Electric Pickup Truck Market

Electric Pickup Truck Market: Introduction

• Pickup trucks are commercial vehicles that help with daily functions such as hauling, tugging, and several other transportation activities. Electric pickup trucks are powered by a battery and are primarily used for freight delivery. Moreover, electric trucks offer several advantages over IC engines trucks such as no requirement of multi gear-box, minimal noise pollution, and reduced in maintenance cost.
• Electric pickup trucks are generally used for commercial and industrial purposes, which include transportation at airports, marine terminals, and railroad stations. These trucks are equipped with a non-lifting and lifting platform that is controlled by an operator. Moreover, the load carrying capacity of an electric pickup truck ranges from 0.5 ton to over 100 tons.

Key Drivers of Electric Pickup Truck Market

• Several regulatory bodies across the globe are compelling vehicle manufacturers to minimize carbon emissions, caused due to combustion of fuel, and to tackle the emission of greenhouse gases. This is prompting companies to invest in the development of electric trucks, which in turn is estimated to significantly drive the electric pickup trucks market during the forecast period.
• Gradual recovery of the economies post COVID-19 pandemic is projected to driver the demand for electric pickup trucks in order to support the goal of zero-emission and cleaner vehicles with the reductions in maintenance and fuel costs
• The European Union targets to achieve 0% emissions of greenhouse gas by the year 2050. The regulation EU 253/2014 establishes a target of 147 mg of CO2 emissions per kilometer for light commercial vehicles in 2020 and 2021, based on the New European Driving Cycle test process. The European Union has set a target of 31% reduction in CO2 emissions from light commercial vehicles by 2030.

Challenges of Electric Pickup Truck Market

• Regulatory organizations in some countries are boosting the use of electric cars for industrial and commercial purposes in order to reduce greenhouse gas emissions into the environment. Furthermore, the absence of charging infrastructure for electric cars is a key factor restraining the electric pickup truck market. For instance, the Government of India intends to have only electric vehicles on Indian roads by 2030. However, one of the most important criteria for ensuring the adoption of electric vehicles is the development of a solid electric vehicle infrastructure. Unfortunately, a lack of charging infrastructure in developing countries is projected to hamper the market.
• Some hazards linked with the use of electric pickup trucks do exist. Moreover, expansion of market is projected to be hampered by insufficient charging infrastructure for electric vehicles.

Opportunities of Electric Pickup Truck Market

• Emissions of hazardous gases from automobiles are being reduced, as demand for green transportation grows globally, particularly in the freight transportation industry, which contributes significantly to carbon dioxide emissions. Furthermore, the replacement of industrial & commercial diesel vehicles with electric vehicles and government initiatives to encourage the adoption of electric trucks are expected to propel the electric pickup truck market.
• Rising demand for logistics services due to exponential expansion of e-commerce, manufacturing and retail sectors is compelling logistics and supply chain companies to replace their fleet with greener vehicles. For instance, logistics companies based in the U.K. have started strategic implementation to deploy more electric commercial vehicles to enhance their fleet size. For instance, in March 2019, Yamato Transport Co., Ltd. and StreetScooter GmbH announced to undergo strategic partnership to develop an electric truck for home delivery. Therefore, expansion of the logistics sector is anticipated to offer lucrative opportunities for the electric pickup truck market.

Regional Outlook of Electric Pickup Truck Market

• The market in North America is anticipated to expand at a steady pace in the next few years. This expansion can be attributed to the higher demand for electric trucks for logistics transport fleets. Component manufacturers and automotive OEMs are engaged in the design and development of new electric pickup trucks that would comply with the standards of vehicle emission and fuel efficiency.
• Moreover, the electric pickup truck market in Europe is expected expand significantly due to high rate of adoption of electric pick-up trucks in the transportation and logistics sector in the region. Government authorities in the region are offering incentives that promote the adoption of electric vehicles. Furthermore, the region is home to several key players that manufacture electric trucks, which include Daimler and Volvo.

Key Players Operating in Global Electric Pickup Truck Market

• AB Volvo
• ARRIVAL LTD.
• BYD North America
• Chevrolet
• Daimler Truck AG
• Ford Motor Company
• General Motors
• Nikola Corporation
• Rivian
• Tesla
• Workhorse
• Other Major Players

Electric Pickup Truck Market, by Type

• Light duty Pickup Truck
• Heavy Duty Pickup Truck

Electric Pickup Truck Market, by Platform Type

• Lifting
• Non-lifting

Electric Pickup Truck Market, by Propulsion Type

• Plug-in Hybrid
• Fuel Cell Electric
• Battery Electric

Electric Pickup Truck Market, by Region

• North America
  • United States
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia & CIS
  • Nordic Countries
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • ASEAN
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC Countries
  • South Africa
  • Rest of Middle East & Africa