Electric Trucks Market

Electric Trucks Market by Propulsion(BEV, PHEV & FCEV), Type (Light, Medium & Heavy-duty Trucks), Range (upto 200 miles & above 200 miles), Battery Type, Battery Capacity, Level of Automation, End User, Payload Capacity & Region - Global Forecast to 2030

Report Code: AT 7959 Aug, 2021, by marketsandmarkets.com

[222 Pages Report] The electric truck market, by value, is estimated to be 69,597 units in 2021 and is projected to reach 1,413,694 units by 2030, at a CAGR of 39.7% from 2021 to 2030. Increased focus of Government on emission free vehicles and policies would drive adoption of electric trucks in the e-commerce and logistics sector. Further, It will create opportunities for OEMs to expand their revenue stream and geographical presence in electric commercial vehicle industry.

North America is projected to experience steady growth owing to the high demand for electric trucks for logistics transport fleets. Europe is projected to be the fastest-growing market due to the high adoption rate of electric pick-up trucks in the logistics sector in the region. Factors such as rise in pollution and environmental hazards, stringent government regulations, and stiff competition have compelled automotive OEMs to make fuel-efficient and environment-friendly vehicles. In this pursuit, automotive OEMs and component manufacturers are exploring ways to develop and design trucks that can meet the standards of fuel efficiency as well as vehicle emission.

The COVID-19 pandemic has decelerated the growth of the electric truck market. Lower vehicle sales post the pandemic will be a major concern for automotive OEMs for the next few quarters. According to industry experts, there is a very thin chance of vehicle sales recovery in 2021. However, the electric truck market is expected to witness a significant boost in 2022 due to recovery and developments.

Some of the major players in the electric trucks market are BYD(China)., Daimler AG (Germany), AB Volvo (Sweden), PACCAR(U.S.) and Scania (Sweden) and others. These players have long-term supply contracts with leading automotive manufacturers and autonomous vehicle technology developers. These companies have adopted the strategies of new product developments, acquisitions, agreements, collaborations, expansions, joint ventures, partnerships, and supply contracts to gain traction in the electric truck market. Partnership and collaboration are the most widely adopted strategies by major players.

Electric Trucks Market

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COVID-19 Impact on Electric Truck Market:

The overall automobile market suffered losses in the initial months of the pandemic when sales of vehicles reduced drastically due to lockdowns. However, during the second half of 2020, the sales increased and in most cases reduced the losses for those past months. The sales of electric vehicles increased in 2020 and 2021 due to the growing trend of vehicle electrification around the world. This sector was thus, less affected by the pandemic. The demand for electric trucks had similarly decreased in first half of 2020 and increased thereafter. Being a newly growing segment of the EV market, the demand of these vehicles has been increasing in the past months in countries like China, US, Germany, France, UK, etc. Top OEM’s like Ford, GM, Volkswagen, Stellantis, BYD, Daimler AG, AB Volvo, etc. had varying amount of losses in the overall market, but their electric truck divisions had a steady growth rate during the pandemic. 

Driver: Reducing cost of EV batteries will make EV trucks more affordable

Due to technological advancements and production of EV batteries on a mass scale, the cost of EV batteries has been decreasing over the past decade. This has led to a decrease in cost of the electric trucks as EV batteries are one of the most expensive parts of an electric truck. For Instance, in 2010, the price of an EV battery was around USD 1,100 per kWh. However, according to Bloomberg, by 2020 their price fell to around USD 137 per kWh while the price is as low as USD 100 per kWh in China. This is because of reducing manufacturing costs of these batteries, reduced cathode material prices and greater volumes of production, etc. The prices of EV batteries are expected to fall to around USD 40-60 per kWh by 2030, which will greatly reduce the price of EV Trucks making them priced similar to conventional ICE Trucks according to a report on Research Gate. Along with the growing demand for low emission transportation, this will lead to a rise in adoption of electric trucks in the coming decade. In 2020, Tesla, one of the world’s top manufacturers of EV’s has already announced plans to drastically reduce the prices of their EV batteries in the next few years.  Other top battery manufacturers like Samsung SDI, Panasonic, LG Chem, SK Innovative, CATL, etc. have been working with top EV manufacturers for achieving this goal in the next 4-5 years.

Restraint: High initial investment for electric truck production

The initial investment for producing electric trucks is much higher compared to that of petroleum, diesel or CNG trucks. The price of parts and machinery used for production is also quite high. This is largely due to the high cost of electric batteries used in electric trucks. Once battery technology improves and prices fall, the price of electric trucks will get lower than trucks using other fuel types. The production of these trucks is less sophisticated compared to other fuel-trucks and thus is highly affected by the prices of EV batteries in the market. As mass production of these vehicles is currently done on a limited scale, the cost of production of these vehicles is still quite high compared to other trucks. According to a report on Forbes by energy innovation, the manufacturing cost of an electric truck is much higher currently compared to diesel or petrol trucks, but by 2030, it will be 50% cheaper compared to diesel and petrol variants with falling battery prices.  

Opportunity: Development of self-driving truck technology

The electric truck market will be affected by the recent trend of self-driving trucks. Top OEM’s like Tesla, Volvo, Vera, Daimler etc. have been developing self-driving electric trucks for the market. Startups like Embark, Einride, TuSimple, Ike, etc. have also started developing self-driving electric trucks. Tesla for instance plans to launch its self-driving electric truck by the end of 2021. Waymo has started testing its self-driving trucks since January 2020. TuSimple plans to operate autonomous routes between Pheonix and Tucson in Arizona and some areas in Texas. Einride had started its testing for driver-less trucks in May 2019. In January 2019, Daimler announced an investment of USD 570 million for self-driving electric trucks.  Self-driving electric truck technology will increase demand for electric trucks in the long run due to the various advantages like easy use, presence of value added features etc. This technology is expected to mature by the next 5-6 years.

Challenge: High cost of existing range of electric trucks

High manufacturing cost of electric trucks has been a major concern over their widespread adoption. As the popularity of electric trucks rises over the next decade, the drops in battery prices and reduced R&D costs should see the overall cost of purchasing these vehicles. The cost of electric trucks is usually much more compared to ICE counterparts. This is mostly due to the high price of rechargeable lithium ion batteries used in these vehicles. The production of electric trucks also cost much more compared to ICE tucks due to expensive process involved in developing these vehicles. The cost of development of higher range electric trucks is much more due to their higher specifications of batteries, higher technology used for production and more expensive parts used in these trucks. Due to this, the cost of sales of these trucks is much higher than conventional ICE trucks.

