Inkwood Research estimates the Electric Trucks Market to surge with a 30.3% CAGR during the forecast period, 2023-2032.
“Browse 49 market data Tables and 47 Figures spread over 175 Pages, along with an in-depth TOC on the Electric Trucks Market Forecast 2023-2032.”
The commercial vehicle industry has been experiencing significant growth in recent years, with vehicles such as trucks at the forefront. Despite headwinds such as high gasoline prices and rising interest rates on auto loans, the industry has been propelled by favorable demand due to increasing economic activity. The automotive sector is expected to continue to be shaped by market trends such as the decline of connectivity and data, value-added services, alternative-fuel cars, and electrified trucks. Notably, the rise in electrification and tightening regulations on vehicle emissions have been key factors influencing the growth of the global electric trucks market.
Global Climate Change Concerns are Driving the Market Growth
There has been a noticeable trend towards electric vehicles (EVs) as concerns over greenhouse gas emissions and the environment continue to rise. This trend has increased the demand for low-carbon technology within the transportation sector. Also, the availability of diverse EV models and product features and their affordability and superior efficiency compared to diesel vehicles have contributed to their rising popularity.
BEVs are Expected to Lead the Type Segment
Battery electric vehicles (BEVs) represent a promising technology for the future of transportation. These vehicles rely solely on electric batteries, with no gas engine components, resulting in completely emission-free operations. Given the increasing importance of reducing carbon emissions and achieving sustainability goals, BEVs are expected to play an essential role in meeting these objectives.
In addition to their environmental benefits, BEVs offer other advantages, such as longer battery life, high energy density, and lower battery costs. These factors are expected to drive growth in the BEV segment during the forecast period as more consumers prioritize these features when purchasing.
Dominating Region – Europe
Several European countries aim to phase out gas and diesel vehicles, leading to an increase in zero-emission zones and a greater demand for electric trucks. With pressure from officials, the shift to heavy-duty electric vehicles is growing. These factors are set to drive the growth of the European electric trucks market over the forecast period.
The global electric trucks market has intense industry rivalry due to high competition among established manufacturers and new startups, technological advancements, increasing R&D investment, partnerships, and collaborations. Government incentives and regulatory initiatives have intensified competition, making it a highly competitive market.