Electric Trucks Market by Propulsion (BEV, PHEV & FCEV), Type (Light-Duty Trucks, Medium-Duty Trucks & Heavy-Duty Trucks), Range, Battery Type, Battery Capacity, Level of Automation, End User, GVWR & Region - Global Forecast to 2030
Electric Trucks Market by Propulsion (BEV, PHEV & FCEV), Type (Light-Duty Trucks, Medium-Duty Trucks & Heavy-Duty Trucks), Range, Battery Type, Battery Capacity, Level of Automation, End User, GVWR & Region - Global Forecast to 2030
Abstract
Electric truck market, is projected to grow at a CAGR of 34.2% from 2022 to 2030, to reach 1,067,985 units by 2030 from 101,499 units in 2022. Increasing focus of countries on promoting electrification of mass transit solutions due to increased concerns over pollution and government support in terms of subsidies and grants are propelling the growth of the electric truck market.
“Reducing cost of EV batteries”
The cost of EV batteries has been decreasing over the past decade due to technological advancements and the production of EV batteries on a mass scale. In 2010, the price of an EV battery was USD 1,100 per kWh. According to Bloomberg, the price fell to USD 138 per kWh in 2022 and as low as USD 100 per kWh in China. This is due to the reduced manufacturing costs, cathode material prices, and increased production volume. Prices of EV batteries are expected to be USD 40-60 per kWh by 2030, which will reduce the price of EV trucks, making them priced similarly to conventional ICE trucks. Other top battery manufacturers like Samsung SDI, Panasonic, LG Chem, SK Innovation, and CATL have been working with top EV manufacturers to achieve this goal in the next 4-5 years. In April 2022, Samsung SDI announced the development of cobalt-free batteries to secure the price competitiveness of its EV batteries.
“Lower operating cost”
According to the US Energy Information Administration (EIA), 94.1 million barrels of gasoline per day were consumed in 2021 around the world. According to Forbes, petrol prices in the international market have been rising over the years. The demand for petrol and diesel in the world is high as they are non-renewable resources, which may get exhausted in the next few decades.
Even though many treaties have been made to control the price of petrol in the international market, prices have been rising over the years. As most countries import petrol, its usage contributes to lowering the balance of trade in the economy. The limited petroleum reserves and rising prices of fuel have led automakers to consider alternative fuel sources for their vehicles. The operating cost of electric trucks is lower than petrol and some other fuel alternatives. Along with environment conservation, this is a major factor in the growing demand for EVs in the market.
“Increasing vehicle range”
The major area of development in electric trucks is their driving range on a single charge. With improvements in EV battery technology, various OEMs are working on developing longer-ranged electric trucks. This will make electric trucks more viable as part of the commercial vehicle sector in the coming years. In February 2022, BYD launched Q1 for heavy-duty operations 25 with a 5 kWh lithium iron phosphate battery. It delivers a range of around 200 km while the top-speed is restricted at 85 km/h. In October 2022, PepsiCo (US) announced the delivery of 100 electric truck Semi with a range of 500 miles to be used in its fleet for delivery purposes.
The logistics sector is the most contributing source of greenhouse gas emissions. Governments across the globe are constantly introducing new initiatives and policies to endorse long-range electric trucks for the logistics sector. These are expected to have a large market across major European countries such as Germany, UK, and France. US and China will also have a large market for upcoming long-range electric trucks due to strong government support.
The study contains insights from various industry experts, ranging from component suppliers to tier 1 companies and OEMs.
The break-up of the primaries is as follows:
•By Company Type: Tier 1 - 29%, Tier 2 – 14%, OEMs - 57%
•By Designation: CXOs - 54%, Directors - 32%, Others - 14%
•By Region: North America - 32%, Europe - 36%, Asia Pacific- 32%
The electric truck market is dominated by players such as BYD(China), Mercedes Benz Group AG (Germany), AB Volvo (Sweden), Ford Motor Company(US), Rivian(US) and others.