NMC batteries account for a major share of the market during the forecast period

The electric truck market is dominated by the NMC battery as it is the most efficient. Most market-leading Chinese OEMs use these batteries in electric trucks in its fleets. These batteries have a comparatively higher energy density than LFP batteries. Also, the cost of NMC batteries is declining and level with the cost of LFP batteries, thus, further boosting the NMC battery market. Although, the demand for LFP is also on the rise in the forecasted period as the life of LFP batteries is longer than the NMC batteries. Adoption of NMC batteries is expected to rise in the near future in European and American countries.

The European region is projected to be the fastest-growing electric truck market, by 2030

European region accounts for the largest market share for the electric truck market in the forecasted period. The electric truck market in Europe is segmented into France, Germany, Netherlands, Norway, Sweden, and United Kingdom. Europe has stringent emission regulation standards. The governments of European region are providing huge incentives to promote electric vehicles. As a result, the demand for electric vehicles has increased tremendously in the region. The region is home to electric truck manufacturers such as Volvo, Daimler and others. Europe has set a very ambitious goal of reducing 80% CO2 emission by 2050 and has created a roadmap for the same. The governments of various countries in Europe are subsidizing electric infrastructure and the focus will continue to be on electric vehicles in the long run.

Electric Trucks Market by Region

Key Market Players

The global electric trucks market is dominated by companies, such as Einride (Sweden), Volta Trucks (Sweden), Tevva (UK), StreetScooter (Germany) and E-Trucks Europe (Netherlands). These players have long-term supply contracts with leading automotive manufacturers and electric vehicle technology developers. These companies have adopted the strategies of new product developments, acquisitions, agreements, collaborations, expansions, joint ventures, partnerships, and supply contracts to gain traction in the electric truck market. Partnership and collaboration are the most widely adopted strategies by major players.

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Scope of the Report

Report Metric

Details

Market size available for years

2019–2030

Base year considered

2021

Forecast period

2021-2030

Forecast Market Size

Volume (Units)

Segments covered

Electric Trucks Market, by Propulsion(BEV, PHEV & FCEV), Type (Light, Medium & Heavy-duty Trucks), Range (upto 200 miles & above 200 miles), Battery Type, Battery Capacity, Level of Automation, End User, Payload Capacity & Region - Global Forecast to 2030

Region covered

Asia Pacific, North America and Europe

 And Companies Covered

The electric truck market is dominated by players such as BYD(China), Daimler AG (Germany), AB Volvo (Sweden), PACCAR(U.S.), Scania AB(Sweden) and others
A total of 27 major company profiles covered and provided

This research report categorizes the Electric truck market based on propulsion type, type, end user, range, battery capacity, battery type, payload capacity, level of automation and region.

By Propulsion Type

  • BEV
  • PHEV
  • FCEV

By Type

  • Light Duty Trucks
  • Medium Duty Trucks
  • Heavy Duty Trucks

By End User

  • Last Mile Delivery
  • Long Haul Transportation
  • Refuse Services
  • Field Services
  • Distribution services

By Range

  • Upto 200 Miles
  •  Above 200 Miles

By Battery Capacity

  • Less Than 50kwh
  • 50-250 Kwh
  • Above 250 Kwh

By Payload Capacity

  •  Upto 10,000 lbs
  • 10,001-26,000 lbs
  • Above 26,001 lbs

By Level of Automation

  • Semi-autonomous
  • Autonomous
  • By Battery Type

Lithium-Nickel-Manganese-Cobalt Oxide

  • Lithium-Iron-Phosphate
  • Others

By Region

  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Netherlands
    • Sweden
    • Norway

Recent Developments

  • In June 2021, Actros L is the longest range commercial battery electric vehicle in North America offered by Daimler AG and has GCWR of 82000 lbs. It has range of 250 miles and can charge upto 80 percent in 90 minutes.
  • In December 2020, the trucks offered Paccar are equipped with 141 kWh and 282 kWh battery packs enabling 100 and 200-mile range. Customers will get an option to choose between motors rated at 355 hp and 469 hp
  • In March 2021, the Volvo Group has acquired 50 percent of the partnership interests in the existing Daimler Truck Fuel Cell GmbH & Co. The ambition is to make the new joint venture a leading global manufacturer of fuel-cells, and thus help the world take a major step towards climate-neutral and sustainable transportation by 2050.
  • In November 2020, Scania AB acquired Nantong Gaikai and the acquisition allowed it to obtain truck manufacturing license in China. Nantong Gaikai was under state owned Jiangsu Gaikai Investment Development Group.
  • In October 2020, Byd and Hino motors entered into a joint venture agreement to set up a new company for the development of commercial battery electric vehicles. This new venture is scheduled to be established in china in 2021
  • In October 2020, the Volvo Group and Isuzu Motors LTD entered into a non-binding Memorandum of Understanding with the intent to form a strategic alliance in commercial vehicles in order to capture the opportunities in the ongoing transformation of the industry. The agreements include Isuzu Motors LTDMotor’s acquisition of UD Trucks from the Volvo Group
  • In October 2020, Scania AB announced expansion into China with new manufacturing Unit. The company will be establishing a wholly owned production facility in China in Jiangsu Province near Shanghai. The rapid transformation into a more open and market economy based system, which is currently taking place in the system has prompted Scania AB to invest in the Country
  • In February 2019, DEX Heavy Duty Parts LLC, a subsidiary of AB Volvo and a leading supplier of recycled, renovated, and surplus medium- and heavy-duty truck parts, opened a second facility in Oklahoma City, US. DEX, which also has a location in Advance, North Carolina, offers new life to trucks by offering recycled and renovated parts to second- and third-generation truck owners

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 19)
    1.1 OBJECTIVES OF THE STUDY
    1.2 MARKET DEFINITION
           TABLE 1 SEGMENTS AND THEIR DEFINITION
           1.2.1 INCLUSIONS & EXCLUSIONS
                    TABLE 2 INCLUSIONS & EXCLUSIONS
    1.3 MARKET SCOPE
           FIGURE 1 MARKET SEGMENTATION: ELECTRIC TRUCKS MARKET
           1.3.1 YEARS CONSIDERED FOR STUDY
    1.4 CURRENCY
           TABLE 3 CURRENCY EXCHANGE RATES (USD)
    1.5 PACKAGE SIZE
    1.6 STAKEHOLDERS

