Industry Background:
The electric heavy vehicles are powered by a battery pack and utilized for cargo transportation are known as electric heavy vehicles. Furthermore, compared to diesel trucks, electric trucks have fewer moving parts and do not require multi-speed gearboxes, which lowers vehicle maintenance costs and enhances reliability while emitting nearly no noise. Additionally, Government’s attempts to promote electric heavy vehicle adoption and its incredible advantages such as low noise pollution and lower maintenance costs are making electric heavy vehicles the preferred choice over diesel vehicles. In Feb 2021, Tesla Inc. sold 56,515 china made vehicles, including 33,315 for export.
Attributes | Details |
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Study Period | 2019-2029 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | BYD Auto Co. Ltd. (China), Proterra Inc. (United States), Daimler Trucks (Germany), Groupe Renault (France), AB Volvo. (Sweden), Daimler AG. (Germany), Tata Motors Limited (Mumbai), Tesla Inc. (United States), Traton SE. (Germany) and jbm auto (India) |
This growth is primarily driven by Reduction In Battery Costs Will Make Electric Heavy Vehicle More Affordable, Increase in Government Initiatives for Promotion of E-Mobility and Rising Price of Petroleum.
Globally, a noticeable market trend is evident Electric Heavy Vehicle is highly growth. Major Vendors, such as BYD Auto Co. Ltd. (China), Proterra Inc. (United States), Daimler Trucks (Germany), Groupe Renault (France), AB Volvo. (Sweden), Daimler AG. (Germany), Tata Motors Limited (Mumbai), Tesla Inc. (United States), Traton SE. (Germany) and jbm auto (India), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The companies are focusing on new business strategies, investing in R&D projects, and launching new products are gives advantages for the growth of the company. For instance
Key Developments in the Market:
In March 2020, Toyota Motor Corporation and Hino Motors Ltd will jointly develop a heavy-duty fuel cell truck and proceed with testing for its practical use.
In 2022, General Motors Company announced to accelerate its electric trucks and SUV segment by six-fold. The company aims to deliver 400,000 electric vehicles in North America between 2022 and 2023. and In 2021, Sweden's AB Volvo Trucks aims to sell a complete line of electric, heavy-duty trucks across Europe. Additionally in April 2021, Daimler and Portland General Electric (PGE) revealed a first-of-its-kind charging station for electric trucks in Portland.
Influencing Trend:
Electric Heavy Vehicle is highly growth.
Market Growth Drivers:
Reduction In Battery Costs Will Make Electric Heavy Vehicle More Affordable, Increase in Government Initiatives for Promotion of E-Mobility and Rising Price of Petroleum
Challenges:
Electric Heavy Vehicles Are Hindered By High Initial Costs And Battery Concerns
Restraints:
Lack of Charging Infrastructure
Opportunities:
Development of Self-Driving Heavy Vehicle Truck Technology
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Electric Heavy Vehicle Market
- Analysis about New Entrants in Electric Heavy Vehicle Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Electric Heavy Vehicle Study Sheds Light on
The Electric Heavy Vehicle Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Electric Heavy Vehicle industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Electric Heavy Vehicle industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.