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| Global Electric Truck Market Size |
Electric trucks provide enhanced fuel efficiency and lower operating costs as
compared to conventional diesel trucks. With benefits such as zero tailpipe
emissions, low noise operation, and reduced dependency on imported oil, the
demand for electric trucks is increasing significantly. Electric trucks are
ideal for urban freight distribution and delivery applications as they allow
noise-free and emission-free transportation of goods in dense urban areas.
The global
Electric Truck Market is estimated to be valued at US$ 3.68 Mn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period
2024 to 2031, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
The rapid rate of urbanization across the globe has led to congestion and
pollution in city centers. Many urban local bodies are incentivizing the
adoption of electric vehicles including trucks for freight transport to reduce
emissions. Countries like China and India are witnessing a massive surge in
their urban populations which is generating more demand for freight movement
within cities. This has accelerated the demand for zero-emission electric
trucks to enable efficient and sustainable goods delivery. Various cities in
Europe and North America have also implemented supportive policies to promote
electric trucks, which is fueling market growth.
Segment Analysis
The electric truck market is dominated by the light commercial vehicle segment
which holds around 55% of the total market share. This is because light
commercial vehicles are increasingly being used for last mile deliveries in
urban areas due to growing e-commerce industries. Also, factors like lower
operating cost and negligible emissions make light electric vehicles attractive
for inner city logistics. The heavy trucks segment is expected to witness
fastest growth during the forecast period owing to rising demand from mining
and construction industries for clean fuel trucks.
Key Takeaways
Global
Electric Truck Market Size is expected to witness high growth during
the forecast period owing to stringent emission norms and push for greener
transportation. Factors such as lower operating cost than diesel/petrol
vehicles and government subsidies on electric commercial vehicles are further
propelling the demand.
Regional analysis: The Asia Pacific region currently dominates the electric
truck market with a share of over 35% globally. This is due to early
initiatives by China to lead the adoption of electric vehicles. Countries like
India and Japan are also actively promoting electric commercial vehicles which
is expected to drive the regional market during the forecast period. North
America is anticipated to show fastest gains owing to the presence of prominent
electric truck manufacturers and supportive infrastructure projects in the US
and Canada.
Key players
operating in the electric truck market are Amcor plc, Mondi Group,
International Paper Company, Smurfit Kappa, DS Smith, Klabin S.A.,
Georgia-Pacific LLC, Rengo Co., Ltd., Orora Packaging Australia Pty Ltd, and
Nippon Paper Industries Co., Ltd. Tesla, BYD, Proterra, and Volvo are some
leading manufacturers focusing on developing innovative battery technologies
and drivetrains for electric trucks.
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