Electric Truck Market – 2019 Global Industry Growth, Size, Share, Demand, Sales, Manufacturers, Trends, Key Country, And Regional Forecast To 2023
Electric Truck Market Research Report: Information by Truck Type (Medium Duty and Heavy Duty), Material (Battery, Plug-In Hybrid, Hybrid, and Hydrogen Fuel Cell), Application (Logistic, Municipal, Others) and Region – Forecast till 2023.
Pune, India – February 28, 2019 /MarketersMedia/ —
Electric Truck Market To Grow at an Optimistic CAGR of 15% From 2019 to 2023. Stringent Regulations Regarding Emissions to Promote Adoption of Electric Trucks. Global Electric Truck Market Research Report: Information by Truck Type (Medium Duty and Heavy Duty), Material (Battery, Plug-In Hybrid, Hybrid, and Hydrogen Fuel Cell), Application (Logistic, Municipal, Others) and Region – Forecast till 2023.
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Market Insights:
FAW Group Co., Ltd. (China), Daimler AG (China), Isuzu Motors Ltd (Japan), PACCAR Inc. (US), Dongfeng Motor Corporation (China), AB Volvo (Sweden), China National Heavy-Duty Truck Group Co., Ltd., (China), Navistar, Inc. (US), BYD Auto Co., Ltd. (China), and Foton Motor Inc. (China) are some of the leading market players that are participating competitively in the global electric truck market. MRFR s report analyzes these players and their role in the market.
Electric trucks are commercial, heavy-duty vehicles that are powered using electricity. Electric trucks are a revelation in the automotive market as trucks are some of the most fuel-intensive vehicles on the road. Market Research Future has closely examined the global electric truck market to find its growth pattern over the forecast period from 2018 to 2023. The growth of the global electric truck market has been anticipated at a CAGR of 15% during the review period.
Electric trucks are the preferred choice compared to the alternative as fuel-based commercial vehicles are not as cost effective when compared to electric commercial vehicles. Moreover, there are significantly fewer emissions in electric trucks which drives their adoption. In countries like China, German, Japan, and the U.S, the local governments have established stringent regulations regarding vehicular emissions to help reduce rising pollution levels. As many industries witness exponential growth over the assessment period, the demand for transportation activities for raw materials, finished goods, and others has grown significantly, thus driving the demand for more trucks. With an increasing preference for electric-powered vehicles, electric trucks are growing in the transportation sector. The presence of increased disposable income and ongoing increase in fuel prices will likely drive the market. Batteries for electric vehicles are also becoming increasingly affordable. Several manufacturers are trying to increase sales of electric trucks by offering discounts of original features and packages which is expected to fuel the adoption of electric trucks. Changing infrastructure to accommodate the huge demand electric vehicles such as the set up of new charging stations will probably be a significant motivator for the adoption of electric trucks.
Presently, the prices for electric trucks are very high which works as a deterrent for the growth of the global market. However, the overall cost-benefit in terms of operational savings will likely mitigate this to some degree. Moreover, batteries are getting cheaper which will also have a positive impact.
Market Segmentation:
The segments of the global electric truck market have been determined in MRFR’s report on the basis of truck type, charge type, application, and regions. The truck type has been segmented to include heavy-duty and medium duty.
Charge type of electric trucks has been segmented into battery, plug-in hybrid, hybrid, and hydrogen fuel cell.
Applications of electric trucks include logistics, municipal, and others.
Regional Analysis:
It has been observed that China, Europe, and America will account for more than 70% of the total sales of electric trucks. China has been witnessing incredibly high pollution levels which have driven local governments to lay down stringent regulations regarding vehicle emissions, The presence of significant market players in the region is also expected to drive the Chinese market for trucks which has been classified under the APAC region.
North America and Europe have similar growth patterns as they have developed economies with stringent laws and high demand for electric vehicles. The consumers in the region also display a appreciation for environmental consciousness, thus driving the adoption of electric vehicles. Electric trucks are increasingly being adopted to minimize the carbon footprint.
Table Of Content:
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
4.1 Five Forces Analysis
4.1.1 Threat Of New Entrants
4.1.2 Bargaining Power Of Buyers
4.1.3 Threat Of Substitutes
4.1.4 Segment Rivalry
4.2 Value Chain
5 Industry Overview
5.1 Introduction
5.2 Growth Drivers
5.3 Impact Analysis
5.4 Market Challenges
5.5 Impact Analysis
Continued
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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