According to our latest market study on “Electric Trucks Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Propulsion, Vehicle Type, Range, and Level of Automation,” the market is expected to grow from US$ 4,592.55 million in 2021 to US$ 26,542.90 million by 2028; it is estimated to grow at a CAGR of 29.4% from 2022 to 2028.
The electric trucks market is growing due to the rising trend of self-driving trucks. Autonomous driving and electromobility are the two key future trends in the field of transportation. Although the combination of these two is likely to exhibit huge economic and ecological potential, especially in the truck and transport industries, combining these two is a bit challenging. Top original equipment manufacturers (OEM) in the automotive sector—such as Tesla, Volvo, Vera, and Daimler—have developed self-driving electric trucks. Moreover, Embark, Einride, TuSimple, and Ike (Nuro) are among the startups that have begun developing self-driving electric trucks. Waymo started testing its self-driving trucks in January 2020. TuSimple planned to operate autonomous routes between Pheonix and Tucson in Arizona and some areas in Texas, in December 2021. Einride started testing its driver-less trucks in May 2019. In January 2019, Daimler announced an investment of US$ 570 million for self-driving electric trucks. Self-driving electric truck technology will create market opportunities for electric truck manufacturers in the long run due to advantages such as easy use and value-added features.
Based on propulsion, the electric trucks market is segmented into BEV, PHEV, and FCEV. In 2021, The BEV segment led the market with the largest share. Based on vehicle, the electric trucks market is categorized into LCV, and Medium and HCV. In 2021, the LCV segment led the market with a larger share. Based on range, the electric trucks market is bifurcated into less than 200 miles and more than 200 miles. In 2021, the more than 200 Miles segment accounted for a larger share of the market. Based on the level of automation, the electric trucks market is segmented into semi-autonomous and fully autonomous. In 2021, the semi-autonomous segment led the market with a larger share. By geography, the electric trucks market is primarily segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). In 2021, Europe accounted for a significant share of the market.
Impact of COVID-19 Pandemic on Electric Trucks Market
The COVID-19 pandemic has been severe to the global economy due to low output and consumption. Supply-side constraints such as port backlogs, semiconductors scarcity, and supply chain disruptions during the initial phase of COVID-19 had an enormous impact on the global automobile industry. According to International Council on Clean Transportation, China, the UK, Germany, the US, and India experienced a sharp decline in new vehicle registrations, as the year-to-year sales volume declined in these countries. However, most automobile industries in developing and developed economies show a V-shaped recovery. According to the World Bank Group of the US, the global GDP is expected to be 3.2% in 2021, which is below the pre-pandemic projection. A slow recovery in the global economies has benefitted the automobile industry.
In the first half of 2021, relaxations in restrictions on merchandise trade led to the revival of global economic activities above their pre-pandemic peak. According to the World Trade Organization, the trade volume increased upon the introduction and surge in the vaccination process. With such favorable economic conditions, the electric trucks market is likely to revive in the coming years.
AB Volvo; BYD Company Ltd; Daimler AG; FAW Group Co.,Ltd; Navistar, Inc.; PACCAR Inc.; Proterra Inc.; Rivian; Scania; and Tesla, Inc. are a few of the key players operating in the electric trucks market. The performances of several other companies have been analyzed to understand the entire market.
