According to a new market report by Lucintel, the future of the global electric truck market looks promising with opportunities in the light-duty electric truck, medium-duty electric truck, and heavy-duty electric truck markets. The global electric truck market is expected to grow with a CAGR of 43% to 45% from 2023 to 2028. The major drivers for this market are increasing government initiatives for adoption of emission-free vehicles combined with reduced cost of electric vehicle batteries.
In this market, battery electric truck, hybrid electric truck, plug-in hybrid electric truck, and fuel-cell electric truck are the major market segments of the electric truck market by propulsion. On the basis of its comprehensive research, Lucintel forecasts that battery electric truck will remain the largest segment over the forecast period due to the increasing life and energy density of batteries along with reduced cost of batteries.
Within this market, up to 150 miles is expected to remain the largest segment due to the increasing adoption of low range electric trucks in the logistics sector.
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.
AB Volvo, BYD, Daimler, Dongfeng Motor Company, Geely Automobiles Holdings, Man SE, Paccar Inc., Scania, Tata Motors, and Workhorse are the major suppliers in the global electric truck market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global electric truck market by propulsion, vehicle type, range, end user, and region. Lucintel has compiled a comprehensive research report titled “Growth Opportunities in the Global Electric Truck Market 2023-2028: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global electric truck market by propulsion, range, vehicle type, end user, and region, as follows:
Electric Truck Market by Propulsion [Value ($B) Shipment Analysis from 2017 to 2028]:
· Battery Electric Vehicle
· Hybrid Electric Vehicle
· Plug-in Hybrid Electric Vehicle
· Fuel Cell Electric Vehicle
Electric Truck Market by Range [Value ($B) Shipment Analysis from 2017 to 2028]:
· Up to 150 Miles
· 151-300 Miles
· Above 300 Miles
Electric Truck Market by Vehicle Type [Value ($B) Shipment Analysis from 2017 to 2028]:
· Light-Duty Electric Truck
· Medium-Duty Electric Truck
· Heavy-Duty Electric Truck
Electric Truck Market by End User [Value ($B) Shipment Analysis from 2017 to 2028]:
· Last Mile Delivery
· Long Haul Transportation
· Refuse Services
· Field Services
· Distribution services
Electric Truck Market by Region Type [Value ($B) Shipment Analysis from 2017 to 2028]:
· North America
· Europe
· Asia Pacific
· The Rest of the World
A more than 150 pages and in-depth TOC on “Global Electric Truck Market". To download report brochure, please go to
https://www.lucintel.com and click "report brochure" tab from the menu.
About Lucintel
Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. Lucintel offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers the following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the 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)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last five years and what has its impact been on the industry?