Rising demands for environment-friendly transportation fueling the growth of Electric Truck Market

Electric Truck Market


 Market Overview:

Electric trucks are commercial vehicles equipped with an electric powertrain consisting of battery packs and electric motors. They provide more efficiencies than traditionally fueled trucks by emitting zero tailpipe emissions and less noise. Increasing concerns over environmental pollution and stringent emission norms are pushing commercial fleet owners and logistics companies to adopt electric trucks for last-mile deliveries and short-haul transportation. The growing acceptance of sustainable modes of transportation across sectors will further propel the demand for electric trucks in the coming years.

Market key trends:
One of the major trends in the electric truck market is increasing investment by OEMs in developing dedicated electric platforms. Earlier, electric trucks were retrofitted versions of diesel trucks but now prominent truck manufacturers like Daimler, Volvo, Tesla, and Rivian are designing electric trucks from scratch for better performance. Another key trend is the development of larger battery packs with higher driving ranges. As average truck routes are expanding, manufacturers are focusing on improving battery capacity and rapid charging capabilities. Development of improved battery technology, supercharging stations, and total cost of ownership analysis will remain important for wider acceptance of electric trucks.
Porter’s Analysis
Threat of new entrants: The Global Electric Truck Market Share is witnessing high growth in recent years due to supportive regulations for emission reduction. This attracts several new players to enter the market, increasing competition.
Bargaining power of buyers: Buyers have high bargaining power owing to presence of numerous established as well as emerging players offering electric trucks. Buyers can negotiate on price and options.
Bargaging power of suppliers: presence of several component suppliers keeps supplier power in check. However, dependency on battery suppliers can increase supplier bargaining power.
Threat of new substitutes: Alternate fuel trucks like hydrogen fuel cell poses threat to electric trucks. However, limitations of others in performance and infrastructure keeps this threat moderate.
Competitive rivalry: Presence of major commercial vehicle manufacturers intensifies competition. Market players compete on technology, product features, pricing and service to gain market share.

Key Takeaways
The global electric truck market is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing government support for promoting emission-free transportation and growing demand for sustainable logistics solutions.

Regional analysis
North America dominates the electric truck market currently due to supportive government policies and presence of major OEMs in the region. Asia Pacific electric truck market is projected to witness fastest growth owing to increasing adoption in China and initiatives by countries to curb emission from commercial vehicles. Governments in several European countries also offer incentives for electric truck purchase and charging infrastructure development, making Europe a major regional market.

Key players
Key players operating in the electric truck market are AB Volvo, Workhorse, BYD Company Ltd., Tesla, Daimler AG, Scania AB, Tata Motors, Rivian, Dongfeng Motor Group Co., Ltd., Man SE. BYD Company Ltd. leads the electric truck sales currently, while players like Tesla and Rivian are focusing on developing heavy-duty electric trucks for logistics. AB Volvo is investing in infrastructure to promote wider adoption of electric trucks in European countries.

Read More:

https://www.dailyprbulletin.com/electric-truck-market-share-and-value-analysis/

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