Research Coverage
The report segments the electric trucks market and forecasts its size, by volume, on the basis of propulsion type (BEV, PHEV, FCEV) vehicle type (light-duty trucks, medium-duty trucks, heavy-duty trucks), battery type (lithium-nickel-manganese-cobalt Oxide, lithium-iron-phosphate, others), end user (last mile delivery, long haul transportation, distribution services, refuse services, field services), by range (upto 200 miles, above 200 miles), GVWR (upto 10,000 lbs, 10,001-26,000 lbs, above 26,000 lbs), level of automation (semi-autonomous trucks and autonomous trucks), battery capacity (< 50 kWh, 50-250 kWh, above 250 kWh) & Region. It also covers the competitive landscape and company profiles of the major players in the electric truck market ecosystem.
Key Benefits of Buying the Report:
•The report will help market leaders/new entrants in this market with information on the closest approximations of revenue and volume for electric truck market and its sub segments.
•This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
•The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
Content
Table of Contents
1INTRODUCTION28
1.1STUDY OBJECTIVES28
1.2MARKET DEFINITION29
1.2.1ELECTRIC TRUCKS MARKET DEFINITION, BY TYPE29
1.2.2ELECTRIC TRUCKS MARKET DEFINITION, BY END USER29
1.2.3ELECTRIC TRUCKS MARKET DEFINITION, BY BATTERY TYPE30
1.2.4ELECTRIC TRUCKS MARKET DEFINITION, BY PROPULSION TYPE30
1.2.5ELECTRIC TRUCKS MARKET DEFINITION, BY LEVEL OF AUTOMATION30
1.3ELECTRIC TRUCKS MARKET: INCLUSIONS AND EXCLUSIONS31
1.3.1INCLUSIONS AND EXCLUSIONS31
1.4MARKET SCOPE31
FIGURE 1MARKET SEGMENTATION: ELECTRIC TRUCKS MARKET32
1.4.1YEARS CONSIDERED32
1.5CURRENCY CONSIDERED33
TABLE 1CURRENCY EXCHANGE RATES (PER USD)33
1.6STAKEHOLDERS33
1.7SUMMARY OF CHANGES34
2RESEARCH METHODOLOGY35
2.1RESEARCH DATA35
FIGURE 2ELECTRIC TRUCKS MARKET: RESEARCH DESIGN35
2.1.1SECONDARY DATA36
2.1.1.1Key data from secondary sources36
2.1.1.2List of secondary sources37
2.1.2PRIMARY DATA37
2.1.2.1List of participating companies for primary research37
2.1.2.2Key industry insights38
2.1.2.3Breakdown of primary interviews38
FIGURE 3BREAKDOWN OF PRIMARY INTERVIEWS, BY COMPANY, DESIGNATION, AND REGION38
2.2MARKET SIZE ESTIMATION39
2.2.1RECESSION IMPACT ANALYSIS39
2.2.2BOTTOM-UP APPROACH39
FIGURE 4MARKET SIZE ESTIMATION METHODOLOGY FOR ELECTRIC TRUCKS MARKET: BOTTOM-UP APPROACH40
