Electric Truck Market Forecasts to 2028 – Global Analysis By Vehicle Type (Light Duty Trucks, Medium Duty Truck and Heavy Duty Trucks), Propulsion (Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicle (FCEV), Plug-In Hybrid Electric Vehicle (PHEV) a

Electric Truck Market Forecasts to 2028 – Global Analysis By Vehicle Type (Light Duty Trucks, Medium Duty Truck and Heavy Duty Trucks), Propulsion (Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicle (FCEV), Plug-In Hybrid Electric Vehicle (PHEV) and Hybrid Electric Vehicle ), Level Of Automation (Semi-Autonomous Trucks and Autonomous Trucks), Battery Type (Lithium-Ion Batteries, Nickel-Metal Hydride Batteries, Lead-Acid Batteries and Other Battery Types), Range (150 Miles, 151-300 Miles and Above 300 Miles) and By Geography

According tStratistics MRC, the Global Electric Truck Market is accounted for $725.03 million in 2022 and is expected treach $6,312.49 million by 2028 growing at a CAGR of 43.43% during the forecast period. An electric truck is a vehicle that runs on batteries that may deliver cargo, carry specific payloads, or dother valuable tasks. It is utilised in milk floats, pushback tugs, forklifts, and other applications. Due tgovernment attempts tpromote electric vehicle adoption and its incredible benefits such as gobs of torque, less noise pollution, and lower expenses for upkeep, electric trucks are becoming the favoured alternative over diesel trucks.

According tIEA, the sale of battery electric vehicle trucks increases yearly, and the increasing adoption of electric type of trucks will drive the market growth during the forecast period
Market Dynamics:

Driver:

Increasing fuel prices

Globally, fuel prices are volatile and growing. The cost of refuelling options will alsvary by area and rise over time. With petrol prices rising, consumers are becoming more interested in electric vehicles. The anticipated cost of fuel is comparable vehicle with an appropriate electric propulsion system. If the costs of energy and fuel were equal, a commercial electric vehicle would be less expensive town than a gasoline-powered vehicle. The major countries are alsfocused on charging infrastructure development, which will increase demand for these trucks over the projection period.

Restraint:

High manufacturing cost

The initial investment necessary tmanufacture electric trucks is significantly more than that required tmanufacture CNG, petroleum, and diesel trucks. The cost of production components and machinery is likewise relatively significant. This is primarily owing tthe high cost of electric batteries used in trucks. Because the production of these trucks is less sophisticated than that of other conventional fuel trucks, they are heavily influenced by market battery pricing. The raw materials needed for batteries must be imported, which adds tthe expensive expense of batteries. Due tthe significant costs involved, the manufacture of such commercial vehicles is currently limited.

Opportunity:

Increased use of autonomous driving innovations

Major manufacturers such as Tesla, Volvo, and others have been researching self-driving technology for commercial trucks. Furthermore, autonomous trucking increases the efficiency of the trucking industry. Every day, cargbusinesses must transport significant amounts of cargo. Because one person is responsible for monitoring many vehicles, autonomous trucks would allow corporations tcarry more freight with the same or fewer drivers. Because it is a driverless system, self-driving truck technology will raise the market for electric trucks in the long run due tits benefits such as ease of use, the existence of value-added features, and the reduction of human errors creating wide range of opportunities in the market growth.

Threat:

Longer charging period

The charging time for an electric car is significantly longer than the filling time for other fuel choices. The vast majority of public charging stations have level 2 chargers. Level 1 and 2 charging can take up t8 t16 hours tfully charge automobiles. The level 3 charger takes 60 minutes tcharge an electric vehicle from 0 t80%, which is substantially slower than CNG filling, which takes 5 minutes. Technology improvements in the coming years will minimise charging time, but the battery will need tbe created for such fast high voltage charging which hinders the growth of the market.

Covid-19 Impact

The COVID-19 pandemic has spread tabout 100 countries worldwide, and the World Health Organization has declared it a pandemic. COVID-19's worldwide consequences have already begun tbe felt and will have a considerable influence. Automotive support for low- and zero-emission commercial cars taid the automotive industry's short-term recovery organizations were forced tclose due tthe pandemic-induced lockdown or operate at reduced working capacity after production resumed, resulting in a severe slump in automobile manufacture. Also, numerous critical countries re-evaluated their objectives which enhances the growth of the market.

