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The Electric Truck Market has been segmented by Electric Propulsion type (Plug-in Hybrid, Fuel Cell Electric, and Battery Electric), Application (Logistics, Municipal, Construction, Mining, and Other Applications), Truck Type (Light-duty Truck, Medium-duty Truck, and Heavy-duty Truck), and Geography.
2018 - 2026
Fastest Growing Market:
The electric truck market is expected to register a CAGR of over 14.30% during the forecast period (2020 - 2025).
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|
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The logistics sector is one of the important contributors to any country’s GDP, as expanded internet access and increased demand for e-commerce may require logistics providers to deliver to remote locations in the emerging economies. As the demand for green transportation is growing around the world and governments are backing this initiative, freight transportation, which contributes highly to carbon dioxide emissions, has been observing a reduction. Supply chain/logistics companies are actively participating in replacing their fleet with greener vehicles. For instance,
The demand for electric trucks in the logistics industry is likely to grow significantly over the forecast period, owing to the increasing stringent emission regulations, logistics companies replacing IC engines with electric fleets, logistic companies placing more electric vehicle orders, etc.
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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.
In China, all vehicles sold and registered after July 1, 2020 should comply with the China 6 Emission Standards. Currently, the 6A standards n(emission reduction from gasoline engine vehicles) are applied, and 6B limits (revised limits to reduce 50% hydrocarbon and 40% NOx emissions over Euro 6 standards) will be implemented from July 1, 2023. Medium- and heavy-duty vehicles are currently following China V emission standards. The latest version of China VI emissions came out in July 2018, and the implementation phase started from July 1st, 2019. All vehicles must comply with phase “a” from July 2021 and phase “b” from 2022.
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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.
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
188.8.131.52 United States
184.108.40.206 Rest of North America
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.4.4 Rest of the World
188.8.131.52 South America
184.108.40.206 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