The electric truck market was worth USD 22.63 billion in 2021 and is expected to be worth USD 57.67 billion by 2027, growing at a CAGR of 14.30 percent during the forecast period (2022 – 2030).
Factors such as increased government initiatives to promote e-mobility, stringent emission standards imposed on fossil-fuel-powered commercial vehicles, and lower battery costs drive growth in the electric truck market . However, the lack of charging infrastructure and the high cost of electric trucks are expected to stifle market growth during the forecast period. Factors such as increased government initiatives to promote e-mobility, stringent emission standards imposed on fossil-fuel-powered commercial vehicles, and lower battery costs drive growth in the electric truck market.
Get Free Sample PDF Brochure @ https://www.marketresearchfuture.com/sample_request/6261
Furthermore, the rising demand for electric trucks in the logistics sector and the advancement of self-driving electric truck technology are expected to provide significant growth opportunities for companies operating in the electric truck market. Electric trucks have lower fuel and maintenance costs than conventional diesel trucks, which increases the overall market demand for this segment over the forecast period. It is a cost-cutting commodity for various organizations, resulting in increased revenues. Owners benefit from the adoption of electric trucks as well. An owner may receive additional financial benefits for incorporating electric trucks into their operations. This factor increases the overall market demand for electric trucks.
Electric trucks use electricity as their primary energy source for logistics and transportation. Typically, the trucks are powered by batteries that are then recharged. Short-haul electric trucks are becoming more popular because they use less energy and have lower carbon footprints.
The following are the primary propulsion systems used in electric trucks:
- Hybrid Electric Truck
- Plug-in Hybrid Electric Truck
- Battery Electric Truck
- Electric Fuel Cell Truck
The market can be broadly classified into the following vehicle types:
- Medium Duty
- Light Duty
- Extra Strength
The market is divided into three categories based on the range:
- 0-150 Miles
- 151-300 Miles
- More than 300 miles
Because of the high demand for electric trucks for logistics transport fleets, the North American region is expected to grow steadily. Because of the high adoption rate of electric pick-up trucks in the logistics sector, the European region is expected to be the fastest-growing market. Rising pollution and environmental hazards, stringent government regulations, and stiff competition have compelled automotive OEMs to produce fuel-efficient and environmentally friendly vehicles. Various market industries, such as automotive OEMs and component manufacturers, are investigating ways to develop and design trucks that can meet fuel efficiency and vehicle emissions standards.
- General Motors CEO Mary Barra announced in February 2022 that the company would be six-fold the pace of its electric trucks and SUV segment. In addition, the company plans to deliver 400,000 EVs in North America between 2022 and 2023. With this plan, GM can increase its capacity to produce one million electric vehicles by 2025.
- RIVIAN, a California-based electric truck and SUV manufacturer, planned capacity expansion in its production facility in February 2022. The company plans to open its second manufacturing facility in East Atlanta, which will be capable of producing 400,000 vehicles per year.
Browse In-depth Market Research Report @ https://www.marketresearchfuture.com/reports/electric-truck-market-6261
Browse more report
Automotive Glass Market @ https://www.marketresearchfuture.com/reports/automotive-glass-market-2045
Automotive Hydraulics System Market @ https://www.marketresearchfuture.com/reports/automotive-hydraulics-system-market-5737
Automotive Intercooler Market @ https://www.marketresearchfuture.com/reports/automotive-intercooler-market-2094
Automotive Lightweight Material Market @ https://www.marketresearchfuture.com/reports/automotive-lightweight-material-market-2645
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
Market Research Future
99 Hudson Street,5Th Floor
New York, New York 10013
United States of America