Electric truck Market Report

The global market for electric trucks, which was valued $9.2 billion in 2021, is anticipated to grow at a CAGR of 14.8% between 2023 and 2030, reaching $27.7 billion.Electric trucks are commercial vehicles used for cargo transportation powered by a battery pack. They don't require multi-speed gearboxes, which lowers maintenance costs and increases vehicle dependability while producing nearly no noise. Electric truck market internal motors also feature fewer moving parts than diesel trucks. Further, due to government attempts to encourage the use of electric vehicles and their outstanding benefits, including vast amounts of torque, less noise pollution, plus lower operating costs, Electric trucks are increasingly becoming the preferred choice among diesel trucks.

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Market Segmentation

Due to the increase in the product portfolio brought on by the increasing investment and finance, along with the recent advances that have been made, the electric radio control truck is currently on the verge of experiencing an exceptional level of growth and need.

The following criteria have been used to segment the Electric truck market:

By Propulsion Type

· PHEV

· BEV

· FCEV

By Type

· Medium Duty Trucks

· Light Duty Trucks

· Heavy Duty Trucks

By End-User

· Refuse Services

· Last-Mile Delivery

· Long Haul Transportation

· Distribution services

· Field Services

By Range

· Above 200 Miles

· Up to 200 Miles

By Battery Capacity

· 50-250 Kwh

· Less Than 50kwh

· Above 250 Kwh

By Payload Capacity

· 10,001-26,000 lbs

· Up to 10,000 lbs

· Above 26,001 lbs

By Level of Automation

· Autonomous

· Semi-autonomous

By Battery Type

· Lithium-Iron-Phosphate

· Lithium-Nickel-Manganese-Cobalt Oxide

· Others

Regional classification

Due to the significant demand for electric vehicles for logistics transport fleets, the North American area is expected to increase steadily. The market for electric pickup trucks is likely to develop at the quickest rate in the European region because of the logistics industry's rapid adoption of these vehicles. Automotive OEMs are being forced to produce fuel-efficient and environmentally friendly automobiles for reasons that are on the rise, including increased pollution and environmental risks, strict government restrictions, and fierce competition. In this effort, various business sectors, including automobile OEMs and component producers, are looking into developing and designing vehicles that can adhere to emissions and fuel economy regulations.

The governments of the European region are offering significant incentives to encourage electric automobiles. Manufacturers of Electric trucks, including Volvo, Daimler, and many others, are based in the area. As a consequence, there is now a huge demand for electric vehicles. Europe has devised a plan and set a highly ambitious goal of cutting CO2 emissions by 80% by 2050. The long-term emphasis will remain on electric vehicles as various national governments in contributing areas like Europe provide subsidies for electric infrastructure.

Industry news

The industry for Electric trucks is expanding due to factors including a rise in government measures to promote e-mobility, strict emission standards placed on commercial vehicles fuelled by fossil fuels, and falling battery prices. The absence of charging infrastructure and the high cost of Electric trucks impede market expansion throughout the anticipated time frame. Additionally, it is projected that the growing demand for Electric trucks from the logistics industry and the advancement of self-driving Electric truck technology would offer fantastic growth opportunities for businesses engaged in the Electric truck market.

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