Electric Truck Market Research Report – Forecast to 2023

Market Research Future published a half- cooked research report on Global Electric Truck Market 2019. The global Electric Truck market is expected to witness ~15% CAGR during the period, 2019 to 2023.

The prominent players in the electric truck market include Dongfeng Motor Corporation (China), Foton Motor Inc. (China), Daimler AG (China), AB Volvo (Sweden), FAW Group Co., Ltd. (China), and China National Heavy-Duty Truck Group Co., Ltd., (China). PACCAR Inc. (US), Navistar, Inc. (US), Isuzu Motors Ltd (Japan), and BYD Auto Co., Ltd. (China) are among others.

Electric Truck Market 2019

The electric truck is a new generation electric powered truck, with a massive growth in sales predicted for the period 2018 ­-2023. Electric trucks are widely preferred for logistics, and municipal applications. Globally growing strict government policies regarding emission from commercial vehicles will work in favor of electric trucks and drive the growth of the market. Moreover, the continuous increase in fuel prices will drive the consumers towards cheaper alternatives to traditional trucks such as electric trucks, which are also less polluting. Increase in per capita disposable income in developing and developed countries will further increase investment in smart mobility such as electric trucks for commercial sector.

Continuous increase in the development for charging infrastructure and continuous decrease in the price of battery packs will create opportunities for manufacturers in the global market for electric trucks. However, high cost associated with R&D will increase the cost of the vehicle, which is expected to hamper the growth for the global electric trucks market. Creating awareness among consumers about the product is a major challenge for the manufacturers in the global electric truck market.

Market Research Analysis

In terms of region, the global market for the electric truck is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. The electric truck market is flourishing in many regions such as North America and Europe as well as in countries such as China. Additionally, there is an availability of incentives and subsidies that would provide through government schemes which further enhance the global sales of the electric trucks in Asia-Pacific. In Asia-Pacific, China is leading in terms of manufacturing all types of fully or hybrid electric technologies such as electric trucks owing to the presence of major manufacturers of electric trucks. In Europe, it is predicted that the region will switch to full or hybrid electric trucks to achieve the target for EU’s 20-20-20 policy. In North America, it is expected that the full and hybrid type electric vehicle sales would be lower than those with natural gas powertrains as in the US and Canada the infrastructure for battery charging is still in the developing stage.

Scope of the Report

This study provides an overview of the global Electric truck market, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the Rest of the World. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global electric truck market by truck type, charge type, application, and regions.

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