Pune, India, July 22, 2021 (GLOBE NEWSWIRE) — According to the report, the global electric trucks market size is projected to gain momentum on account of the increasing demand from the transportation sector to suffice to the travel needs of the growing population worldwide. Electric trucks run on batteries and are designed for delivering cargo.
The impact of the novel coronavirus is devastating. The increasing patient pool and lack of enough medical staff and facilities have put the healthcare sector in a difficult situation. Most of the other businesses are temporarily shut owing to the imposition of lockdown phase by the government of various nations. Some other sectors are barely able to manage meagre revenue by operating within the four walls of their homes.
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Increasing Focus on Controlling Carbon Emissions will Add Impetus
The increasing population, rise in urbanization and industrialization and the expansion of various businesses are the key factors promoting the global electric trucks market growth. In addition to this, the increasing awareness about environmental degradation has propelled the governments of various nations to impose stringent regulations on carbon emission control. This, coupled with the rise in prices of fuel is expected to add a boost to the overall growth of the market for electric trucks.
On the contrary, the high cost of electric vehicles, coupled with the lack of a reliable charging infrastructure may cause hindrance to the market in the coming years. Nevertheless, zero emission caused by electric trucks and favourable government policies are likely to help create lucrative growth opportunities for the market in the coming years.
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Detailed Segmentation of Electric Trucks Market is provided below:
The global market for electric trucks is classified on the basis of truck type, electric vehicle type, application, and region. Based on truck type, the market is categorized into light-duty trucks, heavy-duty trucks, and medium-duty trucks. On the basis of electric vehicle type, the market is segmented on the basis of plug-in hybrid, hybrid electric, and battery-electric. With respect to segmentation by application, the market is bifurcated into municipal, and logistics.
Government-supported Policies to Help Asia Pacific Continue Dominance
Region-wise, Asia Pacific is holding the largest electric trucks market share and is likely to continue so in the forecast period. This is accountable to the increasing efforts by the governments of various nations under this region to control the quality of air., especially in China and Japan. On the other side, the market in Europe is likely to showcase significant growth in the coming years on account of the rise in inclination towards hybrid and electric vehicles, to meet the emission control regulatory standards of the region. Furthermore, the market in North America will witness steady growth attributed to the rise in the number of OEMs, heavy investment on technological advancements and vast presence of vehicle charging infrastructure.
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Vendors Engaging in Sustainable Transport Solutions to Earn the Lion’s Share
Some of the players operating in the market for electric trucks are investing majorly on product development and launches to gain a significant edge in the market competition. The main objective of these vendors is to suffice to the increasing demand for sustainable transport solutions in the area. The other players are investing in merger and acquisition, joint ventures, and others to gain momentum in the market competition.
- BYD Company Limited
- Tesla, Inc.
- Navistar International Corporation
- Hino Motors Ltd.
- Dongfeng Motor Corporation
- Daimler AG
- PACCAR Inc.
- AB Volvo
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Global Electric Trucks Market Segmentation:
By Truck Type:
- Light-duty Trucks
- Medium-duty Trucks
- Heavy-duty Trucks
By Electric Vehicle Type:
- Hybrid Electric
- Plug-in Hybrid
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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