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Electric Trucks Market
The Electric Trucks Market is predicted to reach USD 58 billion by the end of 2028, expanding at a CAGR of 14.7 % over the forecast period (2021-2028).
The factors driving the growth of Electric Trucks Market includes growing emphasis on reducing vehicular emissions, rapid growth in the transportation and logistics sector around the world and the development autonomous electric trucks. According to the report published by Bloomberg, the Global E-commerce Logistics Market is anticipated to reach USD1.9 billion by the end of 2030, expanding at a CAGR of 23.5% over the forecast period (2021-2030), which will boost the Electric Trucks Market size in the approaching years. Moreover, the strict regulations imposed by Governments on fossil fuel powered commercial vehicles, rising emphasis on utilizing renewable sources of energy and technological advancements in the production of electric vehicles battery, are some of the additional factors supplementing the market growth. In addition, the increasing investments by the leading players on research and development, rising disposable income and rapid urbanization, are further contributing to the market growth.
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However, the growth of Electric Trucks Market is hindered due to lack of Electric vehicles charging stations.
The prominent players operating in the market are China FAW Group Co., Ltd., ISUZU Motors Limited, Tevva Motors Limited, BYD Motors Inc., Daimler AG, Scania, Foton Motor Inc., AB Volvo, Tata Motors Limited and Dongfeng Motor Company among others.
Propulsion – Segment Analysis
Based on Propulsion, the Battery Electric Truck segment is expected to grow at a significant CAGR during the forecast period attributed to decline in the prices of lithium-ion batteries, as per Bloomberg, the price of lithium-ion batteries has fallen by 89% from USD 1,100 per kilowatt-hour in 2010 to USD 137/kWh in 2020.
Vehicle Type – Segment Analysis
Based on Vehicle Type, the Heavy-duty Electric Truck is projected to expand at a remarkable CAGR over the forecast period. The strict regulations imposed by Government to decarbonize public transportation and rise in the production of heavy-duty electric trucks across the globe, are some of the factors augmenting the segment’s growth.
Regional – Segment Analysis
Based on Region, the European region is anticipated to capture a sizeable market share during the forecast period. Increasing investments by government on building new Electric Vehicle charging stations, ban on the use of diesel in several cities in Europe and high per capita incomes, are some of the important factors propelling the market growth in Europe.
Market Segmentation
Global Electric Trucks Market by Propulsion
Battery Electric Truck
Hybrid Electric Truck
Plug-in Hybrid Electric Truck
Fuel Cell Electric Truck
Global Electric Trucks Market by Vehicle Type
Light-duty Electric Truck
Medium-duty Electric Truck
Heavy-duty Electric Truck
Global Electric Trucks Market by Range
Below 150 miles
150-300 miles
Above 300 miles
Global Electric Trucks Market by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
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