2 RESEARCH METHODOLOGY (Page No. - 24)
    2.1 RESEARCH DATA
           FIGURE 2 ELECTRIC TRUCKS MARKET: RESEARCH DESIGN
           FIGURE 3 RESEARCH DESIGN MODEL
           2.1.1 SECONDARY DATA
                    2.1.1.1 Key secondary sources for electric truck sales
                    2.1.1.2 Key data from secondary sources
           2.1.2 PRIMARY DATA
                    FIGURE 4 BREAKDOWN OF PRIMARY INTERVIEWS
                    2.1.2.1 Primary participants
    2.2 MARKET ESTIMATION METHODOLOGY
           FIGURE 5 RESEARCH METHODOLOGY: HYPOTHESIS BUILDING
    2.3 MARKET SIZE ESTIMATION
           2.3.1 BOTTOM-UP APPROACH
                    FIGURE 6 BOTTOM-UP APPROACH: ELECTRIC TRUCKS MARKET
           2.3.2 TOP-DOWN APPROACH
                    FIGURE 7 TOP-DOWN APPROACH: ELECTRIC TRUCKS MARKET
                    FIGURE 8 ELECTRIC TRUCKS MARKET: RESEARCH DESIGN AND METHODOLOGY
                    FIGURE 9 RESEARCH APPROACH: ELECTRIC TRUCKS MARKET
           2.3.3 DEMAND-SIDE APPROACH
    2.4 DATA TRIANGULATION
           FIGURE 10 DATA TRIANGULATION
    2.5 FACTOR ANALYSIS
           2.5.1 FACTOR ANALYSIS FOR MARKET SIZING: DEMAND- AND SUPPLY-SIDE
    2.6 RESEARCH ASSUMPTIONS
    2.7 RESEARCH LIMITATIONS

3 EXECUTIVE SUMMARY (Page No. - 37)
    FIGURE 11 ELECTRIC TRUCKS MARKET DYNAMICS
    TABLE 4 ADOPTION OF ELECTRIC COMMERCIAL VEHICLES, BY COMPANY
    FIGURE 12 NMC BATTERIES TO HOLD THE LARGEST SHARE IN THE ELECTRIC TRUCK MARKET, 2021 VS. 2030 (UNITS)
    FIGURE 13 THE HEAVY-DUTY TRUCKS SEGMENT IS EXPECTED TO GROW AT THE HIGHEST GROWTH DURING THE FORECAST PERIOD
    3.1 COVID-19 IMPACT ON ELECTRIC TRUCKS MARKET, 2021–2030
           FIGURE 14 IMPACT OF COVID-19 ON ELECTRIC TRUCK MARKET

4 PREMIUM INSIGHTS (Page No. - 42)
    4.1 ATTRACTIVE OPPORTUNITIES IN THE ELECTRIC TRUCKS MARKET
           FIGURE 15 INCREASED FUEL-EFFICIENT VEHICLE OWNERSHIP IS EXPECTED TO DRIVE THE DEMAND FOR ELECTRIC TRUCKS
    4.2 ELECTRIC TRUCKS MARKET, BY REGION
           FIGURE 16 ASIA PACIFIC IS ESTIMATED TO ACCOUNT FOR THE LARGEST SHARE OF ELECTRIC TRUCKS MARKET IN 2021
    4.3 ELECTRIC TRUCKS MARKET, BY BATTERY TYPE
           FIGURE 17 THE LITHIUM-NICKEL-MANGANESE-COBALT OXIDE SEGMENT IS EXPECTED TO LEAD THE MARKET FROM 2021 TO 2030
    4.4 ELECTRIC TRUCKS MARKET, BY RANGE
           FIGURE 18 ABOVE 200 MILES SEGMENT TO GROW AT A HIGHER RATE DURING THE FORECAST PERIOD
    4.5 ELECTRIC TRUCKS MARKET, BY PROPULSION
           FIGURE 19 FCEV SEGMENT IS PROJECTED TO GROW AT THE HIGHEST CAGR FROM 2021 TO 2030
    4.6 ELECTRIC TRUCKS MARKET, BY LEVEL OF AUTOMATION
           FIGURE 20 THE SEMI-AUTONOMOUS ELECTRIC TRUCKS SEGMENT IS EXPECTED TO LEAD THE MARKET
    4.7 ELECTRIC TRUCKS MARKET, BY BATTERY CAPACITY
           FIGURE 21 50-250 KWH SEGMENT IS ANTICIPATED TO GROW AT THE HIGHEST CAGR DURING THE FORECAST PERIOD
    4.8 ELECTRIC TRUCKS MARKET, BY END USER
           FIGURE 22 THE FIELD SERVICES SEGMENT IS PROJECTED TO GROW AT THE HIGHEST CAGR FROM 2021 TO 2030
    4.9 ELECTRIC TRUCKS MARKET, BY TYPE
           FIGURE 23 THE LIGHT-DUTY TRUCKS SEGMENT IS EXPECTED TO LEAD THE MARKET

