IMARC Group, a leading market research company, has recently releases report titled “Electric Truck Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global electric truck market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the electric truck market?
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.
What is an electric truck?
Electric trucks are electronic vehicles that run on batteries powered by the power grid. They are considered an efficient and cost-effective alternative to conventional fossil fuel trucks as they emit low CO2 emissions from vehicles, contributing to a greener environment. Furthermore, with the growing e-commerce sector, electric trucks are widely used to deliver products to remote locations. These factors are providing a positive thrust to the market growth.
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What are the growth prospects and trends in the electric truck industry?
The global electric truck market is primarily driven by various government initiatives and regulations that promote the adoption of zero-emission vehicles. The low maintenance cost of the electric trucks has also escalated their demand across several sectors such as logistics, municipal, construction, and mining. Besides this, the improvement in the electronic charging infrastructure and the utilization of magnetic resonance for wireless vehicle charging also acts as other growth-inducing factors. These trucks are extensively used in the commercial sector to deliver cargo due to their increased battery storage capacity.
What is included in market segmentation?
The report has segmented the market into the following categories:
Vehicle Type Insights:
- Light-duty Truck
- Medium-duty Truck
- Heavy-duty Truck
Propulsion Insights:
- Battery Electric Truck
- Hybrid Electric Truck
- Plug-in Hybrid Electric Truck
- Fuel Cell Electric Truck
Range Insights:
- 0-150 Miles
- 151-300 Miles
- Above 300 Miles
Application Insights:
- Logistics
- Municipal
- Construction
- Mining
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- VolvoGroup
- BYD Company Ltd.
- Mercedes-Benz Group AG
- China FAW Group Co. Ltd.
- Isuzu Motors Ltd
- Navistar Inc.
- PACCAR Inc.
- Rivian Automotive, Inc.
- Volkswagen AG
- Tata Motors Limited
- Tesla, Inc.
- Tevva Motors Limited.
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