Electric Trucks Market size is anticipated to reach USD 713 billion by the end of 2035, growing at a CAGR of 42.70% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of electric trucks was over USD 1 billion. The growth of the market can be attributed to the growing concern related to the environmental issues. There has been a rise in the emission of carbon dioxide from traditional trucks, as they depend on the fossil fuels such as petrol. Hence, it is expected to rise the growth of the global market. As per the estimates, delivery trucks and tractor trailers are responsible for nearly 6 percent of the greenhouse gas emissions in the United States, as of 2020.
In addition to these, factors that are believed to fuel the electric trucks market growth of electric trucks include the benefits associated with the electric truck such as low maintenance cost, and zero noise pollution. Furthermore, the government is taking initiatives to promote electric vehicles among the people, that would also reduce the cost that the countries are paying for purchasing oil from other countries. This is one of the major reasons that are leading the countries towards fiscal deficits. Hence, it is predicted to drive the growth of the market in the upcoming years.
Base Year |
2022 |
Forecast Year |
2023-2035 |
CAGR |
~42.70% |
Base Year Market Size (2022) |
~ USD 1 Billion |
Forecast Year Market Size (2035) |
~ USD 713.0 Billion |
Regional Scope |
|
Growth Drivers
Challenges
Type (Medium, Light, Heavy-Duty Trucks)
The global electric trucks market is also segmented and analyzed for demand and supply by type into medium, light, and heavy-duty trucks. Among these, the heavy-duty trucks segment is predicted to hold the significant share over the forecast period. This can be attributed to the rising sale of heavy-duty trucks across the globe, as they are more commonly used for long-haul transportation. Moreover, they are adopted by industries for the transportation of raw materials such as cars, cement, and others. As per the reported data by the International Energy Agency, there were 66,000 electric heavy duty truck stocks around the world in the year 2021. Moreover, the heavy-duty trucks are highly durable, and provide better performance, as compared to the other electric truck type, which in turn is anticipated to boost the segment growth in the market.
Propulsion Type (Battery, Plug-in Hybrid, Hybrid, Fuel Cell Electric Truck)
The global electric trucks market is segmented and analyzed for demand and supply by propulsion type into battery, plug-in hybrid, hybrid, and fuel cell electric truck. Out of these, the battery electric truck segment is expected to hold the largest share with a share of 60 percent by the end of 2035. This can be attributed to the decline in the price of batteries, followed by government initiatives to make them affordable for different classes of people. Moreover, there have been government restrictions related to zero emission vehicles, that is further anticipated to boost the growth of the segment in the market.
Our in-depth analysis of the global electric trucks market includes the following segments:
By Type |
|
By Range |
|
By Propulsion Type |
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APAC Market Statistics
The electric trucks market in Asia Pacific is projected to be the largest with a share of about ~41% by the end of 2035. The growth of the market can be attributed majorly to the government initiatives for the manufacturers to produce electric trucks at a lower cost. Furthermore, there has been an increase in the sale volume of electric vehicle, such as trucks in countries such as China, that is further anticipated to rise the growth of the market in the region. Moreover, the increasing restrictions related to carbon dioxide emissions, and the surging investments in research and development in order to improve the efficiencies of the electric trucks, are the factors that are projected to extend the market in the region. In the year 2021, China registered more than 75,000 battery electric trucks ahead of Europe, which registered more than 50,000 battery electric trucks.
North American Market Forecast
The North America electric trucks market is estimated to be the second largest, registering a share of about ~20% by the end of 2035. The growth of the market can be attributed majorly to the growing e-commerce sector in the region. Moreover, there has been growing environmental concern in the countries such as the United States, and Canada, that is further expected to boost the growth of the market in the region. In addition, they are countries that have an advanced infrastructure for electric vehicles, that is one of the major factors that is expected to contribute to the growth of the market in the region.
Europe Market Forecast
Further, the electric trucks market in the European, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the presence of large automobile manufacturers such as Volkswagen, Daimler AG, and others. Furthermore, there has been a presence of high efficiency batteries at a lower cost if purchase, that is further predicted to expand the market’s growth in the Europe region.
Workhorse Group Incorporated announced the launch of its new Certified Dealer Program, an initiative to create an official network of verified dealers who have passed the protocols required to safely repair and maintain the Company's vehicles. Moreover, Kingsburg Truck Center in California, has been appointed as Workhorse's first certified electric vehicle ("EV") dealer in California.
BYD Company Ltd announced the first delivery of battery electric 8TT truck to the Port of Oakland. Moreover, the truck belongs to Class 8 was granted funds by the CARB and used for the three year feasibility study in order to detect whether the zero-emission trucks will be able to replace the diesel trucks.
Author Credits: Rushikesh, Richa Gupta
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