Global Electric Truck Market Growth Strategies, Size, Product Type, End User, Competitive Analysis and Forecast by 2029

[akash Arjun pingale]

Global Electric Truck Market: size was valued at US$ 1.5 Bn. in 2020 and the total revenue is expected to grow at 28.1% CAGR through 2021 to 2027, reaching nearly US$ 8.49 Bn.

Global Electric Truck Market Overview: 

The purpose of this research is to provide a detailed analysis of the Global Electric Truck Market by segment and geography. The report goes into great detail about the primary factors influencing the Global Electric Truck market's growth. The research also includes a comprehensive assessment of the market's value chain.

Global Electric Truck Market Dynamic: 

Thanks to technological advancements and manufacturing of EV batteries on a large scale, the cost of EV batteries has been decreased over the past decade. This has led to a decrease in cost of the electric trucks as EV batteries are one of the most expensive parts of an electric truck. For example, an electric vehicle battery cost roughly USD 1,100 per kWh in 2010. According to Bloomberg, their price would have dropped to roughly USD 137 per kWh by 2020, while the price in China is as low as USD 100 per kWh. This is due to lower battery manufacturing costs, lower cathode material prices, and higher production volumes, among other factors. According to a study on Research Gate, trucks will be priced similarly to traditional ICE trucks. Along with the growing demand for low-emission transportation, electric trucks will become more popular in the future decade.

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Market Scope:

To get the final quantitative and qualitative data, all possible components influencing the markets covered by this research study were studied, thoroughly researched, validated by primary research, and evaluated. Market size is predicted for top-level markets and sub-segments, and the influence of inflation, economic downturns, regulatory and policy changes, and other variables is taken into account when estimating market size. This data is collated and presented in this study, together with comprehensive contributions and analysis from companies.

To validate the market size and estimate the market size by different segments, top-down and bottom-up methodologies are utilized. The research's market estimates are based on the sale price (excluding any discounts provided by the manufacturer, distributor, wholesaler, or traders). Weights applied to each section based on usage rate and average sale price are used to determine percentage splits, market shares, and segment breakdowns. The percentage adoption or usage of the provided market Size in the relevant area or nation is used to determine the country-wise splits of the overall market and its sub-segments.

Global Electric Truck Market Segmentation: 

Based on type, based on equipment the Electric Truck market is segmented into Battery Electric Trucks and Hybrid Trucks. The battery electric trucks segment accounted for the major revenue share of 84.76 % in 2019 & is expected to keep its dominance during the forecast period. The segment is projected to increase at high CAGR during the forecast period, thanks to the increasing life & energy density of batteries & a drop in battery values. Moreover, growing government regulations to command zero-emission vehicles will also support segment development. For example, the European Union has passed enactment to decrease emissions by at least 40 % by 2030. The EU has also fixed a goal to decrease emissions by almost 60 % by 2040.

Global Electric Truck Market Key Players: 

• AB Volvo
• BYD Auto Co. Ltd
• Daimler AG
• Dongfeng Motor Corporation
• FAW Group Co., Ltd.
• Foton Motor Inc.
• Isuzu Motors Ltd
• Navistar, Inc.
• PACCAR Inc.
• Scania
• Tevva Motors Limited
• Tesla
• Rivian
• Ford
• GM
• Workhorse
• Atlis
• Lordstown
• Bollinger
• Volkswagen AG
• Hino Motors Ltd.
• Chanje Energy Inc.
• Orange EV
• Mitsubishi Fuso Truck & Bus Corp.
• Nikola Motor Co.
• Fiat Chrysler Automobiles N.V.

Market leaders are identified through primary and secondary research, and market revenue is calculated by primary and secondary research. Primary research included in-depth interviews with important thought leaders and industry professionals such as experienced front-line personnel, CEOs, and marketing managers, while secondary research included an analysis of the top manufacturers' quarterly and financial performance. Secondary data is used to establish worldwide market percentage splits, market shares, growth rates, and breakdowns, which are then cross-checked against primary data.

The major players covered in the Global Electric Truck market report are

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Regional Analysis:

Global, North America, Europe, Asia-Pacific, the Middle East, Africa, and South America market share statistics are accessible individually. Analysts at Maximize evaluate competitive strengths and conduct competitive analysis for each competitor individually.

COVID-19 Impact Analysis on Global Electric Truck Market:

The COVID-19 pandemic has impacted industries such as aerospace and military, agriculture, autos, retail and e-commerce, energy and power, healthcare, packaging, mining, electronics, banking, financial services, and insurance, among others. COVID-19 has had an influence on the Global Electric Truck market as a whole, as well as the growth rate in 2019-2020, as the impact of COVID-19 has spread. Our most recent questions, views, and market information are vital to the Global Electric Truck industry's firms and associations.

Key Questions Answered in the Global Electric Truck Market Report are: 

• Which segment grabbed the largest share in the Global Electric Truck market?
• What was the competitive scenario of the Global Electric Truck market in 2021?
• Which are the key factors responsible for the Global Electric Truck market growth?
• Which region held the maximum share in the Global Electric Truck market in 2021?

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About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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