Electric Trucks Market Estimated to reach 1,413,694 units by 2030, at a CAGR of

1. Electric Trucks Market Estimated to reach 1,413,694 units by 2030, at a CAGR of 39.7%. The global Electric Trucks Market size is projected to reach 1,413,694 units by 2030 from a projected 69,597 units in 2021, at a CAGR of 39.7%. The base year for the report is 2020, and the forecast period is from 2021 to 2030. The electric truck segment has witnessed rapid evolution with governments across the world are focused on adoption of zero emission vehicles and providing incentives & subsidies on electric vehicles. Thus, with the increasing demand for zero emission vehicles for refuse services, distribution services Electric Trucks Market is likely to grow. Advancements in battery pack technologies and electric powertrains are some of the major factors driving the growth of the Electric Trucks Market. Factors such as a rise in pollution and environmental hazards, stringent government regulations, and stiff competition have compelled automotive OEMs to make fuel-efficient and environment-friendly vehicles. In this pursuit, automotive OEMs and component manufacturers are exploring ways to develop and design electric commercial vehicles that can meet the standards of fuel efficiency as well as vehicle emission. Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=221011937 The Electric Trucks Market is dominated by globally established players such as BYD (China), VDL Groep (Netherlands), and AB Volvo (Sweden), PACCAR Inc (U.S.), and Scania AB (Sweden). These companies developed new electric trucks; adopted expansion strategies; and undertook collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth Electric Trucks Market. The Asia Pacific region is estimated to account for the largest share of the Electric Trucks Market in 2020. This region is home to OEMs such as BYD, TATA, Ashok Leyland, Dongfeng etc. In recent years, China has introduced many electric trucks to its fleets to reduce vehicle emissions. Similarly, U.S. and Europe have included electric trucks for cutting down emissions and reducing the dependence on fossil fuels. In addition, the governments in the Asia Pacific countries are offering several incentives for the promotion of electric commercial vehicles. BYD is one of the leading players in the Electric Trucks Market. The company is continuously developing new advanced electric trucks with innovative technologies. BYD is also investing heavily in the R&D of the battery technologies used in electric commercial vehicles. In Nov 2020, BYD opened a manufacturing plant in Manaus, Brazil, specifically for lithium iron phosphate batteries. The company has already started operations in the facility, which is also the South American country’s first factory for lithium iron phosphate batteries, located at the Manaus Industrial Zone (PIM). Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=221011937 Proterra, VDL Groep, Dongfeng Motor Corporation and AB Volvo are the other leading players in this market. In 2020, AB Volvo launched its class 8 Volvo VNR electric truck for the North American market.

2. The new class 8 VNR electric truck is designed for city distribution and refuse services. Further, In March 2021, the Volvo Group acquired 50 percent of the partnership interests in the existing Daimler Truck Fuel Cell GmbH & Co. The ambition is to make the new joint venture a leading global manufacturer of fuel-cells, and thus help the world take a major step towards climate-neutral and sustainable transportation by 2050. In July 2020, Volvo Penta, a division of AB Volvo, developed an electric driveline for a leading fire service vehicle manufacturer, Rosenbauer’s pioneering fire truck, enabling an innovative new solution with zero exhaust emissions and significantly reduced noise levels. In Dec 2019, Volvo Trucks, a division of AB Volvo, developed heavy-duty electric concept trucks for construction operations and regional distribution. Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=221011937 Electric Truck Market worth 1,413,694 units by 2030 The report "Electric Trucks Market by Propulsion (BEV, PHEV & FCEV), Type (Light, Medium & Heavy- duty Trucks), Range (upto 200 miles & above 200 miles), Battery Type, Battery Capacity, Level of Automation, End User, Payload Capacity & Region - Global Forecast to 2030" The Electric truck market is estimated to be 69,597 units in 2021 and is projected to grow at a CAGR of 39.7% during the forecast period, to reach 1,413,694 units by 2030. Due to the rising emissions levels and increasing prices of petroleum, along with petroleum’s limited availability, there has been a growing demand for Zero emission alternative fuel vehicles. This has been a major factor for increasing demand of EV’s in the market since the past few years. The governments of several countries are taking initiatives to promote clean sources of energy by instituting stringent emission norms and providing subsidies, tax benefits for early adoption of EV’s and other low emission vehicles to help meet these stringent emission regulations. Electric trucks have also been growing in demand past few years due to these reasons. Top OEM’s like BYD, Daimler AG, AB Volvo, Scania AB, PACCAR Inc, Nikola Motors etc and other players like Renault, Rivian, Workhorse, Tata, etc. have been working for development of electric trucks. Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=221011937 The electric truck market is dominated by players such as BYD(China), Daimler AG (Germany), AB Volvo (Sweden), PACCAR(U.S.), Scania AB(Sweden) and others. Key strategies adopted by these companies to sustain their positions are new launches, expansions, collaborations, and joint ventures. These strategies have been analyzed to understand the positions of these companies in the market. For instance, in March 2021, The Volvo Group has acquired 50 percent of the partnership interests in the existing Daimler Truck Fuel Cell GmbH & Co. The ambition is to make the new joint venture a leading global manufacturer of fuel-cells, and thus help the world take a major step towards climate-neutral and

