About Electric Trucks
The electric truck is a commercial vehicle which is channeled or powered through electricity. These Electric trucks are a commonly preferred alternate for fuel-based commercial vehicles, cost-effective and less polluting in nature. These trucks are majorly used in logistic services, trading, and others. Rising demand and need for smart transport and smart automobiles around the different parts of the world will further boost the market growth for the electric trucks.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that Global Vendors will contribute the maximum growth to Global Electric Trucks market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Dongfeng Motor Corporation (China), Foton Motor Inc. (China), Daimler AG (China), AB Volvo (Sweden), FAW Group Co., Ltd. (China), China National Heavy-Duty Truck Group Co., Ltd., (China), PACCAR Inc. (United States), Navistar, Inc. (United States), Isuzu Motors Ltd (Japan), BYD Auto Co., Ltd. (China) and BAIC (China) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Electric Trucks market by Type (Light & Medium-duty Truck and Heavy-duty Truck), Application (Logistics and Municipal) and Region.
On the basis of geography, the market of Electric Trucks has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Component Type, the sub-segment i.e. 12v Battery will boost the Electric Trucks market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Vehicle Type, the sub-segment i.e. Battery Electric Vehicle (BEV) will boost the Electric Trucks market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Battery Type, the sub-segment i.e. Lead Acid Battery will boost the Electric Trucks market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Adoption of Electric Trucks for Urban Logistics
Market Growth Drivers:
Need for Fuel-Efficient and Emission-Free Vehicles and Need for Heavy Trucks for Import and Export Purposes
Challenges:
Issues with Recharging the Batteries Again And Again and Limited Battery Power in Electrical Trucks
Restraints:
Few Supportive Charging Stations across the Globe and High Development Costs
Opportunities:
Growing Demand for Longer Electric Truck Range, Government Support for Electric Commercial Vehicles and Growing Needs for Electric Trucks in both Developed and Developing Countries
Market Leaders and their expansionary development strategies
In January 2023, Ideanomics a global company focused on accelerating the commercial adoption of electric vehicles (EV), has acquired of VIA Motors (VIA), a U.S. based all-electric commercial vehicle manufacturer.This acquisition brings significant revenue generation potential to Ideanomics and itscustomers
In Dcember 2022, Volvo Trucks continues to expand its range with the launched of several new electric trucks, making it possible to electrify even more transport routes in cities and regions. This latest addition of rigid* trucks further strengthens Volvo’s position as a leader in electric truck transport.
Key Target Audience
Electric truck suppliers, Electric truck system/component manufacturers, Dealers and distributors of electric truck components and systems, Industry associations, Raw material suppliers, Automobile organizations/associations and Automotive Original Equipment Manufacturers (OEM)
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.