Latest News- Electric Trucks Market: Hybrid electric trucks is expected to lead the Propulsion segment during 2024-2028

The Electric Trucks Market is being driven by Growing demand for fuel-efficient and low-emission vehicles

The Electric Trucks Market is expected to grow at a CAGR of 35.44% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 20323.4 million. In the truck manufacturing industry, Internal Combustion Engine (ICE) trucks continue to dominate market revenue, accounting for the vast majority of sales and production. However, the increasing demand for sustainable mobility solutions is driving a shift towards electric trucks (e-trucks). To remain competitive, leading players such as Volvo, Daimler, Ford Motor, Hino Motors, BYD, and Renault are expanding their product offerings by developing e-truck models. These innovations are expected to be launched within the forecast period, signifying a significant move towards a more environmentally conscious transportation sector. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Propulsion
  • Hybrid electric trucks
  • Battery electric trucks
• Vehicle Type
  • Light trucks
  • Medium trucks
  • Heavy-duty trucks
• Application
  • Logistics
  • Construction
  • Mining
  • Municipal Services
• Battery Type
  • Lithium-Ion
  • Solid-State
  • Others
• Geography
  • Asia
  • Europe
    • France
    • Germany
    • Italy
    • UK
  • North America
    • US
    • Canada
  • Rest of World (ROW)
    • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing demand for fuel-efficient and low-emission vehicles
• Stringent rules and regulations
• Electric trucks create long-term value for customers

However, the market also witnesses some limitations, which are as follows:

• High upfront cost of electric trucks
• Lack of adequate support infrastructure for EVs
• Demand to increase mile range of electric trucks

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Market Scope in Electric Trucks Market Research Report

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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

The global automobile manufacturing industry encompasses businesses producing passenger cars, commercial vehicles, and all-terrain vehicles. Notably, this sector excludes motorcycle, scooter, e-bike, trike, and three-wheeler manufacturers. According to Technavio, the market size is determined by the consolidated revenue generated from the sales of passenger cars, commercial vehicles, and all-terrain vehicles. Key growth drivers for the global automobile manufacturing market include the integration of advanced features, such as electronic components, enhanced safety systems, autonomous capabilities, emission standardization, improved fuel efficiency through electronic fuel control, and vehicle customization, which are increasingly appealing to consumers and propelling the industry forward.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
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