5 MARKET OVERVIEW (Page No. - 47)
    5.1 INTRODUCTION
    5.2 MARKET DYNAMICS
           FIGURE 24 ELECTRIC TRUCKS MARKET: MARKET DYNAMICS
           TABLE 5 ELECTRIC TRUCKS MARKET: IMPACT OF MARKET DYNAMICS
           5.2.1 DRIVERS
                    5.2.1.1 Reducing the cost of EV batteries
                               FIGURE 25 EV BATTERY PRICING ANALYSIS
                               FIGURE 26 OPERATING COST: ELECTRIC TRUCKS VS. ICE TRUCKS
                    5.2.1.2 Lower operating costs
                               TABLE 6 AVERAGE GASOLINE PRICES IN US (2016-2020)
                               TABLE 7 AVERAGE DIESEL PRICES IN US (2016-2020)
                               FIGURE 27 OIL CONSUMPTION AROUND THE WORLD IN THE PAST 10 YEARS
                    5.2.1.3 Upcoming EV truck models being developed with higher vehicle range
                               TABLE 8 NEW AND UPCOMING EV TRUCK MODELS (2021)
                    5.2.1.4 Rising demand for electric trucks in the logistics and other industries
                               FIGURE 28 ELECTRIC TRUCKS MARKET SHARE, BY END USER (2020)
           5.2.2 RESTRAINTS
                    5.2.2.1 High initial investment required in electric truck production
                               FIGURE 29 FUEL INFRASTRUCTURE: INITIAL INVESTMENT
                    5.2.2.2 Lack of EV charging infrastructure
                               FIGURE 30 EV CHARGER DENSITY COMPARISON
                               FIGURE 31 PRIVATE, SEMI-PUBLIC, AND PUBLIC CHARGING
                    5.2.2.3 Long charging time compared to other fuels
                               FIGURE 32 CHARGING TIME REQUIRED TO CHARGE USING DIFFERENT CHARGING TYPES
                    5.2.2.4 Limited vehicle range
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Development of self-driving truck technology
                    5.2.3.2 Government initiatives pertaining to EVs
                               FIGURE 33 ELECTRIFICATION TARGET, BY COUNTRY
                               FIGURE 34 REGULATORY COMPARISON FOR EVS ACROSS THE WORLD
                               TABLE 9 GOVERNMENT PROGRAMS FOR THE PROMOTION OF ELECTRIC COMMERCIAL VEHICLE SALES
                    5.2.3.3 Development of wireless EV charging technology for easy truck charging
           5.2.4 CHALLENGES
                    5.2.4.1 High cost of existing range of electric trucks
                    5.2.4.2 Insufficient standardization of EV charging infrastructure
                               FIGURE 35 EV CHARGERS USED AROUND THE WORLD
    5.3 PORTER’S FIVE FORCES
           FIGURE 36 PORTER’S FIVE FORCES: ELECTRIC TRUCKS MARKET
           TABLE 10 ELECTRIC TRUCKS MARKET: IMPACT OF PORTERS 5 FORCES
           5.3.1 THREAT OF SUBSTITUTES
           5.3.2 THREAT OF NEW ENTRANTS
           5.3.3 BARGAINING POWER OF BUYERS
           5.3.4 BARGAINING POWER OF SUPPLIERS
           5.3.5 RIVALRY AMONG EXISTING COMPETITORS
    5.4 ELECTRIC TRUCKS MARKET ECOSYSTEM
           FIGURE 37 ELECTRIC TRUCKS MARKET: ECOSYSTEM ANALYSIS
           5.4.1 EV CHARGING PROVIDERS
           5.4.2 TIER I SUPPLIERS
           5.4.3 OEMS
           5.4.4 END USERS
                    TABLE 11 ELECTRIC TRUCKS MARKET: ROLE OF COMPANIES IN ECOSYSTEM
    5.5 VALUE CHAIN ANALYSIS
           FIGURE 38 VALUE CHAIN ANALYSIS OF ELECTRIC TRUCKS MARKET
    5.6 REVENUE SHIFT FOR ELECTRIC TRUCKS MANUFACTURER
           FIGURE 39 REVENUE SHIFT AND HOT BETS IN ELECTRIC TRUCKS MARKET
    5.7 ELECTRIC TRUCK PRICING ANALYSIS
           TABLE 12 DIESEL/PETROL TRUCK: AVERAGE PRICE COMPARISON
           TABLE 13 ELECTRIC TRUCK: AVERAGE PRICE COMPARISON
    5.8 TECHNOLOGY ANALYSIS
           5.8.1 SMART CHARGING SYSTEM IN E-TRUCK STATIONS
                    FIGURE 40 SMART EV CHARGING SYSTEM
           5.8.2 SOLID-STATE BATTERY (SSB)
           5.8.3 IOT IN ELECTRIC VEHICLES
    5.9 PATENT ANALYSIS
           TABLE 14 IMPORTANT PATENT REGISTRATIONS RELATED TO THE ELECTRIC TRUCK MARKET
    5.10 CASE STUDY
           5.10.1 A CASE STUDY ON BATTERY-ELECTRIC TRUCK USER’S EXPERIENCES IN NORWAY
    5.11 REGULATORY OVERVIEW
           5.11.1 NETHERLANDS
                     TABLE 15 ETHERLANDS: INCENTIVES FOR ELECTRIC VEHICLES
                     TABLE 16 NETHERLANDS: ELECTRIC VEHICLE CHARGING STATION INCENTIVES
           5.11.2 GERMANY
                     TABLE 17 GERMANY: ELECTRIC VEHICLE INCENTIVES
                     TABLE 18 GERMANY: ELECTRIC VEHICLE CHARGING STATION INCENTIVES
           5.11.3 FRANCE
                     TABLE 19 FRANCE: ELECTRIC VEHICLE INCENTIVES
                     TABLE 20 FRANCE: ELECTRIC VEHICLE CHARGING STATION INCENTIVES
           5.11.4 UK
                     TABLE 21 UK: ELECTRIC VEHICLE INCENTIVES
                     TABLE 22 UK: ELECTRIC VEHICLE CHARGING STATION INCENTIVES
           5.11.5 CHINA
                     TABLE 23 CHINA: ELECTRIC VEHICLE INCENTIVES
                     TABLE 24 CHINA: ELECTRIC VEHICLE CHARGING STATION INCENTIVES
           5.11.6 US
                     TABLE 25 US: ELECTRIC VEHICLE INCENTIVES
                     TABLE 26 US: ELECTRIC VEHICLE CHARGING STATION INCENTIVES
    5.12 COVID-19 IMPACT ANALYSIS
           5.12.1 IMPACT ON RAW MATERIAL SUPPLY
           5.12.2 COVID-19 IMPACT ON THE AUTOMOTIVE INDUSTRY
           5.12.3 OEM ANNOUNCEMENTS
                     TABLE 27 OEM ANNOUNCEMENTS
           5.12.4 IMPACT ON ELECTRIC TRUCK PRODUCTION
    5.13 ELECTRIC TRUCK MARKET, SCENARIOS (2021–2030)
           5.13.1 MOST LIKELY SCENARIO
                     TABLE 28 ELECTRIC TRUCKS MARKET (MOST LIKELY), BY REGION, 2021–2030 (UNITS)
           5.13.2 OPTIMISTIC SCENARIO
                     TABLE 29 ELECTRIC TRUCKS MARKET (OPTIMISTIC), BY REGION, 2021–2030 (UNITS)
           5.13.3 PESSIMISTIC SCENARIO
                     TABLE 30 ELECTRIC TRUCKS MARKET (PESSIMISTIC), BY REGION, 2021–2030 (UNITS)

6 ELECTRIC TRUCKS MARKET, BY BATTERY CAPACITY (Page No. - 84)
    6.1 INTRODUCTION
           FIGURE 41 50-250 KWH SEGMENT EXPECTED TO GROW AT THE HIGHEST CAGR DURING FORECAST PERIOD
           TABLE 31 ELECTRIC TRUCKS MARKET SIZE, BY BATTERY CAPACITY, 2019–2030 (UNITS)
    6.2 OPERATIONAL DATA
           TABLE 32 ELECTRIC TRUCKS AND THEIR BATTERY CAPACITIES
           TABLE 33 VEHICLE MODELS, BY BATTERY CAPACITY
           6.2.1 ASSUMPTIONS
                        TABLE 34 ASSUMPTIONS: BY BATTERY CAPACITY
           6.2.2 RESEARCH METHODOLOGY
    6.3 <50 KWH
           6.3.1 HIGH ADOPTION RATE OF ELECTRIC PICK-UP TRUCKS IS EXPECTED TO BOOST THE <50 KWH SEGMENT
                        TABLE 35 <50 KWH: ELECTRIC TRUCKS MARKET, BY REGION, 2019–2030 (UNITS)
    6.4 50-250 KWH
           6.4.1 AFFORDABLE ELECTRIC TRUCKS AND PICK-UP TRUCKS DRIVE 50-250 KWH SEGMENT IN ASIA PACIFIC
                        TABLE 36 50-250 KWH: ELECTRIC TRUCKS MARKET, BY REGION, 2019–2030 (UNITS)
    6.5 ABOVE 250 KWH
           6.5.1 TRUCKS WITH A BATTERY CAPACITY OF MORE THAN 250 KWH IS PREFERRED TO TRANSPORT HEAVY LOGISTICS
                        TABLE 37 ABOVE 250 KWH: ELECTRIC TRUCKS MARKET, BY REGION, 2019–2030 (UNITS)
    6.6 KEY INDUSTRY INSIGHTS

