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Electric Trucks Market to Witness Massive Growth in Near Future, Finds Technavio | Featuring Key Vendors - AB Volvo, BYD Co. Ltd., Daimler AG, Hino Motors Ltd., Navistar International Corp., and Others

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NEW YORK, Feb. 24, 2021 /PRNewswire/ --

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.

More details: https://www.technavio.com/report/electric-trucks-market-industry-analysis

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.

Companies Covered:

  • 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

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Related Reports on Consumer Discretionary Include:

Pallet Trucks Market by End-user and Geography - Forecast and Analysis 2020-2024: The pallet trucks market size has the potential to grow by USD 989.50 million during 2020-2024, and the market's growth momentum will accelerate during the forecast period. To get extensive research insights: Get FREE Sample Report in Minutes!

Light Commercial Vehicle Market by Type and Geography - Forecast and Analysis 2020-2024: The light commercial vehicle market size has the potential to grow by 0.19 million units during 2020-2024, and the market's growth momentum will accelerate during the forecast period. To get extensive research insights: Get FREE Sample Report in Minutes!

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio's in-depth research has direct and indirect COVID-19 impacted market research reports.

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Key Topics Covered:

Executive Summary

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019-2024

Five Forces Analysis

  • Five forces summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Type

  • Market segments
  • Comparison by Type
  • Hybrid electric trucks - Market size and forecast 2019-2024
  • Battery electric trucks - Market size and forecast 2019-2024
  • Market opportunity by Type

Customer landscape

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • APAC - Market size and forecast 2019-2024
  • North America - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography
  • Market drivers
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • 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

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: https://www.technavio.com/report/electric-trucks-market-industry-analysis

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SOURCE Technavio

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