2.2.3TOP-DOWN APPROACH40
FIGURE 5MARKET SIZE ESTIMATION METHODOLOGY FOR ELECTRIC TRUCKS MARKET: TOP-DOWN APPROACH40
FIGURE 6NORTH AMERICA: ELECTRIC TRUCKS MARKET, BY MEDIUM AND HEAVY-DUTY TRUCK TYPE, 2022 VS. 2030 (UNITS)41
FIGURE 7EUROPE: ELECTRIC TRUCKS MARKET, BY MEDIUM AND HEAVY-DUTY TRUCK TYPE, 2022 VS. 2030 (UNITS)41
FIGURE 8ASIA PACIFIC: ELECTRIC TRUCKS MARKET, BY MEDIUM AND HEAVY-DUTY TRUCK TYPE, 2022 VS. 2030 (UNITS)42
2.3FACTOR ANALYSIS42
2.3.1RECESSION IMPACT ANALYSIS43
2.3.2FACTOR ANALYSIS FOR MARKET SIZING: DEMAND- AND SUPPLY-SIDE43
2.4DATA TRIANGULATION44
FIGURE 9DATA TRIANGULATION44
2.5RESEARCH ASSUMPTIONS45
2.6RISK ASSESSMENT45
2.7RESEARCH LIMITATIONS46
3EXECUTIVE SUMMARY47
FIGURE 10ELECTRIC TRUCKS MARKET: MARKET DYNAMICS48
FIGURE 11ELECTRIC TRUCKS MARKET, BY REGION, 2022 VS. 2030 (UNITS)48
FIGURE 12ELECTRIC TRUCKS MARKET, BY BATTERY TYPE, 2022 VS. 2030 (UNITS)49
FIGURE 13NORTH AMERICA: ELECTRIC TRUCKS MARKET, BY FUEL TYPE, 2022 VS. 2030 (UNITS)49
FIGURE 14ASIA PACIFIC: ELECTRIC TRUCKS MARKET, BY FUEL TYPE, 2022 VS. 2030 (UNITS)50
FIGURE 15EUROPE: ELECTRIC TRUCKS MARKET, BY FUEL TYPE, 2022 VS. 2030 (UNITS)50
4PREMIUM INSIGHTS51
4.1ATTRACTIVE OPPORTUNITIES IN ELECTRIC TRUCKS MARKET51
FIGURE 16INCREASED FUEL-EFFICIENT VEHICLE OWNERSHIP TO DRIVE DEMAND FOR ELECTRIC TRUCKS51
4.2ELECTRIC TRUCKS MARKET, BY REGION51
FIGURE 17ASIA PACIFIC ACCOUNTED FOR LARGEST MARKET SHARE IN 202251
4.3ELECTRIC TRUCKS MARKET, BY BATTERY CAPACITY52
FIGURE 1850-250 KWH PROJECTED TO BE LARGEST MARKET (2022─2030) (UNITS)52
4.4ELECTRIC TRUCKS MARKET, BY BATTERY TYPE52
FIGURE 19LITHIUM-IRON-PHOSPHATE SEGMENT TO BE DOMINANT SEGMENT DURING FORECAST PERIOD (UNITS)52
4.5ELECTRIC TRUCKS MARKET, BY END USER53
FIGURE 20LAST MILE DELIVERY TO BE LARGER SEGMENT DURING FORECAST PERIOD53
4.6ELECTRIC TRUCKS MARKET, BY RANGE53
FIGURE 21UPTO 200 MILES SEGMENT TO WITNESS HIGHER GROWTH (2022─ 2030)53
4.7ELECTRIC TRUCKS MARKET, BY PROPULSION TYPE54
FIGURE 22FCEV SEGMENT TO HAVE HIGHER GROWTH DURING FORECAST PERIOD54
4.8ELECTRIC TRUCKS MARKET, BY LEVEL OF AUTOMATION54
FIGURE 23SEMI-AUTONOMOUS TRUCKS SEGMENT TO REGISTER HIGHEST GROWTH DURING FORECAST PERIOD54
4.9ELECTRIC TRUCKS MARKET, BY TYPE55
FIGURE 24LIGHT-DUTY TRUCKS TO HAVE HIGH GROWTH DURING FROM 2022 TO 2030 (UNITS)55
5MARKET OVERVIEW56
5.1INTRODUCTION56
5.2MARKET DYNAMICS57
