[Latest] Global Zero-Emission Trucks Market Size/Share

Austin, TX, USA, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled “Zero-Emission Trucks Market Size, Trends and Insights By Vehicle Type (Electric Light-Duty Trucks, Electric Medium-Duty Trucks, Electric Heavy-Duty Trucks), By Source (Battery Electric Trucks (BEVs), Hydrogen Fuel Cell Electric Trucks (FCEVs), Hybrid Electric Trucks (HEVs)), By Application (Last-Mile Delivery, Logistics and Transportation, Construction, Waste Management, Municipal Services), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” in its research database.

“According to the latest research study, the demand for global Zero-Emission Trucks Market size & share was valued at approximately USD 4.5 Billion in 2022 and is expected to reach USD 9.8 Billion in 2023 and expected to reach a value of around USD 58.3 Billion by 2032, at a compound annual growth rate (CAGR) of about 29.2% during the forecast period 2023 to 2032.”

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Zero-Emission Trucks Market: Growth Factors and Dynamics

Cost Competitiveness and Total Cost of Ownership: As battery costs continue to decline and operational efficiencies increase, the total cost of ownership for zero-emission trucks becomes increasingly competitive with conventional diesel trucks. This growing cost-effectiveness has motivated fleet operators and logistics companies to transition to electric trucks, significantly contributing to the overall market expansion.

Corporate Sustainability Initiatives: Many businesses and corporations are embracing sustainability goals, including reducing their carbon footprints and environmental impacts. Adopting zero-emission trucks aligns with these corporate sustainability initiatives, enabling companies to showcase their commitment to environmental responsibility and attract environmentally conscious customers and partners.

Urbanization and Last-Mile Delivery Demands: The ongoing global trend of urbanization, coupled with the increasing demand for efficient last-mile delivery services, has heightened the need for eco-friendly transportation options in urban areas. Zero-emission trucks, offering silent operation and emission-free deliveries, have emerged as an ideal solution to meet the strict emissions regulations prevalent in many urban centres, driving their adoption and market growth.

Rapid Technological Advancements and Future Potential: Continuous research and development in electric vehicle technologies, including advancements in electric drivetrains, battery innovations, autonomous driving features, and connected vehicle solutions, are rapidly shaping the future of the transportation industry. These technological developments are fuelling the adoption of zero-emission trucks, creating vast opportunities and driving market expansion for these environmentally sustainable vehicles.

Infrastructure Development: The growth of the zero-emission trucks market is closely linked to the expansion of charging infrastructure. Governments and private entities are investing in the establishment of a robust charging network to support the widespread adoption of electric trucks, especially for long-haul and commercial applications. The availability of a reliable charging infrastructure is critical in alleviating range anxiety and encouraging fleet operators to transition to zero-emission trucks.

Public Awareness and Consumer Preference: Increasing public awareness of environmental issues and a growing preference for eco-friendly products have contributed to the rising demand for zero-emission trucks. Consumers, businesses, and governments are increasingly choosing sustainable transportation solutions, which is driving manufacturers to focus on developing more innovative and environmentally friendly truck models to meet these preferences and market demands.

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Zero-Emission Trucks Market: Partnership and Acquisitions

Ford and Volkswagen Collaboration (2019): In a bid to expedite electric vehicle development, including zero-emission trucks, Ford and Volkswagen forged a strategic partnership. This collaboration aimed to leverage their respective expertise and resources, facilitating the sharing of technology and knowledge to accelerate advancements in eco-friendly commercial vehicles.

Volvo Group and Daimler Joint Venture (2020): Recognizing the potential of fuel cell technology in heavy-duty vehicles, Volvo Group and Daimler Truck AG established a joint venture. Focused on fuel cell systems for zero-emission trucks, the partnership sought to harness their combined strengths, fostering innovative advancements, and enhancing the viability of hydrogen-powered transportation.

Amazon’s Acquisition of Zoox (2020): As part of its commitment to sustainable logistics, Amazon acquired Zoox, a self-driving vehicle startup. The acquisition bolstered Amazon’s expertise in autonomous technology, including zero-emission delivery trucks, aligning with its vision of advancing eco-friendly transportation solutions.

Lordstown Motors’ Acquisition of General Motors Lordstown Assembly Complex (2021): To expedite the production of electric trucks, including zero-emission commercial vehicles, Lordstown Motors acquired the intellectual property and factory of the former General Motors Lordstown Assembly Complex. This strategic move enabled Lordstown Motors to enhance its capabilities and solidify its position in the evolving zero-emission truck market.

