Sep 1, 2021   SOURCE: BusinessWire

Electric Trucks Market by Propulsion, Type, Range, Battery Type, Battery Capacity, Level of Automation, End-user, Payload Capacity & Region - Global Forecast to 2030 - ResearchAndMarkets.com

The "Electric Trucks Market by Propulsion (BEV, PHEV & FCEV), Type (Light, Medium & Heavy-duty Trucks), Range (up to 200 miles & above 200 miles), Battery Type, Battery Capacity, Level of Automation, End User, Payload Capacity & Region - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The electric trucks market is estimated to be 69,597 units in 2021 and is projected to grow at a CAGR of 39.7% during the forecast period, to reach 1,413,694 units by 2030.

Due to the rising emissions levels and increasing prices of petroleum, along with petroleum's limited availability, there has been a growing demand for Zero emission alternative fuel vehicles. This has been a major factor for increasing demand of EV's in the market since the past few years. The governments of several countries are taking initiatives to promote clean sources of energy by instituting stringent emission norms and providing subsidies, tax benefits for early adoption of EV's and other low emission vehicles to help meet these stringent emission regulations. Electric trucks have also been growing in demand past few years due to these reasons. Top OEM's like BYD, Daimler AG, AB Volvo, PACCAR Inc, Scania AB, and other players like Renault, Tata Motors, Tesla Inc, Rivian and others have been working for development of electric trucks.

The electric truck market is dominated by players such as BYD (China), Daimler AG (Germany), AB Volvo (Sweden), PACCAR (U.S.), Scania AB (Sweden) and others. Key strategies adopted by these companies to sustain their positions are new launches, expansions, collaborations, and joint ventures. These strategies have been analyzed to understand the positions of these companies in the market. For instance, in March 2021, The Volvo Group acquired 50 percent of the partnership interests in the existing Daimler Truck Fuel Cell GmbH & Co. The ambition is to make the new joint venture a leading global manufacturer of fuel-cells, and thus help the world take a major step towards climate-neutral and sustainable transportation by 2050. Also, in November 2020, Scania AB acquired Nantong Gaikai and the acquisition allowed it to obtain truck manufacturing license in China. Nantong Gaikai was under state owned Jiangsu Gaikai Investment Development Group.

Light duty trucks to ensure dominant position of the segment

The electric truck market by vehicle type comprises majorly of light-duty trucks, medium-duty and heavy-duty trucks. This is because of their growing popularity for electric pickups around the world as zero emission vehicles while for medium-duty and heavy-duty vehicles, the price of long-range electric trucks increases drastically which makes it less economical for many regions. As prices of EV batteries decreases and range of vehicles keep improving, the market for electric trucks will also increase at a faster rate in the coming years. The demand for light-duty electric trucks would grow with increase in adoption of light duty-trucks in e-commerce and distribution services.

NMC Battery segment expected to lead to market growth

The electric truck market is dominated by the NMC battery as it is the most efficient. Most market-leading Chinese OEMs use these batteries in electric trucks in its fleets. These batteries have a comparatively higher energy density than LFP batteries. Also, the cost of NMC batteries is declining and level with the cost of LFP batteries, thus, further boosting the NMC battery market. Although, the demand for LFP is also on the rise in the forecasted period as the life of LFP batteries is longer than the NMC batteries. Adoption of NMC batteries is expected to rise in the near future in European and American countries.

Market Dynamics

Drivers

  • Reducing The Cost Of EV Batteries
  • Lower Operating Costs
  • Upcoming EV Truck Models Being Developed With Higher Vehicle Range
  • Rising Demand For Electric Trucks In The Logistics And Other Industries

Restraints

  • High Initial Investment Required In Electric Truck Production
  • Lack Of EV Charging Infrastructure
  • Long Charging Time Compared To Other Fuels
  • Limited Vehicle Range

Opportunities

  • Development Of Self-Driving Truck Technology
  • Government Initiatives Pertaining To EVs
  • Development Of Wireless EV Charging Technology For Easy Truck Charging

Challenges

  • High Cost Of Existing Range Of Electric Trucks
  • Insufficient Standardization Of EV Charging Infrastructure

Companies Mentioned

  • BYD
  • AB Volvo
  • Daimler AG
  • Paccar Inc
  • Scania Ab
  • Rivian
  • Tesla, Inc
  • Navistar Inc
  • Dongfeng Motor Corporation
  • FAW Group Corporation
  • Proterra
  • VDL Groep
  • Tata Motors
  • Workhorse
  • Nikola Corporation
  • Ford Motor Company
  • Ashok Leyland
  • Isuzu Motors Ltd
  • Yinlong Energy Co, Ltd
  • Irizar Group
  • Iveco S.P.A
  • Triton
  • Bollinger Motors
  • XOS Trucks Inc
  • Atlis Motor Vehicles
  • Emoss Mobile Systems BV
  • Kaiyun Motors

For more information about this report visit https://www.researchandmarkets.com/r/efvni5