The Future Of The Electric Truck Market Size Is Projected To Reach $3,861.8 Million By 2030, Registering A CAGR Of 26.4%

(MENAFN- EIN Presswire) WILMINGTON, NEW CASTLE, DE, UNITED STATES, September 30, 2024 /EINPresswire / -- Allied market Research (AMR) has recently published a comprehensive report entitled“Electric Truck Market Size, Share, Competitive Landscape and Trend Analysis Report, by Propulsion, Vehicle Type and Range : Global Opportunity Analysis and industry Forecast, 2021-2030".

The global electric truck market was valued at $392.3 million in 2020, and is projected to reach $3,861.8 million by 2030, registering a CAGR of 26.4% from 2021 to 2030.

Electric Truck Market Definition :

Electric trucks are defined as commercial vehicles that transport goods and run on a battery. Moreover, the internal motors in electric trucks have fewer moving parts compared to diesel trucks and do not require multi-speed gearboxes, leading to higher reliability and lower maintenance costs, as well as producing low noise. Furthermore, electric trucks are rapidly replacing diesel trucks as the preferred option because of government initiatives to encourage the use of electric vehicles and their exceptional features such as robust torque, minimal operating expenses, and zero noise pollution. Due to increased government support for e-mobility and stricter pollution guidelines for gasoline-powered vehicles, the global electric truck industry is experiencing significant growth.

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Leading Market Players :

Scania
Daimler AG
Dongfeng Motor Company
Tata Motors
Paccar Inc.
AB Volvo
Workhorse
Man SE
Geely Automobiles Holdings Limited
BYD Company Ltd.

Electric Truck Market Competitive Analysis :

This research report focuses on the competitive analysis of the global market size of electric truck industry and provides an in-depth overview of key market players. By providing a thorough understanding of the strengths and weaknesses of these leading entities, stakeholders are enabled to gain better knowledge of the competitive landscape. The report categorizes players based on their dominance, leadership, and expansion strategies using qualitative data analysis. These strategies include legal agreements, the formation of strategic alliances, the execution of mergers and acquisitions, the expansion of geographical reach, and the launch of new products or services.

Electric Truck Market Segmentation Analysis :

Electric Truck Market, By Propulsion -

Plug-in hybrid electric vehicle
Hybrid electric vehicle
Battery electric vehicle
Fuel cell electric vehicle

Electric Truck Market, By Range -

Above 300 Miles
151-300 Miles
Up to 150 Miles

Electric Truck Market, By Vehicle Type -

Medium Duty Electric Truck
Heavy Duty Electric Truck
Light Duty Electric Truck

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Electric Truck Market, By Region -

North America
South America
Europe
Asia Pacific
Middle East & Africa

Trends in the Electric Truck Market :

Increased range -

One of the primary focuses has been on improving the range of electric trucks. Development in battery technology has allowed trucks to travel longer distances on a single charge. Brands such as Tesla, Rivian, and Ford are working actively to increase the range of their electric truck market.

Heavy-duty applications -

In the past, electric trucks were primarily used for light-duty tasks, but there is now a growing demand for heavy-duty electric trucks that are able to transport goods over long distances. Leading companies such as Volvo, Daimler, and Nikola are developing electric trucks capable of carrying heavy loads.

Rapid charging infrastructure -

The development of rapid charging infrastructure is essential for the adoption of electric trucks. To facilitate the use of long-distance electric trucks, major companies and governments have invested in the construction of charging stations along major transport routes.

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Autonomous features -

Electric trucks have started integrating autonomous driving features to enhance both efficiency and safety. These features include advanced driver assistance systems (ADAS) and autonomous driving technology capable of helping drivers navigate highways and traffic.

Fleet electrification -

Many companies with large fleets of trucks have been switching to electric vehicles to reduce operating costs and carbon emissions. For example, Amazon, UPS, and FedEx have expressed intentions to integrate electric trucks into their delivery fleets.

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About us :

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Allied Market Research
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