FIGURE 25ELECTRIC TRUCKS MARKET: MARKET DYNAMICS57
TABLE 2ELECTRIC TRUCKS MARKET: IMPACT OF MARKET DYNAMICS57
5.2.1DRIVERS58
5.2.1.1Reducing cost of EV batteries58
FIGURE 26EV BATTERY PRICING ANALYSIS58
5.2.1.2Lower operating cost59
FIGURE 27OPERATING COST: ELECTRIC TRUCKS VS. ICE TRUCKS (2022)59
TABLE 3AVERAGE GASOLINE PRICES IN US (2016─2022)59
TABLE 4AVERAGE DIESEL PRICES IN US (2016–2022)60
5.2.1.3Increasing vehicle range60
TABLE 5NEW EV TRUCK MODELS, BY RANGE, BY BATTERY CAPACITY, AND AVERAGE PRICE (2022)60
5.2.1.4Rising demand for electric trucks in logistics and other industries61
TABLE 6MAJOR PURCHASE ORDER/SUPPLY CONTRACT FOR ELECTRIC TRUCKS62
5.2.1.5Government initiatives for EVs62
TABLE 7GOVERNMENT PROGRAMS FOR PROMOTION OF ELECTRIC COMMERCIAL VEHICLE SALES62
FIGURE 28ELECTRIFICATION TARGET, BY COUNTRY63
FIGURE 29REGULATORY COMPARISON FOR EVS WORLDWIDE64
5.2.2RESTRAINTS64
5.2.2.1High initial investment for production64
5.2.2.2Lack of EV charging infrastructure64
FIGURE 30EV CHARGER DENSITY COMPARISON (2021)65
FIGURE 31PRIVATE, SEMI-PUBLIC, AND PUBLIC CHARGING65
5.2.2.3Longer charging time66
FIGURE 32CHARGING TIME REQUIRED USING DIFFERENT TYPES66
5.2.3OPPORTUNITIES66
5.2.3.1Development of self-driving truck technology66
5.2.3.2Development of wireless EV charging technology67
5.2.3.3Rapid development in fuel cell technology67
5.2.4CHALLENGES67
5.2.4.1High cost of existing electric trucks67
5.2.4.2Insufficient standardization of EV charging infrastructure67
FIGURE 33EV CHARGERS USED GLOBALLY68
5.3PORTER’S FIVE FORCES68
FIGURE 34PORTER’S FIVE FORCES: ELECTRIC TRUCKS MARKET69
TABLE 8ELECTRIC TRUCKS MARKET: IMPACT OF PORTERS 5 FORCES69
5.3.1THREAT OF SUBSTITUTES70
5.3.2THREAT OF NEW ENTRANTS70
5.3.3BARGAINING POWER OF BUYERS70
5.3.4BARGAINING POWER OF SUPPLIERS70
5.3.5INTENSITY OF COMPETITIVE RIVALRY70
5.4MACROECONOMIC INDICATORS71
5.4.1GDP TRENDS AND FORECAST FOR MAJOR ECONOMIES71
TABLE 9GDP TRENDS AND FORECAST, BY MAJOR ECONOMIES, 2019–2026 (USD BILLION)71
5.5ELECTRIC TRUCKS MARKET ECOSYSTEM72
FIGURE 35ELECTRIC TRUCKS MARKET: ECOSYSTEM ANALYSIS72
5.5.1EV CHARGING PROVIDERS72
5.5.2RAW MATERIAL SUPPLIERS72
5.5.3OEMS73
5.5.4BATTERY MANUFACTURER/COMPONENT MANUFACTURER73
5.5.5ELECTRIC VEHICLE STARTUP ECOSYSTEM ANALYSIS73
FIGURE 36EV STARTUP ECOSYSTEM ANALYSIS73
5.5.6EV ROADMAP, BY BATTERY CAPACITY AND RANGE74
FIGURE 37EV ROADMAP, BY BATTERY CAPACITY AND RANGE74
