Electric Trucks Market Outlook 2023, Industry Trends, Size, Growth Advancements, Top Players, Regional Analysis, Demand and Forecast 2030

According to MRFR analysis, the global Electric Truck Market is expected to register a CAGR of ~14.8% from 2022 to 2030 and hold a value of over USD 27.7 billion by 2030.

Electric Trucks Market Outlook

Electric trucks are characterized as commercial vehicles used for the transportation of freight that is powered by a battery pack. Additionally, compared to diesel trucks, electric trucks’ internal motors have fewer moving parts and do not require multi-speed gearboxes, which lowers maintenance costs and increases vehicle dependability while producing nearly no noise. Additionally, due to government attempts to encourage the use of electric vehicles and their outstanding benefits including massive amounts of torque, less noise pollution, and cheaper maintenance costs, electric trucks are increasingly becoming the preferred alternative over diesel trucks.

Key Players

Some of the key electric trucks market players are,

• AB Volvo
• Daimler AG
• PACCAR Inc.
• Volkswagen AG
• BYD Company Limited and Others.

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Electric Trucks Market Regional Analysis

The market for electric trucks in North America had the largest proportion. Numerous industry competitors and extensive R&D activities are expected to drive the North American electric truck market. For instance, Ford is investing more than USD 6 billion in a factory in Michigan, USA, to produce the F-150 hybrid electric truck. The company planned to introduce a completely redesigned F-150 and an F-150 hybrid electric truck in 2020. The demand for zero-emission commercial vehicles is expected to expand, which is expected to lead to major investment in the North American electric truck industry.

Electric Trucks Market Segmentation                                                                   

The Global Electric Truck Market has been segmented into Propulsion Type, Type, Range, Battery Capacity, and End User

Based on the Propulsion Type, the market has been segmented into BEV, PHEV, and FCEV.

Based on the Type, the market has been segmented into Light Duty Trucks, Medium Duty Trucks, and Heavy Duty Trucks.

Based on the Range, the market has been segmented into Up to 200 Miles and Above 200 Miles.

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Based on the Battery Capacity, the market has been segmented into Less Than 50kwh, 50-250 Kwh, and Above 250 Kwh.

Based on the End User, the market has been segmented into Last-Mile Delivery, Long Haul Transportation, Refuse Services, Field Services, and Distribution Services.

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