7 ELECTRIC TRUCKS MARKET, BY BATTERY TYPE (Page No. - 92)
    7.1 INTRODUCTION
           FIGURE 42 LITHIUM-NICKEL-MANGANESE-COBALT OXIDE (NMC) SEGMENT IS EXPECTED TO DOMINATE THE ELECTRIC TRUCKS MARKET DURING THE FORECAST PERIOD 94
           TABLE 38 ELECTRIC TRUCKS MARKET SIZE, BY BATTERY TYPE, 2019–2030 (UNITS)
    7.2 OPERATIONAL DATA
           TABLE 39 ELECTRIC TRUCKS DATA, BATTERY TYPE
           TABLE 40 TYPES OF LITHIUM-ION BATTERY CHEMISTRIES
           TABLE 41 MOST COMMONLY USED LITHIUM-ION BATTERIES AND THEIR SPECIFICATIONS
           7.2.1 ASSUMPTIONS
           7.2.2 RESEARCH METHODOLOGY
    7.3 LITHIUM-NICKEL-MANGANESE-COBALT OXIDE
           7.3.1 ADVANCEMENTS IN BATTERY TECHNOLOGY TO BOOST NMC SEGMENT
                        TABLE 42 LITHIUM-NICKEL-MANGANESE-COBALT OXIDE BATTERIES IN ELECTRIC TRUCKS MARKET, BY REGION, 2019–2030 (UNITS)
    7.4 LITHIUM-IRON-PHOSPHATE
           7.4.1 LOW PRICES OF LFP BATTERIES DRIVE MARKET
                        TABLE 43 LITHIUM-IRON-PHOSPHATE BATTERIES IN ELECTRIC TRUCKS MARKET, BY REGION, 2019–2030 (UNITS)
    7.5 OTHERS
           7.5.1 OEMS FOCUS ON R&D TO BOOST THE MARKET FOR OTHER BATTERIES
                        TABLE 44 OTHER BATTERIES IN ELECTRIC TRUCKS MARKET, BY REGION, 2019–2030 (UNITS)
    7.6 KEY INDUSTRY INSIGHTS

8 ELECTRIC TRUCKS MARKET, BY END USER (Page No. - 101)
    8.1 INTRODUCTION
    8.2 OPERATIONAL DATA
           8.2.1 ASSUMPTIONS
                    TABLE 47 ASSUMPTIONS: BY END USER
           8.2.2 RESEARCH METHODOLOGY
    8.3 LAST MILE DELIVERY
    8.4 FIELD SERVICES
    8.5 DISTRIBUTION SERVICES
    8.6 LONG HAUL TRANSPORTATION
    8.7 REFUSE SERVICES
    8.8 KEY INDUSTRY INSIGHTS

9 ELECTRIC TRUCKS MARKET, LEVEL OF AUTOMATION (Page No. - 106)
    9.1 INTRODUCTION
    9.2 ELECTRIC TRUCKS MARKET, BY LEVEL OF AUTOMATION
           FIGURE 44 ELECTRIC TRUCKS MARKET, BY LEVEL OF AUTOMATION, 2021 VS. 2030 (UNITS)
           TABLE 48 ELECTRIC TRUCKS MARKET SIZE, BY LEVEL OF AUTOMATION, 2021–2030 (UNITS)
    9.3 OPERATIONAL DATA
           TABLE 49 DEVELOPMENTS FROM OEMS TOWARDS SELF-DRIVING TECHNOLOGY
           9.3.1 ASSUMPTIONS
                    TABLE 50 ASSUMPTIONS: BY ELECTRIC VEHICLE TYPE
           9.3.2 RESEARCH METHODOLOGY
    9.4 LEVEL 1
    9.5 LEVEL 2 & 3
    9.6 LEVEL 4
    9.7 LEVEL 5
           TABLE 51 OEM MODELS, BY LEVEL OF AUTOMATION
    9.8 KEY INDUSTRY INSIGHTS

10 ELECTRIC TRUCKS MARKET, BY PAYLOAD CAPACITY (Page No. - 113)
     10.1 INTRODUCTION
     10.2 OPERATIONAL DATA
             TABLE 52 OPERATIONAL DATA: ELECTRIC TRUCKS DATA BASED ON PAYLOAD CAPACITY
     10.3 UPTO 10,000 LBS
     10.4 10,001- 26,000 LBS
     10.5 ABOVE 26,000 LBS

11 ELECTRIC TRUCK MARKET, BY PROPULSION TYPE (Page No. - 115)
     11.1 INTRODUCTION
             FIGURE 45 THE BEV SEGMENT IS EXPECTED TO DOMINATE THE ELECTRIC TRUCKS MARKET DURING THE FORECAST PERIOD
             TABLE 53 ELECTRIC TRUCKS MARKET SIZE, BY PROPULSION TYPE, 2019–2030 (UNITS)
     11.2 OPERATIONAL DATA
             TABLE 54 ELECTRIC TRUCK DATA, BY PROPULSION TYPE
             11.2.1 ASSUMPTIONS
             11.2.2 UPCOMING ELECTRIC TRUCKS AND ELECTRIC PICK-UP TRUCK MODELS
             11.2.3 RESEARCH METHODOLOGY
     11.3 BEV
             11.3.1 ASIA PACIFIC IS EXPECTED TO DOMINATE THE BEV MARKET
                        TABLE 55 BATTERY ELECTRIC VEHICLES MARKET, BY REGION, 2019–2030 (UNITS)
     11.4 FCEV
             11.4.1 ONGOING DEVELOPMENTS BY OEMS TO DRIVE FCEV MARKET
                        TABLE 56 FUEL CELL ELECTRIC VEHICLES MARKET, BY REGION, 2019–2030 (UNITS)
     11.5 PHEV
             11.5.1 ASIA PACIFIC IS PROJECTED TO BE THE LARGEST PHEV MARKET
                        TABLE 57 PLUG-IN HYBRID ELECTRIC VEHICLES MARKET, BY REGION, 2019–2030 (UNITS)
     11.6 KEY INDUSTRY INSIGHTS

