Global Electric Truck Market Research Report – Forecast till 2026
According to Market Research Future Statistics, the Global Electric Truck Market in terms of volume is expected to reach 324,120 Units by 2026, registering a 73.65% CAGR during the forecast period. An electric truck is an economic vehicle that is controlled by a set of batteries and is utilized for the transportation of load. Moreover, in electric trucks, engines inside have fewer parts moving when contrasted with diesel trucks. Electric trucks are a profoundly favored choice to fuel-based business vehicles as they are practical contrasted with fuel-based business vehicles and less dirtying. These trucks are generally utilized in calculated administrations, metropolitan bodies, and others. The rising logistic activities are evaluated to create growth opportunities for major market players.
The global market for electric trucks is anticipated to exhibit a substantial market expansion during the forecast period. The global electric truck market is propelled by factors such as government initiatives to encourage the adoption of electric trucks and low operating costs. However, the increased price & limited capacity of batteries is expected to hamper market growth during the review period.
Global Electric Trucks Market has been categorized into Truck Type, Charge Type, and Application.
In terms of truck type, the global market has been bifurcated into medium-duty trucks and heavy-duty trucks. The charge type segment divides the global electric truck market into the battery, plug-in hybrid, hybrid, and hydrogen fuel cell.
The charge type, the global market has been segmented into the battery, plug-in hybrid, hybrid, and hydrogen fuel cell. By application type, the global market has been classified into logistics, municipal, and others.
The region-specific analysis of the report on the Electric Truck Market has been classified into Asia-Pacific, North America, Europe, and the rest of the world.
Asia-Pacific is expected to contribute the largest share of the Electric trucks market owing to the effective initiatives taken by the governments of various countries such as China, Japan, India, and Singapore. The region is expected to contribute the notable market growth having the largest market share of 86.93% in 2019. However, many countries investing money and time in developing the charging infrastructure and increasing the collaborations between the vehicle OEMs and technology providers in the aftermarket is expected to fuel the market during the review period. Moreover, the high price is not a market hindering factor in the region, due to the favorable government policies such as tax waivers and other incentives for electric vehicle owners.
Europe accounted for the second-largest market of the global electric truck market owing to the leading market in Germany and France. The major manufacturers of Germany are focusing on investing in improving the charging infrastructure and developing low-cost battery materials.
The growth of the vendors is dependent on market conditions, government support, and industrial development. The Key players operating in the global electric truck market include AB Volvo, Daimler AG, PACCAR Inc., Volkswagen AG, BYD Company Limited, and Tesla.
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