Global Electric Truck Market Research Report: Information by Truck Type (Medium Duty and Heavy Duty), Material (Battery, Plug-In Hybrid, Hybrid, and Hydrogen Fuel Cell), Application (Logistic, Municipal, Others) and Region – Forecast till 2023
With things going haywire, Market Research Future (MRFR) analyzes vital points to make sure that the businesses around the global electric truck market 2020 are entirely prepared to tackle potential implications caused by COVID-19 pandemic. MRFR, from its study, estimates that the global utility asset management market 2020 can reach its target to get at least ~15% CAGR during the forecast period 2018-2023.
Top industry players operating in the global electric truck market include Foton Motor Inc. (China), Dongfeng Motor Corporation (China), AB Volvo (Sweden), Daimler AG (China), China National Heavy Duty Truck Group Co., Ltd., (China), FAW Group Co., Ltd. (China), Navistar, Inc. (US), PACCAR Inc. (US), BYD Auto Co., Ltd. (China) and Isuzu Motors Ltd (Japan).
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Top Impacting Factors
MRFR predicts that a consistent rise in transportation emissions caused by fossil fuel-powered vehicles and a course in pollution levels, especially in urban cities, affect human health and the environment, has provoked regulatory bodies to impose on the globe stringent regulations. This is a crucial factor that is likely to drive the electric truck market during the forecast period.
The regions that observe high construction, mining, and other industrial activities register higher levels of pollution. Electric trucks can play a pivotal role in curbing pollution, as they are the best possible alternative. They are designed for assorted applications varying from garbage trucks and cargo trucks to mining trucks. Furthermore, electric trucks are softer as analyzed to conventional fossil fuel-powered trucks. These factors have led the market to obtain well in the forecasted period.
On the other hand, the rapid rise in demand for high power range electric trucks in developing countries owing to high levels of pollution is projected to boost the electric truck market during the assessment period. Furthermore, augmenting government support for the purchase of electric mobility, in terms of tax credits and incentives, is another significant factor propelling the demand for the electric truck. MRFR further claims that electric trucks are energy-efficient, too, due to regenerative braking, where electric-driven efficiency and energy are recovered while braking.
On the contrary, the factor of shortage of charging station infrastructure along with the higher cost of the electric truck is likely to hinder the electric truck market during the forecast period.
Segmentation of Market
The global Electric Truck Market can be segmented on segments such as truck type, charge type, and application.
In terms of truck type, the market has included medium-duty and heavy-duty.
In terms of charge type, the market has included hybrid, plug-in hybrid, battery, and hydrogen fuel cells.
In terms of the application segment, the market has includes municipal, logistic, and others.
Geographically, the global electric truck market has been studied among the four major regions of Europe, North America, Asia-Pacific, and the Rest of the World.
It is expected that China, Europe, and North America might account for more than 70% of the entire sales of electric trucks. Also, the mounting concern for environmental pollution through internal combustion engine vehicles will play a pivotal role in the development of the market size for the global electric trucks market.
Asia Pacific region leads the global electric truck market. High production of electric trucks, due to a higher demand for zero-emission commercial vehicles, has led the region to account for a higher share of the global electric truck market. China, the world’s leading automobile manufacturer, leads the global electric truck market, which is another factor anticipated to augment the electric truck market in the region during the forecast period. Also, the noteworthy presence of electronic truck manufacturers in China has led the Asia Pacific to grab a prominent share of the global market. The market in the region is anticipated to inflate significantly in the near future.
List Of Tables
Table 1 Global Electric Truck Market: By Region, 2018-2023
Table 2 North America Electric Truck Market: By Country, 2018-2023
Table 3 Europe Electric Truck Market: By Country, 2018-2023
Table 4 Asia-Pacific Electric Truck Market: By Country, 2018-2023
Table 5 RoW Electric Truck Market: By Country, 2018-2023
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List Of Figures
FIGURE 1 Research Process Of MRFR
FIGURE 2 Top Down & Bottom Up Approach
FIGURE 3 Market Dynamics
FIGURE 4 Impact Analysis: Market Drivers
FIGURE 5 Impact Analysis: Market Restraints
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