12 ELECTRIC TRUCK MARKET, BY RANGE (Page No. - 124)
     12.1 INTRODUCTION
           FIGURE 46 THE UPTO 200 MILES SEGMENT EXPECTED TO DOMINATE ELECTRIC TRUCKS MARKET DURING THE FORECAST PERIOD
           TABLE 58 ELECTRIC TRUCKS MARKET SIZE, BY RANGE, 2019–2030 (UNITS)
     12.2 OPERATIONAL DATA
             TABLE 59 NEW AND UPCOMING EV TRUCK MODELS, BY RANGE
             12.2.1 ASSUMPTIONS
                        TABLE 60 ASSUMPTIONS: BY RANGE
             12.2.2 RESEARCH METHODOLOGY
     12.3 UPTO 200 MILES
             12.3.1 AFFORDABLE ELECTRIC TRUCKS HAVE A RANGE OF UPTO 200 MILES
                        TABLE 61 UPTO 200 MILES: ELECTRIC TRUCKS MARKET, BY REGION, 2019–2030 (UNITS)
     12.4 ABOVE 200 MILES
             12.4.1 ADVANCEMENTS IN BATTERY TECHNOLOGIES WILL DRIVE THE DEMAND FOR VEHICLES HAVING A RANGE OF ABOVE 200 MILES
                        TABLE 62 ABOVE 200 MILES: ELECTRIC TRUCKS MARKET, BY REGION, 2019–2030 (UNITS)
     12.5 KEY INDUSTRY INSIGHTS

13 ELECTRIC TRUCKS MARKET, BY TYPE (Page No. - 131)
     13.1 INTRODUCTION
             TABLE 63 ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2030 (UNITS)
             FIGURE 47 THE HEAVY-DUTY TRUCKS SEGMENT IS EXPECTED TO GROW AT THE HIGHEST CAGR DURING THE FORECAST PERIOD
     13.2 OPERATIONAL DATA
             TABLE 64 TOP NEW AND UPCOMING ELECTRIC TRUCKS ACROSS THE WORLD
             13.2.1 ASSUMPTIONS
                        TABLE 65 ASSUMPTIONS: BY TYPE
             13.2.2 RESEARCH METHODOLOGY
     13.3 LIGHT-DUTY TRUCKS
             13.3.1 GROWING EMISSION NORMS AND LAST MILE DELIVERY FOR COMMERCIAL USE WILL BOOST THE DEMAND FOR THESE TRUCKS
                        TABLE 66 LIGHT-DUTY ELECTRIC VEHICLE REGULATIONS
                        TABLE 67 LIGHT-DUTY ELECTRIC TRUCKS MARKET, BY REGION, 2019–2030 (UNITS)
                        TABLE 68 LIGHT-DUTY COMMERCIAL TRUCKS MARKET, BY ROBOTAXI MARKET, 2021–2030 (UNITS)
     13.4 MEDIUM-DUTY TRUCKS
             13.4.1 THE ADOPTION OF ELECTRIC TRUCKS IN E-COMMERCE AND INTRA-STATE LOGISTICS WILL BOOST THE DEMAND FOR THESE TRUCKS
                        TABLE 69 MEDIUM-DUTY ELECTRIC TRUCKS MARKET, BY REGION, 2019–2030 (UNITS)
     13.5 HEAVY-DUTY TRUCKS
             13.5.1 ADOPTION OF ELECTRIC TRUCKS FOR INTER-STATE LOGISTICS AND SPECIALISED TRUCKS WILL INCREASE THE DEMAND FOR THESE TRUCKS
                        TABLE 70 HEAVY-DUTY ELECTRIC VEHICLE REGULATIONS
                        TABLE 71 HEAVY-DUTY ELECTRIC TRUCKS MARKET, BY REGION, 2019–2030 (UNITS)
     13.6 KEY PRIMARY INSIGHTS

14 ELECTRIC TRUCKS MARKET, BY REGION (Page No. - 141)
     14.1 INTRODUCTION
             FIGURE 48 ASIA PACIFIC IS EXPECTED TO BE THE LARGEST MARKET FOR ELECTRIC TRUCKS DURING THE FORECAST PERIOD
             TABLE 72 ELECTRIC TRUCKS MARKET, BY REGION, 2019–2030 (USD MILLION)
             TABLE 73 ELECTRIC TRUCKS MARKET, BY REGION, 2019–2030 (UNITS)
     14.2 ASIA PACIFIC
             FIGURE 49 ASIA PACIFIC: ELECTRIC TRUCKS MARKET SNAPSHOT
             TABLE 74 ASIA PACIFIC: ELECTRIC TRUCKS MARKET, BY COUNTRY, 2019–2030 (UNITS)
             14.2.1 CHINA
                        14.2.1.1 Increased investment in charging infrastructure will drive the market
                                    TABLE 75 CHINA: ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2030 (UNITS)
             14.2.2 INDIA
                        14.2.2.1 Government initiatives expected to drive the demand for electric trucks in the country
                                    TABLE 76 INDIA: ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2030 (UNITS)
             14.2.3 JAPAN
                        14.2.3.1 Advancements in battery technology will boost the market
                                    TABLE 77 JAPAN: ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2030 (UNITS)
             14.2.4 SOUTH KOREA
                        14.2.4.1 Increased investment in electric commercial vehicles will boost the market
                                    TABLE 78 SOUTH KOREA: ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2030 (UNITS)
     14.3 EUROPE
             FIGURE 50 EUROPE: ELECTRIC TRUCKS MARKET SNAPSHOT
             TABLE 79 EUROPE: ELECTRIC TRUCK MARKET, BY COUNTRY, 2019–2030 (UNITS)
             14.3.1 FRANCE
                        14.3.1.1 Government offering purchase grants will boost the market
                                    TABLE 80 FRANCE: ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2030 (UNITS)
             14.3.2 GERMANY
                        14.3.2.1 E-highway program will boost the market
                                    TABLE 81 GERMANY: ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2030 (UNITS)
             14.3.3 NETHERLANDS
                        14.3.3.1 Government focus on greener vehicles will boost the demand for electric trucks
                                    TABLE 82 NETHERLANDS: ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2030 (UNITS)
             14.3.4 NORWAY
                        14.3.4.1 Government incentives will fuel the demand for electric trucks
                                    TABLE 83 NORWAY: ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2030 (UNITS)
             14.3.5 SWEDEN
                        14.3.5.1 The presence of top OEMs is expected to boost the market
                                    TABLE 84 SWEDEN: ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2030 (UNITS)
             14.3.6 UK
                        14.3.6.1 Country investment towards ultra-low emission vehicles will boost the market
                                    FIGURE 51 UK: ROADMAP TO 2035
                                    TABLE 85 UK: ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2030 (UNITS)
     14.4 NORTH AMERICA
             FIGURE 52 NORTH AMERICA: ELECTRIC TRUCK MARKET SNAPSHOT
             TABLE 86 NORTH AMERICA: ELECTRIC TRUCK MARKET, BY COUNTRY, 2019–2030 (UNITS)
             14.4.1 CANADA
                        14.4.1.1 Increasing development in electric vehicles infrastructure will boost the market
                                    TABLE 87 CANADA: ELECTRIC TRUCK MARKET, BY TYPE, 2019–2030 (UNITS)
             14.4.2 US
                        14.4.2.1 Increasing developments in electric truck technology will drive the market
                                    TABLE 88 US: ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2030 (UNITS)

