“Electric Truck Global Market Report 2022” from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global electric truck market market.
This report focuses on electric truck market market which is experiencing strong growth. The report gives a guide to the electric truck market market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.
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Where is the largest and fastest growing market for the electric truck market? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The Electric Truck Market market global report” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider electric truck market market, and compares it with other markets.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, the influence of the COVID-19 virus and forecasting its growth.
- Market segmentations break down market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
- The electric truck market market section of the report gives context. It compares the electric truck market market with other segments of the electric truck market market by size and growth, historic and forecast. It analyses GDP proportion, expenditure per capita, electric truck market indicators comparison.
Scope
Markets Covered:
- 1) By Vehicle Type: Light-Duty Electric Truck; Medium-Duty Electric Truck; Heavy-Duty Electric Truck
- 2) By Propulsion: Battery Electric Vehicle; Hybrid Electric Vehicle; Plug-In Hybrid Electric Vehicle; Fuel Cell Electric Vehicle
- 3) By Range: Upto 150 Miles; 151-300 Miles; Above 300 Miles
- 4) By End User: Last Mile Delivery; Long Haul Transportation; Refuse Services; Field Services; Distribution services
- Companies Mentioned: AB Volvo; BYD Compay Ltd.; Daimler AG; Dongfeng Motor Company; Paccar Inc.
- Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Executive Summary
Major players in the electric truck market are: AB Volvo, BYD Compay Ltd., Daimler AG, Dongfeng Motor Company, Paccar Inc., Tata Motors, Tesla Inc., Hino Motors Ltd., Volvo Group, Tevva Motors Limited, Volta Trucks, StreetScooter, Workhorse Group Incorporated, and Renault SA.
The global electric truck market is expected to grow from $1.26 billion in 2021 to $1.83 billion in 2022 at a compound annual growth rate (CAGR) of 45.06%. The electric truck market is expected to reach $8.99 billion in 2026 at a CAGR of 48.78%.
The electric truck market consists of sales of the electric truck by entities (organizations, sole traders, partnerships) that refers to a large motorized vehicle with an open bed designed to transport goods and whose primary propulsion technology is battery-electric or powered by rechargeable batteries alone or hydrogen fuel cell electric or hybrid electric that are powered by batteries and an internal combustion engine.
The main types of electric trucks are light-duty electric truck, medium-duty electric truck, heavy-duty electric truck. Light-duty electric trucks are those that have gross vehicle weight of up to 8,500 pounds or 3,855 Kgs and payload capacities up to 4000 pounds or 1,815 Kgs. The propulsion used in electric trucks are battery electric vehicle, hybrid electric vehicle, plug-in hybrid electric vehicle, fuel cell electric vehicle that can cover a range of up to 150 miles, 151-300 miles, above 300 miles. Electric trucks are used across various applications such as last mile delivery, long haul transportation, refuse services, field services, distribution services.
Western Europe was the largest region in the electric truck market in 2021. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Government incentives and schemes are expected to drive the growth of the electric truck market. Government bodies across the globe are implementing innovative policies and incentive schemes to increase the adoption of electric vehicles across all categories (bikes, autos, cars and commercial vehicles). The main policies, which are currently driving the EV's adoption are significant financial incentives for the purchase of LDVs, subsidies for primary purchase, vehicle purchase, and tax rebates on registration as these vehicles control pollution and promote a good environment. For instance, the Indian government launched the PLI (production-linked incentive) scheme for the auto sector and the FAME (Faster Adoption and Manufacturing of Electric Vehicles) II amendment, with the aim to switch 30% of private cars, 70% of commercial vehicles, and 80% of two- and three-wheeler to electric by 2030. Such subsidies and support from the government are expected to boost the electric truck market during the forecast period.
The development of self-driving electric trucks is the key trend gaining popularity in the electric trucks sector. The companies operating in the electric trucks sector are partnering with related technology-based companies to boost their development activities in innovative self-driving truck models. For instance, in January 2022, Pininfarina, an Italy-based design company owned by Mahindra, developed an electric semi-truck in collaboration with Deppway, a subsidiary of Baidu, with a self-drive system. The self-drive system utilizes 11 cameras on board, an infrared detector, radars, and LIDAR sensors.
In October 2020, BYD Auto Industry Co., Ltd, a China-based conglomerate manufacturing company entered into a joint venture agreement with Hino Motors, Ltd., a Tokyo-based manufacturer of commercial vehicles and diesel engines, to establish a company for the development of commercial battery electric vehicles. The new venture is established with 50% of capital investment from both Hino and BYD.
