Shibuya-ku, Tokyo, Japan, Japan, Jan 10, 2022, 02:00 /Comserve / -- The electric trucks market is estimated to be 69,597 units in 2021 and is projected to grow at 39.7% during the forecast period, to 2030. Due to the rising emissions levels and increasing prices of petroleum, along with petroleum’s
With COVID-19 resulting in the economic fallout, numerous economies are working on game-changing improvements to protect their employees and clients. While focusing on the ongoing challenges, the leaders are embracing new plans in order to manage and stay afloat in this competitive environment.
The electric trucks market is estimated to be 69,597 units in 2021 and is projected to grow at a CAGR of 39.7% during the forecast period, to reach 1,413,694 units by 2030. Due to the rising emissions levels and increasing prices of petroleum, along with petroleum’s limited availability, there has been a growing demand for Zero emission alternative fuel vehicles. This has been a major factor for increasing demand of EV’s in the market since the past few years. The governments of several countries are taking initiatives to promote clean sources of energy by instituting stringent emission norms and providing subsidies, tax benefits for early adoption of EV’s and other low emission vehicles to help meet these stringent emission regulations. Electric trucks have also been growing in demand past few years due to these reasons. Top OEM’s like BYD, Daimler AG, AB Volvo, PACCAR Inc, Scania AB, and other players like Renault, Tata Motors, Tesla Inc, Rivian and others have been working for development of electric trucks.
A Major issue with electric trucks has been lower range due to limited battery capacity. With improving technology, as better EV batteries are being produced, the range of these EV trucks have been improving significantly. The reducing Battery cost will also reduce the overall cost of electric trucks, thereby improving the profitability by use of these trucks for commercial operations. This will further create demand for EV trucks in the future. Development of appropriate charging infrastructure has further improved the viability of electric trucks in the market for daily use across various sectors. The development of self-driving truck technology will also improve the demand for electric trucks once technology is matured.
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Most countries have come up with policy’s for shifting to electric vehicles such as trucks for commercial operations. For Instance, since 2019, US has made regulations to shift to using electric trucks for interstate logistics across some states in the country. Germany and China have also promoted the use of electric trucks and have become some of the top markets for this segment. Germany has setup electric lines on their highways for use of electric trucks without the need for destination charging. China has encouraged OEM’s in the country to produce electric trucks for its domestic use. The country had more than 20 times the sales of electric trucks domestically than US and Europe combined till the first half of 2020.
The major challenge for the growth of the electric truck market is its high cost. However, increasing R&D in the field of EV technology is leading to decreasing cost of EV Batteries, gradually reducing the cost difference. Another challenge to the growth of the electric truck market is lack of standardization of EV charging infrastructure and slow setup of EV charging stations in many countries. The limited range of electric trucks also limit their use in various countries. In India for instance, the limited number of electric trucks operate by battery switching due to less availability of EV fast charging stations. Lesser driving range and inadequate charging infrastructure are the key factors resulting in limited popularity of electric trucks in developing countries.
The electric truck market in Europe is segmented into France, Germany, Netherlands, Norway, Sweden, and United Kingdom. Europe has stringent emission regulation standards. The governments of European region are providing huge incentives to promote electric vehicles. As a result, the demand for electric vehicles has increased tremendously in the region. The region is home to electric truck manufacturers such as Volvo, Daimler and others. Europe has set a very ambitious goal of reducing 80% CO2 emission by 2050 and has created a roadmap for the same. The governments of various countries in Europe are subsidizing electric infrastructure and the focus will continue to be on electric vehicles in the long run. Volvo has announced plans to launch a complete range of heavy duty electric trucks in the region starting 2021 and through the upcoming years.
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It is currently running tests for Volvo FMX, Volvo FX, Volvo FM which would be used for regional transport and urban construction. Sales will start by the end of 2021 and production in large volumes will start by the first half of 2022. These trucks will come with a battery configuration of around 186 miles or 300 km. The company is targeting 50% electric sales in the region by 2030. Some top electric truck startups in the region include Einride (Sweden), Volta Trucks (Sweden), Tevva (UK), StreetScooter (Germany) and E-Trucks Europe (Netherlands). These companies have also been developing electric truck technology and some of them have already brought electric trucks for the market.
“Light duty trucks to ensure dominant position of the segment”
The electric truck market by vehicle type comprises majorly of light-duty trucks, medium-duty and heavy-duty trucks. This is because of their growing popularity for electric pickups around the world as zero emission vehicles while for medium-duty and heavy-duty vehicles, the price of long-range electric trucks increases drastically which makes it less economical for many regions. As prices of EV batteries decreases and range of vehicles keep improving, the market for electric trucks will also increase at a faster rate in the coming years. The demand for light-duty electric trucks would grow with increase in adoption of light duty-trucks in e-commerce and distribution services.
