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Delhi, NCR, Jan. 12, 2022 (GLOBE NEWSWIRE) -- Global electric trucks market is growing at a high CAGR because of the growing adoption of battery-powered vehicles to promote zero-emission and sustainability. Furthermore, the increased public and private investment in the establishment of charging infrastructure to increase the adoption of electric cars and trucks also propels the market forward…
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global electric trucks market was worth USD 21.4 billion in 2021 and is estimated to grow at a CAGR of 14.6%, earning revenue of around USD 52.3 billion by the end of 2028. The growth of the global electric trucks market is attributable to the growing adoption of battery vehicles to promote zero-emission and sustainability. In addition, increased government initiatives and subsidies, along with growing investments in establishing charging infrastructure by public and private players, are expected to drive the market growth in the forecast period. However, lack of sufficient charging infrastructure, especially in low and middle-income countries, may act as a major restraining factor for the growth of the electric trucks market.
Global electric truck sales are growing due to the rapid adoption of electric trucks to replace ICE trucks
The demand for electric trucks has reached an all-time high with companies and drivers looking to move away from the internal combustion engine (ICE) trucks. The subsidy and initiatives from the government are also supporting the rapidly increasing adoption and demand for electric trucks. Additionally, amid surging demand for electric vehicles, companies are launching new electric trucks regularly to tap the young and nascent market. Daimler truck has predicted that battery-electric and fuel cell trucks will account for 60% of its total truck production by 2030.
Moreover, On January 1, 2022, Ford announced that it will sharply boost the production of its first electric truck, the F-150 Lightning pickup. The company said it is doing everything to double the production of the truck and will ramp up the production to build 150,000 F-150 Lightning trucks per year. Ford originally planned to build only 80,000 electric trucks in 2040; however, the company sold out its inventory three years before the deadline and had to close reservations by December 2021. As people look to move away from conventional trucks, the demand for electric trucks is surging at a brisk pace and is driving the growth of the global electric trucks market.
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Global Electric Trucks Market - By Battery Type
Based on battery types, the global electric trucks market is segmented into lithium-nickel-manganese-cobalt oxide, lithium-iron-phosphate, and others. Among these, the lithium-iron-phosphate or lithium-ion battery segment holds the largest market share as they offer high energy density and can operate at voltages ranging from 300 V to 500 V. This type of battery is deemed suitable for electronics that consume batteries at a high rate. As reported by CNBC, global electric truck giants, such as Tesla, have already announced that their new batteries will use lithium-iron-phosphate (LFP) chemistry in their longer-range vehicles. Such initiatives are driving the growth of the segment.
Global Electric Trucks Market - By Application
Based on applications, the global electric trucks market is segmented into logistics, municipal, construction, mining, and others. The logistics segment accounts for the largest market share mainly because of the adoption of electric trucks by major e-commerce platforms. For instance, according to a report by National Public Radio, Amazon, the largest e-commerce platform, has recently announced its plans to buy 100,000 of Rivian's electric delivery vans to demonstrate its commitment to sustainability and zero-carbon emissions. Additionally, the logistics segment is increasingly investing in electric trucks to cut their fuel cost and maximize their profit, which is anticipated to drive the market growth during the forecast period.
Global Electric Trucks Market - By Range
Based on range, the global electric trucks market is segmented into up to 200 miles and above 200 miles. The up to 200 miles segment accounts for the largest market share. Most electric truck manufacturers such as MAN, Canoo, Kenworth, etc., target this range of vehicles. However, the above 200 miles range is anticipated to take over during the forecast period as leading automobile manufacturers such as Tesla are focusing on launching electric big-rig trucks with a working range of 200 to 300 miles, which is expected to propel the segment's market growth during the foreseeable future.
Global Electric Trucks Market - Regional Insights
Geographically, the global electric trucks market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle-East & Africa. Among these regions, Europe dominates the electric trucks market. However, the Asia-Pacific region is projected to emerge as the biggest market for electric trucks. A number of emerging economies, including China, Japan, India, South Korea, etc., are significantly investing in expanding the production capacity of electric trucks and establishing new production plants to boost their penetration within the domestic market. Additionally, the government of different APAC countries are also offering various incentives and subsidies for the adoption of electric trucks, which is anticipated to boost the growth of the electric trucks market in the APAC region during the forecast period.
Impact of COVID-19 on the Global Electric Trucks Market
The unprecedented COVID-19 outbreak significantly halted the growth of the global electric trucks market. The manufacturing and production activities of electric trucks were temporarily halted in the light of lockdown and social distancing norms which resulted in a shortage of workforce. The nationwide lockdown in various countries also restricted the mobility and operations of various end-users, due to which the demand for electric trucks declined during the pandemic period. However, the COVID-19 outbreak is anticipated to present lucrative growth opportunities for the electric trucks market as the focus on sustainability and cutting carbon emission is currently gaining traction worldwide.
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Global Electric Trucks Market- Competitive Landscape
The leading players in the global electric trucks market are Dongfeng Motor Corporation, Tesla Inc., Hino Motors, Alke SRL, Daimler, IVECO SpA, PACCAR Inc., Scania AB, Isuzu Motors Ltd, BYD Auto Co. Ltd., Navistar International Corporation, Renault Trucks, Tata Motors Limited, Rivian Automotive Inc., Lucid Motors, Nikola Motors, Ford, Workhorse, Infraprime Truck Company, and other prominent players.
The global electric trucks market is highly fragmented and dominated by multinational automotive giants. Nonetheless, the market is relatively new, and therefore welcomes new entrants who offer advanced technology and improved efficiency. The players in this industry offer different products to cater to the various needs of their customers. They also constantly launch new electric truck models with advanced propulsion technology and higher battery and power efficiency. Furthermore, the adoption of competitive strategies, such as mergers, acquisitions, collaborations, joint ventures, etc., is also prominent in this market.
In January 2022, Volta Trucks, the Swedish company, announced that its electric commercial trucks, the Volta Zero, will be equipped with the EV Range Assistant developed by HERE Technologies Inc. The key features of the EV Range Assistant include battery range prediction for trucks, route planning, Search, routing, real-time traffic and turn-by-turn voice guidance. The company also announced that it will deliver first Volta Zero to customers in mid-2022.
In December 2021, Rivian, an electric vehicle maker, announced its plans of building a new USD 5 billion battery and assembly plant east of Atlanta. The company is a startup manufacturer of electric trucks and commercial delivery vans and is looking to challenge established automakers like Ford and General Motors and electric vehicle leader Tesla. The company has already received order from e-commerce giant, Amazon for delivery of 100,000 electric delivery by 2030.
Scope of the Report
| Attributes || Details |
| Years Considered || Historical data – 2018-2021 |
| Base Year – 2021 |
| Forecast – 2022 – 2028 |
| Facts Covered || Revenue in USD Billion |
| Market Coverage || U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia |
| Product Service/Segmentation || By Type, By Range, By Propulsion Type, By Payload Capacity, By Battery Type, By Application, By Region |
| Key Players || Dongfeng Motor Corporation, Tesla Inc., Hino Motors, Alke SRL, Daimler, IVECO SpA, PACCAR Inc., Scania AB, Isuzu Motors Ltd, BYD Auto Co. Ltd, Navistar International Corporation, Renault Trucks, Tata Motors Limited, Rivian Automotive Inc., Lucid Motors, Nikola Motors, Ford, Workhorse, Infraprime Truck Company, and other prominent players. |
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of global electric trucks market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global electric trucks market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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