Electric Truck Market Analysis, Size, Share, Growth, Trends And Forecast 2033

The electric truck market size has grown exponentially in recent years. It will grow from $2.71 billion in 2023 to $4.03 billion in 2024 at a compound annual growth rate (CAGR) of 49.0%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increasing demand for light-duty trucks, rising penetration of e-commerce, and reduced cost of ev batteries.

The electric truck market size is expected to see exponential growth in the next few years. It will grow to $18.79 billion in 2028 at a compound annual growth rate (CAGR) of 46.9%. The growth in the forecast period can be attributed to increasing fuel prices, rising government support, growing and charging infrastructure. Major trends in the forecast period include use of augmented reality (ar) technology for real-time information, increasing product launches with focus on medium-duty applications and long range, increasing investments for expansion of manufacturing capabilities, and focus on strategic partnerships and collaborations for expanding product portfolio and geographic presence.

Market Overview -
An electric truck refers to a large, motorized vehicle with an open bed designed to transport goods and whose primary propulsion technology is battery-electric or powered by rechargeable batteries alone or hydrogen fuel cell electric or hybrid electric that is powered by batteries and an internal combustion engine.

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Government Incentives Fueling Growth In The Electric Truck Market
Government incentives and schemes are expected to drive the growth of the electric truck market. Government bodies across the globe are implementing innovative policies and incentive schemes to increase the adoption of electric vehicles across all categories (bikes, autos, cars and commercial vehicles). The main policies, that are currently driving the EV's adoption are significant financial incentives for the purchase of LDVs, subsidies for primary purchase, vehicle purchase, and tax rebates on registration as these vehicles control pollution and promote a good environment. For instance, the Indian government launched the PLI (production-linked incentive) scheme for the auto sector and the FAME (Faster Adoption and Manufacturing of Electric Vehicles) II amendment, with the aim to switch 30% of private cars, 70% of commercial vehicles, and 80% of two- and three-wheeler to electric by 2030. Such subsidies and support from the government are expected to boost the electric truck market during the forecast period.

Competitive Landscape -
Major companies operating in the electric truck market report are BYD Company Limited, AB Volvo, Volkswagen AG, Daimler Truck AG, Paccar Inc., Dongfeng Motor Company, Groupe Renault, Hino Motors, Ltd., Isuzu Motors Ltd, Sany Heavy Industry Co., Ltd, BharatBenz, Ashok Leyland, Olectra Greentech Limited, Zhejiang Geely Holding Group Co., Ltd., SAIC Motor Corp., Ltd., Mitsubishi Electric Corporation, JAC Motors, Mercedes-Benz Group AG, MAN Truck & Bus SE, Drive Electro, Navistar, Lordstown Motors Corporation, Nikola Corporation, Workhorse Group Incorporated, Rivian R1T, Kenworth Truck Company, Mack Trucks, Inc, Freightliner Trucks, Tembici, Yellow, Merkx Electric Cars, Lucid Group Inc, Hitech Electric, Electric Import Motors, E-Moving, Origem, Emirates Global Motor Electric, MellowVans

Increasing Popularity Of Self-Driving Electric Trucks
The development of self-driving electric trucks is the key trend gaining popularity in the electric trucks sector. The companies operating in the electric trucks sector are partnering with related technology-based companies to boost their development activities in innovative self-driving truck models. For instance, in January 2022, Pininfarina, an Italy-based design company owned by Mahindra, developed an electric semi-truck in collaboration with Deppway, a subsidiary of Baidu, with a self-drive system. The self-drive system utilizes 11 cameras on board, an infrared detector, radars, and LIDAR sensors.

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Key Segments -
The electric truck market covered in this report is segmented -
1) By Vehicle Type: Light Duty Electric Truck, Medium Duty Electric Truck, Heavy Duty Electric Truck
2) By Propulsion: Battery Electric Vehicle, Hybrid Electric Vehicle, Fuel Cell Electric Vehicle
3) By Range: Upto 150 Miles, 151-300 Miles, Above 300 Miles
4) By End-User: Last Mile Delivery, Long Haul Transportation, Refuse Services, Field Services, Distribution Services

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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