Electric Truck Market To Attain 15% CAGR Owing To Rising Market Adoption Rate

Pune, India, October, 2018 /press release/- Market Research Future Published a Half-Cooked Research Report on  Electric Truck Market Research Report.

Electric Truck Market – Overview

The increased demand for energy efficient vehicles that use renewable energy sources is growing the growth potential for electric trucks. Market reports linked to the automobile industry have been made available by Market Research Future which creates reports on other industry verticals that outlines the current market scenarios. The market is awaited to attain a CAGR of 15% in the forecast period.

Government policies to regulate vehicle emissions and incentives policies to promote the demand for electric trucks is spurring the market expansion. The escalation in budgets related to fleet management is anticipated to add further impetus to the electric truck market. The declining costs associated with battery components is projected to incentivize market growth in the upcoming period further. Government support for procurement of smart automobiles and improved charging infrastructure in countries around the world is expected to further speed up the development of the market in the forecast period.

Segmental Analysis

The electric truck market is segmented on the basis of charge type, application, truck type, and region. On the basis of truck type, the market has been segmented into heavy duty and medium duty. On the basis of charge type, the electric truck market has been segmented into hybrid, plug-in hybrid, battery, and hydrogen fuel cell. On the basis of application, the market has been segmented into municipal, logistics, and others. The regions included in the market are Europe, North America, Asia Pacific, and the Rest of the World.

Detailed

Regional Analysis

The region-wise analysis of the electric truck market globally has been segmented into the regions such as Europe, North America, Asia Pacific, and the Rest of the World. It is anticipated that Europe, North America, and China in the APAC region will be responsible for more than 70% of the total sales of electric trucks. Furthermore, the rising concern for environment pollution through internal combustion engine vehicles will have a central role in the growth of the market size for electric trucks market globally.

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Competitive Analysis

The upgrading in the products and services is the main factor intensifying the market's efficiency and governing the trends that are obtaining distinction in the market. The revolution seen in terms of strategy implementation and creation are changing the growth pace of the market. The deficits in the market are covered due to the implementation of suitable supply chain strategies. The growth patterns are revised in tandem to the customer inclinations to realize maximum growth, and in the long run, profitability. The backdrop for development plans has equipped the market for potential new entrants. The progress in the products and services is the foremost factor in growing the market's output and controlling the trends that are obtaining standing in the market. The significant success factors and players’ tendencies are gradually escalating by the strategies being used by market challengers.

The well-known competitors in the electric truck market comprise of Foton Motor Inc. (China), Daimler AG (China), FAW Group Co., Ltd. (China), Dongfeng Motor Corporation (China), BYD Auto Co., Ltd.  (China), China National Heavy Duty Truck Group Co., Ltd., (China), AB Volvo (Sweden), PACCAR Inc. (US), Isuzu Motors Ltd (Japan) andNavistar, Inc. (US), are among others.

Industry Updates:

Oct 2018 Volvo Trucks has stated that it will start testing eight multi-configuration battery Class 8 electric demonstration units with technology currently found in the Volvo FE Electric (pictured) in California in 2019. The company will utilize 15 more "precommercial and commercial units" through California's South Coast Air Basin as part of the project, which Volvo says will lessen 3,020 tons of greenhouse gases a year.

Sep 2018 MAN Truck & Bus has recently introduced a whole range of commercial electric vehicles in Hanover. Their portfolio comprises of the brand-new electric CitE truck, the eTGE electric van, the eTGM and, an electric bus prototype. The Volkswagen label MAN is set to cover all classes of city logistics ranging from light, medium or heavy duty (3 – 26 tons) with a zero-emission vehicle.