Report Scope

Feature of the Report	Details
Market Size in 2023	USD 9.8 Billion
Projected Market Size in 2032	USD 58.3 Billion
Market Size in 2022	USD 4.5 Billion
CAGR Growth Rate	29.2% CAGR
Base Year	2022
Forecast Period	2023-2032
Key Segment	By Vehicle Type, Source, Application and Region
Report Coverage	Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope	North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options	Request tailored purchasing options to fulfil your requirements for research.

(A free sample of the Zero-Emission Trucks report is available upon request; please contact us for more information.)

Our Free Sample Report Consists of the following:

Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
The COVID-19 Pandemic Outbreak Impact Analysis is included in the package.
About 220+ Pages Research Report (Including Recent Research)
Provide detailed chapter-by-chapter guidance on the Request.
Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2022
Includes Tables and figures have been updated.
The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
Custom Market Insights (CMI) research methodology

(Please note that the sample of the Zero-Emission Trucks report has been modified to include the COVID-19 impact study prior to delivery.)

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Zero-Emission Trucks Market: COVID-19 Analysis

The COVID-19 pandemic has had a significant impact on the Zero-Emission Trucks Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

Supply Chain Disruptions: The pandemic led to disruptions in global supply chains, affecting the production and distribution of components essential for zero-emission trucks. Delays in manufacturing and shipping impacted the availability of electric vehicles, hindering market growth.

Economic Uncertainty: The economic downturn caused by the pandemic resulted in reduced consumer and business spending. Many companies postponed or cancelled their plans to transition to zero-emission trucks due to financial constraints, leading to a slowdown in market demand.

Government Stimulus and Incentives: Governments worldwide have introduced economic stimulus packages and financial incentives to support industries, including the automotive sector. Increased support in the form of subsidies, tax credits, and grants for the adoption of zero-emission trucks has encouraged businesses to resume their transition plans.

E-Commerce and Last-Mile Delivery Demand: The surge in e-commerce during the pandemic has driven the demand for last-mile delivery services. As urban centres experienced a shift towards e-commerce, there has been an increased need for efficient and eco-friendly delivery solutions like zero-emission trucks, prompting businesses to invest in sustainable logistics.

Resumption of Infrastructure Development: With the easing of lockdown restrictions, there has been a resumption of infrastructure development, including the expansion of charging networks for electric vehicles. This improved charging infrastructure enhances the practicality of zero-emission trucks and encourages fleet operators to consider electrification options.

Innovation and Product Development: To rebound from the pandemic’s effects, manufacturers are emphasizing innovation and product development in the zero-emission trucks market. They are investing in research and development to introduce more advanced and cost-effective electric truck models with improved range, performance, and charging capabilities. These innovations attract potential customers and accelerate market recovery as businesses seek cutting-edge solutions to align with sustainable transportation trends.

In conclusion, the COVID-19 pandemic has had a mixed impact on the Zero-Emission Trucks Market, with some challenges and opportunities arising from the pandemic. Manufacturers and retailers need to remain agile and adapt to the changing market conditions to overcome these challenges and capitalize on new growth opportunities.

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Key questions answered in this report:

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What are the primary driving factors that push the Zero-Emission Trucks market forward?
What are the Zero-Emission Trucks Industry's top companies?
What are the different categories that the Zero-Emission Trucks Market caters to?
What will be the fastest-growing segment or region?
In the value chain, what role do essential players play?
What is the procedure for getting a free copy of the Zero-Emission Trucks market sample report and company profiles?

Key Offerings:

Market Share, Size & Forecast by Revenue | 2022−2030
Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by regions
Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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List of the prominent players in the Zero-Emission Trucks Market:

Tesla Inc.
Daimler AG
Volvo Group
BYD Company Limited
Nikola Corporation
Navistar International Corporation
Fuso (Mitsubishi Fuso Truck and Bus Corporation)
Ford Motor Company
Rivian Automotive Inc.
Chanje Energy Inc
Others

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Zero-Emission Trucks Market – Regional Analysis

The Zero-Emission Trucks Market is segmented into various regions, including North America, Europe, Asia-Pacific, and LAMEA. Here is a brief overview of each region:

North America: The North American region is witnessing a rising commitment to sustainability and lowering greenhouse gas emissions in the transportation sector. This has led to a notable increase in the adoption of zero-emission trucks, particularly for last-mile delivery and municipal services. Government incentives and corporate sustainability initiatives are key drivers propelling market growth.

Europe: In Europe, there is a significant rise in demand for zero-emission trucks, fueled by stringent emission regulations and ambitious climate objectives. The region’s steadfast dedication to environmental sustainability has resulted in a notable uptake of eco-friendly commercial vehicles, driving the continuous expansion of the zero-emission trucks market. The region is rapidly expanding its charging infrastructure and witnessing an uptake of hydrogen fuel cell trucks in commercial applications. Daimler AG, Volvo Group, Scania, and MAN Truck & Bus dominate the European zero-emission trucks market with significant involvement in electric and fuel cell truck technologies.

