Global All-electric Trucks Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global All-electric Trucks Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

An electric truck is an electric vehicle powered by batteries designed to transport cargo, carry specialized payloads, or perform other utilitarian work. All-electric Trucks refer to trucks that are powered by the onboard power supply and driven by motors to drive wheels and comply with the requirements of road traffic and safety regulations. Electric trucks have serviced niche applications for over a hundred years, typically using lead-acid batteries, but the rapid development of lighter and more energy-dense battery chemistries in the twenty-first century has broadened the range of applicability of electric propulsion to trucks in many more roles. Electric trucks reduce noise and pollution, relative to internal-combustion trucks. Due to the high efficiency and low component counts of electric power trains, the costs of owning and operating electric trucks are dramatically lower than their predecessors.

Market Overview:

The latest research study on the global All-electric Trucks market finds that the global All-electric Trucks market reached a value of USD 872.83 million in 2022. It’s expected that the market will achieve USD 17507.98 million by 2028, exhibiting a CAGR of 64.84% during the forecast period.

Impact on Industry Downstream

All-electric Trucks are used in areas such as Logistics and Municipal. The downstream market has been affected by COVID-19 and activities have decreased. Especially in the logistics industry, the outbreak of COVID-19 may cause goods to carry viruses, the logistics process is adversely affected, transportation becomes troublesome, and the development of the industry is sluggish. Therefore, COVID-19 has also adversely affected the downstream market of All-electric Trucks.

Impact on Industry Channels

The COVID-19 pandemic has had a major impact on the global industrial chain. The development of globalization has made the links between various industries around the world closer and closer, and any break in any link in the global industrial chain will have a huge impact. Due to the lockdown policy caused by COVID-19, traffic is blocked and trade is restricted. It is more difficult to purchase raw materials and export products. The industrial chain of All-electric Trucks was broken due to the impact of COVID-19, which brought adverse effects on the development of the industry.

Impact on Industry Competition

COVID-19 has intensified competition in the All-electric Trucks industry. The early COVID-19 outbreak led to a decline in the market sales of All-electric Trucks, especially heavy-duty trucks. In the later period, with the easing of COVID-19, the gradual recovery of the market and the promotion of policies, the competition in the All-electric Trucks industry will further intensify. Because a number of automakers have increased their investment to start research and development or production of all-electric vehicles.

The continuous advancement of technology has brought down the cost.

With the development of technology and the production of lighter, smaller, and more energy-intensive models, the cost of electric batteries has and will continue to drop significantly. The cost sharing of electric trucks is showing a positive trend, which is good news for fleet owners. Profitability enables manufacturers of All-electric Trucks to continuously introduce new products, which is one of the important factors driving the development of the All-electric Trucks industry.

Increasingly strict environmental protection policies and other factors have brought advantages to All-electric Trucks.

Public policy is having a major impact on the viability of electric vehicles. Some major cities in the world have indicated that they will phase out diesel cars on the streets. In fact, there are no less than 274 low-emission zones in 11 European countries that restrict the passage of polluting vehicles in cities, provinces and regions.
These measures provide non-fossil fuel vehicles, especially electric vehicles (including All-electric Trucks) with a competitive advantage to fully enter the city center. In addition, low noise is also an advantage of All-electric Trucks. As a delivery vehicle, All-electric Trucks is a good delivery time at night, because few other vehicles travel late at night. Due to concerns about noise and emissions, many cities restrict midnight delivery, and the low noise of All-electric Trucks avoids this problem. For the equivalent daytime transportation route, this off-peak delivery speed is 30% faster than the average speed. Less driving time, fewer queues, better parking spaces and no emissions from All-electric Trucks all provide convincing reasons for electric propulsion. These advantages are also one of the factors driving the rapid growth of demand in the All-electric Trucks industry.

Region Overview:

Asia Pacific dominated the All-electric Trucks market in 2022, with a market share of 80.11%.

Company Overview:

Dongfeng is one of the major players operating in the All-electric Trucks market, holding a share of 7.36% in 2023.

Dongfeng

Dongfeng Motor Group Co., Ltd. is one of the largest automobile companies in China. Their main business covers an entire range of commercial vehicles, passenger vehicles, auto assemblies, parts and components, machines and equipment, and other automobile-related products and services.

Alke XT

Alke XT is an Italian truck, electric vehicles, and diesel engine manufacturer based in Padua, Italy. Alke XT manufactures type-approved electric road vehicles used for transport, logistics and other multi-functional or special operations.

Segmentation Overview:

By type, Light & Medium-duty Truck segment accounted for the largest share of market in 2022.

Application Overview:

The market's largest segment by application is the segment Logistics, with a market share of 76.08% in 2022.

Key Companies in the global All-electric Trucks market covered in Chapter 3:

Cummins
Chongqing Ruichi
Mitsubishi Fuso
Alke XT
PACCAR
Dongfeng
BYD
Zenith Motors
Renault

In Chapter 4 and Chapter 14.2, on the basis of types, the All-electric Trucks market from 2018 to 2029 is primarily split into:

Light & Medium-duty Truck
Heavy-duty Truck

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the All-electric Trucks market from 2018 to 2029 covers:

Logistics
Municipal
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)