Global Electric Truck Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023
The global electric truck market is expected to observe extensive growth in the coming years because of stringent emission norms and growing government support in the form of subsidies, grants, and tax rebates for electric vehicles. In addition, falling battery pack costs, improving charging infrastructure, and increasing electric vehicle range have fueled the global demand for electric trucks.
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On the basis of vehicle type, electric truck market is categorized into hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs). On the basis of battery type, Li-ion battery is expected to be the fastest growing category during the forecast period. Falling prices of Li-ion batteries is expected to benefit their sales during the forecast period.
Based on the market size, the light commercial vehicle (LCV) category is expected to dominate the industry during the forecast period, owing to the higher production and sales and lower upfront cost of LCVs as compared to heavy commercial vehicles (HCVs). In the latter half of the forecast period, electric LCVs are expected to reach cost parity with diesel LCVs, which will further benefit their market growth.
During the forecast period, Asia-Pacific, led by China, is expected to be the largest electric truck market, globally. The Chinese government support for new energy vehicles as well as the government plans to end the sale of new conventional vehicles in the coming years is anticipated to fuel the demand for these trucks in the region.
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Some of the major players in the industry are Daimler AG, BYD Co Ltd., Iveco S.p.A., E-Force One AG, Scania AB, Hino Motors Ltd., Allison Transmission Inc., Isuzu Motors Limited, Nissan Motor Company Ltd, and Dongfeng Motor Corporation.
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