Asia-Pacific: The Asia-Pacific region plays a pivotal role as a centre for electric vehicle innovation and production, leading to the widespread adoption of zero-emission trucks. Particularly, there is a significant emphasis on electric last-mile delivery vehicles, catering to the needs of fast-growing urban areas. Collaborations between automakers and technology firms are fostering advancements in battery and fuel cell technologies. Dominating market players in the Asia-Pacific zero-emission trucks market include TSMC (Taiwan Semiconductor Manufacturing Company), BYD, Hyundai Motor Group, and Toyota, leveraging their expertise to capture substantial market shares.

LAMEA (Latin America, Middle East, and Africa): LAMEA is witnessing a gradual shift towards sustainable transportation solutions, driving the demand for zero-emission trucks. There is a growing interest in electric buses and commercial vehicles for public transportation and logistics applications in select cities. In the LAMEA region, some notable players include Foton Motor, Ashok Leyland, and Higer Bus Company. These companies are actively participating in the development and deployment of electric commercial vehicles in the region.

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The Zero-Emission Trucks Market is segmented as follows:

By Vehicle Type

Electric Light-Duty Trucks
Electric Medium-Duty Trucks
Electric Heavy-Duty Trucks.

By Source

Battery Electric Trucks (BEVs)
Hydrogen Fuel Cell Electric Trucks (FCEVs)
Hybrid Electric Trucks (HEVs)

By Application

Last-Mile Delivery
Logistics and Transportation
Construction
Waste Management
Municipal Services

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By Region

North America

The U.S.
Canada
Mexico

Europe

France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific

China
Japan
India
Australia
South Korea
Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

This Zero-Emission Trucks Market Research/Analysis Report Contains Answers to the following Questions.

Which Trends Are Causing These Developments?
Who Are the Global Key Players in This Zero-Emission Trucks Market? What are Their Company Profile, Product Information, and Contact Information?
What Was the Global Market Status of the Zero-Emission Trucks Market? What Was the Capacity, Production Value, Cost and PROFIT of the Zero-Emission Trucks Market?
What Is the Current Market Status of the Zero-Emission Trucks Industry? What's Market Competition in This Industry, Both Company and Country Wise? What's Market Analysis of Zero-Emission Trucks Market by Considering Applications and Types?
What Are Projections of the Global Zero-Emission Trucks Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and exports?
What Is Zero-Emission Trucks Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
What Is the Economic Impact On Zero-Emission Trucks Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
What Are the Market Dynamics of the Zero-Emission Trucks Market? What Are Challenges and Opportunities?
What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Zero-Emission Trucks Industry?

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Reasons to Purchase Zero-Emission Trucks Market Report

Zero-Emission Trucks Market Report provides qualitative and quantitative analysis of the market based on segmentation involving economic and non-economic factors.
Zero-Emission Trucks Market report outlines market value (USD) data for each segment and sub-segment.
This report indicates the region and segment expected to witness the fastest growth and dominate the market.
Zero-Emission Trucks Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market within each region.
The competitive landscape incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.
Extensive company profiles comprising company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
The Industry's current and future market outlook concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions.
Zero-Emission Trucks Market Includes in-depth market analysis from various perspectives through Porter's five forces analysis and provides insight into the market through Value Chain.

Reasons for the Research Report

The study provides a thorough overview of the global Zero-Emission Trucks market. Compare your performance to that of the market as a whole.

Aim to maintain competitiveness while innovations from established key players fuel market growth.

Buy this Premium Zero-Emission Trucks Research Report | Fast Delivery Available - [220+ Pages] @ https://www.custommarketinsights.com/report/zero-emission-trucks-market/

What does the report include?

Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide Zero-Emission Trucks market analysis.

The competitive environment of current and potential participants in the Zero-Emission Trucks market is covered in the report, as well as those companies' strategic product development ambitions.

According to the component, application, and industry vertical, this study analyzes the market qualitatively and quantitatively. Additionally, the report offers comparable data for the important regions.

For each segment mentioned above, actual market sizes and forecasts have been given.

Who should buy this report?

Participants and stakeholders worldwide Zero-Emission Trucks market should find this report useful. The research will be useful to all market participants in the Zero-Emission Trucks industry.
Managers in the Zero-Emission Trucks sector are interested in publishing up-to-date and projected data about the worldwide Zero-Emission Trucks market.
Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in Zero-Emission Trucks products' market trends.
Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans.

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