Technavio has been monitoring the electric trucks market and it is poised to grow by 429.53 thousand units during 2020-2024, progressing at a CAGR of about 28% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. AB Volvo, BYD Co. Ltd., Daimler AG, Dongfeng Motor Co., Hino Motors Ltd., Navistar International Corp., Nikola Corp., Renault SA, Tesla Inc., and Volkswagen AG are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The presence of government initiatives and the availability of subsidies has been instrumental in driving the growth of the market. However, high upfront costs of electric trucks might hamper the market growth.
The presence of government initiatives and the availability of subsidies has been instrumental in driving the growth of the market. However, high upfront costs of electric trucks might hamper the market growth.
