Global Electric Truck Market, 2019-2025 – Growing Demand for Longer Electric Truck Range
DUBLIN, Feb. 8, 2019 /PRNewswire/ —
The “Electric Truck Market by Propulsion, by Vehicle Type, by Range, by Application, by Geography – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013-2025” report has been added to ResearchAndMarkets.com’s offering.
Electric truck market is expected to attain a market size of 1,508.1 thousand units by 2025, low maintenance cost incurred in electric trucks, supportive government regulations including additional incentives along with declining price of batteries are the major factors driving the growth of the market.
Further, the battery manufacturing industry is growing much faster than the battery demand, which has led to economies of scale benefiting the advancement of the industry. Moreover, technological advancements achieved in battery development over the past decade helped to bring down the price of battery packs. This leads to the growth of the electric truck market.
Based on range, the electric truck market is categorized into 0-150 miles, 151-250 miles, 251-500 miles, and above 500 miles. The market for electric trucks with a range of above 500 miles is projected to register the highest growth, with a growth rate of over 30% in terms of volume, during the forecast period, owing to the growing demand for long-haul trucks. Additionally, to accommodate this demand, the manufacturers are investing toward the development of electric trucks, especially the ones incorporated with the hydrogen fuel-cell technology, worldwide.
On the basis of vehicle type, electric truck market is categorised into light-duty truck (LDT), medium-duty truck (MDT), and heavy-duty truck (HDT). Sales volume for the trucks falling under the HDT category is expected to register the fastest growth, both in terms of volume and value, as compared to other categories, in the upcoming years. In developed economies, including the U.S. and European nations, the market for electric trucks in the HDT category is growing at a significant pace, owning to the increasing demand for long-haul HDTs running on alternate fuels by fleet owners. Additionally, the trucking companies continue to add HDTs to level with the rising freight demand and avail maximam gains under the government financial incentive schemes.
Geographically, the APAC electric truck market registered the largest share during the historical period, accounting for a sales volume of over 80% in 2017. Country wise, China continued to remain the market leader for these trucks in the world, owning to the favorable government subsidies, national alternative-fuel-vehicle replacement sales targets, and municipal air quality targets.
In other regions, the industry is still in its budding phase and largely depending on the government policies. Availability of less number of manufacturers, high upfront cost, and underdeveloped value chain have limited the growth of the electric truck market. However, the increasing investment by the manufacturers in these regions for the development of electric trucks is expected to boost the market growth during the forecast period.
The global electric truck market is dominated mostly by the Chinese players, owing to the rapid industrialization, urbanization, and economy growth coupled with government support for the adoption of eco-friendly vehicles. Dongfeng Motor Corporation is one of the leading players in the market. The company has wide product portfolio and has strong position in Chinese electric truck industry. Whereas, BYD Company Limited. is the second largest manufacturer of electric trucks in the industry.
The other key players in the market include Hino Motors Limited., Daimler AG, Volvo Group, Iveco S.p.A., Isuzu Motors Limited, Nikola Motor Company, Workhorse Group Incorporated, Cummins Inc., and E-Force One AG.
Key Topics Covered:
Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.4 Key Stakeholders
Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.2.1 Breakdown of Primary Research Respondents
18.104.22.168 By region
22.214.171.124 By industry participant
126.96.36.199 By company type
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Assumptions for the Study
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Propulsion
4.1.2 By Vehicle Type
4.1.3 By Range
188.8.131.52 0-150 miles
184.108.40.206 151-250 miles
220.127.116.11 251-500 miles
18.104.22.168 Above 500 miles
4.1.4 By Application
4.2 Value Chain Analysis
4.3 Market Dynamics
22.214.171.124 Practice of telematics services
126.96.36.199 Adoption of electric trucks for urban logistics
188.8.131.52 Low operating and maintenance cost of electric trucks
184.108.40.206 Government regulations
220.127.116.11 Government incentives
18.104.22.168 Declining battery price
22.214.171.124 Impact analysis of drivers on market forecast
126.96.36.199 Technological challenges
188.8.131.52.1 Limited electric range
184.108.40.206.2 Long charging time
220.127.116.11 Inadequate charging infrastructure
18.104.22.168 Impact analysis of restraints on market forecast
22.214.171.124 Growing demand for longer electric truck range
4.4 Porter’s Five Forces Analysis
Chapter 5. Global Market Size and Forecast
5.1 By Propulsion
5.2 By Vehicle Type
5.3 By Range
5.4 By Application
5.5 By Region
Chapter 6. North America Market Size and Forecast
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. RoW Market Size and Forecast
Chapter 10. Competitive Landscape
10.1 Market Share Analysis of Key Players
10.2 Global Strategic Developments of Key Players of Electric Trucks
10.2.1 Product Launches
10.2.3 Client Wins
10.2.4 Other Developments
Chapter 11. Company Profiles
- Hino Motors Ltd.
- Daimler AG
- Volvo Group
- BYD Company Limited
- Dongfeng Motor Corporation
- Iveco S.p.A.
- Isuzu Motors Limited
- Nikola Motor Company
- Workhorse Group Incorporated
- Cummins Inc.
- E-Force One AG
For more information about this report visit https://www.researchandmarkets.com/research/clsbnc/global_electric?w=5
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