Global Electric Truck Market Size (2022-2030) Share, Industry Trends, Growth, Challenges, and Forecast: Custom Market Insights

The Global Electric Truck Market size was estimated at USD 4.5 Billion in 2021 and is expected to hit around USD 27.5 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 30% from 2022 to 2030.

The report examines the Electric Truck market's drivers and restraints, as well as their impact analysis. Also, the report mentions global opportunities prevailing in the Electric Truck market.

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The Electric Truck Market: Overview

The most recent model of fuel- and gasoline-free vehicles are electric trucks. Fuel shortages have led to a significant increase in the market acceptance of electric vehicles. The global electric truck market is anticipated to increase in the near future as a result of strict rules and norms linked to pollution, global warming, and greenhouse gas emissions.

The Electric Truck Market: Growth Factors

The global market for electric trucks is expanding as people become more aware of electric vehicles. Additionally, governments in both wealthy and developing nations constantly encourage citizens to accept and use electric vehicles. Additionally, the government offers tax advantages to individuals who want to purchase electric automobiles.

Infrastructural development for sustainable electric vehicle charging is another goal of the administration. People will be able to use electric trucks more effectively thanks to this. Over the anticipated term, the government's actions and initiatives will all contribute to the worldwide electric truck market's expansion.

The global market for electric trucks is growing as a result of the increasing costs of gasoline, diesel, and petrol. The top industry players are also using renewable energy sources for manufacturing electric trucks for the international market.

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In the market for electric trucks, the idea of solar-powered vehicles and recharge stations is gaining ground. In comparison to battery chargers, solar-powered chargers are less expensive. The end users of electric trucks can also save money because of these features.

The Electric Truck Market: Key Insights

A) As per the analysis shared by our research analyst, the Electric Truck market is estimated to grow annually at a CAGR of around 30% over the forecast period (2022-2030).
B) In terms of revenue, the Electric Truck market size was valued at around USD 4.5 billion in 2021 and is projected to reach USD 27.5 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
C) The Electric Truck market research offers a comprehensive analysis of the present market and projections through 2020-2030 to help find possibilities to profit from the existing market.
D) The study includes data on the major market drivers, challenges, and opportunities, as well as their effects.
E) The study elaborates on the SWOT analysis and Porter's Five Forces model.
F) The market study's value chain analysis gives a comprehensive picture of the stakeholder's responsibilities.

The Electric Truck Market: Recent Development

August 2021: A heavy-duty vehicle production plant owned by Jiangling Motors Co., Ltd.'s Chinese subsidiary JMC Heavy Duty Vehicle Co., Ltd., was purchased by Volvo Trucks. A manufacturing facility in Taiyuan, Shanxi Province, China, is also part of the deal. By the end of 2022, Taiyuan hopes to start producing brand-new heavy-duty Volvo FH, FM, and FMX trucks for Chinese consumers.

September 2021: At the ACT Expo in California, BYD revealed two cutting-edge battery-electric heavy-duty trucks. ADAS are standard equipment on vehicles, which makes driving simpler and safer.

Press Release For Electric Truck Market: https://www.custommarketinsights.com/press-releases/electric-truck-market-share/

The Electric Truck Market: Regional Landscape

In 2021, the global electric truck market was dominated by Asia-Pacific. In the Asia-Pacific area, China is the market leader for electric trucks. The market for electric trucks is expanding quickly as a result of the quick industrialization and urbanization processes.

The market for electric trucks is expanding in the Asia-Pacific area due to additional factors such as stringent government regulations and legislation against pollution and global warming, significant government and industry spending on R&D, and rising public awareness. The government also gives market participants subsidies and incentives.

The Electric Truck Market: Prominent Player

AB Volvo
Daimler AG
BYD Company Ltd
FAW Group Co. Ltd.
Navistar Inc.
Proterra Inc.
Tesla Inc.
PACCAR Inc.
Rivian
Scania

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The Electric Truck Market: Segmented

By Propulsion

Battery Electric Vehicle
Fuel Cell Electric Vehicle
Plug-in Hybrid Electric Vehicle

By Vehicle Type

Medium & HCV
LCV

By Range

Less than 200 Miles
More than 200 Miles

By Automation Level

Semi-Autonomous
Fully Autonomous

The Electric Truck Market: Regions

North America

The U.S.
Canada
Mexico

Europe

France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific

China
Japan
India
Australia
South Korea
Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

Take a Look at our other Reports:

Global Electric Commercial Vehicle Market: https://www.custommarketinsights.com/report/electric-commercial-vehicle-market/
Global Electric Ships Market: https://www.custommarketinsights.com/report/electric-ships-market/
Global Electric Bus Market: https://www.custommarketinsights.com/report/electric-bus-market/
Global Electric Trike Market: https://www.custommarketinsights.com/report/electric-trike-market/
Global Electric Tractor Market: https://www.custommarketinsights.com/report/electric-tractor-market/

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Custom Market Insights is a market research and advisory company delivering business insights and market research reports to large, small, and medium-scale enterprises. We assist clients with strategies and business policies and regularly work towards achieving sustainable growth in their respective domains.

Custom Market Insights provides a one-stop solution for data collection to investment advice. The expert analysis of our company digs out essential factors that help to understand the significance and impact of market dynamics. The professional experts apply clients inside on the aspects such as strategies for future estimation fall, forecasting or opportunity to grow, and consumer survey.

This release was published on openPR.