Electric Trucks Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Propulsion (BEV, PHEV, and FCV), Vehicle Type (LCV and Medium & HCV), Range (Less than 200 Miles and More than 200 Miles), Level of Automation (Semi-Autonomous and Fully Auto

Electric Trucks Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Propulsion (BEV, PHEV, and FCV), Vehicle Type (LCV and Medium & HCV), Range (Less than 200 Miles and More than 200 Miles), Level of Automation (Semi-Autonomous and Fully Autonomous)The electric trucks market is expected to grow from US$ 4,592.55 million in 2021 to US$ 26,542.90 million by 2028; it is estimated to grow at a CAGR of 29.4% from 2022 to 2028.

The electric trucks market is expected to grow from US$ 4,592.55 million in 2021 to US$ 26,542.90 million by 2028; it is estimated to grow at a CAGR of 29.4% from 2022 to 2028

The electric trucks market in North America and Europe is expanding significantly. The market growth in these regions is ascribed to ongoing developments in battery materials and the rising focus on green mobility. As the sales of heavy battery-electric trucks begin to pick up, the international trucking sector is migrating toward more sustainable transportation, with Europe leading the way. Europe has an increasingly large number of heavy all-electric vehicles in commercial fleets on the road.

China is the largest contributor to the APAC electric trucks market. In other countries of APAC, manufacturers are being encouraged to use electrical technology with the rising stringency of pollution limits in several nations. South Korea and Japan are expected to make significant investments in EV infrastructure, including charging stations. Asia-Pacific is expected to register the highest CAGR in the electric trucks market during the forecast period.

In Europe, the number of commercial vehicles empowered with electric propulsion (2.0%) lagged behind the number of electrically powered passenger automobiles (5.9%) in 2020. The development of electrified commercial vehicles has been a priority for European manufacturers. However, the subsidies focus more on passenger cars.

Several South American countries are leading the way in the electric truck sector. Owing to the public–private partnerships, Chile is predicted to be one of the most competitive and attractive hybrid and electric vehicle markets during 2020–2025. Brazil is a developing market with conducive conditions for the development of flex-hybrid technology, among others. Mexico and Brazil are predicted to be the largest EV markets in terms of actual market volume, while Colombia and Chile are expected to be the fastest-growing markets in South America. Uruguay and Ecuador have announced incentives and financial plans to encourage the adoption of electric buses in local fleets, and thus, they have significant hybrid technology penetration rates.

The key companies operating in the electric trucks market include Daimler AG; AB Volvo; Tesla; BYD Company Ltd; Navistar Inc; FAW Group Co. Ltd; PACCAR Inc; Rivian; Scania; and Proterra Inc.

The current government and regulatory policies in North America fuel the production and sales of electric trucks in the region. For instance, the South Coast Air Quality Management District (South Coast AQMD) is engaged with the California Air Resources Board (CARB) and the California Energy Commission (CEC) for the deployment of 100 battery-electric regional haul and drayage trucks across California, through a partnership with NFI Industries (NFI) and Schneider. This partnership and related development is supported under the Joint Electric Truck Scaling Initiative (JETSI). Being the largest initiative for the commercial deployment of battery-electric trucks in North America to date, the JETSI aims to increase the number of zero-emission heavy-duty trucks for the movement of goods. The Federal Government of the US has set a goal: by 2030, half of all new passenger cars and light trucks sold should be ZEVs, a category including both battery-electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) that can be charged with electricity, as well as hydrogen-powered fuel-cell electric vehicles (FCEVs).

The need for electric trucks was prevalent during the pre-COVID-19 period due to the growing urban population. The sluggish demand for electric trucks largely impacted global and regional sales, which has disrupted material and component supplies, production schedules, and sales dynamics (thereby boosting online sales). Confinement measures for COVID-19 control were a major reason for the drop in automotive manufacturing in the first half of 2020. Since China is one of the world's leading manufacturers of automobile parts, most traditional vehicle components are procured or manufactured domestically in the country. In China, domestic production of traditional vehicle components, such as electric motors, quickly recovered after the lockdown was lifted; however, production of special EV components, such as power batteries, lagged, due to supply pressure from upstream raw materials, as well as due to lowered demand in downstream markets.

The overall electric trucks market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast of the electric trucks market analysis with respect to all the segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. Participants of this process include VPs, business development managers, market intelligence managers, national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the electric trucks market.

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