New York, NY -- (SBWire) -- 05/14/2020 --Electric truck is an automobile specially designed to deliver cargo. It runs on lithium ion batteries that enable electric trucks to travel several hundred miles and making them ideal for much wider applicability. Hence, electric trucks are today increasingly being replaced to the traditional trucks that created pollution and also required to be refueled several times. Electric trucks are highly efficient since the running costs are anticipated to be significantly lesser. These trucks are witnessing several advancements, especially in batteries since past decade. These modernizations have considerably reduced the vehicle cost storage batteries by 80% and improved the energy density of vehicles by 50%. They are integrated with electric motors instead of internal combustion engine and diesel. As compared to diesel trucks, electric trucks have fewer moving parts and do not need multi-speed transmissions. This reduces maintenance cost and improves the reliability of these vehicles. Another major advantage of electric vehicles in urban areas is that they create lesser noise.
The sudden outbreak of COVID-19 pandemic has steadily and significantly impacted industries worldwide. Moreover, with the digital automobile gaining speedy popularity across the globe, the virus impact has disturbed the speed and sales of electric vehicles. Nevertheless, due to COVID pandemic, manufacturers and dealers in most countries have turned their sales towards online or digital sales for continuity of customers' attraction on electric vehicles.
Major Key Players of the Electric Truck Market are:
Orange EV, Tesla, HINO MOTORS SALES U.S.A., GOUPIL, IVECO, Cummins Inc., BYD Motors Inc., Daimler AG, Nikola Corporation, and AB Volvo, among others.
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The electric truck market is anticipated to grow at double-digit CAGR in the coming years.The consistentgrowth of the electric truck market can be attributed to several factors.Advancements in battery technologies & electric powertrain systems andincreasing the electric truck range in single charging are among the major factors that make these trucks more desirable and convenient for logistics and other applications. For instance, advancements in Li-ion batteries enable them to store more power and increase the lifespan as compared to conventional battery technologies.The increasing demand for fuel-efficient and zero-emission trucks for logistics and various other applications are also propelling market growth globally.
The increasing adoption of electric trucks by shipping companies such as USP and Amazon, favorable government policies, and growing environmental concerns, andthe enactment of stringent emission norms on conventional commercial vehicles are the primary factors driving growth ofthe electric truck market during the forecast period. The enactment of Euro-VI emission norms for ICE vehicles is going to increase the manufacturing cost of Internal Combustion Engine (ICE)vehicles. The key manufacturers and new entrants are investing heavily in the development of electric trucks to overcome the stringent environmental regulations globally.
Major Types of Electric Truck Market covered are:
Battery Electric Truck
Plug-in Hybrid Truck
Hybrid Truck, and Fuel Cell Electric Truck
Major Applications of Electric Truck Market covered are:
Logistic
Municipal
Research objectives:-
– To study and analyze the global Electric Truck consumption (value & volume) by key regions/countries, product type and application, history data.
– To understand the structure of the Electric Truck market by identifying its various sub-segments.
– Focuses on the key global Electric Truck manufacturers, to define, describe and analyze the sales volume, value, market share, market competitive landscape, SWOT analysis, and development plans in the next few years.
– To analyze the Electric Truck with respect to individual growth trends, future prospects, and their contribution to the total market.
– To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
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Table of Content
1 Report Overview
1.1 Study Scope
1.2 Key Market Segments
1.3 Players Covered
1.4 Market Analysis by Type
1.5 Market by Application
1.6 Study Objectives
1.7 Years Considered
2 Global Growth Trends
2.1 Electric Truck Market Size
2.2 Electric Truck Growth Trends by Regions
2.3 Industry Trends
3 Market Share by Key Players
3.1 Electric Truck Market Size by Manufacturers
3.2 Electric Truck Key Players Head office and Area Served
3.3 Key Players Electric Truck Product/Solution/Service
3.4 Date of Enter into Electric Truck Market
3.5 Mergers & Acquisitions, Expansion Plans
4 Breakdown Data by Product
4.1 Global Electric Truck Sales by Product
4.2 Global Electric Truck Revenue by Product
4.3 Electric Truck Price by Product
5 Breakdown Data by End User
5.1 Overview
5.2 Global Electric Truck Breakdown Data by End User
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In the end, Electric Truck industry report specifics the major regions, market scenarios with the product price, volume, supply, revenue, production, and market growth rate, demand, forecast and so on. This report also presents SWOT analysis, investment feasibility analysis, and investment return analysis.
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Electric Truck Market Set for Rapid Growth to Reach CAGR of over 17.7% by 2030 - Orange EV, Tesla, HINO MOTORS SALES
Electric Truck market is estimated to account forever US$9.2 billion in 2019. It is anticipated to grow at a CAGR of 17.7% from 2019 to 2030