The global all electric trucks market is anticipated to grow at a significant CAGR 5% during the forecast period (2022-2028). The rise in government regulations towards reducing the carbon footprint of vehicles and other stringent environmental regulations are providing significant growth opportunities for the players operating in the global all-electric trucks market. For instance, in December 2021, US Environmental Protection Agency (EPA) revised national greenhouse emissions standards for passenger cars and trucks for model years 2023-2026. The final standards are projected to achieve significant GHC emissions reductions along with reductions in other criteria pollutants.
In July 2021, European Commission adopted a series of legislative proposals setting out how it intends to achieve climate neutrality in the EU by 2050. Thus, the EU has set stricter fleet-wide CO2 emissions targets. Additionally, in March 2022, EPA had set stringent standards to reduce pollution from heavy-duty vehicles and engines starting in the model year 2027. The proposed standards are aimed to reduce emissions of smog and soot forming nitrogen oxides from heavy-duty diesel and gasoline engines and other greenhouse gas emissions for certain commercial vehicles. Thus, such stringent emissions norms are anticipated to drive the adoption of electric trucks, which in turn will fuel the demand for the global all-electric trucks market.
Looking toward the demand for electric trucks, key market players are adopting various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in April 2022, Olectra Greentech Ltd. announced that it has begun trials of a 6×4 heavy-duty electric tipper. The launch of this trial aimed to expand its portfolio into the electric truck segment. Olectra tipper, with a 220km range on a single battery charge, is built with a heavy-duty bogie suspension capable of managing gradability of more than 25.0%. Thus, such launches are anticipated to drive the growth of the global all-electric trucks market.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Propulsion
- By Vehicle Type
- By Range
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Olectra Greentech Ltd., AB Volvo, and Daimler AG among others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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Global All Electric Trucks Market Report by Segment
By Propulsion
- Battery-Electric Truck
- Hybrid Electric Truck
- Plug-in Hybrid Electric Truck
- Fuel Cell Electric Truck
By Vehicle type
- Light-Duty Electric Truck
- Medium-duty Electric Truck
- Heavy-Duty Electric Truck
By Range
- Up to 150 Miles
- 151 to 300 Miles
- Above 300 Miles
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