The global automotive sector is undergoing a paradigm shift with a gradual switch to alternative/less energy-intensive solutions. The rising cost of oil, elevating levels of pollution, and international pledges to tackle global climate change are accelerating the transition to e-mobility.
Based on propulsion, the electric trucks market is segmented into BEV, PHEV, and FCEV. In 2021, The BEV segment led the market with the largest share. Based on vehicle, the electric trucks market is categorized into LCV, and Medium and HCV. In 2021, the LCV segment led the market with a larger share. Based on range, the electric trucks market is bifurcated into less than 200 miles and more than 200 miles. In 2021, the more than 200 Miles segment accounted for a larger share of the market. Based on the level of automation, the electric trucks market is segmented into semi-autonomous and fully autonomous. In 2021, the semi-autonomous segment led the market with a larger share. By geography, the electric trucks market is primarily segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). In 2021, Europe accounted for a significant share of the market
In 2020, the COVID-19 pandemic hampered the electric trucks market growth due to the decline in the automotive production. COVID-19 has had varying degrees of impact on EV marketplaces in different regions. Many EV OEMs are attempting to build online business models and contactless selling channels in response to the social distancing trend and consumers' unwillingness to avoid crowds during purchases. Nonetheless, due to the demand boom following COVID, new EV plant construction plans have been set through 2020. However, in the first three quarters of 2020, none of the newly established EV factories was placed into operation due to COVID-19.
The rising adoption of sustainable mobility is encouraging the introduction of electric trucks (including such as longer-range battery-electric and fuel-cell electric trucks) and other electric vehicles for demanding and heavy long-haul operations. Electric trucks fueled by hydrogen fuel cells are expected to be made available during 2022–2028. To lessen the impact of climate on transportation, a rapid transition from fossil fuels to alternatives such as electricity is required. As a result, most transportation businesses are likely to transition to electric vehicles in stages. During the transition, many of them will have a mixed fleet of trucks fueled by different fuels.
Electric mobility will enable energy savings through more efficient and cleaner transport, thus allowing governments to achieve the Sustainable Development Goals (SDGs) laid by the United Nations. Electric trucks, like other electric vehicles, will assist to cut tailpipe pollution, reduce reliance on fossil fuels, promote community health, providing energy security, and improving employment and upskilling opportunities. Combining electric mobility goals with renewable energy goals will help to further decarbonize the transportation industry. Businesses and government agencies in Europe as well as developing regions may play a big role in decreasing global greenhouse gas emissions and boosting electric truck adoption by providing EV charging infrastructure and migrating fleet vehicles to electric trucks.
Based on propulsion, the electric trucks market is segmented into BEV, FCV, and PHEV. The BEV segment accounted for the largest market share in 2021. Battery-powered electric trucks are expected to contribute notably to the market growth. Manufacturers such as Volvo and Navistar are leveraging their technology capabilities, shortening the development cycle for BEVs, and focusing on a fast time-to-market. The increasing battery life and energy density, and a drop in battery prices are likely to boost the electric trucks market for the BEV segment.
Based on vehicle type, the electric trucks market is bifurcated into LCVs and medium & HCVs. The LCV segment led the market with a larger market share in 2021. Automakers and allied powertrain component suppliers are embracing an electric, clean, and sustainable future. By creating new paradigms from the initial stages, several OEMs are changing traditional ways of establishing LCV platforms. Many significant OEMs are developing specific eLCV platforms. In the meanwhile, the increasing demand for a high degree of customization by fleet managers and the introduction of new services-based models are benefitting the LCV industry.
Based on range, the electric trucks market is segmented into less than 200 miles and more than 200 miles. The more than 200 miles segment led the market with a larger share in 2021. Longer-range commercial vehicles dominate the global market due to large preferences among end users.
Based on the level of automation, the electric trucks market is segmented into semi-autonomous and fully autonomous. Semi-autonomous electric trucks hold a larger share of the market. However, fully autonomous trucks are expected to dominate the market in the coming years due to the increasing adoption of automation across all industries and the evolution of technologies allowing complete functioning for self-driving trucks.
The regional trends and factors influencing the Electric Trucks Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Electric Trucks Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 4.59 Billion |
| Market Size by 2028 | US$ 26.54 Billion |
| Global CAGR (2021 - 2028) | 29.4% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Propulsion
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Electric Trucks Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Electric Trucks Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
Based on the electric trucks market report, players operating in the market are mainly focused on new product launches.
The incremental growth of the electric trucks market during the forecast period is US$ 21950.36 million.
Europe is the fastest growing region in the global electric trucks market.
The major five companies in the electric trucks market include Tesla, Volvo, Daimler, BYD and Navister.
Based on type, the electric trucks market is bifurcated into BEV, PHEV, and FCV. In 2021, the BEV segment led the electric trucks market, accounting for the largest share in the market.
Smart charging and connected infrastructure is presenting significant potential for the future growth of the electric trucks market players.
Government initiatives and stringent emission rules to boost the electric trucks growth and surge in global production and sales of EVs are driving the growth of the electric trucks market.