[192 Pages Report] The Electric Trucks Market size was estimated at USD 17.78 billion in 2023 and expected to reach USD 22.32 billion in 2024, at a CAGR 27.28% to reach USD 96.27 billion by 2030.
Electric trucks are charged by an electric motor that draws electricity from a battery and can be powered from an external source. Electric trucks transport cargo, carry specialized payloads, or perform utilitarian work. Governments worldwide are taking initiatives to encourage the adoption of e-mobility solutions, including electric trucks, to reduce the use of conventional trucks that contribute to harmful GHG emissions. The increasing focus of nations worldwide to expand the EV charging infrastructure encourages the adoption of electric trucks. However, high manufacturing and maintenance costs and longer charging times of electric trucks may limit end-user adoption. Moreover, the improvements in lithium power ion batteries and the integration of advanced technologies in electric trucks are expected to accelerate their use worldwide.
The adoption of electric trucks is growing in the Americas owing to new government initiatives to achieve net-zero emissions and ongoing activities to expand the electric vehicle charging infrastructure. For instance, in February 2023, the U.S. government announced plans to build a national network of 500,000 electric vehicle chargers along America’s highways. The governments in the region have announced plans to reduce greenhouse gas (GHG) emissions by 2030 and reach net-zero emissions by 2050, which is expected to boost the adoption of electric trucks in the EMEA region. The electric trucks in APAC are expected to grow rapidly owing to rising fuel consumption, air pollution, and greenhouse gas emissions. Additionally, the ongoing advancements in electric trucks integrated with cutting-edge technologies to improve driver safety are expected to create immense potential for adopting electric trucks worldwide.
The market dynamics represent an ever-changing landscape of the Electric Trucks Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
- Market Drivers
- Increasing government regulations to promote e-mobility to reduce gas emissions
- Inclination towards electric trucks owing to its advantages over the fuel trucks
- Growing focus to expand electric vehicle charging infrastructure
- Market Restraints
- High manufacturing and maintenance cost associated with electric trucks
- Market Opportunities
- Ongoing development of improved high power lithium ion batteries coupled with integration in electric trucks
- Increasing investment in self driving technology in electric trucks to improve driver safety
- Market Challenges
- Longer charging times issues with electric trucks
The market disruption analysis delves into the core elements associated with market-influencing changes, including breakthrough technological advancements that introduce novel features, integration capabilities, regulatory shifts that could drive or restrain market growth, and the emergence of innovative market players challenging traditional paradigms. This analysis facilitates a competitive advantage by preparing players in the Electric Trucks Market to pre-emptively adapt to these market-influencing changes, enhances risk management by early identification of threats, informs calculated investment decisions, and drives innovation toward areas with the highest demand in the Electric Trucks Market.
The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Electric Trucks Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.
The value chain of the Electric Trucks Market encompasses all intermediate value addition activities, including raw materials used, product inception, and final delivery, aiding in identifying competitive advantages and improvement areas. Critical path analysis of the <> market identifies task sequences crucial for timely project completion, aiding resource allocation and bottleneck identification. Value chain and critical path analysis methods optimize efficiency, improve quality, enhance competitiveness, and increase profitability. Value chain analysis targets production inefficiencies, and critical path analysis ensures project timeliness. These analyses facilitate businesses in making informed decisions, responding to market demands swiftly, and achieving sustainable growth by optimizing operations and maximizing resource utilization.
The pricing analysis comprehensively evaluates how a product or service is priced within the Electric Trucks Market. This evaluation encompasses various factors that impact the price of a product, including production costs, competition, demand, customer value perception, and changing margins. An essential aspect of this analysis is understanding price elasticity, which measures how sensitive the market for a product is to its price change. It provides insight into competitive pricing strategies, enabling businesses to position their products advantageously in the Electric Trucks Market.
The technology analysis involves evaluating the current and emerging technologies relevant to a specific industry or market. This analysis includes breakthrough trends across the value chain that directly define the future course of long-term profitability and overall advancement in the Electric Trucks Market.
