The report “Electric Trucks Market by Propulsion(BEV, PHEV & FCEV), Type (Light, Medium & Heavy-duty Trucks), Range (upto 200 miles & above 200 miles), Battery Type, Battery Capacity, Level of Automation, End User, Payload Capacity & Region – Global Forecast to 2030” The Electric truck market is estimated to be 69,597 units in 2021 and is projected to grow at a CAGR of 39.7% during the forecast period, to reach 1,413,694 units by 2030.
Browse 144 market data Tables and 64 Figures spread through 222 Pages and in-depth TOC on “Electric Trucks Market“
Due to the rising emissions levels and increasing prices of petroleum, along with petroleum’s limited availability, there has been a growing demand for Zero emission alternative fuel vehicles. This has been a major factor for increasing demand of EV’s in the market since the past few years. The governments of several countries are taking initiatives to promote clean sources of energy by instituting stringent emission norms and providing subsidies, tax benefits for early adoption of EV’s and other low emission vehicles to help meet these stringent emission regulations. Electric trucks have also been growing in demand past few years due to these reasons. Top OEM’s like BYD, Daimler AG, AB Volvo, Scania AB, PACCAR Inc, Nikola Motors etc and other players like Renault, Rivian, Workhorse, Tata, etc. have been working for development of electric trucks.
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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 the NMC batteries. Adoption of NMC batteries is expected to rise in the near future in European and American countries.
Light duty vehicles to ensure dominant position of the segment
The electric truck market by vehicle type comprises majorly of light-duty vehicles and moderate amount of medium-duty and heavy-duty vehicles. This is because of their growing popularity for electric pickups around the world as zero emission vehicles while for medium-duty and heavy-duty vehicles, the price of long-range electric trucks increases drastically which makes it less economical for many regions. As prices of EV batteries decreases and range of vehicles keep improving, the market for electric trucks will also increase at a faster rate in the coming years. The demand for light-duty electric trucks will continue to grow due to increase in demand for light-duty trucks in last mile delivery, distribution services and others.
Key Market Players:
Electric Trucks Market is dominated by globally established players such as Einride (Sweden), Volta Trucks (Sweden), Tevva (UK), StreetScooter (Germany) and E-Trucks Europe (Netherlands). These companies have also been developing electric truck technology and some of them have already brought electric trucks for the market.
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