The Battery electric vehicle (BEV) segment is expected tbe the largest during the forecast period

The Battery Electric Vehicle (BEV) segment is estimated thave a lucrative growth, due tbecause of their zeremissions and excellent energy efficiency, battery electric vehicles (EVs) (BEVs) are widely anticipated in China for lowering environmental emissions in the transportation sector. Battery electric vehicles (BEVs), largely in the form of off-road vehicles like tugs, tractors, and golf carts, have been used for a long time, but electric automobiles for on-road use have never been a big success due ttheir high capital costs, limited range-per-charge, and time-to-recharge thereby propelling the market growth.

The Lithium-Ion batteries segment is expected thave the highest CAGR during the forecast period

The Lithium-Ion batteries segment is anticipated twitness the fastest CAGR growth during the forecast period in renewable energy storage such as solar, and in electric vehicles (EVs). Increased energy density, discharge tolerance, cycle life, and re-charge times with low memory effect are just a few of the primary benefits that make lithium ion batteries popular for usage in EV applications. Lithium-ion batteries have a high power-to-weight ratio, are energy efficient, and work well at high temperatures. In practise, this means that the batteries have a high energy density for their weight, which is critical for electric vehicles. With reduced weight, the car can travel farther on a single battery which in turn boosts the market growth.

Region with largest share:

Asia Pacific is projected thold the largest market share during the forecast period owing tincrease in the sale and registration of commercial electric cars, which will fuel the expansion of the industry in this region. Furthermore, in developed countries such as China, Japan, and India, most buyers prefer commercial electric vehicles. As a result, demand for these trucks in the region will increase. Electric truck brands have steadily gained demand in Asia Pacific. In this region, the number of electric LDVs per public charging outlet, the government has alsexpanded infrastructure investment in charging stations. These factors will have an impact on market growth.

Region with highest CAGR:

Europe is projected thave the highest CAGR over the forecast period, owing tdemonstrate significant market growth as a result of the strong demand for zero-emission and low-cost transportation. This could be because most electric LCVs are purchased for specific functions within specified delivery zones and dnot require a long driving range. This will result in an exponential increase in product demand. Electric truck volume sales in Europe are expected tincrease due tan expanded model range and consistent improvements in battery performance and cost reduction which drives the market.

Key players in the market

Some of the key players profiled in the Electric Truck Market include Daimler AG, BYD Motors Inc, Scania AB, Dongfeng Motor Corporation, VolvGroup, Tesla Inc, Tata Motors, Workhorse, HinMotors Ltd, Paccar Inc, Navistar International Corp, Groupe Renault, Ford Motor Company, Rivian and Mercedes Benz Group AG

Key Developments:

In Feb 2023, Tata Motors launches Re.Wi.Re, its first Registered Vehicle Scrapping Facility. It is developed and operated by Tata Motors’ partner Ganganagar Vaahan Udyog Pvt. Ltd. tscrap end-of-life passenger and commercial vehicles of all brands.

In Feb 2023, Tata Motors announces a ‘National Exchange Carnival’ for its customers; this mega carnival was held till 15th February 2023, at Tata Motors authorized dealerships across 250 cities as a part of this customer centric initiative.

In Jan 2023, Tata Motors Partners with ICICI Bank tOffer Financing for Electric Vehicle Dealers, This inventory funding is in addition tthe Bank’s funding tdealers for diesel and petrol models. Under this facility, the EV dealers can avail flexible repayment tenures.

In Jan 2023, Ford Joins the Virtual Power Plant Partnership as a Founding Member tSupport Grid Resiliency and Emissions Reductions and collaborating tadvance virtual power plants will be another important step tensure a smooth transition tan EV lifestyle.

Vehicle Types Covered:
• Light Duty Trucks
• Medium Duty Truck
• Heavy Duty Trucks

Propulsions Covered:
• Battery Electric Vehicle (BEV)
• Fuel Cell Electric Vehicle (FCEV)
• Plug-In Hybrid Electric Vehicle (PHEV)
• Hybrid Electric Vehicle

Level Of Automations Covered:
• Semi-Autonomous Trucks
• Autonomous Trucks

Battery Types Covered:
• Lithium-Ion Batteries
• Nickel-Metal Hydride Batteries
• Lead-Acid Batteries
• Other Battery Types

Ranges Covered:
• 150 Miles
• 151-300 Miles
• Above 300 Miles

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements