Rockville , Oct. 18, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global electric truck market is forecasted to reach a value of US $78 Billion by late 2033 while expanding at a CAGR of 14.5%.
Electric trucks are vehicles that run on electricity instead of fossil fuels, making them eco-friendly with zero emissions. They are more energy-efficient, have lower operating costs, and benefit from government incentives, making them financially attractive for businesses. Electric trucks also operate quietly, reducing noise pollution, and advancements in battery technology are increasing their range and practicality.
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Electric trucks are becoming popular because of a few reasons. First, strict environmental rules worldwide and the desire to reduce carbon emissions are encouraging the development of electric vehicles. Second, better and cheaper batteries are making electric trucks more practical for businesses. Third, people and businesses are more aware of environmental problems, so they are choosing electric vehicles.
Charging electric truck batteries takes a long time due to their large capacity and limited fast-charging infrastructure. This extended charging period creates downtime for businesses, impacting their efficiency and causing delays in deliveries. Electric truck batteries are heavy, which reduces how much cargo the truck can carry. This limits the types of goods they can transport effectively, especially heavy or bulky items.
| Report Attribute | Details |
| Value Projection (2033) | US$ 78 Billion |
| Growth Rate (2023-2033) | 14.5% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 80 Tables |
| No. of Figures | 219 Figures |
Key Takeaways:
- The market in Asia Pacific is expected to climb to a CAGR of 23% during the forecast period (2023 – 2033). China is a leader in the region due to urbanization, automotive industry advancements, and industrialization.
- The US market is expected to offer lucrative opportunities and the market is experiencing a significant transformation due to the increasing momentum behind sustainability and cleaner transportation initiatives.
- Light duty vehicles market is expected to experience a CAGR of 6% during the forecast period due to its quieter operations and low operational cost.
- Battery electric vehicles account for higher sales due to zero emissions and capability to reduce noise pollution.
Stringent environmental regulations, advancements in battery technology, and a growing awareness of environmental issues encouraging adoption by consumers and businesses are driving the industry - Says FACTMR Expert
Key Companies Profiled in This Report
- BYD Company Limited
- AB Volvo
- Daimler AG
- Foton Motors Inc.
- Volkswagen AG
- Hino Motors Ltd
- Toyota Motor Corporation
- Dongfeng Motor Corporation
- Navistar, Inc.
Market Competition
The electric truck market, marked by intense competition, is experiencing a dynamic shift due to the worldwide demand for sustainable transportation solutions. Key industry players include BYD, Mercedes Benz Group AG, AB Volvo, Ford Motor Company, and Rivian. Competition primarily revolves around key factors such as battery technology, vehicle range, charging infrastructure, pricing, and overall performance.
- In August 2021, Volvo Trucks completed the acquisition of a heavy-duty truck manufacturing plant owned by JMC Heavy Duty Vehicle Co. Ltd., a subsidiary of Jiangling Motors Co., Ltd., situated in Taiyuan Shanxi Province, China.
Winning strategies
- Constant innovation in battery technology, vehicle design, and energy efficiency is crucial. Investing in R&D ensures the development of cutting-edge electric trucks that meet customer needs and regulatory standards.
- Creating a robust network of charging stations, especially along major transportation routes, alleviates range anxiety and encourages more businesses to adopt electric trucks.
- Electric trucks might have higher upfront costs but can offer lower total cost of ownership (TCO) due to reduced maintenance and fuel expenses. Demonstrating these long-term savings is essential to convince businesses of their economic viability.
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Country-wise Insights:-
What Possibilities Await US Electric Vehicle Manufacturers?
Objectives for corporate sustainability, federal fleet electrification, and cost savings should all be prioritized.
As the movement for sustainability and cleaner transportation picks up steam, the electric truck sector in the United States is undergoing a dramatic shift. Despite their higher initial prices, electric trucks can be more financially appealing over the course of the vehicle's lifecycle due to their lower running and maintenance expenses. In contrast to trucks powered by internal combustion engines (ICEs), electric vehicles have fewer moving parts and require less maintenance.
The federal government's determination to electrify its fleet of vehicles gives the electric truck sector a considerable boost. Government fleets switching to electric trucks promotes the viability of the technology and spurs private-sector adoption.
Sustainability is being incorporated into operational plans by numerous organizations and corporations. Their decision to switch to electric trucks is consistent with their aim to lessening their carbon impact and implementing eco-friendly practices.
Explore More Related Studies Published by Fact.MR Research:
Electric Car Battery Charger Market: The global electric car battery charger market is estimated to surge at a CAGR of 16% and increase rapidly from its current valuation of US$ 2.5 billion to US$ 11 billion by the end of 2032.
Electric Vehicle (EV) Battery Market: The global electric vehicle (EV) battery market is projected to expand at a prolific CAGR of 18.5% and reach a valuation of US$ 347 billion by the end of 2033, up from US$ 63.55 billion in 2023.
Electric Vehicle Components Market: The global electric vehicle component market is valued at USD 148.32 Billion in 2022. The market is further expected to gain size of USD 1001.95 Billion by the year 2032.
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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