Electric truck market to hit $3.8B globally by 2030

Electric truck market to hit $3.8B globally by 2030

According to a new report published by Allied Market Research, the global electric truck industry generated $392.3 million in 2020, and is anticipated to generate $3.8 billion by 2030, witnessing a CAGR of 26.4% from 2021 to 2030.

Prime determinants of growth

Increase in government initiatives for the promotion of e-mobility, stringent emission norms imposed on fossil-fuel powered commercial vehicles, and reducing cost of electric vehicle batteries drive the growth of the global electric truck market, the report states. However, lack of charging infrastructure and high cost of electric trucks hinder the market growth. On the other hand, rise in demand for electric trucks from the logistics sector and development of self-driving electric truck technology present new opportunities in the coming years.

Covid-19 Scenario

The outbreak of the COVID-19 pandemic has had a slight negative impact on the growth of the global electric truck market, owing to the implementation of global lockdown which halted all manufacturing hubs and disrupted the supply chain across the globe, the report states. However, the sales of electric vehicles increased in 2020 and 2021 due to the growing trend of vehicle electrification in the majority of countries.

The hybrid electric truck segment to maintain its leadership status

Based on propulsion, the hybrid electric truck segment held the highest market share in 2020, accounting for nearly half of the global electric truck market, and is estimated to maintain its leadership status throughout the forecast period, the report states. This is attributed to stringent emission regulation standards particularly on commercial vehicles along with the growing demand for low or zero-emission vehicles. Moreover, the fuel cell electric truck segment is projected to manifest the highest CAGR of 29.9% from 2021 to 2030. Refueling advancements are in process which will help to refuel hydrogen fuel cell trucks in less than 5 minutes. This is opportunistic for the market expansion.

The up-to-150 miles segment to maintain its lead position

Based on range, the up-to-150 miles segment accounted for the largest share in 2020, contributing to nearly half of the global electric truck market, and is projected to maintain its lead position during the forecast period, the report states. This is due to the factors like an increase in the adoption of low-range electric trucks by end-users primarily in last mile deliveries and intra-city logistics among others. However, the above-300-miles segment is expected to portray the largest CAGR of 29.6% from 2021 to 2030, owing to factors such as long-range with single charge, lower operation cost among all-electric truck categories along with rise in demand for long-range electric trucks in commercial sectors such as automotive, online retail, and logistics.

Asia-Pacific, followed by Europe & North America, to maintain its dominance by 2030

Based on region, Asia-Pacific, followed by Europe & North America, held the highest market share in terms of revenue 2020, accounting for nearly half of the global electric truck market, the report states. An increase in vehicle production from China as well as increased investments in the India automobile industry is driving growth of the electric truck market in this region. Moreover, the Africa region is expected to witness the fastest CAGR of 37.8% during the forecast period. Increasing awareness regarding use of sustainable transport to reduce the environmental population in countries such as South Africa, Nigeria, and Morocco, which is expected to fuel growth of the electric truck market in Africa.

You May Also Like

EV tire satisfaction gap widens as wear rates increase, J.D. Power finds

The study shows that EV owners have similar expectations for tire wear as owners of gas-powered vehicles do.

Tesla-Cheapest-EV-to-Run-Model-3-1400

The satisfaction gap with original equipment tires between electric vehicles (EVs) and gas-powered vehicles is widening, as EV owners say their tires are wearing faster, according to the recently released J.D. Power 2024 U.S. Original Equipment Tire Customer Satisfaction Study. J.D. Power said the study shows that EV owners have similar expectations of tire wear as owners of gas-powered vehicles do, despite EV tires naturally wearing faster due to greater vehicle weight and higher torque.

Canoo’s Oklahoma City manufacturing facility approved as a Foreign Trade Zone

The company said the approval will accelerate its made-in-America EV manufacturing strategy, improve unit profitability and enable a faster path to break even.

Canoo-OKC-Factory-1400
Unico releases the BAT300 Series, an EV battery testing solution

Unico said the BAT300 Series is based on the Unico IDAC power platform and offers performance, efficiency and versatility at a reduced cost.

idac-combo
Hexagon Agility expands CNG fuel system manufacturing plant

The company says a green future for trucking is close, and what’s coming next could put fears over a lack of CNG power to bed.

Hexagon-combo
DTNA introduces BEV dealer certification program

DTNA said the program covers over 75 specific criteria in four key areas including safety, charging infrastructure, dealership infrastructure and training.

DTNA-BEV-certification-program

Other Posts

ABI Research finds that global EV sales expected to increase by 21% in 2024

This represents a significant decline from growth rates of 31% in 2023 and 60% in 2022, ABI Research said.

Tesla-Model-Y-1400
Kia’s electrified model sales grew 9% compared to March 2023

The company also delivered its second-highest first-quarter sales total in company history, capped by March sales of 69,472 units.

kia_EV9_2024
Autel Energy Europe releases MaxiCharger launch plan

This system not only promises a surge in charging capabilities, but also ensures a swift and streamlined charging experience.

Autel-MaxiCharger-AC-Elite
Gage Zero to develop an EV fleet charging hub in Texas

The company will develop, own and operate the AllianceTexas EV charging hub as part of its network of sites planned throughout the U.S.

Gage_Zero-hub-rendering