Research Nester assesses the growth and market size of global electric trucks market which is anticipated to be on account of the surging carbon dioxide emission from the traditional trucks, and increasing research and development in electric vehicles.
New York – March 26, 2023 - Research Nester’s recent market research analysis on “Electric Trucks Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitor’s analysis and a detailed overview of the global electric trucks market in terms of market segmentation by type, range, propulsion type, and by region.
Growing E-Commerce Industry to Promote Global Market Share of Electric Trucks
The global electric trucks market is estimated to grow majorly on account of the increase in the number of vendors and buyers on the e-commerce platforms around the world. As consumers are moving from traditional offline platforms to e-commerce online platform in order to purchase goods or services. Moreover, the cost of buying the goods ais cheaper on online sites than the retail stores. In addition, the goods can be transferred in bulk at a lower cost, as they are energy efficient, and save a lot cost of energy. Therefore, it is anticipated to boost the growth of the global electric trucks market. The global e-commerce sites in the year 2022, accounted around 12 million to 25 million, according to the estimates.
On the other hand, there has been a rise in awareness related to the electric vehicles, as they are getting more conscious of environmental issues. In addition, the sales of electric vehicles are increasing on a yearly basis, owing to the implementation of the strict emission regulations. Furthermore, the government is providing subsidies to the manufacturers in order to manufacture electric vehicles at a lower cost, so that it comes in the purchasing power of the people. Therefore, it is expected to surge the growth of the global electric trucks market.
Some of the major growth factors and challenges that are associated with the growth of the global electric trucks market are:
Growth Drivers:
Increasing Investment in EV InfrastructureRising Adoption of Electric Trucks for Logistics SectorChallenges:
The rising concern for the installation of electric vehicle charging is creating an obstacle in the growth of the global electric trucks market. Generally, trucks are used to transfer goods from one place to another, so there is a need for charging station after some of the distance. Therefore, developing countries are still in the process of developing charging stations for electric vehicles. Moreover, limited driving range as compared to the traditional trucks, and the high cost of the electric trucks are some of the major factors anticipated to hamper the global market size of electric trucks.
By type, the global electric trucks market is segmented into medium, light, and heavy-duty trucks. The heavy-duty trucks segment is anticipated to garner a highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. This can be attributed to the increased global sales of heavy-duty trucks, which are more commonly used for long-distance transportation. Furthermore, heavy-duty trucks are more durable and provide better performance than other types of electric trucks, which is expected to drive market segment growth. In addition, they are used by industries to transport raw materials such as cars, cement, and others. According to International Energy Agency data, there will be 66,000 electric heavy duty truck stocks around the world in 2021.
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By region, the Asia Pacific electric trucks market is to generate the highest revenue by the end of 2035. This growth is anticipated by the rising restrictions on carbon dioxide emissions, as well as increased investments in research and development to improve the efficiencies of electric trucks. In addition, the government initiatives encouraging manufacturers to produce low-cost electric trucks are further expected to boost the growth of the market in the region. Further, there has been an increase in the sale of electric vehicles in countries such as China, as they are environmentally- friendly, which in turn, is expected to rise the electric trucks market in the region during the overcast period. According the estimated data for 2021, there were more than 75,000 battery electric trucks that was registered in China.
This report also provides the existing competitive scenario of some of the key players of the global electric trucks market which includes company profiling of BYD Company Ltd, Tata Motors Ltd., Ford Motor Company, PACCAR Inc., Mercedes-Benz Group AG, Rivian, LLC, Dongfeng Motor Corporation, ISUZU Motors Limited, Workhorse Group Incorporated, AB Volvo, and others.
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