Electric Truck Market Anticipated to Cross USD 27.7 Billion by 2028 with a CAGR of 14.8% - Report by Market Research Future (MRFR)

New York, US, June 20, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), "Electric Truck Market Analysis by Truck Type (Medium Duty Trucks and Heavy-Duty Trucks), By Charge Type (Battery, Plug-In Hybrid, Hybrid and Hydrogen Fuel Cell), By Application (Logistics, Municipal and Others) and Region - Forecast till 2030" valuation is poised to reach USD 27.7 Billion by 2028, registering an 21% CAGR throughout the forecast period (2021–2030). 

Electric Truck Market Overview

The electric truck market is expected to grow rapidly in the next few years. The strong push for new energy vehicles (NEVs) to control rising pollution levels in urban areas drives the market growth.

Electric Truck Market Report Scope:

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Electric heavy-duty trucks have arrived and are hitting the roads in major developed countries. Battery-powered trucks are finally moving from tests to real-world rollouts for shorter routes. Electric trucks are meeting cost and range targets that put them in the running to handle growing freight-moving needs. The market witnesses significant demand for heavy-duty trucks or all-electric Class 8 trucks.

Despite being cost-effective and less pollutant, electric trucks have not yet tasted the success they deserve. Similarly, although the global electric truck market is running successfully, it is yet to get the desired impetus. However, in the years to come, the electric truck market is expected to witness a considerable rise in size. Innovative technologies are developed to deliver battery-electric long-haul trucks with over 500 miles of range.

Electric Truck Market Segments

The analysis is segmented into types, materials, applications, and regions. The type segment is sub-segmented into medium-duty and heavy-duty. Of these, the medium-duty trucks segment accounts for the largest share in the market. The segment is further expected to register the highest CAGR during the assessment period.

The material segment is sub-segmented into batteries, plug-in hybrid, hybrid, hydrogen fuel cells, and others. Of these, the battery segment accounts for the largest share in the market. The segment is further expected to register the highest CAGR during the assessment period.

The application segment is sub-segmented into logistics, municipal, and others. Of these, the logistics segment accounts for the largest share in the market. The segment is further expected to register the highest CAGR during the assessment period. By regions, the market is bifurcated into the Asia Pacific, Americas, Europe, MEA, and rest-of-the-world.

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Electric Truck Market Regional Analysis 

North America dominates the global electric truck market due to the growing demand for trucks with low operating costs and the development of sustainable electric trucks in the region. Continuously rising fuel prices and increasing transport activities would further drive the growth of the electric truck market. Simultaneously, steadily dropping prices of batteries used in the electric trucks are drawing consumers' attraction to electric mobility, further increasing the size of the electric trucks market.

The electric truck market has a smaller footprint in Europe; however, it is seeing an extremely rapid growth rate, especially in northern European countries like Germany and the Netherlands. New entrants are increasingly trying to beat well-established manufacturers in the race to electric pickup truck domination in Europe. Battery-electric vehicles are going up as a majority of new unit volume in the region with the scale to make it happen.

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Industry Trends

The global electric truck industry is rapidly returning to normalcy as COVID 19 crises subdue gradually. The demand for electric trucks is gradually picking up with the addition of hybrid BEVs for urban distribution. Manufacturers strive to offer a sustainable and multi-faceted portfolio of zero-emission solutions for their customers.

Government support for the purchase of smart automobiles and availing the charging infrastructure, alongside the augmenting demand for smart transport, foster the growth of the market. Moreover, the growing concern for environmental pollution due to the internal combustion engine will play a vital role in developing the global electric truck market.

Citing the big move towards electrification, there are a bunch of manufacturers struggling to become the biggest player. On the other hand, high prices of electric trucks are impeding the growth of the market. Battery makers operating in the global electric trucks market strive to offer expansive IT expertise that can deal not only with rechargeable batteries but also with solar farming, energy storage, and LED technologies.

Electric Truck Market Competitive Analysis

Dominant Key Players on Electric Truck Market Covered are:

•  Foton Motor Inc. (China)
•  Dongfeng Motor Corporation (China)
•  FAW Group Co. Ltd. (China)
•  Daimler AG (China)
•  AB Volvo (Sweden)
•  PACCAR Inc. (US)
•  China National Heavy Duty Truck Group Co. Ltd. (China)
•  Navistar Inc. (US)
•  Isuzu Motors Ltd (Japan)
•  BYD Auto Co. Ltd. (China)

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The electric truck market will witness several strategic initiatives, such as collaborations, mergers & acquisitions, expansions, and product launches. Matured industry players are also investing strategically in research and development activities and fostering their expansion plans.

Recently, on Jun 15, 2022, Einride, a Swedish automated electric vehicle tech specialist and Oatly, the food company, announced the extension of their partnership to electrify Oatly's fleet in North America. Einride has been managing and operating electric trucks for Oatly in Sweden since 2020. Five connected electric trucks from Einride, with charging infrastructure and connectivity services, will be plying between Oatly's plants in Ogden, Utah, and Millville, New Jersey, over the next year.

In Sweden, the two companies collaborate for four electric trucks running across various regional routes, operating 24/7 live transport between Oatly's production facilities and warehouse partners. In March 2022, Einride partnered with Maersk in the USA to provide Maersk with 300 electric trucks between 2023 and 2025.

In another instance, on Jun 13, 2022, Scania, a Swedish commercial vehicle maker, debuted its long-haul electric truck in Europe. The all-new electric truck will be available as a rigid truck and a tractor-trailer across the region. The company says that its new truck can achieve up to 350 km (217 miles) in range and a full charge in less than 90 minutes.

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