5.6VALUE CHAIN ANALYSIS75
FIGURE 38VALUE CHAIN ANALYSIS75
FIGURE 39TRENDS AND DISRUPTIONS IN ELECTRIC TRUCKS MARKET76
5.7PRICING ANALYSIS77
TABLE 10DIESEL/PETROL TRUCKS: AVERAGE PRICE COMPARISON (2022)77
TABLE 11ELECTRIC TRUCKS: AVERAGE PRICE COMPARISON78
5.8CASE STUDIES79
5.8.1USER EXPERIENCE OF BATTERY-ELECTRIC TRUCKS IN NORWAY79
5.9TECHNOLOGY ANALYSIS80
5.9.1SMART CHARGING SYSTEM80
FIGURE 40SMART EV CHARGING SYSTEM80
5.9.2SOLID-STATE BATTERIES (SSB)81
5.9.3IOT IN ELECTRIC VEHICLES81
5.9.4RANGE EXTENDERS IN ELECTRIC TRUCKS81
5.9.5BATTERY TECHNOLOGY ANALYSIS, BY BATTERY CHEMISTRY82
FIGURE 41BATTERY MANUFACTURER ROADMAP, BY BATTERY CHEMISTRY WRT BATTERY TYPE82
5.9.6BATTERY TECHNOLOGY ANALYSIS, BY BATTERY SIZE IN ASIA PACIFIC83
FIGURE 42AVERAGE BATTERY SIZE IN TOP LCVS IN ASIA PACIFIC83
5.9.7CELL TO PACK TECHNOLOGY83
5.9.8MEGAWATT CHARGING SYSTEM FOR HEAVY-DUTY TRUCKS84
5.9.9WIRELESS ROAD CHARGING FOR EVS84
5.10BILL OF MATERIAL84
FIGURE 43ELECTRIC TRUCKS MARKET: BILL OF MATERIALS FOR LCV84
FIGURE 44ELECTRIC TRUCKS MARKET BILL OF MATERIAL, BATTERY VS. NON-BATTERY85
5.11OEMS SOURCING STRATEGIES86
5.11.1FUTURE INTENDED SOURCING STRATEGIES OF OEMS IN ELECTRIC TRUCKS MARKET86
FIGURE 45ELECTRIC TRUCKS MARKET: FUTURE STRATEGIES86
5.11.2OEMS MOTOR RATING ANALYSIS, BY RANGE86
FIGURE 46ELECTRIC TRUCKS MARKET: BY RANGE86
5.11.3COMPETITIVE MARKET ASSESSMENT, BY PAYLOAD CAPACITY87
FIGURE 47ELECTRIC TRUCKS COMPETITIVE ASSESSMENT, BY PAYLOAD CAPACITY87
FIGURE 48ELECTRIC TRUCKS CARGO DELIVERY VS. PAYLOAD CAPACITY88
5.12REGULATORY OVERVIEW88
5.12.1NETHERLANDS89
TABLE 12NETHERLANDS: INCENTIVES FOR ELECTRIC VEHICLES89
TABLE 13NETHERLANDS: ELECTRIC VEHICLE CHARGING STATION INCENTIVES89
5.12.2GERMANY90
TABLE 14GERMANY: ELECTRIC VEHICLE INCENTIVES90
TABLE 15GERMANY: ELECTRIC VEHICLE CHARGING STATION INCENTIVES90
5.12.3FRANCE91
TABLE 16FRANCE: ELECTRIC VEHICLE INCENTIVES91
TABLE 17FRANCE: ELECTRIC VEHICLE CHARGING STATION INCENTIVES91
5.12.4UK92
TABLE 18UK: ELECTRIC VEHICLE INCENTIVES92
TABLE 19UK: ELECTRIC VEHICLE CHARGING STATION INCENTIVES92
5.12.5CHINA93
TABLE 20CHINA: ELECTRIC VEHICLE INCENTIVES93
TABLE 21CHINA: ELECTRIC VEHICLE CHARGING STATION INCENTIVES93
5.12.6US93
TABLE 22US: ELECTRIC VEHICLE INCENTIVES93
TABLE 23US: ELECTRIC VEHICLE CHARGING STATION INCENTIVES94
5.13CONFERENCES AND EVENTS, 2023–202494
TABLE 24ELECTRIC TRUCKS MARKET: CONFERENCES AND EVENTS, 2023–202494