The patent analysis involves evaluating patent filing trends, assessing patent ownership, analyzing the legal status and compliance, and collecting competitive intelligence from patents within the Electric Trucks Market and its parent industry. Analyzing the ownership of patents, assessing their legal status, and interpreting the patents to gather insights into competitors' technology strategies assist businesses in strategizing and optimizing product positioning and investment decisions.
The trade analysis of the Electric Trucks Market explores the complex interplay of import and export activities, emphasizing the critical role played by key trading nations. This analysis identifies geographical discrepancies in trade flows, offering a deep insight into regional disparities to identify geographic areas suitable for market expansion. A detailed analysis of the regulatory landscape focuses on tariffs, taxes, and customs procedures that significantly determine international trade flows. This analysis is crucial for understanding the overarching legal framework that businesses must navigate.
The regulatory framework analysis for the Electric Trucks Market is essential for ensuring legal compliance, managing risks, shaping business strategies, fostering innovation, protecting consumers, accessing markets, maintaining reputation, and managing stakeholder relations. Regulatory frameworks shape business strategies and expansion initiatives, guiding informed decision-making processes. Furthermore, this analysis uncovers avenues for innovation within existing regulations or by advocating for regulatory changes to foster innovation.
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Electric Trucks Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Electric Trucks Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Ares to Invest Up to USD 250 Million in “Electric Trucks-as-a-Service” Provider Current Trucking
Ares, a leading provider of transportation services, recently announced their plans to invest up to USD 250 million in electric trucks as part of their “As-a-Service” business model. This move signals the company’s commitment to transitioning its fleet to more sustainable means of transport and is a major step forward for the future of electric trucking. With this investment, Ares can provide advanced electric vehicles to clients looking for reliable and cost-effective delivery options. Additionally, by investing in electric trucks, Ares helps reduce carbon emissions and contribute positively to the environment. This move surely has a domino effect on other businesses and industries that operate large fleets of commercial vehicles. The electric truck market is expected to boom over the next few years as more companies adopt these green initiatives. [Published On: 2023-12-28]
Einride brings its electric trucks to UK freight sector in partnership with PepsiCo
The electric truck market continues to grow and expand, with Einride's recent partnership with PepsiCo to bring its electric trucks to the U.K. freight sector being a prime example of this growing trend. This move by Einride is likely to significantly boost its presence in the European market and provide a major competitive advantage over traditional diesel truck companies. Moreover, this move could increase consumer demand for electric trucks as they become more accessible and accepted in the industry. As such, it is clear that the electric truck market has the potential for further growth and expansion in the coming years. [Published On: 2023-04-19]
Mack Trucks launches its first medium-duty electric truck
Mack Trucks recently released its first medium-duty electric truck, the Mack LR Electric. This truck is an exciting development in the growing electric truck market, as it offers several advantages that make it highly competitive. With a range of up to 250 miles on a single charge, this truck provides a reliable and efficient means for operators to transport goods. Its lower emissions make it an attractive option for businesses looking to reduce their environmental impact. The Mack LR Electric is likely to strongly impact the electric truck market, as it provides customers with an affordable and reliable option for short- and medium-distance hauling needs. [Published On: 2023-03-08]
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Electric Trucks Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
The report delves into recent significant developments in the Electric Trucks Market, highlighting leading vendors and their innovative profiles. These include AB Volvo, Alkè s.r.l., BAIC Foton Motor Co., Ltd, Bollinger Motors, Inc., BYD Motors Inc., DAF Trucks N.V., Daimler Truck AG, Dongfeng Commercial Vehicles Co., Ltd., Epiroc Group, FCA US LLC, Ford Motor Company, General Motors, HW ELECTRO Co., Ltd., Isuzu Motors Ltd., Iveco S.p.A., JAC Motors, Lion Electric Company, Mack Trucks, Inc., Mercedes-Benz Group AG, Mitsubishi Fuso Truck and Bus Corporation, Navistar, Inc., Nikola Corporation, Nissan Motor Co., Ltd., Orange EV, Paccar Inc, Proterra Inc., Riviann LLC, Scania CV AB, SEA Electric Group, Tata Motors Limited, Tesla, Inc., Tevva Motors Limited, Toyota Motor Corporation, Volkswagen AG, Volta Trucks AB, Workhorse Group, Inc., and Xos, Inc..
