Electric Trucks Market Size to grow by USD 20323.4 million between 2024-2028
According to a research report “ Electric Trucks Market” by Propulsion (Hybrid electric trucks, Battery electric trucks) Vehicle Type (Light trucks, Medium trucks, Heavy-duty trucks) Geography (Asia, Europe, North America, Rest of World (ROW))- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 20323.4 million, at a CAGR of 35.44% during the forecast period. In the global business landscape, the detrimental consequences of fossil fuel-powered vehicles' emissions have become a significant concern for consumers and governments alike. With the increasing awareness of environmental sustainability and the volatile nature of oil and gas prices, there has been a surge in demand for electric vehicles (EVs). The adoption of EVs offers numerous benefits, including enhanced energy security, improved fuel economy, and reduced greenhouse gas emissions. Moreover, the geopolitical tensions in major crude oil exporting regions, such as the Gulf, have intensified the need for alternative fuel sources. Consequently, the shift from conventional vehicles to EVs is gaining momentum as a strategic business decision..
Browse market data tables, figures, and in-depth TOC on “Electric Trucks Market” by Propulsion (Hybrid electric trucks, Battery electric trucks) Vehicle Type (Light trucks, Medium trucks, Heavy-duty trucks) Geography (Asia, Europe, North America, Rest of World (ROW)) Global Forecast to 2028. Download Free Sample
By Propulsion, the Hybrid electric trucks segment is projected to dominate the market size in 2024
In the commercial transportation sector, hybrid electric trucks are gaining significant traction due to their unique powertrain system. These trucks utilize both internal combustion engines and electric motors, with the electric motor drawing power from a rechargeable battery. The battery can be charged through external sources or regenerative braking. The hybrid electric truck segment is experiencing robust growth, driven by the vehicles' extended mile range and cost savings on fuel and maintenance. With stringent emission regulations and growing environmental consciousness, manufacturers like Daimler, Volvo, and Volkswagen are prioritizing the development and expansion of their hybrid electric truck offerings.
By Vehicle Type, Light trucks segment is expected to hold the largest market size for the year 2024
In the commercial vehicle sector, light trucks, which include pickups and vehicles with a truck-based chassis capable of carrying under 4,000 pounds (1,815 kg) in payload, are a significant market segment. Known as light-duty trucks in the US and light commercial vehicles in Europe, these vehicles serve various functions: transporting goods, transporting people, and executing tasks away from streets and highways. The light-duty truck (LDT) industry is witnessing a shift towards electric vehicles (BEVs), with substantial progress in their adoption.
Asia is forecasted to hold the largest market size by region in 2024
The electric truck market is experiencing significant growth due to increasing demand for sustainable transportation solutions. Companies are investing heavily in research and development to produce more efficient and cost-effective electric trucks. Government initiatives and regulations promoting the adoption of zero-emission vehicles are further driving market expansion. This trend is expected to continue, with the market size projected to reach substantial growth in the coming years.
The Electric Trucks Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
Title: Electric Trucks Market: Driving Towards a Sustainable Future The Electric Trucks Market is gaining momentum as more companies and governments prioritize emission reductions and sustainability in their manufacturing operations and transportation sectors. With the increasing popularity of e-commerce and the growing demand for zero-emission vehicles, electric trucks are becoming a preferred choice for fleet operators in various industries. In emerging economies, companies like Tevva are leading the charge in electric truck manufacturing, offering online dashboards for real-time vehicle monitoring and optimization. Municipalities and waste management companies are also adopting electric trucks to reduce their carbon footprint and meet emission norms. Heavy-duty, medium-duty, and light-duty trucks are all being electrified, contributing to advanced transportation and environment-friendly logistics. Incentives and subsidies from governments and corporations are further fueling the growth of the electric truck market. Battery capacity, fast-charging infrastructure, and battery technology are key areas of focus for manufacturers like Daimler Truck, ensuring efficiency and sustainability. The future of the electric truck market looks promising as it aligns with the global shift towards a more sustainable and efficient transportation system. Truck World and other industry experts predict that electric trucks will become an integral part of the transportation landscape, leading to significant reductions in greenhouse gas emissions and contributing to a more sustainable future for all.
Market Research Overview
Title: Electric Trucks Market: Freightliner eCascadia, eM2 106, Hyundai Hydrogen Mobility, and More Leading the Charge The electric trucks market is witnessing significant growth as major players like Freightliner, with its eCascadia and eM2 106 models, Hyundai Hydrogen Mobility, Tevva, Mitsubishi Fuso, and Daimler Truck, introduce fuel-cell electric and battery electric trucks to reduce greenhouse gas emissions. These vehicles offer various types of insights, including vehicle type, battery capacity, and online dashboard, catering to different sectors such as e-commerce, municipal, waste management, and logistics. Manufacturing operations in emerging economies are also adopting zero-emission vehicles to meet emission norms. Hybrid trucks, like Hyundai Hydrogen Mobility's hydrogen fuel-cell electric trucks and Mitsubishi Fuso's eCanter, are gaining popularity due to their efficiency and sustainability. Renewable energy sources, such as wind power and solar, are being integrated into charging infrastructure to support fleet operators in their transition to electric trucks. Incentives and advanced transportation technologies further encourage the adoption of environment-friendly trucks. The market for heavy-duty, medium-duty, and light-duty trucks is expected to grow as the logistics sector continues to evolve. Stay updated with the latest trends and innovations at Truck World.
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