|Fastest Growing Market:||Asia Pacific|
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The electric truck market 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 (2021 - 2026).
The market has been impacted by the outbreak of pandemic COVID-19, as the major economies of the went under lockdown and demand for commercial vehicles fell down drastically as only essencial activities were permitted during the lockdown period. However, it is expected that with the gradual opening up of economies demand for electric trucks will return to the market as enactment of stringent emission norms imposed on commercial vehicles, incentives for the adoption of cleaner and zero emission vehicles, and reduction in the fuel and maintenance costs will drive demand in the market.
Governments across the world are putting pressure on vehicle manufacturers to reduce carbon emissions caused by diesel fuel combustion and tackle greenhouse gas emissions, in turn, pushing them to invest in developing electric trucks (e-trucks). Meanwhile, low-emission zones are driving fleets to replace diesel trucks with cleaner options.
However, there are certain risks associated with the adoption of e-trucks. New vehicles must prove to be dependable and perhaps require training of customers and dealers to equip them with adequate knowledge regarding their operations. Furthermore, the inadequate charging infrastructure for electric trucks is also expected to hinder the growth of the market.
The electric truck market is dominated by major players, such as Tesla Inc., Renault Trucks, Dongfeng Motor Corporation, Hino Motors, Daimler (Mitsubishi Fuso), and Isuzu. In June 2018, Daimler AG unveiled two fully electric-powered commercial trucks, and this is likely to help the company maintain its competitive position in the market.
Scope of the Report
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.
|Electric Propulsion Type|
|Fuel Cell Electric|
Key Market Trends
Stringent Emission Regulations are Fueling the Market Growth
With the growing environmental concerns, governments and environmental agencies are enacting stringent emission norms and laws that may increase the manufacturing cost of electric drivetrains and fuel-efficient diesel engines in the coming years.
In Europe, the European Union (EU) is committed to achieve its 20% greenhouse gas reduction target in 2020 for the second phase of the Kyoto Protocol (base year: 1990). The EU has also set the target to achieve 40% green house gas reduction by 2040 compared to 1990. By 2050, the EU aims to achieve the target of 0% greenhouse gas emission. The regulation EU 253/2014 sets the target of 147 gm of CO2 emission per kilometer for 2020 and 2021, for light commercial vehicles (LCVs), based on the NEDC (New European Driving Cycle) test procedure. The European Union set a target of 31% reduction of CO2 emission for LCVs by 2030.
In the United States, the EPA and NHTSA have proposed the implementation of the Safer Affordable Fuel-Efficient (SAFE) vehicles rule to be implemented from 2021 to 2026. The rule may set the standards for corporate average fuel economy and greenhouse gas emissions for passenger and light trucks. The Zero Emission Vehicles (ZEV) Program requires OEMs to sell specific numbers of clean and zero emission vehicles (electric, hybrid, and fuel cell powered commercial and passenger vehicles). The ZEV plan aims at putting 12 million ZEVs on road by 2030.
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Europe is the Largest Market
Germany represents one of the largest markets for electric trucks, globally. The presence of vehicle manufacturing companies, the stringent emission norms, increasing freight and logistics, and construction activities are driving the demand for electric trucks in the country.
Germany is trying to be in the list of those countries working on "electric highways" to foster eco-friendly trucking. The country has started real-world tests of an eHighway system on a 3.1-mile stretch of the Autobahn between Frankfurt and Darmstadt, with an electric-diesel hybrid truck that receives power from overhead cables to keep it from using its combustion engine.
Most truck manufacturers in the United Kingdom find hybrid electric trucks as a better option as they use hybrid electric vehicle (HEV) technology as opposed to combustion engines, which is much cleaner. In addition, the range of purely electric vehicles remains a concern. This is key, as petrol and diesel trucks are highly polluting, and the demand of the industry means that they spend a significant amount of time on the roads. In fact, commercial vehicles and heavy-duty trucks contribute to nearly 20% of greenhouse gas emissions, yet they make up less than 5% of vehicles on the roads.
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The global electric truck market is mainly dominated by some of the major automotive players, such as Daimler AG, Dongfeng Motor Corporation, BYD Auto Co. Ltd, PACCAR Inc., and Scania, of which, Daimler AG and BYD Auto Co. Ltd account for a significant market share across the world.
The companies are focusing on making new strategic partnerships, investing in R&D projects, and launching new products in the market, in order to gain competitive advantage. For instance, Ford is investing more than USD 6 billion in US Michigan plant for manufacturing F-150 hybrid truck. The company is expected to introduce both an all-new F-150 and an F-150 hybrid version in 2020.
- 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 pick up 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.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Electric Propulsion Type
5.1.1 Plug-in Hybrid
5.1.2 Fuel Cell Electric
5.1.3 Battery Electric
5.2.5 Other Applications
5.3 Truck Type
5.3.1 Light-duty Truck
5.3.2 Medium-duty Truck
5.3.3 Heavy-duty Truck
5.4.1 North America
22.214.171.124 United States
126.96.36.199 Rest of North America
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.4.4 Rest of the World
22.214.171.124 South America
126.96.36.199 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Dongfeng Motor Corporation
6.2.2 Hino Motors
6.2.3 Daimler (Mitsubishi Fuso)
6.2.4 PACCAR Inc.
6.2.5 Isuzu Motors Ltd
6.2.6 Navistar International Corporation
6.2.7 Renault Trucks
6.2.8 BYD Auto Co. Ltd
6.2.9 Scania AB
6.2.10 IVECO SpA
6.2.11 Alke SRL
6.2.12 Tesla Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Electric Truck Market market is studied from 2018 - 2026.
What is the growth rate of Electric Truck Market?
The Electric Truck Market is growing at a CAGR of 14.3% over the next 5 years.
What is Electric Truck Market size in 2018?
The Electric Truck Market is valued at 19 Billion USD in 2018.
What is Electric Truck Market size in 2026?
The Electric Truck Market is valued at 44 Billion USD in 2026.
Which region has highest growth rate in Electric Truck Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Electric Truck Market?
Europe holds highest share in 2020.
Who are the key players in Electric Truck Market?
Dongfeng Motor Corporation, Daimler (Mitsubishi Fuso), PACCAR Inc., BYD Co. Ltd , Scania AB are the major companies operating in Electric Truck Market.