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 segment has witnessed rapid evolution with governments across the world are focused on adoption of zero emission vehicles and providing incentives & subsidies on electric vehicles. Thus, with the increasing demand for zero emission vehicles for refuse services, distribution services electric truck market is likely to grow. Advancements in battery pack technologies and electric powertrains are some of the major factors driving the growth of the electric truck market. Factors such as a rise in pollution and environmental hazards, stringent government regulations, and stiff competition have compelled automotive OEMs to make fuel-efficient and environment-friendly vehicles. Hence, the electric truck market will grow.
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The electric truck market is dominated by globally established players such as BYD (China), Rivian (US), and AB Volvo (Sweden), Ford Motor Company (US), and Mercedes Benz Group AG (Germany). These companies developed new electric trucks; adopted expansion strategies; and undertook collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth electric truck market.
BYD focuses on enhancing its business by implementing multiple strategies to increase its brand awareness and set up channel partners for sales and distribution. It has focused on new developments and deals. BYD has collaborated with various city transport authorities across the world, providing electric trucks of different specifications and sizes. BYD designs, manufactures, and supports a full line of zero-emission electric trucks for a wide range of applications. The company operates through subsidiaries such as BYD (HK) Co Ltd, Shenzhen BYD Microelectronics, BYD Toyota EV Technology, and others as of 2022.
AB Volvo has a range of electric trucks with a specific focus on improving its existing offerings. It continues to invest in developing new electric trucks with advanced performance characteristics and new technology for the core parts and components of an automobile. AB Volvo develops, manufactures, and sells electric vehicles. The company offers electric truck models such as Volvo FH Electric, Volvo FM Electric, Volvo FMX Electric, Volvo FE Electric, Volvo FL Electric, and Volvo VNR Electric.
Rivian aims to create value by adopting a strategy that consolidates its leadership position in the electric trucks market. Its current product includes electric trucks and other related products as of 2022. It aims to expedite the move to sustainable transport and energy obtained through electric vehicles. The company offers R1T, a two-row, five-passenger pickup truck, as well as the R1S, a three-row, seven-passenger sport utility vehicle (SUV).
Mercedes Benz Group AG has collaboration, agreements, and joint ventures with various OEMs across the world, providing electric trucks. It is one of the largest manufacturers of electric trucks worldwide. The company produces some of the most technologically advanced, sophisticated, and performance-oriented automobiles on the market. It is a financially developed company and hence, invests heavily in brand building.
Ford Motor Company is a multinational automaker that is headquartered in Michigan, US. The company sells automobiles and commercial vehicles under the Ford Motor Company brand and most luxury brands under the Lincoln brand. The company also has joint ventures in China, Taiwan, Thailand, India Turkey, and Russia as of 2022. The company also owns Brazilian SUV manufacturer Troller and has a stake in Aston Martin and in Jiangling Motors as of August-2022. Ford Motor Company is credited for the methods of manufacturing sequence typified by moving assembly lines.
Electric Trucks 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
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