The electric truck market is poised for significant growth, with an estimated 101,499 units in 2022 projected to reach 1,067,985 units by 2030, growing at a CAGR of 34.2% during the forecast period. This growth can be attributed to the increasing demand for distribution services, last mile delivery, and the government’s focus on reducing vehicle emissions.
The market report provides comprehensive insights into the electric truck market, including market data tables, figures, and a detailed table of contents. It covers various aspects such as propulsion types (BEV, PHEV & FCEV), truck types (light-duty, medium-duty, and heavy-duty), range, battery type, battery capacity, level of automation, end-users, GVWR, and regional analysis.
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The NMC battery segment dominates the electric truck market due to its high efficiency. Major Chinese OEMs use NMC batteries in their electric truck fleets. These batteries offer higher energy density compared to LFP batteries, and their cost is declining and becoming comparable to LFP batteries. However, the demand for LFP batteries is also expected to rise as they have a longer lifespan. The adoption of NMC batteries is projected to increase in European and American countries.
Light-duty trucks hold a dominant position in the electric truck market. Leading OEMs like Ford, GM, Rivian, and Tesla have developed electric trucks in this segment, and many other players plan to enter it. Tesla, for instance, launched an angular armored electric pickup truck with a driving range of 500 miles and a GVWR of 10,000 lbs. The demand for light-duty electric trucks is driven by the need for low-emission intra-state commercial transport.
The European region is expected to witness the fastest growth in the electric truck market. Countries such as France, Germany, the Netherlands, Norway, Sweden, and the UK have stringent emission regulations and offer substantial incentives to promote electric vehicles. Major electric truck manufacturers like AB Volvo, Mercedes Benz Group AG, and Scania AB are based in Europe. Governments in the region are actively subsidizing electric infrastructure and will continue to focus on electric vehicles in the long run. AB Volvo, for example, announced the establishment of a large-scale battery cell production plant to meet the growing demand for zero-emission transportation.
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Overall, the electric truck market is poised for significant growth, driven by factors such as technological advancements, government initiatives, and the increasing demand for eco-friendly commercial transportation solutions.
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