The global electric truck market size is projected to reach 1,413,694 units by 2030 from a projected 69,597 units in 2021, at a CAGR of 39.7%. The base year for the report is 2020, and the forecast period is from 2021 to 2030. 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. In this pursuit, automotive OEMs and component manufacturers are exploring ways to develop and design electric commercial vehicles that can meet the standards of fuel efficiency as well as vehicle emission.
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The electric truck market is dominated by globally established players such as BYD (China), VDL Groep (Netherlands), and AB Volvo (Sweden), PACCAR Inc (U.S.), and Scania AB (Sweden). 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.
The Asia Pacific region is estimated to account for the largest share of the electric truck market in 2020. This region is home to OEMs such as BYD, TATA, Ashok Leyland, Dongfeng etc. In recent years, China has introduced many electric trucks to its fleets to reduce vehicle emissions. Similarly, U.S. and Europe have included electric trucks for cutting down emissions and reducing the dependence on fossil fuels. In addition, the governments in the Asia Pacific countries are offering several incentives for the promotion of electric commercial vehicles.
BYD is one of the leading players in the electric truck market. The company is continuously developing new advanced electric trucks with innovative technologies. BYD is also investing heavily in the R&D of the battery technologies used in electric commercial vehicles. In Nov 2020, BYD opened a manufacturing plant in Manaus, Brazil, specifically for lithium iron phosphate batteries. The company has already started operations in the facility, which is also the South American country’s first factory for lithium iron phosphate batteries, located at the Manaus Industrial Zone (PIM).
Proterra, VDL Groep, Dongfeng Motor Corporation and AB Volvo are the other leading players in this market. In 2020, the Volvo Group 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 July 2020, Volvo Penta, a division of AB Volvo, developed an electric driveline for a leading fire service vehicle manufacturer, Rosenbauer’s pioneering fire truck, enabling an innovative new solution with zero exhaust emissions and significantly reduced noise levels. In Dec 2019, Volvo Trucks, a division of AB Volvo, developed heavy-duty electric concept trucks for construction operations and regional distribution.
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
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