The global electric truck market size is expected to reach USD 43.89 billion by 2028 according to a new study by Polaris Market Research. The report “Electric Truck Market Share, Size, Trends, Industry Analysis Report, By Application (Logistics, Municipal, Construction, Mining, Others); By Vehicle (Battery Electric, Hybrid), By Truck; By Region; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Noticeable factors esteeming the global industry growth include the increasing rate of adoption of electric vehicles with an ever-increasing transportation and logistics companies, the surge in proliferation related to the incentives offered by the government bodies for e-mobility, particularly in developed and developing economies, and its remarkable benefits such as gobs of torque and reduced maintenance cost are the few integral factors accelerating the industry growth during the forecasting years.
Developing economies, such as India, are picking pace in the adoption of vehicles with 100% FDI, creating new manufacturing hubs, and promoting charging infrastructure. Government has enforced the production-linked incentive scheme coupled with ACC battery storage manufacturing capabilities to incentivize domestic production facilities in battery support and other ancillaries.
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With a surge in government initiative for promoting the adoption of the product since last few year, they have witnessed a higher preference over diesel trucks due to no noise pollution and promote environmental safety. According to the government of the United Arab Emirates, by 2020, the central government expected to lessen 15% carbon emissions & a nearly 20% adoption of the product within its vehicles force.
With the rising rate of electronic commercial vehicle adoption, consumers are interested in promoting environmental friendliness and safety; in turn, the adoption of the product is growing at a healthy rate considering the global scenario. Market Participants such as Isuzu Motors Ltd, StreetScooter, BYD Auto Co., Ltd, Volta Trucks, Dongfeng Motor Corporation, Daimler AG, Einride, FAW Group Co., Ltd., E-Trucks, Foton Motor Inc., AB Volvo, PACCAR Inc., Scania, Tevva Motors Limited, and Navistar are some of the key players operating in the global market.
Several manufacturers are often backing to opt for varied marketing strategies in order to expand their business operations and geographical footprint globally. In April 2021, Hino Motors Ltd. manufactured a front-wheel and an ultra-low-floor drive light-duty vehicles that offers both carbon-free and user-friendliness at progressive levels for the logistics field.
Polaris Market Research has segmented the electric truck market report on the basis of vehicle, truck, application, and region:
Electric Truck, Application Outlook (Revenue, USD Billion, 2016 – 2028)
Electric Truck, Truck Type Outlook (Revenue, USD Billion, 2016 – 2028)
Electric Truck, Vehicle Type Outlook (Revenue, USD Billion, 2016 – 2028)
- Battery Electric
Electric Truck, Regional Outlook (Revenue, USD Billion, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa