Electric Truck Market 2019 Global Industry Analysis by Size, Trends, Sales, Merger, Acquisitions, Key Players with Forecast To 2023, is depth analysis research report on “ — Electric Truck Industry” published by Market Research Future. According to report Global Electric Truck Market is predicted to grow at 15% Compound Annual Growth Rate by 2023. Report provides insightful analysis of Electric Truck Market by Truck Type (Medium Duty and Heavy Duty), Material (Battery, Plug-In Hybrid, Hybrid, and Hydrogen Fuel Cell), Application (Logistic, Municipal, Others) and Region.
The well-known competitors in the electric truck market comprise of Foton Motor Inc. (China), Daimler AG (China), FAW Group Co., Ltd. (China), Dongfeng Motor Corporation (China), BYD Auto Co., Ltd. (China), China National Heavy-Duty Truck Group Co., Ltd., (China), AB Volvo (Sweden), PACCAR Inc. (US), Isuzu Motors Ltd (Japan) and Navistar, Inc. (US), are among others.
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Global Electric Truck Market Overview 2019 To 2023:
Electric truck, despite being cost-effective and less pollutant has not gotten to taste the success it should have by now. Similarly, although, the global electric truck market is running successfully, it is yet to get the desired impetus. However, in the years to come, the electric truck market is expected to witness a considerable rise in its size. The global electric truck market is anticipated to witness considerable growth over the forecast period as per the analysis and study undertaken by Market Research Future (MRFR). The growth of the market is reported to be at a compound annual rate of 15% during the forecast period between 2018 and 2023.
Electric trucks are the preferred choice compared to the alternative as fuel-based commercial vehicles are not as cost effective when compared to electric commercial vehicles. Moreover, there are significantly fewer emissions in electric trucks which drives their adoption. In countries like China, German, Japan, and the U.S, the local governments have established stringent regulations regarding vehicular emissions to help reduce rising pollution levels. As many industries witness exponential growth over the assessment period, the demand for transportation activities for raw materials, finished goods, and others has grown significantly, thus driving the demand for more trucks. With an increasing preference for electric-powered vehicles, electric trucks are growing in the transportation sector.
Government policies to regulate vehicle emissions and incentives policies to promote the demand for electric trucks is spurring the market expansion. The escalation in budgets related to fleet management is anticipated to add further impetus to the electric truck market. The declining costs associated with battery components is projected to incentivize market growth in the upcoming period further. Government support for procurement of smart automobiles and improved charging infrastructure in countries around the world is expected to further speed up the development of the market in the forecast period.
The presence of increased disposable income and ongoing increase in fuel prices will likely drive the market. Batteries for electric vehicles are also becoming increasingly affordable. Several manufacturers are trying to increase sales of electric trucks by offering discounts of original features and packages which is expected to fuel the adoption of electric trucks. Changing infrastructure to accommodate the huge demand electric vehicles such as the set up of new charging stations will probably be a significant motivator for the adoption of electric trucks.
On the other hand, high prices of electric trucks are impeding the growth of the market. Battery makers operating in the global electric trucks market strive to offer expansive IT expertise that can deal not only with the rechargeable batteries, but also with solar farming, energy storage, and LED technologies.
Global Electric Truck Market Segmentation:
The global electric truck market is segmented under the following key components: application, truck type, and charge type.
By truck type, the market segments into heavy duty and medium duty.
By charge type, the market breaks down into plug-in hybrid, battery, hydrogen fuel cell, and hybrid.
By application, the market segments into municipal, logistic, and others.
It has been observed that China, Europe, and America will account for more than 70% of the total sales of electric trucks. China has been witnessing incredibly high pollution levels which have driven local governments to lay down stringent regulations regarding vehicle emissions, the presence of significant market players in the region is also expected to drive the Chinese market for trucks which has been classified under the APAC region.
North America dominates the global electric truck market due to growing demand for trucks with low operating cost and the development of sustainable, electric truck in the region. Continuously rising fuel prices and increasing transport activities would further drive the growth of the electric trucks market. Simultaneously, steadily dropping prices of batteries used in the electric trucks are drawing consumer’s attraction towards electric mobility, would further increase the size of the electric trucks market. Both North America and Europe combined with China comprise more than 70% of the global market of electrics trucks. It is reported that the increasing concerns related to environmental pollution through internal combustion engine vehicles will be a major factor in driving the development of the global market.
Elsewhere, the European region is estimated to switch towards full or hybrid electric trucks to attain the target set for EU’s 20-20-20 policy. The North American regional market is projected to witness slow paced growth in the coming years compared to other mentioned regions. The sales of full and hybrid type electric vehicles is projected to be less than the ones with natural gas powertrains. This is due to the lack of development of battery charging infrastructure in major countries of this region like the US and Canada.
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