Dublin, April 06, 2022 (GLOBE NEWSWIRE) — The "Electric Truck Market by Propulsion, Vehicle Type and Range: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
Governments of various countries are setting stringent emission regulations, which, in turn, propel adoption of electric trucks by the fleet owners.
In addition, electric trucks are noise free, zero emission, and efficient mode of transportation with lower maintenance cost, which in turn, makes them the preferred choice for fleet owners. Further, governments are also taking initiatives to provide sufficient charging infrastructure for electric trucks to facilitate smooth operations in the future.
Factors such as increasing government initiatives for promotion of e-mobility, stringent emission norms imposed on fossil-fuel powered commercial vehicles, and reducing cost of electric vehicle batteries drive growth of the electric truck market.
However, lack of charging infrastructure and high cost of electric trucks are expected to hinder the growth of the market during the forecast period. Further, rise in demand for electric trucks from the logistics sector and development of self-driving electric truck technology is anticipated to provide remarkable growth opportunities for companies operating in the electric truck market.
The companies profiled in the global electric trucks industry report are AB Volvo, BYD Compay Ltd., Daimler AG, Dongfeng Motor Company, Geely Automobiles Holdings Limited, Man SE, Paccar Inc., Scania, Tata Motors and Workhorse.
COVID-19 Analysis
The overall automobile market suffered losses in the initial months of the pandemic when sales of vehicles reduced drastically due to lockdowns. Closing down the factories resulting in the expulsion of the workers and the terror of stagnation due to coronavirus are leading to a significant decline in the sales of the electric trucks in first and second quarter of the 2020.
Nevertheless, the demand for electric trucks is expected to gain traction after the lockdown restrictions are relaxed. However, during the second half of 2020, the sales increased and, in most cases, reduced the losses for those past months. The sales of electric vehicles increased in 2020 and 2021 due to the growing trend of vehicle electrification around the world. This sector was thus, less affected by the pandemic.
Market Dynamics
Drivers
Increasing government initiatives for promotion of e-mobility
Stringent emission norms imposed on fossil-fuel powered commercial vehicles
Reducing cost of electric vehicle batteries
Restraints
Lack of charging infrastructure
High cost of electric trucks
Opportunities
Rising demand for electric trucks from the logistics sector
Development of self-driving electric truck technology
Key Players
AB Volvo
Daimler AG
Dongfeng Motor Company
Geely Automobiles Holdings Limited
Man SE
Paccar Inc.
Scania
Tata Motors
Workhorse
Scope of the Report
By Propulsion
Battery electric vehicle
Hybrid electric vehicle
Plug-in hybrid electric vehicle
Fuel cell electric vehicle
By Vehicle Type
Light-Duty Electric Truck
Medium-Duty Electric Truck
Heavy-Duty Electric Truce
By Range
Up to 150 Miles
151-300 Miles
Above 300 Mile
By Region
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
Latin America & Middle East (LAMEA)
Latin America
Middle East
Africa
Nigeria
Kenya
Ghana
South Africa
Rest of Africa
For more information about this report visit https://www.researchandmarkets.com/r/d0hzen
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