Electric Truck Market is Expected to grow with a CAGR of 23.18% By 2032

Zion Market Research has published a new report titled “Electric Truck Market by Propulsion (BEV, HEV, PHEV, and FCEV), by Vehicle Type (Light-duty truck, Medium-duty truck and Heavy-duty truck) and by Mode of Application (Logistic, Municipal and other applications), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2024 – 2032”According to the report, the electric truck market was evaluated at $28.48 Billion in 2023 and is slated to hit $185.92 Billion by the end of 2032 with a CAGR of nearly 23.18% between 2024 and 2032.

Browse the full “Electric Truck Market by Technology (Battery Electric Vehicle, Hybrid Electric Vehicle, and Plug-in Hybrid Electric Vehicle) by Product (General Trucks, Pickup Trucks, Garbage Trucks, and Others) by Application (Logistics, Government, and Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2024 – 2032” Report at https://www.zionmarketresearch.com/report/electric-truck-market

The global electric truck market is expected to observe prominent growth over the years. This is due to the several parameters such as low maintenance and operating cost of these electric trucks, government’s initiatives, rules & regulations, and declining battery price.  Moreover, the electric trucks are particularly considered as the alternative to fuel-based commercial vehicles owing to their cost-effective parameter compared to fuel-based commercial vehicles, and fewer emissions from vehicles.

Increased stringent government guidelines to control vehicle emissions and incentives policies to purchase the electric trucks in several countries such as the US, Germany, and Japan are the crucial factors that are driving the growth of the global electric truck market within the forecast period. Growing demand for smart transport and increased charging infrastructure across the globe is expected to further boost up the market growth for the electric trucks and provide new opportunities for the players in the market. 

The electric truck market has been segmented on the basis of propulsion, vehicle type, and application. Based on propulsion, the electric truck market is categorized into four types named as battery electric vehicle, hybrid electric vehicle, plug-in hybrid vehicle, and fuel-cell electric vehicle. Among all these, the battery electric vehicle propulsion is expected to grow at a noteworthy rate within the forecast period. This is preliminary due to the wide range of advantages offered by the battery electric vehicle such as cutting-edge technology, lower running cost, increased interior space, and performance.

The next-generation battery electric vehicle driving range includes optimization of lithium-ion battery, advanced battery management system, and an increase in energy density. On the basis of vehicle type, the electric truck market is categorized into three types named as light-duty truck, medium-duty truck, and heavy-duty truck. In the upcoming years, the demand for heavy-duty trucks is anticipated to have a higher market share in the electric truck market as compared to others within the forecast period. This is owing to the increasing demand for long-haul HDTs which are running on alternative fuels by fleet operators in developed economies such as the U.S. and European nations. Moreover, the trucking companies focused on adding the HDTs, so as to cater to the rising freight demand and avail maximal gains under government schemes.

In terms of applications, the electric truck market is categorized into logistics, municipal, and others. The logistics category is dominating the market compared to other categories under the mode of application segment within the forecast period, due to the growing logistics industry and substantial growth in e-commerce, retail, and manufacturing industries in developing economies.

Electric Truck Market: Competitive Space

Detailed analysis of the major players in the global electric truck market includes their financial overview, business strategies, recent developments, and the product offered by them in the market. Key competitors included in this report are

• Daimler AG
• Bayerische Motoren Werke AG
• Toyota Motor Corporation
• Volvo Group
• Hino Motors Ltd. BYD Auto Co. Ltd.
• Nikola Motor Company
• Isuzu Motors Limited
• General Motors

This report segments the global electric trucks market as follows:

Global Electric Trucks Market: Propulsion Segment Analysis

• BEV
• HEV
• PHEV
• FCEV

Global Electric Trucks Market: Vehicle Type Segment Analysis

• Light-duty truck
• Medium-duty truck
• Heavy-duty truck

Global Electric Trucks Market: Mode of Application Segment Analysis

• Logistic
• Municipal
• Other

Global Electric Trucks Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa

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