Electric vehicle market size predictions 2022-2029. Subscribe to Electric Vehicle News Bitesize Podcast for FREE!
The global electric vehicle market for trucks is expected to grow on account of rising fossil fuel prices. This information is published by Fortune Business Insights in its report titled “Electric Truck Market 2021-2028”. The growing demand for deliveries around the world drives vehicle production around the world. However, the low fuel efficiency of long-distance transportation has led to a high investment sector. These factors have greatly contributed to the growth of electric vehicles. In addition, some developed countries are implementing strict carbon emission regulations, thereby increasing the demand for this product.
On the basis of truck type, the market is segmented into light trucks, medium trucks, and heavy trucks.
According to the type of electric vehicle, it is divided into pure electric, hybrid and plug-in hybrid.
In addition, it is divided into logistics and municipal services by application.
Based on geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Significant growth in the logistics industry is driving the growth of the electric truck market. With the development of various online retail industries, the logistics industry is developing rapidly, which requires a complete logistics network support. For example, in 2020, CEVA Logistics purchased electric trucks to deliver goods in central London. Growing adoption of electric vehicles for shipping is expected to drive market growth.
In addition, some developed countries have strict regulations on carbon emissions. These countries require their vehicles to meet certain standards in order to be driven on the road. In this case, electric vehicles are preferred for environmental friendly reasons.
During the lockdown, the pandemic created a supply and demand gap across multiple industries. The same applies to electric trucks. Travel restrictions cause logistical issues and delays. Nonetheless, demand for this product remains stable as various end-users fall into the essential product category. The food and beverage and healthcare industries have seen the highest demand for the product throughout the lockdown as they have been operating at full capacity. Even after the lockdown is lifted, demand is expected to continue to increase as various development projects are halted during the pandemic.
Asia Pacific is expected to hold the largest market share for electric trucks in the foreseeable future. This is attributed to favorable government policies and the promotion of alternative fuel vehicles. In addition, government agencies in the region are also working to curb carbon dioxide emissions.
Significant growth is expected in Europe over the next few years. This is due to the CO2 emission regulations implemented in the region. For example, the European Union has issued a decree to reduce carbon dioxide emissions by at least 40% by 2030.
Market players are focused on making fuel cell electric trucks with better long-term range. Existing trucks have multiple product launches and upgrades to meet customer needs. In addition, products can also be customized by manufacturers according to customer needs to meet the needs of customer interests. Markets are capital-intensive and require intensive R&D to keep up with market trends.
March 2020: Daimler Trucks launches Freightliner’s electric customer experience fleet in North America. The electric truck fleet consists of two medium-duty Freightliner eM2 106s and six heavy-duty Freightliner eCascadia.
Tesla Semi was first announced by Elon Musk at a Tesla event in November 2017. At the event, Musk showed off two options for batteries to power his truck: a 300-mile range battery pack and a 500-mile range battery pack. A new charger called the “Megacharger” was also announced. The new charger is said to be able to charge the Tesla Semi 400 miles in 30 minutes. That’s ten times more power than the Tesla Superchargers currently available to car owners.
List of Key Players Profiled in the Market:
Tesla, Inc.
Dongfeng Motor Corporation
Daimler AG
BYD Company Limited
AB Volvo
Hino Motors Ltd
Navistar International Corporation
PACCAR Inc
Rivian
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