Key players of Electric Truck Market are AB Volvo, BYD Auto Co. Ltd, Daimler AG, Dongfeng Motor Corporation, FAW Group Co., Ltd., Foton Motor Inc., Isuzu Motors Ltd, Navistar, Inc., PACCAR Inc., Scania, Tevva Motors Limited, Tesla, Rivian, Ford, GM, Workhorse, Atlis, Lordstown, Bollinger.
Growing demand in the logistics sector, fall in the fuel & maintenance charges, & incentives for accepting zero-emission vehicles are some of the important factors driving the market development. Besides, strict emission norms forced on commercial vehicles will force companies to invest in electric truck manufacturing. Thus, huge investments from companies are expected to provide to the growing demand & play an important role in motivating market development. Electric trucks are used across numerous sectors, like logistics, municipal, & other areas. The logistics sector is one of the important contributors to any country’s GDP progress. Development in the e-commerce industry needs a logistics provider to supply to remote locations. Logistics/supply chain firms are aggressively contributing in substituting internal combustion engine fleets with electric fleets.
The outbreak of the Corona Virus is anticipated to have a visible impact on market development. The lockdowns forced to arrest the spread of the disease have disordered the supply chains & engineering operations all over the world. The demand has decreed much as the logistics companies were shut down due to the border closures. Nevertheless, the demand for electric trucks is projected to increase after the lockdown limitations are relaxed. The governments through some economies have forced marks for emission reductions, which will rise the demand post-COVID-19.
The battery electric trucks segment accounted for the major revenue share of 84.76% in 2019 & is expected to keep its dominance during the forecast period. The segment is projected to increase at the maximum CAGR during the forecast period, thanks to the increasing life & energy density of batteries & a drop in battery values. Moreover, growing government regulations to control carbon-emission of the vehicles will also support segment development. For example, the European Union has passed enactment to decrease emissions by at least 40% by 2030. The EU has also fixed a goal to decrease emissions by almost 60 percent by 2040.
Maximize Market Research, a global Market research firm with a dedicated team of specialists and data has carried out extensive research about Global Electric Truck Market. The report encompasses the Market by different segments, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the Market, further giving an insight into the Market dynamics and future opportunities that might exist in Global Electric Truck Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors has been taken into consideration for enhancing Market know-how of our clients and at the same time explain Global Electric Truck Market positioning of competitors.
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