Electric truck Market Evolution: Embracing Opportunities, Overcoming Challenges
Market overview:
The Electric truck market was worth USD 9.2 billion in 2021 and is expected to be worth USD 27.7 billion by 2030, growing at a CAGR of 14.8% during the forecast period (2023 - 2030).
Factors such as increased government initiatives to promote e-mobility, stringent emission standards imposed on fossil-fuel-powered commercial vehicles, and lower battery costs drive growth in the Car electric truck market. However, the lack of charging infrastructure and the high cost of electric trucks are expected to stifle market growth during the forecast period. Factors such as increased government initiatives to promote e-mobility, stringent emission standards imposed on fossil-fuel-powered commercial vehicles, and lower battery costs drive growth in the electric truck market.
Furthermore, the rising demand for electric trucks in the logistics sector and the advancement of self-driving electric truck technology are expected to provide significant growth opportunities for companies operating in the electric truck market. Electric trucks have lower fuel and maintenance costs than conventional diesel trucks, which increases the overall market demand for this segment over the forecast period. It is a cost-cutting commodity for various organizations, resulting in increased revenues. Owners benefit from the adoption of electric trucks as well. An owner may receive additional financial benefits for incorporating electric trucks into their operations. This factor increases the overall market demand for electric trucks.
Market segmentation:
Electric trucks use electricity as their primary energy source for logistics and transportation. Typically, the trucks are powered by batteries that are then recharged. Short-haul electric trucks are becoming more popular because they use less energy and have lower carbon footprints.
The following are the primary propulsion systems used in electric trucks:
· Hybrid Electric Truck
· Plug-in Hybrid Electric Truck
· Battery Electric Truck
· Electric Fuel Cell Truck
The market can be broadly classified into the following vehicle types:
· Medium Duty
· Light Duty
· Extra Strength
The market is divided into three categories based on the range:
· 0-150 Miles
· 151-300 Miles
· More than 300 miles
Others
Regional Analysis:
Because of the high demand for electric trucks for logistics transport fleets, the North American region is expected to grow steadily. Because of the high adoption rate of electric pick-up trucks in the logistics sector, the European region is expected to be the fastest-growing market. Rising pollution and environmental hazards, stringent government regulations, and stiff competition have compelled automotive OEMs to produce fuel-efficient and environmentally friendly vehicles. Various market industries, such as automotive OEMs and component manufacturers, are investigating ways to develop and design trucks that can meet fuel efficiency and vehicle emissions standards.
Recent developments:
· General Motors CEO Mary Barra announced in February 2022 that the company would be six-fold the pace of its electric trucks and SUV segment. In addition, the company plans to deliver 400,000 EVs in North America between 2022 and 2023. With this plan, GM can increase its capacity to produce one million electric vehicles by 2025.
· RIVIAN, a California-based electric truck and SUV manufacturer, planned capacity expansion in its production facility in February 2022. The company plans to open its second manufacturing facility in East Atlanta, which will be capable of producing 400,000 vehicles per year.
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