The electric truck market is expected to reach 1,508.1 thousand units in 2025, witnessing a 18.5% CAGR during the forecast period (2018–2025). The market is growing due to the declining prices of battery, low operating and maintenance cost of electric trucks, government regulations, and government incentives. In terms of vehicle type, the market is divided into light-duty trucks (LTD), medium-duty trucks (MDT), and heavy-duty trucks (HDT). The LDT type held the largest revenue share of the market during the historical period (2013–2017) and is projected to retain its position during the forecast period.
When propulsion is taken into consideration, the electric truck market is categorized into fuel-cell electric vehicles (FCEV), hybrid electric vehicles (HEV), plug-in hybrid electric vehicles (PHEV), and battery electric vehicles (BEV). Out of these, the BEV category dominated the market in 2017 and is predicted to account for the major share of the market during the forecast period as well, in terms of value. The reason for this is the increasing government support in the form of financial incentives on the purchase and development of these vehicles and enhancements in the battery technology.
Coming to the vehicle type, the market is divided into light duty (LDT), medium duty (MDT), and heavy duty (HDT) trucks. Among these, the HDT category is expected to grow the fastest during the forecast period in terms of both sales volume and revenue. The reason for this would be the growing demand for freight transportation in countries including India and China. In developed countries, the major factor for the growth of this type in the electric truck market would be its increasing deployment for long-haul logistics operations.
This is substantiated by the fact that of all the primary applications of electric trucks, including municipal and logistics, the latter category dominated the market during the historical period (2013–2017) in terms of sales volume as well as value and will continue doing so in the forecast period as well. Further, on a global ground, Asia-Pacific dominated the electric truck market in 2017 with more than 85.0% sales volume share, primarily driven by the sale of such trucks in China.
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Hence, government regulations and support would be one of the primary reasons for the progress of the market across the world.
Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.3.1 Market Segmentation by Propulsion
1.3.2 Market Segmentation by Vehicle Type
1.3.3 Market Segmentation by Range
1.3.4 Market Segmentation by Application
1.3.5 Market Segmentation by Geography
1.3.6 Analysis Period
1.3.7 Market Data Reporting Unit
1.3.7.1 Value
1.3.7.2 Volume
1.4 Key Stakeholders
The research offers the size of the global electric truck market for the period 2013–2025.
GLOBAL ELECTRIC TRUCK MARKET
- By Propulsion – Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV), and Fuel Cell Electric Vehicle (FCEV)
- By Vehicle Type – Light-Duty Trucks (LDTs), Medium-Duty Trucks (MDTs), And Heavy-Duty Trucks (HDTs)
- By Range – 0–150 Miles, 151–250 Miles, 251–500 Miles, and Above 500 Miles
- By Application – Logistics, Municipal, and Others
- By Region – North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW)
