Global electric truck market is expected to grow with a CAGR of 14.5% between 2019 and 2026

Electric trucks are electric vehicles that use electricity as a source of energy for transportation and logistics. Batteries are often used to power the trucks, which are subsequently recharged. Short-haul electric vehicles are becoming more popular as they use less energy and have lower carbon footprints.

Electric truck refers to a commercial vehicle operating on rechargeable batteries. It is made up of an electric motor that is powered by high-voltage batteries. They are typically found in light-, medium-, and heavy-duty models, each with a different speed capacity. Hybrid electric trucks, which use both fuel-gas and battery-powered engines, are also available. Electric trucks are more cost-effective, reliable, and emit less noise and carbon dioxide than their gasoline-powered counterparts. These vehicles are also made of lightweight materials, have regenerative braking systems, and have autonomous start and stop capabilities.

Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2026. ”According to the report, the electric truck market is expected to grow with a CAGR of 14.5% between 2019 and 2026.

Rapid electrification of transportation is assisting market expansion by reducing greenhouse gas emissions and increasing cost-effectiveness. Electric trucks are becoming more popular as the demand for fuel-efficient cars grows, moving the market forward. The growing use of heavy-duty electric vehicles to boost profitability and reduce carbon emissions is fueling the expansion of the electric truck market. OEM manufacturers are boosting their production of electric vehicles and hybrid electric vehicles, which is moving the market forward. Furthermore, the growing demand for efficient trucks to cut operating costs is propelling the market forward. Battery technology advancements are boosting the practicality and cost competitiveness of electric trucks, boosting industry growth.

Covid-19 Scenario Analysis

In the early months of the pandemic, the total automotive market incurred losses as a result of vehicle sales being dramatically curtailed due to lockdowns. Closing factories, resulting in worker expulsions, and the fear of stagnation due to the coronavirus is causing a large drop in electric truck sales in the first and second quarters of 2020. Nonetheless, once the current limits are lifted, demand for electric trucks is projected to grow. However, in the second half of 2020, sales increased and, in most cases, sales losses for the previous months were decreased. Due to the expanding trend of vehicle electrification around the world, electric car sales surged in 2020 and 2021. As a result, the pandemic had a less impact on this industry.

Electric truck market to grow 20% in 2019

Several new truck models will be released in 2019 after being announced last year, and we expect several new electric trucks to be unveiled in accordance with current trends, such as the medium-duty electric truck presented by Peterbilt at this year’s Consumer Electronics Show in Las Vegas.

In 2019, just under 180,000 battery-electric trucks will be sold, with China accounting for the majority of the demand. We estimate that little over 50,000 electric trucks will be marketed outside of China, up 81 percent from 2018. The heavier truck segments will have a tiny part of the market due to the high cost of big battery packs, while the light- and medium-duty segments will account for 98 percent of the worldwide battery electric vehicle market.

Electric Truck: Industry Definition and Segmentation

Electric trucks are electric vehicles that use electricity as a source of energy for transportation and logistics. Batteries are often used to power the trucks, which are subsequently recharged. Short-haul electric vehicles are becoming more popular as they use less energy and have lower carbon footprints.

The major propulsions of electric trucks are:

  • Battery-Electric Truck
  • Hybrid Electric Truck
  • Plug-in Hybrid Electric Truck
  • Fuel Cell Electric Truck

The market can be broadly categorized on the basis of its vehicle types into:

  • Light Duty
  • Medium Duty
  • Heavy Duty

Based on range, the market is divided into:

  • 0-150 Miles
  • 151-300 Miles
  • Above 300 Miles

Electric truck refers to a commercial vehicle operating on rechargeable batteries. It is powered by high-voltage batteries and has an electric motor. Light-, medium-, and heavy-duty models with varied speed capacities are prevalent. Hybrid electric trucks, which run on both gasoline and electricity, are also available. Electric trucks are more cost-effective, dependable, and emit less noise and carbon dioxide than their gasoline-powered counterparts. These trucks are also lightweight, have regenerative braking systems, and have autonomous start and stop capabilities.

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About Rushikesh Shelke

Rushikesh is a Digital Marketing Associate in a Leading Market Research Company. He has a very deep interest in all technology topics whatsoever. His passion, dedication and quick decision-making ability make him stand apart from others. He has involvement in both B2C and B2B markets.

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