Increase in government initiatives for promotion of e-mobility and strict emission norms imposed on fossil-fuel powered vehicles fuel the growth of the global electric truck market
Portland, Ore., Aug. 6, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Electric Truck Market by Propulsion (Battery Electric Truck, Hybrid Electric Truck, Plug-in Hybrid Electric Truck, and Fuel Cell Electric Truck), Vehicle Type (Light-duty Electric Truck, Medium-Duty Electric Truck, and Heavy-Duty Electric Truck) and Range (0-150 miles, 151-300 miles, and 300 miles above): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global electric truck industry was estimated at $422.5 million in 2019, and is anticipated to hit $1.89 billion by 2027, registering a CAGR of 25.8% from 2020 to 2027.
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Drivers, restraints, and opportunities-
Rise in government initiatives for promotion of e-mobility and stringent emission norms imposed on fossil-fuel powered vehicles drive the growth of the global electric truck market. On the other hand, lack of charging infrastructure and high cost of electric trucks curb the growth to some extent. However, increasing demand for electric trucks from the logistics sector is expected to create lucrative opportunities in the industry.
The outbreak of covid-19 has hampered the logistics chain across the world and accordingly, there has been a sharp decline in the demand for electric trucks from several industry verticals.
However, with several government bodies popping up with relaxations on the current regulations, the global market is anticipated to get back to its position soon.
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The hybrid electric truck segment to dominate by 2027-
Based on propulsion, the hybrid electric truck segment contributed to around half of the global electric truck market share in 2019, and is anticipated to lead the trail by the end of 2027, owing to development of a new range of charging infrastructure by the players operating in the market. The fuel cell electric truck segment, on the other hand, would register the fastest CAGR of 30.5% throughout the forecast period. This is due to the fact that electric truck manufactures are introducing new fuel cell electric trucks and are planning to mass produce these trucks in future.
The light duty electric truck segment to maintain the dominant share-
Based on vehicle type, the light duty electric truck segment accounted for more than four-fifths of the global electric truck market share in 2019, and is anticipated to rule the roost till 2027. The fact that automobile manufacturers of electric vehicle are introducing new range of light duty electric trucks with remarkable towing capacity has driven the segment growth.
Simultaneously, the heavy duty electric truck segment would grow at the fastest CAGR of 31.8% during the study period. This is attributed to the initiatives taken by the government of various countries to promote the adoption of electric trucks.
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Asia-Pacific, followed by Europe and North America, garnered the major share in 2019 –
Based on geography, Asia-Pacific, followed by Europe and North America, generated the major share in 2019, holding nearly half of the global electric truck market, owing to the presence of stringent government norms related to emission of gasses from vehicles and supportive government initiatives for adoption of electric trucks. The region across LAMEA would portray the fastest CAGR of 30.6% from 2020 to 2027. This is because the electric trucks market in the province holds remarkable growth opportunities.
Key players in the industry-
BYD Company Ltd.
Dongfeng Motor Group Co., Ltd.
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