15 COMPETITIVE LANDSCAPE (Page No. - 160)
     15.1 OVERVIEW
             FIGURE 53 KEY DEVELOPMENTS BY LEADING PLAYERS, 2018–2021
     15.2 MARKET SHARE ANALYSIS FOR THE ELECTRIC TRUCKS MARKET
             TABLE 89 MARKET SHARE ANALYSIS, 2020
             FIGURE 54 MARKET SHARE ANALYSIS, 2020
     15.3 REVENUE ANALYSIS OF TOP KEY PLAYERS
     15.4 COMPETITIVE SCENARIO
             15.4.1 NEW PRODUCT LAUNCHES
                        TABLE 90 PRODUCT LAUNCHES, 2018–2021
     15.5 DEALS
             TABLE 91 DEALS, 2018–2021
     15.6 OTHERS
             TABLE 92 OTHERS, 2018-2021
     15.7 COMPANY EVALUATION QUADRANT
             15.7.1 STARS
             15.7.2 EMERGING LEADERS
             15.7.3 PERVASIVE
             15.7.4 PARTICIPANTS
                        FIGURE 55 ELECTRIC TRUCK MARKET: COMPANY EVALUATION QUADRANT, 2021
     15.8 ELECTRIC TRUCKS MARKET: COMPANY FOOTPRINT, 2021
     15.9 ELECTRIC TRUCKS MARKET: PRODUCT FOOTPRINT, 2021
     15.10 ELECTRIC TRUCKS MARKET: REGIONAL FOOTPRINT, 2021
     15.11 WINNERS VS. TAIL-ENDERS

16 COMPANY PROFILES (Page No. - 172)
(Business overview, Products offered, SWOT analysis & MnM View)* 
     16.1 KEY PLAYERS
             16.1.1 BYD
                        TABLE 93 BYD: BUSINESS OVERVIEW
                        FIGURE 56 BYD: COMPANY SNAPSHOT
                        TABLE 94 BYD: PRODUCTS OFFERED
                        TABLE 95 BYD: NEW PRODUCT DEVELOPMENTS
                        TABLE 96 BYD: DEALS
                        TABLE 97 BYD: OTHERS
             16.1.2 AB VOLVO
                        TABLE 98 AB VOLVO: BUSINESS OVERVIEW
                        FIGURE 57 AB VOLVO: COMPANY SNAPSHOT
                        TABLE 99 AB VOLVO: PRODUCTS OFFERED
                        TABLE 100 AB VOLVO: NEW PRODUCT DEVELOPMENTS
                        TABLE 101 AB VOLVO: DEALS
                        TABLE 102 AB VOLVO: OTHERS
             16.1.3 DAIMLER AG
                        TABLE 103 DAIMLER AG: BUSINESS OVERVIEW
                        FIGURE 58 DAIMLER AG: COMPANY SNAPSHOT
                        TABLE 104 DAIMLER AG: PRODUCTS OFFERED
                        TABLE 105 DAIMLER AG: NEW PRODUCT DEVELOPMENTS
                        TABLE 106 DAIMLER AG: DEALS
                        TABLE 107 DAIMLER AG: OTHERS
             16.1.4 PACCAR INC
                        TABLE 108 PACCAR INC: BUSINESS OVERVIEW
                        FIGURE 59 PACCAR INC: COMPANY SNAPSHOT
                        TABLE 109 PACCAR INC: PRODUCTS OFFERED
                        TABLE 110 PACCAR INC: NEW PRODUCT DEVELOPMENTS
                        TABLE 111 PACCAR INC: DEALS
             16.1.5 SCANIA AB
                        TABLE 112 SCANIA AB: BUSINESS OVERVIEW
                        FIGURE 60 SCANIA AB: COMPANY SNAPSHOT
                        TABLE 113 SCANIA AB: PRODUCTS OFFERED
                        TABLE 114 SCANIA AB: NEW PRODUCT DEVELOPMENTS
                        TABLE 115 SCANIA AB: DEALS
                        TABLE 116 SCANIA AB: OTHERS
             16.1.6 RIVIAN
                        TABLE 117 RIVIAN: BUSINESS OVERVIEW
                        TABLE 118 RIVIAN: PRODUCTS OFFERED
                        TABLE 119 RIVIAN: NEW PRODUCT DEVELOPMENTS
                        TABLE 120 RIVIAN: DEALS
                        TABLE 121 RIVIAN: OTHERS
             16.1.7 TESLA, INC
                        TABLE 122 TESLA, INC.: BUSINESS OVERVIEW
                        FIGURE 61 TESLA, INC.: COMPANY SNAPSHOT
                        TABLE 123 TESLA, INC.: PRODUCTS OFFERED
                        TABLE 124 TESLA, INC.: NEW PRODUCT DEVELOPMENTS
                        TABLE 125 TESLA, INC.: DEALS
             16.1.8 NAVISTAR INC
                        TABLE 126 NAVISTAR INC: BUSINESS OVERVIEW
                        FIGURE 62 NAVISTAR INC: COMPANY SNAPSHOT
                        TABLE 127 NAVISTAR INC: PRODUCTS OFFERED
                        TABLE 128 NAVISTAR INC: NEW PRODUCT DEVELOPMENTS
                        TABLE 129 NAVISTAR INC: DEALS
                        TABLE 130 NAVISTAR INC: OTHERS
             16.1.9 DONGFENG MOTOR CORPORATION
                        TABLE 131 DONGFENG MOTOR CORPORATION: BUSINESS OVERVIEW
                        FIGURE 63 DONGFENG MOTOR CORPORATION: COMPANY SNAPSHOT
                        TABLE 132 DONGFENG MOTOR CORPORATION: PRODUCTS OFFERED
                        TABLE 133 DONGFENG MOTOR CORPORATION: DEALS
             16.1.10 FAW GROUP CORPORATION
                        TABLE 134 FAW GROUP CORPORATION: BUSINESS OVERVIEW
                        TABLE 135 FAW GROUP CORPORATION: PRODUCTS OFFERED
                        TABLE 136 FAW GROUP CORPORATION: NEW PRODUCT DEVELOPMENTS
             16.1.11 PROTERRA
                        TABLE 137 PROTERRA: BUSINESS OVERVIEW
                        TABLE 138 PROTERRA: PRODUCTS OFFERED
                        TABLE 139 PROTERRA: NEW PRODUCT DEVELOPMENTS
                        TABLE 140 PROTERRA: DEALS
             16.1.12 VDL GROEP
                        TABLE 141 VDL GROEP: BUSINESS OVERVIEW
                        FIGURE 64 VDL GROEP: COMPANY SNAPSHOT
                        TABLE 142 VDL GROEP: PRODUCTS OFFERED
                        TABLE 143 VDL GROEP: NEW PRODUCT DEVELOPMENTS
                        TABLE 144 VDL GROEP: DEALS
*Details on Business overview, Products offered, Recent developments & MnM View might not be captured in case of unlisted companies. 
     16.2 OTHER KEY PLAYERS
             16.2.1 TATA MOTORS
             16.2.2 WORKHORSE
             16.2.3 NIKOLA CORPORATION
             16.2.4 FORD MOTOR COMPANY
             16.2.5 ASHOK LEYLAND
             16.2.6 ISUZU MOTORS LTD
             16.2.7 YINLONG ENERGY CO, LTD
             16.2.8 IRIZAR GROUP
             16.2.9 IVECO S.P.A
             16.2.10 TRITON
             16.2.11 BOLLINGER MOTORS
             16.2.12 XOS TRUCKS INC
             16.2.13 ATLIS MOTOR VEHICLES
             16.2.14 EMOSS MOBILE SYSTEMS BV
             16.2.15 KAIYUN MOTORS