5.13.1REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS95
TABLE 25ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS95
TABLE 26NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS96
TABLE 27EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS98
TABLE 28REST OF THE WORLD: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS99
5.14PATENT ANALYSIS99
TABLE 29IMPORTANT PATENT REGISTRATIONS RELATED TO ELECTRIC TRUCKS MARKET99
TABLE 30ELECTRIC TRUCKS MARKET: PATENTED DOCUMENTS ANALYSIS, BY PUBLISHED, FILED, AND GRANTED (2016–2021)101
5.15KEY STAKEHOLDERS AND BUYING CRITERIA101
5.15.1KEY STAKEHOLDERS IN BUYING PROCESS101
TABLE 31INFLUENCE OF INSTITUTIONAL BUYERS FOR PURCHASE OF ELECTRIC TRUCKS101
5.15.2BUYING CRITERIA102
5.16RECESSION IMPACT ANALYSIS102
TABLE 32INFLUENCE OF RECESSION ON SALES OF ELECTRIC TRUCKS102
5.17ELECTRIC TRUCKS MARKET, SCENARIOS (2022–2030)102
5.17.1MOST LIKELY SCENARIO102
TABLE 33ELECTRIC TRUCKS MARKET (MOST LIKELY), BY REGION, 2022–2030 (UNITS)103
5.17.2OPTIMISTIC SCENARIO103
TABLE 34ELECTRIC TRUCKS MARKET (OPTIMISTIC), BY REGION, 2022–2030 (UNITS)103
5.17.3PESSIMISTIC SCENARIO104
TABLE 35ELECTRIC TRUCKS MARKET (PESSIMISTIC), BY REGION, 2022–2030 (UNITS)104
6ELECTRIC TRUCKS MARKET, BY BATTERY CAPACITY105
6.1INTRODUCTION106
FIGURE 4950–250 KWH SEGMENT TO DOMINATE ELECTRIC TRUCKS MARKET, 2022–2030 (UNITS)106
TABLE 36ELECTRIC TRUCKS MARKET, BY BATTERY CAPACITY, 2019–2021 (UNITS)106
TABLE 37ELECTRIC TRUCKS MARKET, BY BATTERY CAPACITY, 2022–2030 (UNITS)107
6.1.1OPERATIONAL DATA107
TABLE 38ELECTRIC TRUCKS: BY BATTERY CAPACITY107
6.1.2ASSUMPTIONS107
6.1.3RESEARCH METHODOLOGY108
6.2<50 KWH108
6.2.1HIGH ADOPTION RATE IN ELECTRIC PICKUP TRUCKS108
TABLE 39<50 KWH: ELECTRIC TRUCKS MARKET, BY REGION, 2019–2021 (UNITS)108
TABLE 40<50 KWH: ELECTRIC TRUCKS MARKET, BY REGION, 2022–2030 (UNITS)108
6.350–250 KWH109
6.3.1INCREASED USE IN LIGHT COMMERCIAL VEHICLES IN NORTH AMERICA109
TABLE 4150–250 KWH: ELECTRIC TRUCK MARKET, BY REGION, 2019–2021 (UNITS)109
TABLE 4250–250 KWH: ELECTRIC TRUCK MARKET, BY REGION, 2022–2030 (UNITS)109
6.4ABOVE 250 KWH110
6.4.1USED FOR TRANSPORTATION OF HEAVY LOGISTICS110
TABLE 43ABOVE 250 KWH: ELECTRIC TRUCK MARKET, BY REGION, 2019–2021 (UNITS)110
TABLE 44ABOVE 250 KWH: ELECTRIC TRUCKS MARKET, BY REGION, 2022–2030 (UNITS)110
6.5KEY INDUSTRY INSIGHTS111
