Automotive Industry Today
Electric Truck Market Development, Trends, Demand and Forecast till 2024-2032
IMARC Group, a leading market research company, has recently releases report titled “Electric Truck Market Report by Vehicle Type (Light-Duty Truck, Medium-Duty Truck, Heavy-Duty Truck), Propulsion (Battery Electric Truck, Hybrid Electric Truck, Plug-In Hybrid Electric Truck, Fuel Cell Electric Truck), Range (0-150 Miles, 151-300 Miles, Above 300 Miles), Application (Logistics, Municipal, Construction, Mining, and Others), and Region 2024-2032”, The study provides a detailed analysis of the industry, including the global electric truck market trends, share, size, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the electric truck market?
The global electric truck market size reached US$ 672.8 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 6,007.2 Million by 2032, exhibiting a growth rate (CAGR) of 26.7% during 2024-2032.
What is an electric truck?
An electric truck, also known as an electric commercial vehicle or e-truck, is a type of vehicle that is powered by electricity. These trucks use electric motors and batteries to generate the necessary power to propel the vehicle, making them an eco-friendly and sustainable alternative to traditional diesel or gasoline-powered trucks. They are available in various sizes and configurations, ranging from small delivery vans to large semi-trucks. They are designed to meet numerous needs of businesses and industries, offering various applications such as transportation of goods, logistics, and even construction. They produce zero tailpipe emissions and combat climate change. Additionally, they offer a quieter and smoother driving experience, and the absence of noisy internal combustion engines makes them ideal for urban areas and nighttime deliveries, reducing noise pollution in residential neighborhoods. Nowadays, manufacturers and startups are investing in the development and production of these vehicles.
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What are the growth prospects and trends in the electric truck industry?
The electric truck market is primarily driven by the developments in autonomous driving technology. Many autonomous vehicle manufacturers are choosing electric platforms for their vehicles due to their inherent efficiency and compatibility with autonomous systems. Also, the integration of electric and autonomous technologies creates new opportunities for cost-effective and sustainable transportation solutions. Moreover, several technological advancements in battery technology and electric drivetrains led to significant improvements in the range, performance, and charging infrastructure for electric trucks, representing another major growth-inducing factor. Along with this, modern electric trucks can cover longer distances on a single charge, making them viable for a broader range of applications, including long-haul transportation, thus propelling the market growth. Besides this, many regions offer incentives and tax credits to encourage the adoption of electric trucks, further reducing the upfront costs of electric trucks and contributing to their cost-effectiveness over time, which is accelerating market growth. Furthermore, the transportation and logistics industry is experiencing a shift driven by changing consumer preferences, e-commerce growth, and the need for more efficient and flexible logistics solutions, further creating a positive market outlook.
What is included in market segmentation?
The report has segmented the market into the following categories:
Vehicle Type Insights:
- Light-duty Truck
- Medium-duty Truck
- Heavy-duty Truck
Propulsion Insights:
- Battery Electric Truck
- Hybrid Electric Truck
- Plug-in Hybrid Electric Truck
- Fuel Cell Electric Truck
Range Insights:
- 0-150 Miles
- 151-300 Miles
- Above 300 Miles
Application Insights:
- Logistics
- Municipal
- Construction
- Mining
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- VolvoGroup
- BYD Company Ltd.
- Mercedes-Benz Group AG
- China FAW Group Co. Ltd.
- Isuzu Motors Ltd
- Navistar Inc.
- PACCAR Inc.
- Rivian Automotive, Inc.
- Volkswagen AG
- Tata Motors Limited
- Tesla, Inc.
- Tevva Motors Limited.
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Note: If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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IMARC Group’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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