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3. Electric Truck Market Size & Share - Future Growth Expectations

The global electric truck market size is projected to reach 1,067,985 units by 2030 from a projected 101,499 units in 2022, at a CAGR of 34.2%.

The Electric Truck Market is poised for substantial growth in the coming years, driven by several key factors:

• Advancements in Battery Technology
• Tightening Environmental Regulations
• Escalating Fuel Costs
• Demand for Sustainability
• Expansion of Charging Stations
• Government Incentives
• Improved Electric Truck Performance
• Lower Total Cost of Ownership
• Fleet Electrification Trend
• Consumer Preference for Green Transport

To know about the assumptions considered for the study download the pdf brochure

• Advancements in Battery Technology: Ongoing progress in battery tech, like improved energy density and faster charging, is making electric trucks more attractive for businesses.
   
• Tightening Environmental Regulations: Stricter rules to cut emissions are pushing companies toward electric trucks as a greener option.
   
• Escalating Fuel Costs: With diesel prices on the rise, businesses are eyeing electric trucks for their potential savings on fuel and maintenance.
   
• Demand for Sustainability: The growing concern for the planet is fueling interest in electric trucks as a cleaner alternative to traditional vehicles.
   
• Expansion of Charging Stations: More charging stations popping up along highways and in cities are easing fears about running out of power, boosting the appeal of electric trucks.
   
• Government Incentives: Tax breaks and grants are sweetening the deal for businesses looking to switch to electric trucks.
   
• Improved Electric Truck Performance: Better electric drivetrains are giving electric trucks more power and range, making them a serious contender in the market.
   
• Lower Total Cost of Ownership: Dropping battery prices and better efficiency are making electric trucks more affordable in the long run compared to diesel trucks.
   
• Fleet Electrification Trend: Many companies are electrifying their fleets to meet sustainability goals and cut costs.
   
• Consumer Preference for Green Transport: Urban consumers are increasingly favoring electric trucks for their eco-friendliness and quieter operation.

Electric Truck Market Share - Global Industry Landscape

• BYD (China)
• Mercedes-Benz Group AG (Germany)
• AB Volvo (Sweden)
• Ford Motor Company (US)
• Rivian (US)

These companies, along with others, hold significant market share in the electric truck industry, with varying degrees of influence based on their technological advancements, production capabilities, and market penetration.

• BYD (China): Renowned for its electric vehicle lineup, including trucks, BYD stands out as a top contender in the electric truck sector, offering a diverse range of models characterized by cutting-edge technology and dependable performance.
   
• Mercedes-Benz Group AG (Germany): A prominent player in the electric truck arena, Mercedes-Benz, under the umbrella of Daimler AG, boasts a rich portfolio comprising models like the eActros and eSprinter, tailored to meet the varied needs of commercial vehicle users.
   
• AB Volvo (Sweden): Volvo Group, a stalwart in the automotive industry, has been making significant strides in electric vehicle technology, with its Volvo Trucks division offering an array of electric truck solutions, contributing significantly to the global electric truck landscape.
   
• Ford Motor Company (US): Ford, an automotive giant, is making waves in the electric truck market, with plans underway to introduce electric versions of its popular truck models, such as the Ford F-150 Lightning, targeting diverse consumer and commercial segments.
   
• Rivian (US): Rivian, an American electric vehicle manufacturer, has captured attention with its innovative electric truck and SUV offerings. Notably, the R1T electric pickup truck has garnered widespread interest for its forward-thinking design and technology, appealing to both individual consumers and commercial fleet operators.

Related Report

Electric Truck Market by Propulsion (BEV, PHEV & FCEV), Type (Light-Duty Trucks, Medium-Duty Trucks & Heavy-Duty Trucks), Range, Battery Type, Battery Capacity, Level of Automation, End User, GVWR & Region - Global Forecast to 2030