a CAGR of 28.1% during the forecast period (2021 – 2027), The market was valued at USD 1.5 billion in 2020.
COVID-19 Pandemic to Impact the Global Market
The COVID-19 pandemics are expected to cause a significant drop in new vehicle sales. The government’s actions to combat the virus are expected to limit market expansion. Factory closures, which result in worker expulsions, and the fear of stagnation due to coronavirus are causing a large drop in electric truck sales. Furthermore, government attempts to reduce pollution are projected to drive market growth. The surge in demand for electronic trucks in the commercial and logistics sectors is expected to boost market expansion.
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Key Players
Notable players in the global electric truck market include –
- AB Volvo
- Daimler AG
- PACCAR Inc.
- Volkswagen AG
- BYD Company Limited
- Tesla
Industry News
In March 2020, Daimler Trucks will begin the Electric Freightliner Customer Experience Fleet in North America. The fleet includes two medium-duty Freightliner eM2 106 and six heavy-duty Freightliner eCascadia.
Browse In-depth Market Research Report (154 pages) on Electric Truck
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Government Initiatives to Reduce Hazardous Emissions
The ban on diesel vehicles in various locations around the world is expected to increase the demand for electric vehicles. Government initiatives to reduce hazardous emissions by reducing carbon dioxide (CO2) and nitrogen oxides (NOx) in the air are expected to stimulate market growth. So far, big cities such as Mexico City, Paris, and Madrid have announced diesel bans. Around 200 cities in European countries have been designated as low-emission zones, followed by Germany, the United Kingdom, and Italy.
Governments all around the world are placing pressure on vehicle manufacturers to minimize carbon emissions caused by diesel fuel combustion and address greenhouse gas emissions, which is prompting them to invest in creating electric trucks. Governments are offering incentives through initiatives and schemes for the manufacture of battery-electric trucks, which is expected to accelerate the growth of the electric truck market. Furthermore, governments all over the world are providing tax breaks and subsidies to encourage the purchase of electric vehicles. Furthermore, the central governments of a few countries exclude electric vehicles from highway tolls. For example, in order to accelerate the adoption of electric vehicles, the Indian government intends to reduce the Goods and Services Tax (GST) on e-vehicles from 12% to 5%. Furthermore, tax exemptions of up to $2,101.5 will be granted on loans taken out for the purchase of an e-mobility. Furthermore, the South Korean government has stated that it will provide $900 million in tax breaks and subsidies for the development and purchase of electric and fuel cell vehicles. Thus, one of the primary factors driving demand for electric trucks is a growth in government support for the development and purchase of electric mobility in the form of tax credits, subsidies, and incentives.
Use of renewable sources of energy
A vehicle to the grid technology can boost the performance of electric components and boost the value of electric vehicle owners. The electric vehicle charging system utilizes a bidirectional flow of electrical energy between the power grid and plug-in electric vehicles. A vehicle to grid assists in storing unused power in electronic vehicles and releasing it to the grid.
Solar panels can be utilized at charging stations to charge these electric vehicles, and the usage of renewable energy sources to power electronic vehicles is a huge key opportunity for companies in the electric truck market industries. The cost of installing solar panels is lower, and as a result of the lower cost, the solar-powered station is idle for commercial buildings and households.
lack of suitable charging infrastructure
The lack of suitable charging infrastructure for electric trucks is the primary impediment to the global electric truck market’s growth. The government must develop suitable plans and investments for the installation of charging stations in order for the electric truck market to overcome this barrier.
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Market Segmentation
The global electric truck market has been segmented on the basis of truck type, charge type, and application.
On the basis of the type, the global electric truck market has been segmented into medium-duty trucks and heavy-duty trucks.
On the basis of the charge type, the global electric truck market has been segmented into battery, plug-in hybrid, hybrid, and hydrogen fuel cells.
On the basis of the application, the global electric truck market has been segmented into municipal, logistics, and others.
Regional Analysis
APAC to Remain Dominant in the Global Market
In 2017, Asia Pacific held the largest share, accounting for more than 85% of sales volume in the electric truck market over the forecast year. China is the world’s largest electric truck market, owing to the high demand for these vehicles in China for domestic usage, which is propelling the market’s growth. Municipal air quality, non-fuel-based vehicles, replacement sales objectives, and attractive government subsidies are driving up demand for these trucks in this region.
Segmentation of Market covered in the research:
Information by Truck Type (Medium Duty Trucks and Heavy-Duty Trucks), By Charge Type (Battery, Plug-In Hybrid, Hybrid and Hydrogen Fuel Cell), By Application (Logistics, Municipal and Others) and by Region (North America, Europe and Asia-Pacific)
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