Pune, India, May 10, 2022 (GLOBE NEWSWIRE) -- The global electric trucks market size is expected to showcase growth due to rising prices of fossil fuels. This information is published by Fortune Business Insights in its report, titled "Electric Trucks Market, 2021-2028". The increasing demand for shipments across the world has boosted vehicle production across the globe. However, low fuel efficiency in long haul transportation results in a heavy investment sector. These factors are contributing significantly to the growth of electric vehicles. Moreover, stringent regulations on carbon emissions are being imposed by several developed nations, thereby augmenting the demand for the product.
Report Coverage:
The report has details on all the latest technology available in the market. The technological advances made in the industry have been highlighted and the potential opportunities associated with that. The report establishes the challenges of the market and advices various solution to them. It also mentions the growth stimulating factors, restraints, consumption pattern, distribution channels, and all other vital information associated with the market.
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Segments:
Heavy-Duty Trucks to Dominate the Market Due to Rising Demand
On the basis of truck type, the market is segmented into light-duty trucks, medium-duty trucks, and heavy-duty trucks.
By electric vehicle type, it is trifurcated into battery electric, hybrid electric, and plug-in hybrid.
Additionally, by application, it is divided into logistics and municipal.
Based on geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Drivers & Restraints:
Growth of Logistics Sector to Aid Product Sales
The substantial growth of the logistics sector is augmenting the electric trucks market growth. The logistics sector is gaining rapid momentum with the growth of various online retail industries that require the support of a well-established logistics network. For example, in 2020, CEVA Logistics acquired electric trucks for trial to supply goods in Central London. The increasing adoption of electrical vehicles for shipment is anticipated to propel the market growth.
In addition, several developed countries are imposing stringent regulations on carbon emissions. These countries require certain standards to be maintained in their vehicles to run on roads. In such a scenario, electrical vehicles are preferred for eco-friendliness.
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COVID-19 Impact:
Product Demand Remains Stable Despite Pandemic Owing to Essential Services
The pandemic created a demand and supply gap across multiple industries throughout the lockdown period. The same was the case with the electric trucks sector. Travel restrictions resulted in logistics issues and delays. In spite of this, the demand for the product remained stable as various end-users fell into the essential category. The food & beverage and healthcare industries accounted for the highest demand for the product throughout the lockdown as they were functioning at full capacity. Even after the lockdowns were eased, it is expected that the demand shall continue to increase due to various developmental projects that were halted during the pandemic.
Regional Insights:
Favorable Government Policies in Asia Pacific to Generate Revenue
Asia Pacific is anticipated to hold the largest electric trucks market share in the foreseeable future. This is attributed to favorable government policies and encouragement toward alternative fuel vehicles. Moreover, the government authority in the region is also making efforts to curb carbon emissions.
Europe is projected to showcase substantial growth in the forthcoming years. This is attributed to carbon emission regulations imposed in the region. For example, the European Union imposed an enactment to reduce at least 40% carbon emissions by 2030.
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Competitive Landscape:
Upgrades in Existing Products by Manufacturers to Keep up with Market Competition
The market players are concentrating on manufacturing fuel cell electric trucks that have a better range for the long run. There are several product launches and upgrades in the existing trucks to keep up with customer requirements. In addition, the products can also be customized by the manufacturers as per the requirement of the clients to cater to the requirement of client utility. The market is capital-intensive and requires intensive research & development to keep up with the market trends.
Industry Development:
• March 2020: Daimler Trucks introduced the electric Freightliner customer experience fleet in North America. The electric trucks fleet consists of two medium-duty Freightliner eM2 106 and six heavy-duty Freightliner eCascadia.
List of Key Players Profiled in the Market:
- Tesla, Inc.
- Dongfeng Motor Corporation
- Daimler AG
- BYD Company Limited
- AB Volvo
- Hino Motors Ltd.
- Navistar International Corporation
- PACCAR Inc.
- Rivian
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments - Merger, Acquisitions, and Partnerships
- Porter's Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Value Chain Analysis
- Impact of COVID-19 on Electric Bus Market
- Global Electric Bus Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
Continued…
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