Electric Trucks Market Overview
Due to technological advancements and production of ev batteries on a mass scale, the cost of energy unit batteries has been decreasing over the past decade. This has diode to a decrease in value of the electrical trucks as energy unit batteries ar one among the foremost costly elements of an electrical truck. At the side of the growing demand for low emission transportation, this may cause an increase in adoption of electrical trucks within the returning decade. In 2020, Tesla, one among the world’s prime makers of energy unit’s has already declared plans to drastically cut back the costs of their EV batteries within the next few years. Alternative prime battery makers like Samsung SDI, Panasonic, LG Chem, SK Innovative, CATL, etc. are operating with prime energy unit makers for achieving this goal within the next 4-5 years.
The initial investment for manufacturing electrical trucks is way higher compared to it of rock oil, diesel or CNG trucks. The worth of elements and machinery used for production is additionally quite high. This can be for the most part because of the high value {of electrical|of electrical} batteries employed in electric trucks. Once battery technology improves and costs fall, the worth of electrical trucks can get less than trucks victimization alternative fuel sorts. The assembly of those trucks is a smaller amount subtle compared to alternative fuel-trucks and so is extremely suffering from the costs of energy unit batteries within the market. As production of those vehicles is presently done on a restricted scale, the price of production of those vehicles continues to be quite high compared to alternative trucks. Consistent with a report on Forbes by energy innovation, the producing value of an electrical truck is way higher presently compared to diesel or gasolene trucks, however by 2030, it'll be five hundredth cheaper compared to diesel and gasolene variants with falling battery costs.
The electric trucks market is going to be suffering from the recent trend of self-driving trucks. Prime OEM’s like Tesla, Volvo, Vera, applied scientist etc. are developing self-driving electrical trucks for the market. Startups like Embark, Einride, TuSimple, Ike, etc. have conjointly started developing self-driving electrical trucks. Self-driving electrical truck technology can increase demand for electrical trucks within the long-standing time because of the assorted benefits like simple use, presence important more options etc. This technology is predicted to mature by future 5-6 years.
| Report Metric | Details |
| Market size available for years | 2023–2030 |
| Base year considered | 2023 |
| Forecast period | 2024–2030 |
| Forecast unit | Value (USD Million) |
| Segments covered | Vehicle Type, Battery Type , and Region |
| Regions covered | North America (the U.S. and Canada), Europe (UK, Germany, France, Italy, Spain, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South East Asia, Rest of Asia Pacific), Latin America and the Middle East and Africa (Brazil, Saudi Arabia, UAE, Rest of LAMEA) |
| Companies covered | AB Volvo, BYD company Ltd. Daimler AG, Dongfeng Motor Company, Geely Automobiles Holdings Limited, Man SE, Paccar Inc.,Scania ,Tata Motors, Workhorse. |
The covid-19 Impact on Electric Trucks Market:
Like several different industries, COVID-19 badly knocked the electronic and semiconductor trade. This new event has compact nearly 230 countries in exactly a couple of weeks, leading to the forced conclusion of producing and transportation activities at intervals and across the countries. This has directly affected the expansion of the sector. It's calculable that COVID-19 to depart over USD thirty billion impacts on the physics and semiconductor trade. The arena is majorly affected thanks to transport restrictions on major physics and semiconductor staple suppliers. However, the rising want for semiconductors in many industries can supply fast market recovery over the longer-term amount.
Electric Trucks Market Segment Overview
The E-Motorcycle segment is predicted to be the fastest-growing segment throughout the forecast amount. The e-motorcycle segment is that the fastest-growing market. Earlier, manufacturers were specializing in developing e-scooters/mopeds as they need a style a lot of appropriate to include the electrical system. However, e-scooters/mopeds have vary and performance constraints; conjointly, they serve the restricted purpose of short-distance travelling solely. With e-motorcycles, users may serve completely different functions like cruising, racing, off-roading, and travelling, which might increase their demand within the future.
Lithium-ion battery phase is predicted to be the fastest-growing phase throughout the forecast amount. The lithium-ion phase is projected to be the faster-growing phase within the electrical scooter and bike market throughout the forecast amount. Makers try to develop electrical scooters and motorcycles equipped with advanced lithium-ion batteries. The restricted lifecycle and usable capability area unit probably to shift the main focus from lead-acid batteries to lithium-ion batteries and drive the electrical scooter and bike market throughout the forecast amount. Another advantage of a lithium-ion battery is light-weight, that helps maintain the energy to weight ratio of the vehicle. Its electrodes area unit product of metallic element and carbon. It will store a lot of energy per kg of weight compared to a storage battery. Also, lithium-ion batteries' value is high, however it's come back down considerably within the previous couple of years and is predicted to scale back additional.
Market Analysis, Insights and Forecast – By Vehicle Type
· E-Scooter/Moped
· E-Motorcycle
Market Analysis, Insights and Forecast – By Battery Type
· Sealed lead acid
· Lithium-ion
Electric Trucks Market Regional Overview
Region-wise, in terms of regions, European region accounts for the most important market share for the electrical trucks market within the forecasted period. The electrical trucks market in Europe is segmented into France, Germany, netherlands, Norway, Sweden, and uk. Europe has demanding emission regulation standards. The governments of European region area unit providing immense incentives to market electrical vehicles. As a result, the demand for electrical vehicles has enlarged hugely within the region. The region is home to electrical truck makers like Volvo, Daimler et al.. Europe has set a really bold goal of reducing eightieth CO2 emission by 2050 and has created a roadmap for a similar. The governments of assorted countries in Europe area unit subsidizing electrical infrastructure and therefore the focus can still air electrical vehicles within the long haul.
Electric Trucks Market, By Geography
· North America (US & Canada)
· Europe (UK, Germany, France, Italy, Spain, & Rest of Europe)
· Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
· LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
Electric Trucks Market Competitor overview
Some key developments and strategies adopted by manufacturers in the Electric Trucks are highlighted below.
· In August 2020, Okinawa Autotech launched its new electrical scooter, R30. The scooter belongs to the low-speed range, having a most speed of 25 km/h.
Electric Trucks Market, Key Players
· AB Volvo
· BYD Compay Ltd.
· Daimler AG
· Dongfeng Motor Company
· Geely Automobiles Holdings Limited
· Man SE
· Paccar Inc.
· Scania
· Tata Motors
· Workhorse
Q1. What is the total CAGR expected to be recorded for the Electric Trucks market during the forecast period?
Electric Trucks market is expected to record a CAGR of ~ xx% during the forecast period
Q2. Which segment is projected to hold the largest share in the Electric Trucks Market?
E- motorcycle segment is projected to hold the largest share in the Electric Trucks Market.
Q3. What are the driving factors for the Electric Trucks market?
Due to technological advancements and production of ev batteries on a mass scale, the cost of energy unit batteries has been decreasing over the past decade are key factors that boost the growth of the Electric Trucks market progressively
Q4. Which Segments are covered in the Electric Trucks market report?
Vehicle Type, Battery Type, and Region, these segments are covered in the Electric Trucks market report
Q5. Which are the prominent players offering Electric Trucks?
AB Volvo, BYD company Ltd. Daimler AG, Dongfeng Motor Company, Geely Automobiles Holdings Limited, Man SE, Paccar Inc.,Scania ,Tata Motors, Workhorse
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
