New York, Aug. 08, 2023 (GLOBE NEWSWIRE) -- The global electric trucks market size is estimated to attain at ~42.7% CAGR from 2023 to 2035. The market is expected to garner a revenue of USD 713 billion by the end of 2035, up from a revenue of ~USD 1 billion in the year 2022. This growth is attributed to the increasing demand for electric trucks in the logistics and transportation industry due to their improved fuel efficiency as well as the increasing cost-competitiveness of electric vehicles in comparison to traditional vehicles.
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Several cutting-edge companies have already begun electrifying heavy vehicles. It is expected that New York City's public bus fleet will convert to a 100% electric fleet by 2040. A fleet of 100,000 electric delivery vans was recently purchased by Amazon with the aim of using them all by 2030. Tesla presented its all-electric Cybertruck, a pickup truck with sports car performance specs, in December 2019. This trend is driven by the need to reduce emissions and meet climate targets. Electrifying heavy vehicles is seen as one of the most effective ways to achieve this, as these vehicles are major contributors to air pollution.
Electric Trucks Market: Key Takeaways
- Market in Asia Pacific to propel the highest growth
- The heavy-duty trucks segment to garner the highest growth
- Market in North America to grow at a highest rate
Government Initiatives To Reduce Emissions, As Well As The Increasing Demand For Low-Cost And Efficient Means Of Transportation to Boost Market Growth
Governments are introducing policies to reduce emissions from the transport sector, such as subsidies for electric vehicles, and setting targets for electric vehicle adoption. As mentioned by the IEA, CO2 emissions in the sector must fall by approximately 3% per year until 2030 if the sector is to reach Net Zero Emissions by 2050. Several policies such as the IEA Sustainable Development Scenario, Advanced Clean Truck Regulation in Europe, and zero-emission commercial vehicle zones in the Netherlands, are aimed at reducing the environmental impact of transportation by incentivizing people to switch from gas-powered vehicles to electric ones.
Under EPA rules, new heavy and medium-duty vehicles and engines must adhere to rigid carbon dioxide emissions limits by 2021, 2024, and 2027. By selling even small volumes of electric trucks, the original equipment manufacturers can take advantage of these incentives to offset their carbon emissions.
Electric Trucks Market: Regional Overview
The global electric trucks market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Production and Sales of Electric Trucks to Drive the Market Growth in the Asia Pacific Region
The electric trucks market Asia Pacific region is estimated to garner the largest revenue by the end of 2035. This shows that countries in the region such as India, China, and Japan are making a concerted effort to transition to electric vehicles, due to their lower environmental impacts and cost savings compared to traditional gasoline engines. In addition, China remains the world's leading producer and seller of electric (as well as fuel cell) trucks and buses. Approximately 54,000 electric buses and an estimated 52,000 electric medium- and heavy-duty trucks were sold in China in 2022, representing 18% and 4% of total sales in the country, respectively.
The rising demand for electric trucks is also driven by the increasing availability of charging infrastructure. Governments of various countries are also coming up with policies and regulations to encourage the adoption of electric vehicles and are also providing subsidies and incentives to drive the market.
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Growing EV Infrastructure and Charging Points to Scale up the Market the Growth in the North America Region
The North America electric trucks market is estimated to garner North America is expected to be the largest market for electric trucks by 2035, since the infrastructure for electric vehicles in North America is the most developed, with a wide variety of charging stations and electric vehicle models available. With over 15,450 locations and 48,940 charging points in 2022, the ChargePoint Network is the largest EV charging network in the U.S. Tesla is the second largest, with 5,675 locations and 27,250 charging points. Moreover, the e-commerce sector has seen a rapid rise in the past few years in US and Canada, leading to an increase in the demand for electric trucks for last-mile delivery.
Additionally, the government's push for the adoption of electric vehicles has also resulted in an increase in the demand for electric trucks, further propelling the growth of the North America electric trucks market.
Electric Trucks, Segmentation by Type
- Medium
- Light
- Heavy-Duty Trucks
The heavy-duty trucks segment is projected to attain the largest revenue by the end of 2035. Due to their design, these types of trucks have the capacity to carry heavier loads over longer distances, and are equipped with advanced technology that provides stability and power to the vehicle, thus making it more reliable and cost-effective.
Moreover, heavy-duty trucks can carry a large amount of materials and are able to transport them over long distances with ease. They are also able to handle large loads which is essential for some industries that require a lot of raw materials. International Energy Agency data reported that there were 66,000 electric heavy duty truck stocks worldwide in 2021. Furthermore, the development of infrastructure to support the use of electric vehicles is likely to increase the adoption of heavy-duty electric trucks.
Electric Trucks, Segmentation by Propulsion Type
- Battery Electric Truck
- Plug-in Hybrid Electric Truck
- Hybrid Electric Truck
- Fuel Cell Electric Truck
The battery electric truck segment in global electric trucks market is anticipated to hold the largest revenue by the end of 2035. Governments are enacting regulations that incentivize companies to switch to electric trucks, such as tax breaks and subsidies. This has made electric trucks more appealing for businesses, and has increased the demand for them, leading to more investment in the segment and more companies producing them.
Additionally, electric trucks have several advantages over traditional diesel-powered trucks, such as lower fuel and maintenance costs, silent operation, and zero emissions. It is estimated that electric vehicle owners save USD 1,500 on the first 150,000 miles of maintenance for their vehicles. The efficiency of EVs is four times higher than that of internal combustion engines, which results in fuel savings. As an added benefit, EVs require less maintenance because they do not require oil changes or spark plugs. This has further increased the demand for electric trucks, making them a more attractive option for businesses.
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Electric Trucks, Segmentation by Range
- Upto 200 Miles
- Above 200 Miles
Few of the well-known market leaders in the global electric trucks market that are profiled by Research Nester are AB Volvo, BYD Company Ltd, Tata Motors Ltd., Ford Motor Company, PACCAR Inc., Mercedes-Benz Group AG, Rivian, LLC, Dongfeng Motor Corporation, ISUZU Motors Limited, Workhorse Group Incorporated, and other key market players.
Recent Development in the Market
- March 2023: Workhorse Group Incorporated has launched the new Certified Dealer Program to establish a network of approved dealers capable of safely servicing and maintaining the vehicles of the Company. As a further development, Kingsburg Truck Center in California has been selected as Workhorse's first Californian dealer who is certified as an electric vehicle ("EV") dealer.
- May 2018: As part of a partnership with BYD Company Ltd, the first battery electric 8TT truck has been delivered to the Port of Oakland. Furthermore, a zero-emission truck belonging to Class 8 was awarded USD 1 million by the California Air Resources Board to test the feasibility of replacing diesel trucks with zero-emission trucks.
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