Electric Trucks Market by Vehicle Type and Geography - Forecast and Analysis 2020-2024

  • Published: Dec 2020
  • Pages: 120
  • SKU: IRTNTR40875
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The electric trucks market size has the potential to grow by 354.44 thousand units during 2020-2024, and the market’s growth momentum will accelerate during the forecast period because of the steady increase in year-over-year growth.

This electric trucks market research report analyzes the market’s competitive landscape and offers information on several market vendors, including AB Volvo, BYD Co. Ltd., Daimler AG, Hino Motors Ltd., Navistar International Corp., Nissan Motor Co. Ltd., PACCAR Inc., Renault SA, Tesla Inc., and Volkswagen AG. Also, the report provides a detailed analysis of the market by vehicle type (hybrid electric trucks and battery electric trucks) and geography (APAC, Europe, MEA, North America, and South America).

Statistical Analysis of Electric Trucks Market

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Market Competitive Analysis

The market is fragmented, and the degree of fragmentation will increase during the forecast period. The key vendors in the market are focusing on expanding their product portfolios by developing new products to expand their market presence and gain revenue share. Navistar International Corp., Nikola Corp., Renault SA, Tesla Inc., and Volkswagen AG are some of the major market participants.

Factors such as the presence of government initiatives and the availability of subsidies will offer immense growth opportunities to market vendors. However, challenges such as high upfront costs of electric trucks will impede the growth of the market participants. To boost the electric trucks market demand, vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

This electric trucks market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies which will help clients improve their market position. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. Moreover, this report also includes information on the upcoming electric trucks market trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This electric trucks market analysis report provides information on the production, sustainability, and prospects of several leading companies, including:

  • AB Volvo
  • BYD Co. Ltd.
  • Daimler AG
  • Hino Motors Ltd.
  • Navistar International Corp.
  • Nissan Motor Co. Ltd.
  • PACCAR Inc.
  • Renault SA
  • Tesla Inc.
  • Volkswagen AG

Electric Trucks Market: Segmentation by Region

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APAC had the largest electric trucks market share in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The rising demand for freight transportation from emerging markets such as India, Thailand, and Indonesia will significantly influence electric trucks market growth in this region.

66% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for electric trucks in APAC. However, market growth in this region will be slower than the growth of the market in other regions.

Electric Trucks Market: Segmentation by Type

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The increasing awareness about reducing vehicular emissions, coupled with regulatory norms on curbing emissions, is compelling truck manufacturers to develop hybrid electric trucks. Moreover, the adoption of electric vehicles will lead to a considerable reduction in emission and fuel consumption. Thus, the hybrid trucks segment will witness a steady growth owing to its high-mile range and reduced operational and maintenance costs.

However, market growth in this segment will be slower than the growth of the market in the battery electric trucks segment. This report provides an accurate prediction of the contribution of all the electric trucks market segmentation.

Electric Trucks Market Dynamics

The development and adoption of EVs are significantly growing owing to the strong support from governments in the form of incentives and subsidies. Moreover, EVs are priced higher than the IC engine-based vehicles due to the high production cost of electric batteries. Additionally, the declining cost of Li-ion batteries is reducing the production cost of electric trucks, which will increase their sales during the forecast period. This has further encouraged truck manufacturers to enter or expand their product portfolio by introducing electric trucks. Furthermore, several governments have implemented regulations to control vehicular emissions, which will significantly influence the electric trucks market growth during the forecast period.

  • Electric vehicle manufacturers have been integrating technologies such as additional solar panels and regenerative braking as major power recovery technologies within EVs.
  • Truck manufacturers are also equipping vehicles with the latest technologies to recover part of the energy lost during the vehicles’ operations.
  • Electric trucks such as Volvo FL Electric, Mercedes-Benz eActros, and Tesla Cybertruck are equipped with regenerative braking and are attached to the system which recovers power while they are in operation.
  • The development of power recovery options in electric trucks is one of the vital electric trucks market trends as it saves truck owners from loss.
  • During 2020-2024, the electric trucks market size will grow at a CAGR of over 24%. 

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Key Highlights of the Electric Trucks Market Report for 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive electric trucks market growth during the next five years
  • Precise estimation of the electric trucks market size and its contribution to the parent market
  • Electric trucks market facts & figures and accurate predictions on upcoming trends and changes in consumer behavior
  • Estimation of potential opportunity for electric trucks market by vehicle type and geographic segments
  • Identification of key countries across APAC, Europe, MEA, North America, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of electric trucks vendors 

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The electric trucks market growth will increase by $354.44 thousand units during 2019-2024.
The electric trucks market is expected to grow at a CAGR of 24.32% during 2019-2024.
Technavio has segmented the electric trucks market by type (Hybrid electric trucks and Battery electric trucks) and geographic (APAC, North America, Europe, South America, and MEA).
AB Volvo, BYD Co. Ltd., Daimler AG, Hino Motors Ltd., Navistar International Corp., Nissan Motor Co. Ltd., PACCAR Inc., Renault SA, Tesla Inc., Volkswagen AG are a few of the key vendors in the electric trucks market.
APAC will register the highest growth rate of 66.20% among the other regions. Therefore, the electric trucks market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the electric trucks market growth are:
  • Declining cost of Li-ion batteries
  • Prominent truck manufacturers venturing into electric trucks market
The electric trucks market vendors should focus on grabbing business opportunities from the hybrid electric trucks segment as it accounted for the largest market share in the base year.
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