According to IMARC Group latest published report, The global electric truck market size reached US$ 426.7 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 1923.2 Million by 2027, exhibiting a CAGR of 30.15% during 2022-2027.
An electric truck refers to a battery-powered vehicle that operates on rechargeable batteries. It has automatic start and stop facilities, an electric motor, controllers, and regenerative braking systems. It is manufactured using aluminum metals that offer an indestructible structure to the vehicle. It is designed for transporting specialized payloads and cargos to perform functional work. It involves utility terrain vehicles (UTVs), ambulances, containers, local delivery vans, dump, fire, food, garbage, forklift, light-duty cargo, pickup, and tow trucks.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Electric Truck Industry Trends:
Increasing environmental concerns have driven the demand for electric vehicles (EVs), such as electric trucks, in various end-use industries. This, in confluence with the rising preferences for hybrid vehicles (HVs), currently represents one of the major factors augmenting the market growth around the world. It can also be attributed to inflating prices of petrol and the growing demand for fuel-efficient and high-performance vehicles. Several governing agencies are implementing regulations to encourage the use of electric trucks for reducing the carbon footprint, which is also propelling the market growth. Moreover, the expanding number of EV charging stations is boosting the sales of electric trucks across the globe. Along with this, there is a rise in the integration of the Internet of Things (IoT) in electric truck charging station systems to assist users in locating the nearby charging stations about the availability of vacant spots and schedule convenient slots for fill-ups, which is also favoring the market growth.
In addition, there is an increase in the adoption of electric trucks in the mining industry for smooth and efficient transportation of mined materials. It is used to automate mining operations to enhance productivity and reduce the damage caused by on-site accidents. Along with this, constant exploration of new coalfields and extraction of precious metals have strengthened the requirement for larger off-road vehicles, such as electric trucks, that have higher horsepower and greater capacity. This is also contributing to the growth of the electric truck market. Apart from this, it is employed in the construction industry for performing various industrial tasks and handling heavy construction materials, such as wood, steel, and mortar. This, in confluence with the rising construction activities in residential, commercial, and industrial areas, is creating a positive outlook for the market. Furthermore, key players are extensively investing in research and development (R&D) activities to launch advanced electric trucks, which are anticipated to strengthen the market growth in the coming years.
North America (United States, Canada)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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List of Major Key Players:
The major players in the market are AB Volvo (publ) (VLVLY), BYD Company Limited (BYDDF)., Mercedes Benz Group AG (MBG-DE:XETRA), China FAW Group Co. Ltd., Isuzu Motors Ltd, Navistar Inc., PACCAR Inc., Rivian Automotive, Inc., Volkswagen AG, Tata Motors Limited, Tesla, Inc., and Tevva Motors Limited.
TOC for the Electric Truck Market Research Report:
Scope and Methodology
Global Electric Truck Market
Value Chain Analysis
Market Breakup by Region
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