Electric truck is an electric mobility that is powered by an electric motor, or a truck that receives power or energy primarily from the power grid. Electric trucks are primarily low or zero-emission trucks, which contributes significantly toward a greener environment, as it is a solution to curb vehicular emission. Battery electric truck and hybrid electric truck are two major types of electric trucks. Applications of electric trucks are growing, owing to an increase in the battery storage capacity of these vehicles. Electric trucks are maturing as an alternative to conventional fossil fuel trucks. However, electric trucks are heavier than traditional trucks owing to the weight of batteries.
Consistent rise in transportation emission caused by fossil fuel powered vehicles coupled with a surge in pollution levels especially in urban cities, which affect human health and the environment, has prompted regulatory bodies across the globe to impose stringent regulations. This is a key factor that is likely to drive the electric truck market during the forecast period. Regions that witness high construction, mining, and other industrial activities register higher levels of pollution. Electric trucks can play significant role in curbing pollution, as they are best possible alternative and are designed for diverse applications ranging from garbage trucks and cargo trucks to mining trucks. Moreover, electric trucks are quieter as compared to conventional fossil fuel powered trucks. Rapid rise in demand for high power range electric trucks in developing countries due to high levels of pollution is anticipated to boost the electric truck market during the forecast period. Furthermore, increase in government support for the purchase of electric mobility, in terms of tax credits and incentives, is another key factor propelling the demand for electric truck. Electric trucks are energy efficient too, owing to regenerative braking where the electric drivetrain efficiency and energy is recovered while braking. However, a lack of charging station infrastructure combined with the higher cost of the electric truck are anticipated to hinder the electric truck market during the forecast period.
The global electric truck market can be segmented based on type, vehicle type, component, and region. Based on type, the electric truck market can be categorized into general trucks, mining trucks, garbage trucks, pick-up trucks, and semi-trailer & tractor trucks. Among types, general trucks is a lucrative segment and accounts for a major share of the electric truck market. The segment is likely to expand and hold a prominent share of the market during the forecast period. This is majorly attributed to their extensive usage in the manufacturing industry for intra-city road transportation and stringent government regulations owing to emission concerns.
Based on vehicle type, the electric truck market can be classified into battery electric truck and hybrid electric truck. The battery electric truck segment leads the electric truck market. It is likely to maintain its position in the market in the near future. This is primarily due to its ability to emit no pollution and quite operation as compared to other vehicle types. Increasingly stringent emission regulations and norms, especially for commercial vehicles, are anticipated to fuel the electric truck market during the forecast period. Majority of auto manufacturers are offering various battery electric trucks on the basis of size, which offers numerous opportunity to the battery electric truck segment, thereby boosting the market.
In terms of component, the electric truck market can be bifurcated into electric motor, battery, and three other segments. The battery segment dominates the electric truck market. This is primarily because the battery is a key component of the electric truck, which serves as a primary power source for all electric functions of the vehicle.
Based on geography, the global electric truck market can be split into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific dominates the global electric truck market. High production of electric trucks, owing higher demand for zero-emission commercial vehicles, has led the region to account for a higher share of the global electric truck market. China, the world’s largest automobile manufacturer dominates the global electric truck market. This is another factor that is anticipated to boost the electric truck market in the region during the forecast period. Significant presence of electric truck manufacturers in China have led Asia Pacific to hold a prominent share of the global market. The market in the region is expected to expand significantly in the near future.
Major players operating in the global electric truck market include AB Volvo, Daimler AG, DAF, Renault, MAN, BYD Company Limited, Dongfeng Motor Corporation, Navistar, Inc., Mitsubishi Motors Corporation, Mahindra and Mahindra, Hino Motors, Ltd., and Volkswagen AG.
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