Global Electric Truck Markets Report 2022: Last Mile Delivery, Long Haul Hauling, Waste Handling Services, Field Services, Distribution Services – Forecast to 2026 & 2031 – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The report “Global Electric Truck Market Report 2022” has been added to from ResearchAndMarkets.com offer.
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 with a CAGR of 48.78%.
The electric truck market includes sales of electric trucks by entities (organizations, sole proprietorships, partnerships) that refer to a large motorized vehicle with an open bed designed to transport goods and whose primary propulsion technology is electric. battery-powered or rechargeable battery-powered alone or hydrogen fuel cell electric or hybrid electric which are powered by batteries and an internal combustion engine.
The main types of electric trucks are light electric trucks, medium electric trucks and heavy electric trucks. Light-duty electric trucks are those with gross vehicle weights up to 8,500 pounds or 3,855 kg and payload capacities up to 4,000 pounds or 1,815 kg.
The propulsion used in electric trucks is battery electric vehicle, hybrid electric vehicle, plug-in hybrid electric vehicle, fuel cell electric vehicle that can cover range up to 150 miles, 151-300 miles, au- above 300 miles. Electric trucks are used in various applications such as last mile delivery, long distance transport, waste 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 during the forecast period. Regions covered in the Electric Trucks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle- East and Africa.
Government incentives and programs are expected to drive the growth of the electric truck market. Government agencies around the world are implementing innovative policies and incentive programs to increase the adoption of electric vehicles across all categories (bicycles, automobiles, cars, and utility vehicles).
The main policies that are currently driving the adoption of electric vehicles are significant financial incentives for the purchase of LCVs, subsidies for the primary purchase, the purchase of vehicles and registration tax rebates, because these vehicles control pollution and promote a good environment.
For example, the Indian government launched the PLI (production-linked incentive) program for the automotive sector and the FAME (Faster Adoption and Manufacturing of Electric Vehicles) II amendment, with the aim of replacing 30% of passenger cars, 70 % of commercial cars will be electric vehicles and 80% of two- and three-wheelers will be electric by 2030. These subsidies and government support are expected to drive the electric truck market over the forecast period.
The development of autonomous electric trucks is the key trend gaining popularity in the electric truck industry. Companies operating in the electric truck sector are partnering with related technology companies to boost their business of developing innovative models of self-driving trucks.
For example, in January 2022, Pininfarina, an Italy-based design company owned by Mahindra, developed an electric semi-trailer in collaboration with Deppway, a subsidiary of Baidu, with a self-driving system. The self-driving system uses 11 onboard cameras, an infrared detector, radars and LIDAR sensors.
The countries covered in the Electric Trucks market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, United Kingdom and the United States.
Some of the major players in the electric truck market are
BYD Company Ltd.
Dongfeng Motor Company
Hino Motors Ltd.
Tevva Motors Limited
Workhorse Group Incorporated
Main topics covered:
2. Characteristics of Electric Trucks Market
3. Electric Trucks Market Trends and Strategies
4. Impact of COVID-19 on electric trucks
5. Electric Truck Market Size and Growth
5.1. Global Electric Truck Historic Market, 2016-2021, USD Billion
5.1.1. Market Drivers
5.1.2. Market Constraints
5.2. Global Electric Truck Market Forecast, 2021-2026F, 2031F, Billion USD
5.2.1. Market Drivers
5.2.2. Market Constraints
6. Electric Truck Market Segmentation
6.1. Global Electric Truck Market, Segmentation by Vehicle Type, Historical & Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
Light electric truck
Medium Duty Electric Truck
Heavy Duty Electric Truck
6.2. Global electric truck market, segmentation by propulsion, history and forecast, 2016-2021, 2021-2026F, 2031F, billion dollars
Battery electric vehicle
Hybrid electric vehicle
Plug-in hybrid electric vehicle
Fuel cell electric vehicle
6.3. Global Electric Truck Market, Segmentation by Range, Historical and Forecast, 2016-2021, 2021-2026F, 2031F, Billion USD
6.4. Global electric truck market, segmentation by end-user, historical and forecast, 2016-2021, 2021-2026F, 2031F, billions of dollars
Last mile delivery
Long distance transport
7. Regional and Country-wise Electric Truck Market Analysis
7.1. Global Electric Truck Market, Split by Region, Historical & Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
7.2. Global Electric Trucks Market, Split by Country, Historical & Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
For more information about this report, visit https://www.researchandmarkets.com/r/9bi6p0