London, Aug. 22, 2023 (GLOBE NEWSWIRE) -- In a groundbreaking market analysis, the recent findings of a newly published report have unveiled a remarkable forecast for the electric and fuel cell truck industry, signifying a monumental shift toward sustainable transportation solutions. The global electric and fuel cell truck market is poised to undergo astounding expansion in revenue, spanning from 2023 to 2030. During the period of assessment, the market size is expected to exhibit a stellar CAGR of 41.2%, surpassing the valuation of US$40 Bn by 2030-end.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Estimated Market Size in 2030 | US$40.1 Bn | |
| CAGR | 41.2% | |
| Key Players | Volvo Inc., BYD, Daimler AG, Traton Group, SANY, China FAW Group Corp., Ltd., Renault Trucks, Dongfeng Motor Corporation Ltd., Zhejiang Geely Holding Group Co., Ltd., SAIC Motor, Zhengzhou Yutong Group Co., Ltd. | |
The market analysis by Fairfield Market Research paints an exciting future for electric and fuel cell trucks, poised for unparalleled growth in the years to come. “Majorly driven by commitments to sustainability, supportive government initiatives, and groundbreaking technological advancements, these clean, efficient, and innovative vehicles will surge into the forefront of the transportation sector soon. The global landscape is on the brink of a remarkable transformation,” remarks the company analyst.
Key Research Insights
- The proton exchange membrane fuel cell (PEMFC) segment is likely to gather momentum till 2030.
- The demand for medium and heavy-duty trucks is expected to climb up.
- Despite the rapid evolution, challenges loom. The cost associated with the production of electric and fuel cell trucks remains a significant hurdle.
Insights into Segmentation Analysis
Transition to Medium and Heavy-duty Trucks is Underway
Within this transformative landscape, two segments stand out, viz., fully electric, and PEMFC categories. The PEMFC technology is gaining prominence for its unparalleled efficiency in energy conversion, converting fuel's chemical energy into electricity through a hydrogen-oxygen reaction.
Medium and heavy-duty electric trucks are experiencing a surge in launches, driven by decreasing battery costs, and widespread support from policymakers worldwide. The transition to medium and heavy-duty electric trucks is projected to outpace their diesel counterparts in terms of cost-effectiveness, solidifying their position as the dominant force in the market.
For More Industry Insights Read: https://www.fairfieldmarketresearch.com/report/electric-fuel-cell-truck-market
Key Report Highlights
- The resolute commitment of OEMs, and suppliers to net-zero emission objectives, and a substantial reduction in the total cost of ownership (TCO) collectively drive market expansion.
- The global transition toward electric and fuel cell trucks is further catalyzed by innovative R&D initiatives, and cutting-edge technologies in the automotive sector.
- Governmental support and proactive initiatives play an instrumental role in accelerating the adoption of electric and fuel cell trucks.
Insights into Regional Analysis
Asian Markets Will Remain the Pioneers Through 2030
The pulse of the electric and fuel cell truck market is strongest in Asia Pacific where innovation and goods transportation effectively intertwine. Government initiatives, coupled with improved infrastructure, have created fertile ground for a demand surge in electric and fuel cell trucks in the region. The Asia Pacific region's ongoing push for zero emissions, and growing emphasis on reduced noise pollution further propel its leadership position in the worldwide electric and fuel cell truck market.
“On the other side, a burgeoning market is shaping up in North America, which is propelled by ambitious research and development endeavours, spearheaded by states like California,” remarks the company analyst.
Competitive Landscape Analysis
The frontrunners in the industry are emerging stronger in this new era of transportation. Some of the leading players include Volvo Inc., Daimler AG, BYD, Traton Group, Renault Trucks, SANY, China FAW Group Corp., Ltd., Dongfeng Motor Corporation Ltd., SAIC Motor, Zhejiang Geely Holding Group Co., Ltd., and Zhengzhou Yutong Group Co., Ltd. These companies are at the forefront of innovation, shaping the future of electric and fuel cell trucks through growing implementation of cutting-edge technologies, and groundbreaking research.
Global Electric and Fuel Cell Truck Market is Segmented as Below:
By Powertrain
- Electric
- Fully Electric
- Hybrid
- Fuel Cell
- Phosphoric Acid Fuel Cell
- Proton Exchange Membrane Fuel Cell
- Miscellaneous
By Range
- Below 400 Km
- Above 400 Km
By Vehicles
- Light-duty Trucks
- Medium-duty Trucks
- Heavy-duty Trucks
By Geographic Coverage
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Browse Global Electric and Fuel Cell Truck Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 (By Powertrain, By Range, By Vehicles, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/electric-fuel-cell-truck-market
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