Electric Truck Market is Expected to Grow with a CAGR 26.1% from 2022 to 2028

Electric Truck
  • Electric Truck Market

As stated in our extensive report; providing insights Key Drivers, Key Restraints, Segments (i.e.,Propulsion Type, Type, End User, Range, Battery Capacity, Payload Capacity, Level of Automation, Battery Type and Region); the Global Electric Truck Market accounted for USD 419.5 Million in the year 2021.

“Key Factors Likely to Drive Growth of Electric Truck market”

Electric trucks are electric vehicles that use electricity as their supply of electricity for logistics and transportation. The vehicles are commonly powered by means of batteries that can be recharged. Short-haul electric vehicles are used more and more and more due to less energy and decreased carbon footprint.

The rapid electrification of transportation to mitigate greenhouse fuel emissions and increase cost-effectiveness is helping the market increase. The growing demand for fuel-green cars is increasing the usage of electric-powered vehicles, as a result, and propelling the market increase. The growing adoption of heavy-responsibility electric-powered cars to increase profitability and decrease carbon footprint is further augmenting the market increase in electric trucks. The growing manufacturing of the electric automobile and hybrid electric-powered automobile segments with the aid of using OEM producers is propelling the market increase. Moreover, the growing demand for electric trucks to reduce operational charges is drastically contributing to the market increase.

The electric trucks market is suffering from the latest trend of self-driving trucks. Top OEMs like Tesla, Volvo, Vera, and Daimler were growing self-driving electric trucks for the market. Startups like Embark have additionally begun growing self-driving electric trucks. The self-driving electric truck generation will demand a boom for electric trucks.

Factors like an increase in government initiatives for advertising e-mobility, stringent emission norms imposed on fossil-gasoline-powered industrial cars and the decreasing price of electrical automobile batteries are driving the boom in the electric truck market. The rise in demand for electric trucks from the logistics zone and the improvement of self-driving electric truck technology is predicted to provide a boom for companies operating in the electric truck market.

Asia Pacific held the maximum shares for electric trucks due to the rise in pollution and environment-friendly vehicles.

Asia Pacific projected to be the fastest-growing region due to the high adoption rate of electric pickup trucks in the logistics sector in this region.

Some of the key players in the GlobalElectric Truck Marketinclude-BYD (China), Daimler AG (Germany), AB Volvo (Sweden), Paccar (U.S.), Scania AB (Sweden), Change (China), Nikola Motors (US) and others.