SAN FRANCISCO, Nov. 12, 2020 /PRNewswire/ -- The global electric truck market size is expected to reach USD 14.19 billion by 2027, according to a new report by Grand View Research, Inc. The market is projected to register a CAGR of 43.3% from 2020 to 2027. Stringent emission regulations, coupled with declining battery costs and lower maintenance costs of electric trucks, are expected to drive the market growth. Electric trucks are an alternative to traditional trucks and are powered by an electric motor instead of an internal combustion engine. The electric trucks are classified into battery-electric and hybrid trucks. Increasing the adoption of electric trucks in transportation and logistics and municipal sectors to reduce greenhouse gas emissions will fuel the market growth over the forecast period.
Key suggestions from the report:
- The battery-electric trucks segment held the largest market share in 2019 and is anticipated to continue its dominance over the forecast period
- China held the largest market share in 2019, owing to the presence of some of the leading market players in the country
- The U.S. market is estimated to expand at the highest CAGR over the forecast period due to increasing demand from the logistics and transportation sector in the region
Read 90 page research report with ToC on "Electric Truck Market Size, Share & Trends Analysis Report By Vehicle Type (Battery Electric Trucks, Hybrid Trucks), By Region, And Segment Forecasts, 2020 - 2027'' at:https://www.grandviewresearch.com/industry-analysis/electric-trucks-market
With the growing environmental concerns, environmental and government agencies are imposing stringent emission laws and norms that may force commercial vehicle manufacturers to invest in developing electric trucks. National and local regulations enable a supportive environment in the form of stricter emission targets and diesel bans. For instance, the European Union (EU) has enacted enactment to reduce emissions by at least 40% by 2030. This is expected to fuel market growth over the forecast period. However, due to the COVID-19 pandemic, the sales have declined in 2020. The pandemic has disrupted the manufacturing operations and supply chain worldwide.
The market in China held the largest share of the overall market in 2019, owing to the presence of several key companies such as BYD Auto Co. Ltd., Dongfeng Motor Corporation, FAW Group Co., Ltd., and Daimler AG in the region. Europe held the second-largest market share in 2019, due to increased sales in prominent countries such as Germany, Italy, France, and the Netherlands. According to the European Automobile Manufacturers Association (ACEA), around 618 medium and heavy electric trucks (battery-electric trucks, hybrid trucks) were sold in Germany in 2019.
For this report, Grand View Research has segmented the global electric truck market based on vehicle type and region:
- Electric Trucks Vehicle Type Outlook (Revenue, USD Million, 2016 - 2027)
- Battery electric Trucks
- Hybrid Trucks
- Electric Trucks Regional Outlook (Revenue, USD Million, 2016 - 2027)
- The U.S.
List of Key Players of Electric Truck Market
- AB Volvo
- BYD Auto Co. Ltd
- Daimler AG
- Dongfeng Motor Corporation
- FAW Group Co., Ltd.
- Foton Motor Inc.
- Isuzu Motors Ltd
- Navistar, Inc.
- PACCAR Inc.
- Tevva Motors Limited
Find more research reports on Automotive & Transportation Industry, by Grand View Research:
- Electric Vehicle Market – The global electric vehicle market demand was estimated at 2,373.5 thousand units in 2019 and is expected to witness a CAGR of 41.5% 2020 to 2027.
- Utility Trucks Market – The global utility trucks market size was estimated at USD 47.90 billion in 2017 and is projected to expand further at a CAGR of 7.7% over the forecast years.
- Automotive Catalytic Converter Market – The global automotive catalytic converter market size was valued at USD 111.00 billion in 2014.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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