Electric truck market is expected to attain a market size of 1,508.1 thousand units by 2025, low maintenance cost incurred in electric trucks, supportive government regulations including additional incentives along with declining price of batteries are the major factors driving the growth of the market.
Further, the battery manufacturing industry is growing much faster than the battery demand, which has led to economies of scale benefiting the advancement of the industry. Moreover, technological advancements achieved in battery development over the past decade helped to bring down the price of battery packs. This leads to the growth of the electric truck market.
Based on range, the electric truck market is categorized into 0-150 miles, 151-250 miles, 251-500 miles, and above 500 miles. The market for electric trucks with a range of above 500 miles is projected to register the highest growth, with a growth rate of over 30% in terms of volume, during the forecast period, owing to the growing demand for long-haul trucks. Additionally, to accommodate this demand, the manufacturers are investing toward the development of electric trucks, especially the ones incorporated with the hydrogen fuel-cell technology, worldwide.
On the basis of vehicle type, electric truck market is categorised into light-duty truck (LDT), medium-duty truck (MDT), and heavy-duty truck (HDT). Sales volume for the trucks falling under the HDT category is expected to register the fastest growth, both in terms of volume and value, as compared to other categories, in the upcoming years. In developed economies, including the U.S. and European nations, the market for electric trucks in the HDT category is growing at a significant pace, owning to the increasing demand for long-haul HDTs running on alternate fuels by fleet owners. Additionally, the trucking companies continue to add HDTs to level with the rising freight demand and avail maximam gains under the government financial incentive schemes.
Geographically, the APAC electric truck market registered the largest share during the historical period, accounting for a sales volume of over 80% in 2017. Country wise, China continued to remain the market leader for these trucks in the world, owning to the favorable government subsidies, national alternative-fuel-vehicle replacement sales targets, and municipal air quality targets.
In other regions, the industry is still in its budding phase and largely depending on the government policies. Availability of less number of manufacturers, high upfront cost, and underdeveloped value chain have limited the growth of the electric truck market. However, the increasing investment by the manufacturers in these regions for the development of electric trucks is expected to boost the market growth during the forecast period.
The global electric truck market is dominated mostly by the Chinese players, owing to the rapid industrialization, urbanization, and economy growth coupled with government support for the adoption of eco-friendly vehicles. Dongfeng Motor Corporation is one of the leading players in the market. The company has wide product portfolio and has strong position in Chinese electric truck industry. Whereas, BYD Company Limited. is the second largest manufacturer of electric trucks in the industry. The other key players in the market include Hino Motors Limited., Daimler AG, Volvo Group, Iveco S.p.A., Isuzu Motors Limited, Nikola Motor Company, Workhorse Group Incorporated, Cummins Inc., and E-Force One AG.
Further, the battery manufacturing industry is growing much faster than the battery demand, which has led to economies of scale benefiting the advancement of the industry. Moreover, technological advancements achieved in battery development over the past decade helped to bring down the price of battery packs. This leads to the growth of the electric truck market.
Based on range, the electric truck market is categorized into 0-150 miles, 151-250 miles, 251-500 miles, and above 500 miles. The market for electric trucks with a range of above 500 miles is projected to register the highest growth, with a growth rate of over 30% in terms of volume, during the forecast period, owing to the growing demand for long-haul trucks. Additionally, to accommodate this demand, the manufacturers are investing toward the development of electric trucks, especially the ones incorporated with the hydrogen fuel-cell technology, worldwide.
On the basis of vehicle type, electric truck market is categorised into light-duty truck (LDT), medium-duty truck (MDT), and heavy-duty truck (HDT). Sales volume for the trucks falling under the HDT category is expected to register the fastest growth, both in terms of volume and value, as compared to other categories, in the upcoming years. In developed economies, including the U.S. and European nations, the market for electric trucks in the HDT category is growing at a significant pace, owning to the increasing demand for long-haul HDTs running on alternate fuels by fleet owners. Additionally, the trucking companies continue to add HDTs to level with the rising freight demand and avail maximam gains under the government financial incentive schemes.
Geographically, the APAC electric truck market registered the largest share during the historical period, accounting for a sales volume of over 80% in 2017. Country wise, China continued to remain the market leader for these trucks in the world, owning to the favorable government subsidies, national alternative-fuel-vehicle replacement sales targets, and municipal air quality targets.
In other regions, the industry is still in its budding phase and largely depending on the government policies. Availability of less number of manufacturers, high upfront cost, and underdeveloped value chain have limited the growth of the electric truck market. However, the increasing investment by the manufacturers in these regions for the development of electric trucks is expected to boost the market growth during the forecast period.
The global electric truck market is dominated mostly by the Chinese players, owing to the rapid industrialization, urbanization, and economy growth coupled with government support for the adoption of eco-friendly vehicles. Dongfeng Motor Corporation is one of the leading players in the market. The company has wide product portfolio and has strong position in Chinese electric truck industry. Whereas, BYD Company Limited. is the second largest manufacturer of electric trucks in the industry. The other key players in the market include Hino Motors Limited., Daimler AG, Volvo Group, Iveco S.p.A., Isuzu Motors Limited, Nikola Motor Company, Workhorse Group Incorporated, Cummins Inc., and E-Force One AG.
Table of Contents
Chapter 1. Research Background
Chapter 2. Research Methodology
Chapter 4. Introduction
Chapter 5. Global Market Size and Forecast
Chapter 6. North America Market Size and Forecast
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. RoW Market Size and Forecast
Chapter 10. Competitive Landscape
Chapter 11. Company Profiles
Chapter 12. Appendix
List of Tables
List of Figures
Companies Mentioned
- Hino Motors Ltd.
- Daimler AG
- Volvo Group
- BYD Company Limited
- Dongfeng Motor Corporation
- Iveco S.p.A.
- Isuzu Motors Limited
- Nikola Motor Company
- Workhorse Group Incorporated
- Cummins Inc.
- E-Force One AG
Methodology
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