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The size of the global market for electric trucks was estimated at USD 505.5 million in 2021 and is anticipated to increase to USD 7,146.4 million by 2029 from USD 631.3 million in 2022, at a CAGR of 41.43%. Using our analysis, we found that the global market saw a 19.70% fall from 2019 to 2020. The COVID-19 pandemic has had a startling and unprecedented impact on the world, and demand for electric trucks has been lower than expected in all regions compared to pre-pandemic levels.
A battery-powered electric truck is intended to deliver goods, carry specialised payloads, or carry out other useful tasks. Forklifts, milk floats, pushback tugs, and other vehicles utilise it in their operations. Just 0.3% of vehicles sold worldwide in 2021 were electric trucks. According to the IEA, the market growth during the projected period would be driven by the rising acceptance of electric type trucks and the annual increase in battery electric vehicle truck sales.
DRIVING FACTORS
Global fuel costs are highly erratic and growing. Costs for refuelling options will also differ by area and rise over time. Electric vehicles appear increasingly alluring to consumers as petrol costs rise. For the average American, the annual cost of fueling a light commercial vehicle is projected to be roughly $3,500. A equivalent car with a suitable electric propulsion system is anticipated to cost around USD 850 to fuel, which is roughly three times cheaper. Since electric motors are more efficient than petrol engines, EVs have much lower operating costs than IC automobiles. Additionally, an electric motor converts about 85% of its energy into movement, compared to about 40% in gas-powered vehicles. A commercial electric car would be less expensive to own than a gasoline-powered vehicle in a scenario if the cost of petrol and energy were equal. The major nations are also putting a lot of effort into creating a charging infrastructure, which will increase demand for these trucks over the projection period.
RESTRAINING FACTORS
Compared to CNG, petroleum, and diesel vehicles, electric trucks demand a substantially larger initial investment. The price of the equipment and parts utilised in production is likewise rather high. This is primarily caused by the expensive price of truck batteries that are powered by electricity. With the exception of cobalt processing, which accounts for 20% of the supply chain, Europe is responsible for over 25% of the world's EV assembly. Furthermore, with only 10% of EV manufacturing and 7% of battery production capacity, the U.S. plays an even smaller part in the worldwide EV battery supply chain. The cost of batteries on the market has a significant impact on the manufacture of these trucks because it is less sophisticated than other traditional fuel trucks. Additionally, the need for imported raw materials in the majority of areas contributes to the high cost of batteries. Due to the significant cost entailed, the production of these commercial vehicles is now restricted. An electric vehicle now has a far higher manufacturing cost than a diesel or petrol truck, according to a Forbes research on energy innovation. Nevertheless, with declining battery prices, it will be 50% less expensive by 2030 compared to diesel and petrol equivalents.
Report Coverage
Global Electric Trucks research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Electric Trucks report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Electric Trucks competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Electric Trucks market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Electric Trucks market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Electric Trucks market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Tesla Inc (U.S.), Daimler AG (Germany), BYD Company Ltd. (China), Tata Motors (India), AB Volvo (Sweden), Scania AB (Sweden), Paccar Inc. (U.S.), Workhorse (U.S.), Navistar International Corp. (U.S.), Hino Motors Ltd. (Japan)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Electric Trucks market based on the below-mentioned segments:
Global Electric Trucks Market, By Propulsion
BEV
PHEV
FCEV
Global Electric Trucks market, By Vehicle Type
Light Duty Trucks
Medium Duty Trucks
Heavy Duty Trucks
Global Electric Trucks Market, By Range
150 Miles
151-300 Miles
Above 300 Miles
Global Electric Trucks market, Regional Analysis
A battery-powered electric truck is intended to deliver goods, carry specialised payloads, or carry out other useful tasks. Forklifts, milk floats, pushback tugs, and other vehicles utilise it in their operations. Just 0.3% of vehicles sold worldwide in 2021 were electric trucks. According to the IEA, the market growth during the projected period would be driven by the rising acceptance of electric type trucks and the annual increase in battery electric vehicle truck sales.
DRIVING FACTORS
Global fuel costs are highly erratic and growing. Costs for refuelling options will also differ by area and rise over time. Electric vehicles appear increasingly alluring to consumers as petrol costs rise. For the average American, the annual cost of fueling a light commercial vehicle is projected to be roughly $3,500. A equivalent car with a suitable electric propulsion system is anticipated to cost around USD 850 to fuel, which is roughly three times cheaper. Since electric motors are more efficient than petrol engines, EVs have much lower operating costs than IC automobiles. Additionally, an electric motor converts about 85% of its energy into movement, compared to about 40% in gas-powered vehicles. A commercial electric car would be less expensive to own than a gasoline-powered vehicle in a scenario if the cost of petrol and energy were equal. The major nations are also putting a lot of effort into creating a charging infrastructure, which will increase demand for these trucks over the projection period.
RESTRAINING FACTORS
Compared to CNG, petroleum, and diesel vehicles, electric trucks demand a substantially larger initial investment. The price of the equipment and parts utilised in production is likewise rather high. This is primarily caused by the expensive price of truck batteries that are powered by electricity. With the exception of cobalt processing, which accounts for 20% of the supply chain, Europe is responsible for over 25% of the world's EV assembly. Furthermore, with only 10% of EV manufacturing and 7% of battery production capacity, the U.S. plays an even smaller part in the worldwide EV battery supply chain. The cost of batteries on the market has a significant impact on the manufacture of these trucks because it is less sophisticated than other traditional fuel trucks. Additionally, the need for imported raw materials in the majority of areas contributes to the high cost of batteries. Due to the significant cost entailed, the production of these commercial vehicles is now restricted. An electric vehicle now has a far higher manufacturing cost than a diesel or petrol truck, according to a Forbes research on energy innovation. Nevertheless, with declining battery prices, it will be 50% less expensive by 2030 compared to diesel and petrol equivalents.
Report Coverage
Global Electric Trucks research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Electric Trucks report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Electric Trucks competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Electric Trucks market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2020 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2019 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Tesla Inc (U.S.), Daimler AG (Germany), BYD Company Ltd. (China), Tata Motors (India), AB Volvo (Sweden), Scania AB (Sweden), Paccar Inc. (U.S.), Workhorse (U.S.), Navistar International Corp. (U.S.), Hino Motors Ltd. (Japan) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Electric Trucks Market from 2021 to 2030.
- Market Forecast for Electric Trucks Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Electric Trucks competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Electric Trucks
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Electric Trucks market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Electric Trucks market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Tesla Inc (U.S.), Daimler AG (Germany), BYD Company Ltd. (China), Tata Motors (India), AB Volvo (Sweden), Scania AB (Sweden), Paccar Inc. (U.S.), Workhorse (U.S.), Navistar International Corp. (U.S.), Hino Motors Ltd. (Japan)
Primary Target Market
- Market Players of Electric Trucks
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Electric Trucks market based on the below-mentioned segments:
Global Electric Trucks Market, By Propulsion
BEV
PHEV
FCEV
Global Electric Trucks market, By Vehicle Type
Light Duty Trucks
Medium Duty Trucks
Heavy Duty Trucks
Global Electric Trucks Market, By Range
150 Miles
151-300 Miles
Above 300 Miles
Global Electric Trucks market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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