According to the latest report by IMARC Group, titled, “Electric Truck Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028″, The global electric truck market size reached US$ 515.1 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,556.1 Million by 2028, exhibiting a growth rate (CAGR) of 32.2% during 2023-2028. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
Industry Definition and Application:
An electric truck is a commercial vehicle powered by one or more electric motors rather than a traditional internal combustion engine (ICE) fueled by gasoline or diesel. It is charged using an external power source and is designed to handle heavy-duty tasks. It produces no emissions from its tailpipes, significantly reducing greenhouse gas (GHG) emissions and air pollution. It also offers instant torque and enables improved acceleration and performance in urban driving conditions. In addition, it operates more quietly than traditional ICE trucks. Since it provides higher energy efficiency, environmental friendliness, and lower maintenance costs, the electric truck finds extensive applications in the logistics, municipal, construction, and mining industries across the globe.
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Electric Truck Market Trends and Drivers:
The global electric truck market is primarily driven by the rising focus on sustainable development. Moreover, key players are investing heavily in the development of lightweight variants of electric trucks to enhance fuel efficiency while reducing vehicular emissions, thereby positively influencing the market growth. Additionally, the rising funding by private and public agencies for constructing electric vehicle (EV) charging stations has catalyzed market growth. Furthermore, several favorable initiatives taken by governments of various countries, such as the provision of attractive subsidies and loans on the purchase of EVs, to promote e-mobility and control pollution levels are contributing to market growth. Other factors, including the increasing need for logistics and freights, ongoing research and development (R&D) activities, rapid industrialization, and significant improvements in the automotive and e-commerce sectors, are also anticipated to create a positive market outlook.
Global Electric Truck 2023-2028 Analysis and Segmentation:
Competitive Landscape:
Breakup by Vehicle Type:
Breakup by Propulsion:
Breakup by Range:
Breakup by Application:
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Breakup by Region:
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