The Electric truck market is estimated to be 101,499 units in 2022 and is projected to grow at a CAGR of 34.2% during the forecast period, to reach 1,067,985 units by 2030. The market for electric truck is increasing due to factors such as increase in distribution services, last mile delivery and government focus on reducing vehicle emissions.
“NMC Battery segment expected to lead to market growth”
The electric truck market is dominated by the NMC battery as it is the most efficient. Most market-leading Chinese OEMs use these batteries in electric trucks in its fleets. These batteries have a comparatively higher energy density than LFP batteries. Also, the cost of NMC batteries is declining and level with the cost of LFP batteries, thus, further boosting the NMC battery market. Although, the demand for LFP is also on the rise in the forecasted period as the life of LFP batteries is longer than that NMC batteries. Adoption of NMC batteries is expected to rise in the near future in European and American countries.
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“Light-duty trucks to ensure dominant position of the segment”
Top OEMs such as Ford, GM, Rivian, and Tesla have developed these electric trucks. A large number of players like Bollinger Motors, Canoo, Nissan Motor Corporation, Hercules, and Alpha plan to enter this segment. Tesla, Inc. launched a futuristic angular armored electric pickup truck and a driving range of 500 miles. It also has a GVWR of 10,000 lbs. In May 2022, Tata Motors Limited launched Ace EV, a light-duty electric truck range of 154 km. The demand for light-duty electric trucks has increased due to the demand for low-emission intra-state commercial transport.
‘’The European region is projected to be the fastest-growing in the Electric truck market’’
France, Germany, Netherlands, Norway, Sweden, and UK are considered under Europe. This region has stringent emission regulation standards, and governments of these countries are providing huge incentives to promote electric vehicles. As a result, the demand for electric vehicles has increased tremendously in the region. The region is home to major manufacturers of electric trucks, such as AB Volvo, Mercedes Benz Group AG, and Scania AB. Governments of various European countries are subsidizing electric infrastructure, and the focus will continue to be on electric vehicles in the long run. Hence, the electric trucks market will grow in the future in Europe. In February 2022, AB Volvo announced the establishment of a large-scale production plant for battery cells to meet the growing demand for zero-emission transportation. The batteries will be used for commercial vehicles such as trucks, buses, construction equipment, and other electric drivelines.
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Key Market Players
The electric trucks market is dominated by a few globally established players such as BYD(China)., Mercedes Benz Group AG (Germany), AB Volvo (Sweden), Ford Motor Company (US) and Rivian (US) and others.
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