3. sustainable transportation by 2050. Also, in November 2020, Scania AB acquired Nantong Gaikai and the acquisition allowed it to obtain truck manufacturing license in China. Nantong Gaikai was under state owned Jiangsu Gaikai Investment Development Group. NMC Battery segment expected to lead to market growth The electric truck market is dominated by the NMC battery as it is the most efficient. Most market- leading Chinese OEMs use these batteries in electric trucks in its fleets. These batteries have a comparatively higher energy density than LFP batteries. Also, the cost of NMC batteries is declining and level with the cost of LFP batteries, thus, further boosting the NMC battery market. Although, the demand for LFP is also on the rise in the forecasted period as the life of LFP batteries is longer than the NMC batteries. Adoption of NMC batteries is expected to rise in the near future in European and American countries. Light duty vehicles to ensure dominant position of the segment The electric truck market by vehicle type comprises majorly of light-duty vehicles and moderate amount of medium-duty and heavy-duty vehicles. This is because of their growing popularity for electric pickups around the world as zero emission vehicles while for medium-duty and heavy-duty vehicles, the price of long-range electric trucks increases drastically which makes it less economical for many regions. As prices of EV batteries decreases and range of vehicles keep improving, the market for electric trucks will also increase at a faster rate in the coming years. The demand for light-duty electric trucks will continue to grow due to increase in demand for light-duty trucks in last mile delivery, distribution services and others. Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=221011937 The European region is projected to be the fastest-growing in the Electric truck market The electric truck market in Europe is segmented into France, Germany, Netherlands, Norway, Sweden, and United Kingdom. Europe has stringent emission regulation standards. The governments of European region are providing huge incentives to promote electric vehicles. As a result, the demand for electric vehicles has increased tremendously in the region. The region is home to electric truck manufacturers such as Volvo, Daimler and others. Europe has set a very ambitious goal of reducing 80% CO2 emission by 2050 and has created a roadmap for the same. The governments of various countries in Europe are subsidizing electric infrastructure and the focus will continue to be on electric vehicles in the long run. Volvo has announced plans to launch a complete range of heavy duty electric trucks in the region starting 2021 and through the upcoming years. It is currently running tests for Volvo FMX, Volvo FX, Volvo FM which would be used for regional transport and urban construction. Sales will start by the end of 2021 and production in large volumes will start by the first half of 2022. These trucks will come with a battery configuration of around 186 miles or 300 km. The company is targeting 50% electric sales in the region by 2030.

4. Key Market Players: The Electric Trucks Market is dominated by globally established players such as Einride (Sweden), Volta Trucks (Sweden), Tevva (UK), StreetScooter (Germany) and E-Trucks Europe (Netherlands). These companies have also been developing electric truck technology and some of them have already brought electric trucks for the market. Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=221011937