7ELECTRIC TRUCKS MARKET, BY BATTERY TYPE112
7.1INTRODUCTION113
FIGURE 50ELECTRIC TRUCKS MARKET, BY BATTERY TYPE, 2022–2030 (UNITS)113
TABLE 45ELECTRIC TRUCKS MARKET, BY BATTERY TYPE, 2019─2021 (UNITS)114
TABLE 46ELECTRIC TRUCKS MARKET, BY BATTERY TYPE, 2022─2030 (UNITS)114
7.1.1OPERATIONAL DATA114
TABLE 47ELECTRIC TRUCKS: BY BATTERY TYPE114
7.1.2ASSUMPTIONS115
7.1.3RESEARCH METHODOLOGY115
7.2LITHIUM-NICKEL-MANGANESE-COBALT OXIDE115
7.2.1ADVANCEMENTS IN BATTERY TECHNOLOGY115
TABLE 48LITHIUM-NICKEL-MANGANESE-COBALT OXIDE: ELECTRIC TRUCKS MARKET, BY REGION, 2019─2021 (UNITS)116
TABLE 49LITHIUM-NICKEL-MANGANESE-COBALT OXIDE: ELECTRIC TRUCKS MARKET, BY REGION, 2022─2030 (UNITS)116
7.3LITHIUM-IRON-PHOSPHATE117
7.3.1LOWER PRICES THAN OTHER BATTERIES117
TABLE 50LITHIUM-IRON-PHOSPHATE: ELECTRIC TRUCKS MARKET, BY REGION, 2019─2021 (UNITS)117
TABLE 51LITHIUM-IRON-PHOSPHATE: ELECTRIC TRUCKS MARKET, BY REGION, 2022─2030 (UNITS)117
7.4OTHERS118
7.4.1R&D INVESTMENTS BY OEMS TO DEVELOP BATTERIES118
TABLE 52OTHERS: ELECTRIC TRUCKS MARKET, BY REGION, 2019─2021 (UNITS)118
TABLE 53OTHERS: ELECTRIC TRUCKS MARKET, BY REGION, 2022─2030 (UNITS)118
7.5KEY INDUSTRY INSIGHTS119
8ELECTRIC TRUCKS MARKET, BY END USER120
8.1INTRODUCTION121
FIGURE 51ELECTRIC TRUCKS MARKET, BY END USER, 2022–2030 (UNITS)121
TABLE 54ELECTRIC TRUCKS MARKET, BY END USER, 2019–2021 (UNITS)121
TABLE 55ELECTRIC TRUCKS MARKET, BY END USER, 2022–2030 (UNITS)122
8.1.1OPERATIONAL DATA122
TABLE 56ELECTRIC TRUCKS: BY END USER122
8.1.2ASSUMPTIONS122
8.1.3RESEARCH METHODOLOGY123
8.2LAST MILE DELIVERY123
8.2.1INCREASED USE IN E-COMMERCE SECTOR123
8.3FIELD SERVICES123
8.3.1RISING USE IN FIELD MAINTENANCE123
8.4DISTRIBUTION SERVICES124
8.4.1USED FOR DELIVERY SERVICES124
8.5LONG HAUL TRANSPORTATION124
8.5.1MANAGES LOGISTICS124
8.6REFUSE SERVICES124
8.6.1HANDLES GLOBAL WASTE MANAGEMENT124
8.7KEY INDUSTRY INSIGHTS125
9ELECTRIC TRUCKS MARKET, BY GVWR126
9.1INTRODUCTION126
9.1.1OPERATIONAL DATA126
TABLE 57OPERATIONAL DATA: ELECTRIC TRUCKS DATA BASED ON GVWR126
9.2UPTO 10,000 LBS127
9.2.1USED FOR DELIVERY AND REFUSE SERVICES127
9.310,001–26,000 LBS127
9.3.1INCREASED USE FOR DISTRIBUTION, CONSTRUCTION, AND FIELD SERVICES127
9.4ABOVE 26,000 LBS128
9.4.1CARRIES HEAVY GOODS128
10ELECTRIC TRUCKS MARKET, BY LEVEL OF AUTOMATION129
10.1INTRODUCTION130
FIGURE 52ELECTRIC TRUCKS MARKET, BY LEVEL OF AUTOMATION, 2022–2030 (UNITS)130
