Delvens has estimated in global Electric Truck Market research report forecasting to 2028, was valued at around USD 20 billion in 2020, and it is expected to reach USD 44 billion by 2026, and is anticipated to register a CAGR of 14.30 % during the forecast period to 2028.
The electric truck market covers the latest trends and technological developments in the electrical market, demand of the truck type, application type, and market share of major electric truck manufacturers across the world.
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Increasing government initiatives for promotion of e-mobility and stringent emission norms imposed on fossil-fuel powered vehicles are some of the factors that have supported long-term expansion for Electric Truck Market. Also, It will present chances for OEMs to broaden their geographic reach and revenue stream in the market for electric commercial vehicles.
Regional Analysis
In this market growth analysis report we see, due to the increasing demand for electric vehicles for fleets of logistics transport, North America is expected to rise steadily.
European region accounts for the largest market share for the electric truck market in the forecasted period. The electric truck market in Europe is segmented into France, Germany, Netherlands, Norway, Sweden, and United Kingdom. Europe has stringent emission regulation standards. The governments of European region are providing huge incentives to promote electric vehicles. As a result, the demand for electric vehicles has increased tremendously in the region.
Key Players
· Daimler AG
· Dongfeng Motor Corporation
· BYD Auto Co. Ltd
· PACCAR Inc.
· Tata Motors
· Workhorse
· Nikola Corporation
· Ford Motor Company
· Ashok Leyland
· Isuzu Motors Ltd
· Yinlong Energy Co, Ltd
· Irizar Group
· Triton
· Bollinger Motors
· Scania and More
Recent Developments
According to Toyota, Isuzu Motors Limited (Isuzu), Toyota Motor Corporation (Toyota), Hino Motors, Ltd. (Hino), and Commercial Japan Partnership Technologies Corporation (CJPT) announced they would jointly plan and develop light-duty fuel cell (FC) electric trucks for the mass-market. The joint initiative is expected to contribute to the realization of a hydrogen society, as well as carbon neutrality by expanding the options available for customer use and increasing the demand for hydrogen. The companies will also promote the introduction of FC electric trucks to the market along with their widespread use.
In March 2020, Kenworth has collaborated with Toyota Motor for developing 10 zero-emission Kenworth T680s. The vehicles will have range of over 300 miles under normal operating conditions.
In July 2019, Dongfeng Motor Corporation in Joint-Venture with Nissan launched an electric pickup truck called as “Dongfeng Rich 6 EV”. It is powered by a single electric motor with 160 hp and 420 Nm. Battery is 68 kWh.
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