17 RECOMMENDATIONS BY MARKETSANDMARKETS (Page No. - 214)
     17.1 NORTH AMERICA AND ASIA PACIFIC ARE KEY MARKETS FOR ELECTRIC TRUCKS
     17.2 ADOPTION OF LIGHT-DUTY ELECTRIC TRUCKS IS ON THE RISE
     17.3 CONCLUSION

18 APPENDIX (Page No. - 216)
     18.1 KEY INSIGHTS OF INDUSTRY EXPERTS
     18.2 DISCUSSION GUIDE
     18.3 KNOWLEDGE STORE: MARKETSANDMARKETS SUBSCRIPTION PORTAL
     18.4 AVAILABLE CUSTOMIZATIONS
     18.5 RELATED REPORTS
     18.6 AUTHOR DETAILS

The study involved four major activities in estimating the current size of the Electric truck market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with the industry experts across value chains through primary research. The top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation processes were used to estimate the market size of segments and subsegments.

Secondary Research

In the secondary research process, various secondary sources such as company annual reports/presentations, press releases, industry association publications [for example, publications of electric trucks OEMs, Canadian Automobile Association (CAA), country-level automotive associations and trade organizations, and the US Department of Transportation (DOT)], commercial vehicles magazine articles, directories, technical handbooks, World Economic Outlook, trade websites, and technical articles have been used to identify and collect information useful for an extensive commercial study of the global electric truck market.

Primary Research

Extensive primary research has been conducted after acquiring an understanding of the Electric truck market scenario through secondary research. Several primary interviews have been conducted with market experts from both, the demand-side and supply-side across four major regions, namely, North America, Europe, and Asia Pacific regions. Approximately 52% and 48% of primary interviews have been conducted from the demand and supply sides, respectively. Primary data has been collected through questionnaires, emails, and telephonic interviews. In the canvassing of primaries, we have strived to cover various departments within organizations such as sales, operations, and administration, to provide a holistic viewpoint in our report.

After interacting with industry experts, we have also conducted brief sessions with highly experienced independent consultants to reinforce the findings from our primaries. This, along with the in-house subject-matter experts’ opinions, has led us to the findings as described in the remainder of this report.

Electric Trucks Market Size, and Share

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

Primary Participants

In-depth interviews have been conducted with the target groups to collect industry-related data, technology-related information, and validation of our analysis.

  • Autonomous technology providers
  • Component Manufacturers
  • Electric Charging Station Vendors
  • Electric trucks component providers
  • Electric trucks end user
  • OEMs
  • Raw Material Suppliers for electric trucks

Market Size Estimation

A detailed market estimation approach was followed to estimate and validate the value of the Electric truck market and other dependent submarkets, as mentioned below:

  • Key players in the Electric trucks were identified through secondary research, and their global market shares were determined through primary and secondary research.
  • The research methodology included the study of the annual and quarterly financial reports & regulatory filings of major market players, as well as interviews with industry experts for detailed market insights.
  • All major penetration rates, percentage shares, splits, and breakdowns for the Electric truck market were determined using secondary sources and verified through primary sources.
  • All key macro indicators affecting the revenue growth of the market segments and subsegments were accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the validated and verified quantitative & qualitative data.
  • The gathered market data was consolidated and added with detailed inputs, analyzed, and presented in this report

Data Triangulation

All percentage shares, splits, and breakdowns were determined using secondary sources and verified by primary sources. All parameters that are said to affect the markets covered in this research study were accounted for, viewed in extensive detail, and analyzed to obtain the final quantitative and qualitative data. This data was consolidated, enhanced with detailed inputs and analysis from MarketsandMarkets, and presented in the report. The following figure is an illustrative representation of the overall market size estimation process employed for this study.

Report Objectives

  • To analyze and forecast the size of the Electric truck market in terms of volume (units)
  • To analyze and forecast the size of the market based on propulsion type (BEV, PHEV, FCEV)
  • To analyze and forecast the size of the market based on vehicle type (light Duty trucks, Medium Duty trucks, heavy duty trucks)
  • To analyze and forecast the size of the market based on battery type (Lithium-Nickel-Manganese-Cobalt Oxide, Lithium-Iron-Phosphate, others)
  • To analyze and forecast the size of the market based on end user (Last mile Delivery, long haul transportation, refuse services, field services)
  • To analyze and forecast the size of the market based on range (upto 200 miles, above 200 miles)
  • To analyze and forecast the size of the market based battery capacity (less than 50kWh, 50-250 kwh, above 250 kwh)
  • To analyze and forecast the size of the market based on region (Asia Pacific, North America, and Europe)
  • To analyze and forecast the size of market based on level of automation (semi-autonomous electric truck market and autonomous electric truck market)
  • To analyze and forecast the size of market based on payload capacity ( upto 10,000 lbs; 10,001-26,000 lbs; Above 26,000 lbs)
  • To identify the dynamics, including drivers, restraints, opportunities, and challenges, and analyze their impact on the market
  • To track and analyze competitive developments such as new product launches, deals, and others carried out by key industry participants to strengthen their positions in the market

    Available Customizations

    Along with the market data, MarketsandMarkets offers customizations in line with company-specific needs.

    • Electric truck market, by range, at the country-level (For countries covered in the report)
    • Electric truck market, by battery capacity, at the country-level (For countries covered in the report)
    • Company Information
    • Profiles of additional market players (Up to five)
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