The countries covered in the electric truck market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Table of Contents
1. Executive Summary
2. Electric Truck Market Characteristics
3. Electric Truck Market Trends And Strategies
4. Impact Of COVID-19 On Electric Truck
5. Electric Truck Market Size And Growth
- 5.1. Global Electric Truck Historic Market, 2016-2021, $ Billion
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints On The Market
- 5.2. Global Electric Truck Forecast Market, 2021-2026F, 2031F, $ Billion
- 5.2.1. Drivers Of The Market
- 5.2.2. Restraints On the Market
6. Electric Truck Market Segmentation
- 6.1. Global Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Light-Duty Electric Truck
- Medium-Duty Electric Truck
- Heavy-Duty Electric Truck
- 6.2. Global Electric Truck Market, Segmentation By Propulsion, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-in Hybrid Electric Vehicle
- Fuel Cell Electric Vehicle
- 6.3. Global Electric Truck Market, Segmentation By Range, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Upto 150 Miles
- 151-300 Miles
- Above 300 Miles
- 6.4. Global Electric Truck Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Last Mile Delivery
- Long Haul Transportation
- Refuse Services
- Field Services
- Distribution services
7. Electric Truck Market Regional And Country Analysis
- 7.1. Global Electric Truck Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- 7.2. Global Electric Truck Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
8. Asia-Pacific Electric Truck Market
- 8.1. Asia-Pacific Electric Truck Market Overview
- Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
- 8.2. Asia-Pacific Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- 8.3. Asia-Pacific Electric Truck Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
9. China Electric Truck Market
- 9.1. China Electric Truck Market Overview
- 9.2. China Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F,$ Billion
- 9.3. China Electric Truck Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F,$ Billion
10. India Electric Truck Market
- 10.1. India Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- 10.2. India Electric Truck Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
11. Japan Electric Truck Market
- 11.1. Japan Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- 11.2. Japan Electric Truck Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
12. Australia Electric Truck Market
- 12.1. Australia Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- 12.2. Australia Electric Truck Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
13. Indonesia Electric Truck Market
- 13.1. Indonesia Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- 13.2. Indonesia Electric Truck Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
14. South Korea Electric Truck Market
- 14.1. South Korea Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- 14.2. South Korea Electric Truck Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
15. Western Europe Electric Truck Market
- 15.1. Western Europe Electric Truck Market Overview
- 15.2. Western Europe Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- 15.3. Western Europe Electric Truck Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
16. UK Electric Truck Market
- 16.1. UK Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- 16.2. UK Electric Truck Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
17. Germany Electric Truck Market
- 17.1. Germany Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- 17.2. Germany Electric Truck Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
18. France Electric Truck Market
- 18.4. France Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- 18.5. France Electric Truck Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
19. Eastern Europe Electric Truck Market
- 19.1. Eastern Europe Electric Truck Market Overview
- 19.2. Eastern Europe Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- 19.3. Eastern Europe Electric Truck Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
20. Russia Electric Truck Market
- 20.1. Russia Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- 20.2. Russia Electric Truck Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
21. North America Electric Truck Market
- 21.1. North America Electric Truck Market Overview
- 21.2. North America Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- 21.3. North America Electric Truck Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
22. USA Electric Truck Market
- 22.1. USA Electric Truck Market Overview
- 22.2. USA Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- 22.3. USA Electric Truck Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
23. South America Electric Truck Market
- 23.1. South America Electric Truck Market Overview
- 23.2. South America Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- 23.3. South America Electric Truck Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
24. Brazil Electric Truck Market
- 24.1. Brazil Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- 24.2. Brazil Electric Truck Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
25. Middle East Electric Truck Market
- 25.1. Middle East Electric Truck Market Overview
- 25.2. Middle East Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- 25.3. Middle East Electric Truck Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
26. Africa Electric Truck Market
- 26.1. Africa Electric Truck Market Overview
- 26.2. Africa Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- 26.3. Africa Electric Truck Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
27. Electric Truck Market Competitive Landscape And Company Profiles
- 27.1. Electric Truck Market Competitive Landscape
- 27.2. Electric Truck Market Company Profiles
- 27.2.1. AB Volvo
- 27.2.1.1. Overview
- 27.2.1.2. Products and Services
- 27.2.1.3. Strategy
- 27.2.1.4. Financial Performance
- 27.2.2. BYD Compay Ltd.
- 27.2.2.1. Overview
- 27.2.2.2. Products and Services
- 27.2.2.3. Strategy
- 27.2.2.4. Financial Performance
- 27.2.3. Daimler AG
- 27.2.3.1. Overview
- 27.2.3.2. Products and Services
- 27.2.3.3. Strategy
- 27.2.3.4. Financial Performance
- 27.2.4. Dongfeng Motor Company
- 27.2.4.1. Overview
- 27.2.4.2. Products and Services
- 27.2.4.3. Strategy
- 27.2.4.4. Financial Performance
- 27.2.5. Paccar Inc.
- 27.2.5.1. Overview
- 27.2.5.2. Products and Services
- 27.2.5.3. Strategy
- 27.2.5.4. Financial Performance
28. Key Mergers And Acquisitions In The Electric Truck Market
29. Electric Truck Market Future Outlook and Potential Analysis
30. Appendix
- 30.1. Abbreviations
- 30.2. Currencies
- 30.3. Research Inquiries
- 30.4. The Business Research Company
- 30.5. Copyright And Disclaimer