Electric Truck Market 2019-2024 | Product Demand Status, Development, Market Drivers, Restraints, and Opportunities, Forecast to 2024

Electric Truck

The Electric Truck Market report expects to give a 360-degree perspective available as far as cutting-edge innovation, key improvements, drivers, restrictions and future patterns with effect examination of these patterns available for present moment, mid-term and long term during the forecast period. Further, the report likewise covers key players profiling with point by point SWOT investigation, budgetary certainties and key improvements of items/administration from the previous three years.

The report first poses the Electric Truck Market basics: definitions, applications, classifications, and market overview; product specifications; manufacturing processes; cost structures, raw materials and more.

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Scope of the Report:

  • The global electric truck market study has been segmented by electric type, truck type, and application type.
  • There are 4 key segments covered in this Electric Truck Systems Market report:

    • Competitor segment
    • Product type segment
    • End-use/application segment
    • Geography segment

    Electric Truck Market with Key Segments:

    By Product Types: Type 1, Type 2, Type 3

    By Applications: Application 1, Application 2, Application 3

    By Key Players:

  • Dongfeng Motor Corporation
  • Hino Motors
  • Daimler (Mitsubishi Fuso)
  • PACCAR Inc.
  • Isuzu
  • Navistar International Corporation
  • Renault Trucks
  • BYD Auto Co. Ltd
  • Smith Electric Vehicles
  • Zenith Motors
  • Alke
  • Tesla Inc.
  • Price of Report: $ 4250 (SUL)

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    Market Overview:

  • The global electric truck market is expected to register a CAGR of ~16.38% during the forecast period (2019 – 2024).
  • - Some of the major factors driving the growth of the marker are the enactment of stringent emission norms imposed on commercial vehicles, and reduction in fuel and maintenance cost.
  • - Governments across the world are putting pressure on manufacturers to reduce carbon emission caused due to diesel fuel combustion and tackle greenhouse gas emissions; in turn, pushing vehicle manufacturers to invest in developing electrified trucks while low emissions zones are driving fleets to replace diesel trucks with cleaner options.
  • - However, there are certain risks associated with the adoption of e-trucks, such as new vehicles must prove to be dependable, consumers need to be educated, and dealers and customers will require training. Furthermore, inadequate charging infrastructure for electric trucks is also expected to hinder the growth of the market.
  • Electric Truck Market Report Provides the Following:

    Electric Truck Market

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    Key Market Trends:

    Stringent Emission Regulation and Technological Advancement in Electric Truck Are Fuelling the Market Growth

    With the growing environmental concerns, governments and environmental agencies are enacting stringent emission norms and laws, which are expected to increase the manufacturing cost of fuel-efficient diesel engines in the coming years. As a result, the new commercial vehicle diesel engines segment is expected to register a sluggish growth rate during the short-term, thereby, adding a slight increase to the demand from electric commercial vehicles.

    Majority of the diesel engines can convert about 40-46% of the fuel energy, while the remaining energy is lost in the environment as heat, through exhaust emissions and cooling systems. With the enactment of the Euro VI emission for heavy-duty engines, the burden on commercial vehicle manufacturers has further increased. This, in turn, is expected to drive the demand for electric trucks.

    The electric trucks are becoming more convincing with new business models such as leasing of trucks and battery packs or fuel cell stacks, along with the availability of incentives and subsidies that provided by the government are driving market change. In North America, though, awareness of hybrid- electric technologies are anticipated to be lower than natural gas powertrains, owing to limitations in efficiency gains and availability of limited recharging points, in turn impeding the adoption rates in the short term until 2020.

    In the future, the major suppliers will start to offer alternative powertrains and also full electrical vehicle for minor applications. Latest technology and production experience in the bus market can be transferred readily to trucks, and the increasing demand for electric cars has stimulated investment in battery manufacturing, which, in turn, has resulted in falling battery pack costs. Even with these positive points, the market for electric trucks is expected to increase at a slow pace over the forecast period.

    Europe Leading the Electric Truck Market

    The electric truck market is being led by the European region. Europe is expected to shift to hybrid or full electric technologies in an active drive towards EU’s 20-20-20 target and to accomplish COP21 promises.

    It is expected that Europe and North America will account a significant share in total sales of electric trucks. Moreover, the growing concern for environmental pollution through internal combustion engine vehicles is also expected to play a crucial role in the development of the market size for global electric trucks market.

    For instance -

    - In the United Kingdom, logistics companies have started plans to deploy more electric commercial vehicle in its fleet size in the coming years. Since 2016, United Parcel Service (UPS), an American multinational package delivery and supply chain management company, and ARRIVAL, a UK-based technology firm, have been developing prototypes of different sizes, and the first vehicles were expected to be deployed on the road before the end of 2018.
    - In May 2018, these companies announced to develop a state-of-the-art pilot fleet of 35 electric delivery vehicles (EVs) to be trialed in London and Paris.
    - In March 2019, Yamato Transport Co., Ltd. (Yamato Transport) announced that it has jointly developed a compact commercial electric track for home delivery with StreetScooter GmbH (Aachen, Germany), a Post DHL Group company, and signed a purchase agreement on March 27th, 2019.
    - Yamato Transport plants to introduce 500 electric trucks in FY 2019, and start using them from autumn successively in Tokyo, Saitama, Chiba, and Kanagawa.

    The demand for an electric truck in North America is also increasing, with major truck manufacturers expanding their business in the region. For instance; in 2018, Volvo Trucks announced that they will introduce all-electric truck demonstrators in California in 2019, and commercialize them in the North American region by 2020. The trucks will deploy eight multi-configuration battery Class 8 electric demonstration units (GVW +15 tons). This initiative of the company is anticipated to reduce approximately 3.57 tons of air pollution and 3,020 tons of greenhouse gases annually.

    Electric Truck Market Covers Following Points in TOC:

    • Chapter 1: Electric Truck Market Definition
    • Chapter 2: Research Methodology of Electric Truck Market
    • Chapter 3: Electric Truck Market Executive Summary
    • Chapter 4: Electric Truck Market Overview Includes Current Market Scenario, Porter’s Five Forces Analysis, Bargaining Power of Suppliers and Consumers, Threat of New Entrants and Substitute Product and Services
    • Chapter 5: Market Dynamics Covers Drivers, Restraints, Opportunities and Challenges
    • Chapter 6: Electric Truck Market Segmentation by Types, End-User, and Applications Forecast to 2024
    • Chapter 7: Electric Truck Market Segmentation by Geographical Regions
    • Chapter 8: Competitive Landscape of Electric Truck Market Includes Mergers & Acquisition Analysis, Agreements, Collaborations, and Partnerships, New Products Launches
    • Chapter 9: Key Players for Electric Truck Market

    For Detailed TOC Click Here

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