According to the recent study the electric truck market is projected to reach an estimated $XX billion by 2028 from $XX billion in 2023, at a CAGR of 43% to 45% from 2023 to 2028. Growth in this market is primarily driven by increasing government initiatives for adoption of emission-free vehicles combined with reduced cost of electric vehicle batteries.
Browse XX figures / charts and XX tables in this 150 -page report to understand trends, opportunities and forecast in electric truck market by propulsion (battery electric truck, hybrid electric truck, plug-in hybrid electric truck, and fuel-cell electric truck), range (up to 150 miles, 151 to 300 miles, and above 300 miles), vehicle type (light-duty electric truck, medium-duty electric truck, and heavy-duty electric truck), end user (last mile delivery, long haul transportation, refuse services, field services, and distribution services), and region (North America, Europe, Asia Pacific, and the Rest of the World).
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“Battery electric truck market is expected to remain the largest segment during the forecast period.”
Based on propulsion, the electric truck market is segmented into battery electric truck, hybrid electric truck, plug-in hybrid electric truck, and fuel-cell electric truck. Lucintel forecasts that the battery electric truck market is expected to remain the largest segment due to the increasing life and energy density of batteries along with reduced cost of batteries.
“Within the electric truck market, the up to 150 miles segment is expected to remain the largest range”
Based on range the up to 150 miles segment is expected to witness the highest growth over the forecast period due to the increasing adoption of low range electric trucks in the logistics sector.
“Asia pacific will dominate the electric truck market in near future”
APAC will remain the largest region due to increasing government's support for the adoption of eco-friendly vehicles over fuel-based vehicles and significant improvement in performance of battery along with the cost.
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Major players of electric truck market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. AB Volvo, BYD, Daimler, Dongfeng Motor Company, Geely Automobiles, Man SE, Paccar Inc.,Scania, Tata Motors, and Workhorse are among the major electric truck providers.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/electric-truck-market.aspx or [email protected]