Electric Truck Market: Global Industry Trends, Share, Size

According to the latest report by IMARC Group, titled, “Electric Truck Market Share: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028″, offers a comprehensive analysis of the industry, which comprises insights on the global electric truck market growth. The global electric truck market size reached US$ 515.1 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,556.1 Million by 2028, exhibiting a growth rate (CAGR) of 32.2% during 2023-2028.

Report Metric

Historical: 2017-2022

Base Year: 2021

Forecast Year: 2023-2028

An electric truck refers to a commercial vehicle operating on rechargeable batteries for transporting cargo. It is reliable and cost-effective, minimizes carbon emission and vehicular noise, and equipped with regenerative braking systems and automatic start and stop facilities. It is manufactured using lightweight materials and widely available in hybrid variants that operate via both fuel-gas and battery-operated engines.

Electric Truck Market Trends

Rapid urbanization, burgeoning automotive industry, and rising consumer preferences for hybrid and electric vehicles (H/EVs)are among the major factors positively influencing the market. In addition to this, governing authorities of numerous countries are undertaking initiatives to encourage the adoption of electric trucks, minimize the consumption of fossil fuels and consequently reduce greenhouse (GHG) emissions, which is bolstering the growth of the market. Furthermore, various technological advancements, including enhancements in the electronic charging infrastructure and the usage of magnetic resonance for wireless vehicle charging, are other factors anticipated to drive the market.

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Global Electric Truck 2023-2028 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

AB Volvo, BYD Company Ltd., Daimler AG, FAW Group Co. Ltd., Navistar Inc., PACCAR Inc., Rivian Automotive Inc., Scania AB (Volkswagen AG), Tata Motors Limited, Tesla Inc. and Tevva Motors Limited.

The report has segmented the market on the based on region, vehicle type, propulsion, range and application.

Breakup by Vehicle Type:

Light-duty Truck

Medium-duty Truck

Heavy-duty Truck

Breakup by Propulsion:

Battery Electric Truck

Hybrid Electric Truck

Plug-in Hybrid Electric Truck

Fuel Cell Electric Truck

Breakup by Range:

0-150 Miles

151-300 Miles

Above 300 Miles

Breakup by Application:

Logistics

Municipal

Construction

Mining

Others

Breakup by Region:

North America:(United State,Canada)Asia-Pacific:(China, Japan,India, South Korea,Australia, Indonesia,Others)Europe: (Germany,France,United Kingdom,Italy,Spain,Russia,OthersLatin America: (Brazi,Mexico,Others)Middle East and Africa

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