Allied Market Research has recently released a comprehensive report titled examining various aspects such as propulsion methods (Battery Electric Truck, Hybrid Electric Truck, Plug-In Hybrid Electric Truck, and Fuel Cell Electric Truck), vehicle types (Light Duty Electric Truck, Medium Duty Electric Truck, and Heavy-Duty Electric Truck), and ranges (Up To 150 Miles, 151 To 300 Miles, and Above 300 Miles) for the period spanning from 2021 to 2030.
The findings of the report reveal that the global electric truck industry, valued at $392.3 million in 2020, is set for substantial growth. It is anticipated to reach an impressive $3.8 billion by the year 2030, reflecting a remarkable Compound Annual Growth Rate (CAGR) of 26.4% from 2021 to 2030.
Market Trends and Prospects:
The global electric truck market is on a growth trajectory, propelled by several key factors. The reduction in the cost of electric vehicle (EV) batteries, combined with a surge in government initiatives promoting e-mobility and stringent emission regulations for fossil fuel-based commercial vehicles, has fueled this expansion. However, challenges persist, including the high initial cost of electric trucks and the insufficient charging infrastructure, limiting market growth. Despite these obstacles, opportunities abound, particularly with the development of self-driving electric truck technology and the rising demand for electric trucks in the logistics sector.
Dominance of Hybrid Electric Trucks:
In terms of propulsion methods, the hybrid electric segment emerged as the dominant player, capturing the largest market share in 2020, contributing to almost half of the global electric truck market. This segment is expected to continue its reign from 2021 to 2030. The growth in this sector can be attributed to strict emission regulations, especially for commercial vehicles, and the increasing demand for low-emission vehicles. Meanwhile, the fuel cell electric truck segment is poised for significant growth, with a projected remarkable Compound Annual Growth Rate (CAGR) of 29.9% throughout the forecast period. Ongoing advancements in refueling technology, aiming to reduce hydrogen fuel cell truck refueling time to less than 5 minutes, present a promising opportunity for market expansion.
Range and Market Share:
Concerning the range of electric trucks, the segment covering up to 150 miles emerged as the leader in 2020, constituting nearly half of the global electric truck market revenue. This segment is expected to maintain its dominance throughout the forecast period. The growth in this sector is driven by the increased adoption of low-range electric trucks for intra-city logistics and last-mile deliveries. On the other end of the spectrum, the above 300 miles segment is projected to experience a notable CAGR of 29.6% during the forecast period. This growth is fueled by the rising demand for high-mileage trucks in commercial domains such as online retail, logistics, and automotive sectors. These trucks offer benefits like lower operational costs and an extended range with a single charge, making them appealing choices in the market.
Regional Market Dominance:
In 2020, the Asia-Pacific region emerged as a powerhouse, claiming a significant portion of the global electric truck market revenue. This region, contributing to almost half of the market revenue, saw substantial growth. The driving forces behind this expansion were substantial investments in India’s automobile industry and the escalating vehicle production rates in China.
Upcoming Surge in Africa:
Looking ahead, the African region is poised for rapid growth, with an estimated impressive Compound Annual Growth Rate (CAGR) of 37.8% from 2021 to 2030. This surge is primarily due to increasing awareness about sustainable transportation in nations such as South Africa, Nigeria, and Morocco. The recognition of sustainable practices as a means to combat environmental challenges is expected to fuel the electric truck market’s expansion in Africa.