“NMC Battery segment expected to lead to market growth”
The electric truck market is dominated by the NMC battery as it is the most efficient. Most market-leading Chinese OEMs use these batteries in electric trucks in its fleets. These batteries have a comparatively higher energy density than LFP batteries. Also, the cost of NMC batteries is declining and level with the cost of LFP batteries, thus, further boosting the NMC battery market. Although, the demand for LFP is also on the rise in the forecasted period as the life of LFP batteries is longer than the NMC batteries. Adoption of NMC batteries is expected to rise in the near future in European and American countries.
The study contains insights from various industry experts, ranging from component suppliers to tier 1 companies and OEMs. The break-up of the primaries is as follows:
• By Company Type: Tier 1 - 40%, Tier 2 – 42%, Others - 18%
• By Designation: C level - 57%, D level - 29%, Others - 14%
• By Region: North America - 39%, Europe - 33%, Asia Pacific- 28%
The electric truck market is dominated by players such as BYD(China), Daimler AG (Germany), AB Volvo (Sweden), PACCAR(U.S.), Scania AB(Sweden) and others.
Research Coverage
The report segments the electric trucks market and forecasts its size, by volume, on the basis of propulsion type (BEV, PHEV, FCEV) vehicle type (light Duty trucks, Medium Duty trucks, heavy duty trucks), battery type (Lithium-Nickel-Manganese-Cobalt Oxide, Lithium-Iron-Phosphate, others), end user (Last mile Delivery, long haul transportation, distribution services, refuse services, field services), by range (upto 200 miles, above 200 miles), payload capacity (upto 10,000 lbs, 10,001-26,000 lbs, Above 26,000 lbs), level of automation (semi-autonomous and automation), battery capacity (less than 50kWh, 50-250 kwh, above 250 kwh) & Region. It also covers the competitive landscape and company profiles of the major players in the electric truck market ecosystem.
Key Benefits of Buying the Report:
• The report will help market leaders/new entrants in this market with information on the closest approximations of revenue and volume for electric truck market and its sub segments.
• This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
• The report will also help the market players understand the impact of COVID-19 on electric trucks market.
• The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
TABLE OF CONTENT
1 INTRODUCTION 19
1.1 OBJECTIVES OF THE STUDY 19
1.2 MARKET DEFINITION 20
TABLE 1 SEGMENTS AND THEIR DEFINITION 20
1.2.1 INCLUSIONS & EXCLUSIONS 21
TABLE 2 INCLUSIONS & EXCLUSIONS 21
1.3 MARKET SCOPE 22
FIGURE 1 MARKET SEGMENTATION: ELECTRIC TRUCKS MARKET 22
1.3.1 YEARS CONSIDERED FOR STUDY 22
1.4 CURRENCY 23
TABLE 3 CURRENCY EXCHANGE RATES (USD) 23
1.5 PACKAGE SIZE 23
1.6 STAKEHOLDERS 23
2 RESEARCH METHODOLOGY 24
2.1 RESEARCH DATA 24
FIGURE 2 ELECTRIC TRUCKS MARKET: RESEARCH DESIGN 24
FIGURE 3 RESEARCH DESIGN MODEL 25
2.1.1 SECONDARY DATA 26
2.1.1.1 Key secondary sources for electric truck sales 26
2.1.1.2 Key data from secondary sources 27
2.1.2 PRIMARY DATA 28
FIGURE 4 BREAKDOWN OF PRIMARY INTERVIEWS 28
2.1.2.1 Primary participants 29
2.2 MARKET ESTIMATION METHODOLOGY 29
FIGURE 5 RESEARCH METHODOLOGY: HYPOTHESIS BUILDING 30
2.3 MARKET SIZE ESTIMATION 31
2.3.1 BOTTOM-UP APPROACH 31
FIGURE 6 BOTTOM-UP APPROACH: ELECTRIC TRUCKS MARKET 31
2.3.2 TOP-DOWN APPROACH 32
FIGURE 7 TOP-DOWN APPROACH: ELECTRIC TRUCKS MARKET 32
FIGURE 8 ELECTRIC TRUCKS MARKET: RESEARCH DESIGN AND METHODOLOGY 32
FIGURE 9 RESEARCH APPROACH: ELECTRIC TRUCKS MARKET 33
2.3.3 DEMAND-SIDE APPROACH 33
2.4 DATA TRIANGULATION 34
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