Electric Trucks Market by Type and Geography - Forecast and Analysis 2021-2025

  • Published: Oct 2021
  • Pages: 120
  • SKU: IRTNTR40875
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The electric trucks market share is expected to increase by 391.50 thousand units from 2021 to 2025, and the market’s growth momentum will accelerate at a CAGR of 28.88%.

This electric trucks market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by type (hybrid electric trucks and battery electric trucks) and geography (APAC, North America, Europe, South America, and MEA). The electric trucks market report also offers information on several market vendors, including AB Volvo, BYD Co. Ltd., Daimler AG, Deutsche Post AG, Hino Motors Ltd., Nissan Motor Co. Ltd., PORSCHE AG, PACCAR Inc., Renault SA, and Tesla Inc. among others.

What will the Electric Trucks Market Size be in 2021?

Download the Free Report Sample to Unlock the Electric Trucks Market Size for 2021 and Other Important Statistics

 

Electric Trucks Market: Key Drivers and Trends

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The growing demand for fuel-efficient and low-emission vehicles is notably driving the electric trucks market growth, although factors such as the high upfront cost of electric trucks may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the electric trucks industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

  • One of the key factors driving growth in the electric trucks market is the growing demand for fuel-efficient and low-emission vehicles.
  • The adoption of EVs has been on the rise as it increases energy security, improves fuel economy, and reduce fuel emissions.
  • The harmful effects of emissions by fossil fuel-operated vehicles have negatively impacted people around the world, and hence, there has been a rise in the demand for low-emission vehicles.
  • The growing fuel prices and increasing demand has led consumers and automotive manufacturers to find an alternative to vehicles that run on gasoline and diesel.
  • Dynamic developments in policies, implementation of guidelines, and advances in technologies have boosted the demand for EVs.
  • The stringent rules and regulations is another major factor supporting the electric trucks market share growth.
  • On a regional basis, the regulations differ depending on the goals set by the government as well as the regulations already in place.
  • Several rules and regulations have been enacted by various countries to monitor emissions from vehicles.
  • Norway, being the leader in adopting EVs, is aiming at making BEVs account for 100% of its new car sales by 2025.
  • Other countries, such as California, France, and the UK, have also claimed to end sales of combustion engine-based vehicles by 2040.
  • Automakers are responding to these developments by introducing new EV models, which are more efficient.

This electric trucks market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Who are the Major Electric Trucks Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • AB Volvo
  • BYD Co. Ltd.
  • Daimler AG
  • Deutsche Post AG
  • Hino Motors Ltd.
  • Nissan Motor Co. Ltd.
  • PORSCHE AG
  • PACCAR Inc.
  • Renault SA
  • Tesla Inc.

 

This statistical study of the electric trucks market encompasses successful business strategies deployed by the key vendors. The electric trucks market is fragmented and the vendors are deploying growth strategies such as acquisitions, partnerships, and joint ventures to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The electric trucks market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Electric Trucks Market?

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67% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for electric trucks market in APAC. Market growth in this region will be slower than the growth of the market in other regions.

The presence of well-developed road infrastructure and a favorable business environment will facilitate the electric trucks market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Type Segments in the Electric Trucks Market?

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The electric trucks market share growth by the hybrid electric trucks segment will be significant during the forecast period. The hybrid trucks segment is witnessing steady growth owing to its high-mile range and reduced operational and maintenance costs. Increasing awareness about reducing vehicular emissions, coupled with regulatory norms on curbing emissions, is compelling truck manufacturers to develop hybrid electric trucks across. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the electric trucks market size and actionable market insights on post COVID-19 impact on each segment.

 

Electric Trucks Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 28.88%

Market growth 2021-2025

391.50 th units

Market structure

Fragmented

YoY growth (%)

30.34

Regional analysis

APAC, North America, Europe, South America, and MEA

Performing market contribution

APAC at 67%

Key consumer countries

China, US, Norway, UK, and Japan

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Companies profiled

AB Volvo, BYD Co. Ltd., Daimler AG, Deutsche Post AG, Hino Motors Ltd., Nissan Motor Co. Ltd., PORSCHE AG, PACCAR Inc., Renault SA, and Tesla Inc.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

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What are the Key Factors Covered in this Electric Trucks Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • 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
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the electric trucks industry across APAC, North America, Europe, South America, and MEA
  • 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 market vendors

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Executive Summary

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2020
  • Market outlook: Forecast for 2020 - 2025

Five Forces Analysis

  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Type

  • Market segments
  • Comparison by Type
  • Hybrid electric trucks - Market size and forecast 2020-2025
  • Battery electric trucks - Market size and forecast 2020-2025
  • Market opportunity by Type

Customer landscape

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • APAC - Market size and forecast 2020-2025
  • North America - Market size and forecast 2020-2025
  • Europe - Market size and forecast 2020-2025
  • South America - Market size and forecast 2020-2025
  • MEA - Market size and forecast 2020-2025
  • Key leading countries
  • Market opportunity by geography
  • Market drivers
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • AB Volvo
  • BYD Co. Ltd.
  • Daimler AG
  • Deutsche Post AG
  • Hino Motors Ltd.
  • Nissan Motor Co. Ltd.
  • PORSCHE AG
  • PACCAR Inc.
  • Renault SA
  • Tesla Inc.

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

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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