Global Electric Truck Market Set to Surge from USD 3.15 Billion in 2023 to USD 17.93 Billion by 2030, Growing at a CAGR of 28.2%
Global Electric Truck Market Set to Reach USD 17.93 Billion by 2030, Growing at a CAGR of 28.2%
Global Electric Truck Market Size to Surge to USD 17.93 Billion by 2030, Driven by Strong Demand for Sustainable Transport Solutions
Summary:
The Global Electric Truck Market, valued at USD 3.15 billion in 2023, is poised for substantial growth, expected to reach USD 17.93 billion by 2030, registering a compound annual growth rate (CAGR) of 28.2%. As businesses and governments seek cleaner, more efficient transportation options, electric trucks are becoming integral to the global logistics and transportation sector. This report offers an insightful analysis of market trends, challenges, opportunities, and competitive strategies.
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A) Market Size:
The global Electric Truck Market was valued at USD 3.15 billion in 2023 and is projected to grow at a CAGR of 28.2%, reaching USD 17.93 billion by 2030. The growing emphasis on reducing carbon emissions, coupled with advancements in electric vehicle technology, is driving this market's expansion. The increasing adoption of electric trucks across various industries, including logistics, municipal services, and construction, will contribute significantly to this growth.
B) Scope and Research Methodology:
The research conducted for this report includes both primary and secondary data collection methods. Through extensive interviews, surveys, and consultations with industry experts, alongside analysis of market reports and financial data, a comprehensive market overview is provided. This study includes detailed regional assessments, allowing businesses to understand the trends and dynamics in key markets worldwide.
C) Report Coverage:
The report covers the entire electric truck market, offering deep insights into the propulsion systems, battery types, truck categories, and end-use applications. The report also highlights emerging trends and competitive strategies, offering businesses the intelligence required to make strategic decisions and remain competitive in the evolving electric vehicle industry.
D) Overview:
Electric trucks are gaining traction due to their low emissions and operational cost benefits. The shift towards electric trucks is being fueled by tightening emission regulations, technological advancements in battery energy density, and the rising demand for sustainable transportation solutions. By 2030, electric trucks are expected to dominate the heavy-duty vehicle segment, significantly reducing global carbon footprints.
E) Dynamics:
Key factors driving the growth of the electric truck market include the need for zero-emission vehicles, decreasing battery costs, government incentives for electric vehicle adoption, and the rise of e-commerce and logistics sectors. However, challenges such as limited charging infrastructure, higher initial costs, and range anxiety persist. Nevertheless, the market is expected to overcome these obstacles due to continuous technological advancements and government support.
F) Segmentation:
The Electric Truck Market is segmented based on propulsion, truck type, range, battery type, and end-use:
- By Propulsion: Battery Electric Trucks (BEVs), Hybrid Electric Trucks (HEVs), and Plug-in Hybrid Electric Trucks (PHEVs)
- By Type: Light-duty Electric Trucks, Medium-duty Electric Trucks, and Heavy-duty Electric Trucks
- By Range: Short Range (Up to 150 miles), Medium Range (150-300 miles), Long Range (300-500 miles), and Ultra-Long Range (500+ miles)
- By Battery Type: Lithium-Ion (Li-ion) Batteries, Solid-State Batteries, Lead-Acid Batteries, Nickel-Metal Hydride (NiMH) Batteries
- By End-Use: Logistics and Transportation, E-commerce and Retail, Municipalities, Construction, and Manufacturing
G) Key Players include:
Leading companies in the electric truck market include:
- Global: Tesla, Inc. (USA), BYD Company Ltd. (China), Daimler AG (Germany), AB Volvo Group (Sweden), Nikola Corporation (USA)
- North America: Rivian Automotive, Inc. (USA), General Motors Company (USA), Ford Motor Company (USA), Workhorse Group Inc. (USA)
- Europe: Scania AB (Sweden), Volkswagen Truck & Bus (Germany)
- Asia-Pacific: XPeng Inc. (China), Hino Motors, Ltd. (Japan), SAIC Motor Corporation Limited (China), China National Heavy Duty Truck Group Co., Ltd. (SINOTRUK) (China)
H) Reason to Buy:
- Understand the key drivers of the electric truck market, including the shift to sustainable transport.
- Gain insights into competitive strategies and market share of key players.
- Stay informed about emerging trends and technologies shaping the future of electric trucks.
- Make informed decisions regarding investment and business strategies based on comprehensive market analysis.
- Identify growth opportunities in different market segments and regional markets.
I) Table of Contents:
- Executive Summary
- Market Introduction
- Market Dynamics
- Market Segmentation
- Competitive Landscape
- Regional Analysis
- Growth Strategies for Businesses
- Conclusion
- Appendix
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