The “Electric Trucks Market by Vehicle Type and Geography – Forecast and Analysis 2020-2024” report has been added to Technavio’s offering.
The electric trucks market is expected to grow by 354.44 thousand units, progressing at a CAGR of over 24% during the forecast period. Get Free Sample Report in MINUTES
The declining cost of Li-ion batteries is one of the major factors propelling market growth. However, factors such as high upfront cost of electric trucks will hamper the market growth.
What our reports offer:
- How businesses can stay relevant
- What values are driving customer loyalty
- Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior
- Covers market data for 2020, 2021, until 2025
- Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
COVID-19 is expected to have Negative and Indirect impact on Consumer Discretionary industry. Even if the spread of virus is contained, we expect it to take more than two quarters (six months) to reach a normal state of economic activity. In the short term, the market demand will show Inferior growth.
Electric Trucks Market: Vehicle Type Landscape
The increasing awareness about reducing vehicular emissions, coupled with regulatory norms on curbing emissions, is compelling truck manufacturers to develop hybrid electric trucks. Moreover, the adoption of electric vehicles will lead to a considerable reduction in emission and fuel consumption. Thus, the hybrid trucks segment will witness a steady growth owing to its high-mile range and reduced operational and maintenance costs. However, market growth in this segment will be slower than the growth of the market in the battery electric trucks segment.
Electric Trucks Market: Geographic Landscape
APAC had the largest electric trucks market share in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The rising demand for freight transportation from emerging markets such as India, Thailand, and Indonesia will significantly influence electric trucks market growth in this region. 66% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for electric trucks in APAC. However, market growth in this region will be slower than the growth of the market in other regions.
- AB Volvo
- BYD Co. Ltd.
- Daimler AG
- Hino Motors Ltd.
- Navistar International Corp.
- Nissan Motor Co. Ltd.
- PACCAR Inc.
- Renault SA
- Tesla Inc.
- Volkswagen AG