Electric Trucks Market Size Worth USD 56.69 Billion By 2028

The Electric Trucks Market was valued at USD 22.65 million in 2021. It is expected to reach USD 56.69 billion by 2027.

Several key factors drive market growth: increasing demand in logistics, lower fuel costs and maintenance costs, incentives for zero-emission vehicles, and increased demand. Stringent emission norms imposed on commercial vehicles will push manufacturers to invest heavily in electric truck manufacturing. Manufacturers must invest to satisfy the rising demand and drive market growth.

An electric truck can be described as an e-mobility vehicle. It is powered using an electric motor. Energy is received via the onboard batteries or charging stations. Electric trucks emit very little or no harmful emissions associated with conventional diesel-powered trucks. They also produce less noise and vibrations, which can help to reduce the global carbon footprint.

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The market for electric trucks is expected to grow due to increased demand for high-powered electric vehicles in developing countries. Market growth will be driven by increased fuel prices, rising global warming, and increasing air pollution. Government incentives will also drive electric truck purchases over the forecast period.

Driving Factors

EV prices have dropped over the past decade thanks to technological improvements and mass production. This has caused a decline in the price of electric trucks because EV battery is one of the most expensive parts.

These batteries offer lower manufacturing costs, reduced prices for cathode and other materials, as well as higher production volumes. According to Research Gate’s report, EV Batteries will have a price drop of around USD 40-60 per kWh before 2030. This will drastically reduce the cost for EV Trucks.

Restraining Factors

Producing electric trucks will require a larger investment than producing petroleum, diesel, or CNG vehicles. Also, the cost of machinery and parts required for production is quite high. This is due to electric battery prices that are very high in electric trucks. As the market for electric trucks develops in battery technology and prices drop, electric trucks will cost less than trucks using other fuel types. These trucks are produced less than other fuel trucks. Therefore, the prices of EV batteries in the electric truck marketplace will significantly impact their production.

Market Key Trends

The European Union (EU) is committed to reaching its 2020 20% greenhouse gas reduction target for the second phase (base year: 1990) of the Kyoto Protocol. The EU also has set a target to reduce greenhouse gas emissions by 40% by 2040, compared to 1990.

The EU has set a goal of zero greenhouse gas emissions by 2050. Based on the NEDC (New European Driving Cycle), the regulation EU 253/2014 establishes a target of 147 gm of CO2 emissions per kilometer in 2020 and 2021 for light commercial vehicles. The European Union has set a goal of 31% CO2 emission reduction for LCVs by 2030.

The EPA and NHTSA in the United States have suggested the implementation of Safer Affordable Fuel-Efficient (SAFE), vehicle rules. This rule will be effective from 2021-2026. This rule could set standards for average corporate fuel economy and greenhouse gas emissions for passenger and light truck vehicles.

Recent development

RIVIAN is an electric truck and SUV manufacturer from California. In February 2022, the company planned to expand its production capacity. It plans to open its second East Atlanta manufacturing facility that will produce up to 400,000 vehicles annually.

Kenworth and Toyota Motor collaborated in March 2020 to develop 10 zero-emissions Kenworth T680s. The vehicle will have an average range of 300 miles and can be used under normal conditions.

RAM brand CEO Mike Koval Jr. established RAM RESOLUTION. In February 2020, the company introduced a program for consumer outreach to determine consumer preference for its revolutionary EV truck vision of 2024. Customers can access the RamRevolution.com website to keep up-to-date on the program’s progress and suggest the truck’s design.

Key Companies

  • Dongfeng
  • Hino Motors
  • Daimler (Mitsubishi Fuso)
  • PACCAR
  • Isuzu
  • Navistar
  • Renault
  • BYD
  • Smith Electric Vehicles
  • Zenith Motors
  • Alke XT
  • Voltia

Segmentation

Type

  • Medium-duty Truck
  • Heavy-duty Truck

Application

  • Logistics
  • Municipal

Key questions

  • What is the potential for the Electric Trucks Market?
  • What are the major drivers and restraints of the Electric Trucks industry?
  • What is the market size of the Electric Trucks market, including the sub-segments and the leaders in each segment?
  • How is each segment of Electric Trucks market expected to grow over the forecast period?
  • Which is the best business model for building Electric Trucks
  • Which application area will be the largest revenue-generating segment in the Electric Trucks industry during the forecast?
  • Which end-user group is expected to bring in the most revenue over the forecast?
  • What is the potential market for Electric Trucks within the emerging countries?
  • What is this market’s study period?
  • What is the growth of the Electric Truck Market?
  • Which region has the fastest growth in Electric Truck Markets?
  • Which region has the highest share of Electric Truck Market sales?
  • Who are the top players in Electric Truck Market?

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Avatar of Linda Hohnholz

Linda Hohnholz

Editor in chief for eTurboNews based in the eTN HQ.

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