According to our latest market study on "Electric Trucks Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Propulsion, Vehicle Type, Range, and Level of Automation," the market is expected to grow from US$ 4,592.55 million in 2021 to US$ 26,542.90 million by 2028; it is estimated to grow at a CAGR of 29.4% 2022 to 2028.
Over the past few years, various governments have initiated measures to encourage the uptake of advanced transportation solutions, including electrification, in both light and heavy vehicles. The push for emissions control and increased fuel efficiency, driven by legislative and regulatory pressure, has played a significant role in the accelerated adoption of electric components in heavy-duty vehicles such as tractors and agricultural machinery. Battery-powered trucks have proven to be effective in reducing pollution levels in urban areas where there is a high concern for air quality, and stringent emissions regulations are in place. Proactive steps taken by governments in the European Union (EU), China, Japan, Canada, India, and South Korea, aimed at increasing the adoption of electric buses and trucks, are expected to drive the growth of the electric vehicle (EV) market during the forecast period. According to Japan's Electrified Vehicle (xEV) Strategy, the country aims to reduce 80% of its automotive greenhouse gas emissions by 2050 through the production of Electrified Vehicles (xEVs). Such favorable initiatives are expected to drive the adoption of electric trucks and other heavy-duty vehicles in the future.
Battery electric vehicles (BEVs) solely rely on rechargeable battery packs to generate chemical energy for propulsion, without any additional source of propulsion like internal combustion engines or hydrogen fuel cells. BEVs provide completely emissions-free operation, making it an increasingly important requirement for securing new contracts as the world moves towards sustainability. These vehicles are ideal for transporting retail goods, removing waste, constructing new buildings, and maintaining city infrastructure, where quiet and zero-emission transportation is crucial. With advancements in battery technology, such as longer battery life and higher energy density, coupled with a decline in battery prices, the electric trucks market is projected to expand.
Impact of COVID-19 Pandemic on North America Electric Trucks Market
The automobile industries in North America faced a challenging time during the first six months of the COVID-19 pandemic in 2020. A notable decline in sales volume led to lower production volumes across industrial facilities in the US, Canada, and Mexico. However, with the introduction of vaccination drives and substantial financial support, the US economy has rebounded strongly by mid-2021. According to the World Bank Group, this economic recovery can be attributed to the surge in foreign direct investments (FDIs) in the country.
In North America, there has been a significant increase in mergers and partnerships in recent years. Companies such as Amazon have invested in electric vehicle and self-driving technology startups, including Rivian and Aurora. GM has also invested in Cruise and a self-driving firm to keep up in the electric vehicle race. Ford is set to release an all-electric F-150 called the "Lightning" in 2022, which will feature "bi-directional" charging. The much-anticipated Rivian electric pickup began delivery to customers in September 2021. Additionally, several AV/EV companies, such as Lucid, TuSimple, Lyft, Uber, Nikola, Lordstown, Li Auto, Nio, XPeng, and Fisker, have gone public, indicating a significant influx of cash into the industry.
The electric trucks market is categorized based on propulsion into BEV, PHEV, and FCEV. In 2021, the BEV segment held the largest market share. The electric trucks market is also segmented based on vehicle into LCV and Medium and HCV, with the LCV segment accounting for a larger market share in 2021. The market is further divided based on range into less than 200 miles and more than 200 miles, with the more than 200 miles segment leading the market in 2021. Additionally, the electric trucks market is bifurcated based on the level of automation into semi-autonomous and fully autonomous, with the semi-autonomous segment holding a larger share in 2021. Finally, the market is geographically segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM), with Europe holding a significant share of the market in 2021.
Key Findings of Study:
Key automakers and automobile brands that offer electric trucks provide a range of services, including inbound logistics, operations, outbound logistics, sales and marketing, and after-sales services. The inbound logistics services involve supplying raw materials such as lithium, cobalt, hardware, and software. With production plants and operations across Asia, Europe, and America, giant manufacturers such as BYD, Daimler AG, AB Volvo, PACCAR, Tesla, Ford, and Scania can reduce manufacturing and shipping expenses in different regions. Additionally, regulators and organizations are collaborating to strengthen supply chains and maintain commerce flow. While some electric truck manufacturers have their showrooms, others rely on franchisees.
The main objective of electric truck manufacturers and brands is to maximize their profits and revenue. In order to stay competitive, they invest significant resources in marketing and advertising their products through both traditional and online channels. Additionally, they place a strong emphasis on customer retention through various support initiatives. The efficiency of support service is directly reflected in customer retention. DongFeng Motor corporation, BYD, Daimler AG, AB Volvo, PACCAR, Tesla, Ford, and Scania are among the major electric truck providers in the world.
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