This research report categorizes the Electric Trucks Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Propulsion Type
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-in Hybrid Electric Vehicle
- Vehicle Type
- Heavy-Duty Electric Truck
- Light-Duty Electric Truck
- Medium-Duty Electric Truck
- Range
- 151-300 Miles
- Above 300 Miles
- Upto 150 Miles
- Automation
- Level 0 (No Driving Automation)
- Level 1 (Driver Assistance)
- Level 2 (Partial Driving Automation)
- Level 3 (Conditional Driving Automation)
- Level 4 (High Driving Automation)
- Level 5 (Full Driving Automation)
- End-Use
- Distribution Services
- Field Services
- Last Mile Delivery
- Long Haul Transportation
- Refuse Services
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
- Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
- Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
- Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
- Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
- Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.
- What is the current market size and projected growth?
- Which products, segments, applications, and regions offer promising investment opportunities?
- What are the prevailing technology trends and regulatory frameworks?
- What is the market share and positioning of the leading vendors?
- What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?
- Preface
- Research Methodology
- Executive Summary
- Market Overview
- Market Insights
- Electric Trucks Market, by Propulsion Type
- Electric Trucks Market, by Vehicle Type
- Electric Trucks Market, by Range
- Electric Trucks Market, by Automation
- Electric Trucks Market, by End-Use
- Americas Electric Trucks Market
- Asia-Pacific Electric Trucks Market
- Europe, Middle East & Africa Electric Trucks Market
- Competitive Landscape
- Competitive Portfolio
- List of Figures [Total: 26]
- List of Tables [Total: 476]
- List of Companies Mentioned [Total: 37]
Reducing Driver Fatigue:
One of the concerns that truck drivers face daily is fatigue. The long hours of driving and limited rest time pose a significant risk to the safety of drivers, other road users, and cargo. With the integration of self-driving technology in electric trucks, the machine can take over driving and perform tedious tasks like monitoring surroundings, maintaining speed, and lane-keeping. This will reduce the burden on drivers and help prevent fatigue-related accidents.
Better Visibility:
Electric trucks integrating self-driving technology have advanced sensors and cameras that provide better visibility than human eyes. These sensors are not affected by adverse weather conditions like fog, snow, or rain, which can impair visibility levels. The enhanced visibility ensures that drivers have a clear view of their surroundings, thus reducing the risk of accidents.
Reducing Human Errors:
Human errors are a significant cause of accidents on the roads. With self-driving technology in electric trucks, the risk of accidents resulting from human errors is significantly reduced. The systems are designed to detect potential hazards and react accordingly, preventing drivers from making costly mistakes.
Efficient Maintenance:
Another way that self-driving technology in electric trucks can improve driver safety is by ensuring efficient maintenance. The computerized system can detect malfunctions and alert drivers or technicians immediately, reducing the risk of accidents arising from poor vehicle maintenance.
Enhancing Driver Training:
Self-driving technology in electric trucks can also help to enhance driver training. With the computerized system handling tedious tasks like lane-keeping and speed control, drivers have more time to focus on other critical aspects of driving, like making split-second decisions and reacting appropriately to potential hazards. This will create a more skilled and vigilant pool of drivers, ultimately improving road safety.
Self-driving technology in electric trucks holds enormous potential for improving driver safety. Truck drivers can be more efficient and alert on the road by reducing driver fatigue, providing better visibility, and minimizing human errors. Furthermore, efficient maintenance and enhanced driver training will reduce the risk of accidents arising from equipment failure and poor decision-making. Integrating self-driving technology in electric trucks is the future of transport, and the benefits go beyond improved driver safety. The future is bright for the electric truck industry, and self-driving technology is the driving force behind it.
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