TABLE 58ELECTRIC TRUCKS MARKET, BY LEVEL OF AUTOMATION, 2019–2021 (UNITS)131
TABLE 59ELECTRIC TRUCKS MARKET, BY LEVEL OF AUTOMATION, 2022–2030 (UNITS)131
10.1.1ASSUMPTIONS131
10.1.2RESEARCH METHODOLOGY132
10.2LEVEL 1132
10.2.1LANE ASSIST FEATURES IN ELECTRIC TRUCKS132
10.3LEVEL 2 & 3132
10.3.1INCREASING INVESTMENTS BY OEMS TO PROMOTE LEVEL 2 & 3 SEMI-AUTONOMOUS TRUCKS132
10.4LEVEL 4133
10.4.1INCREASING SUBSIDIES BY GOVERNMENTS133
10.5LEVEL 5133
10.5.1PROVIDES IMPROVED VEHICLE SAFETY AND REDUCED TRAFFIC CONGESTION133
10.6KEY INDUSTRY INSIGHTS134
11ELECTRIC TRUCKS MARKET, BY PROPULSION TYPE135
11.1INTRODUCTION136
FIGURE 53ELECTRIC TRUCKS MARKET, BY PROPULSION TYPE, 2022–2030 (UNITS)136
TABLE 60ELECTRIC TRUCKS MARKET, BY PROPULSION TYPE, 2019–2021 (UNITS)137
TABLE 61ELECTRIC TRUCKS MARKET, BY PROPULSION TYPE, 2022–2030 (UNITS)137
11.1.1OPERATIONAL DATA137
TABLE 62ELECTRIC TRUCKS: BY PROPULSION TYPE137
11.1.2ASSUMPTIONS138
11.1.3RESEARCH METHODOLOGY138
11.2BEV138
11.2.1GOVERNMENT INCENTIVES AND SUBSIDIES OFFERED WORLDWIDE138
TABLE 63BEV: ELECTRIC TRUCKS MARKET, BY REGION, 2019–2021 (UNITS)139
TABLE 64BEV: ELECTRIC TRUCKS MARKET, BY REGION, 2022–2030 (UNITS)139
11.3FCEV139
11.3.1ONGOING DEVELOPMENTS BY OEMS139
TABLE 65FCEV: ELECTRIC TRUCKS MARKET, BY REGION, 2019–2021 (UNITS)140
TABLE 66FCEV: ELECTRIC TRUCKS MARKET, BY REGION, 2022–2030 (UNITS)140
11.4PHEV140
11.4.1RECHARGEABLE BATTERIES WITH LESS FUEL CONSUMPTION140
TABLE 67PHEV: ELECTRIC TRUCKS MARKET, BY REGION, 2019–2021 (UNITS)141
TABLE 68PHEV: ELECTRIC TRUCKS MARKET, BY REGION, 2022–2030 (UNITS)141
11.5KEY INDUSTRY INSIGHTS141
12ELECTRIC TRUCKS MARKET, BY RANGE142
12.1INTRODUCTION143
FIGURE 54ELECTRIC TRUCKS MARKET, BY RANGE, 2022–2030 (UNITS)143
TABLE 69ELECTRIC TRUCKS MARKET, BY RANGE, 2019–2021 (UNITS)143
TABLE 70ELECTRIC TRUCKS MARKET, BY RANGE, 2022–2030 (UNITS)144
12.1.1OPERATIONAL DATA144
TABLE 71ELECTRIC TRUCKS: BY RANGE144
12.1.2ASSUMPTIONS144
12.1.3RESEARCH METHODOLOGY145
12.2UPTO 200 MILES145
12.2.1AFFORDABLE AND LOW-COST BATTERIES145
TABLE 72UPTO 200 MILES: ELECTRIC TRUCKS MARKET, BY REGION, 2019–2021 (UNITS)145
TABLE 73UPTO 200 MILES: ELECTRIC TRUCKS MARKET, BY REGION, 2022–2030 (UNITS)146
12.3ABOVE 200 MILES146
12.3.1USED FOR LONG HAUL TRANSPORTATION146
TABLE 74ABOVE 200 MILES: ELECTRIC TRUCKS MARKET, BY REGION, 2019–2021 (UNITS)146
TABLE 75ABOVE 200 MILES: ELECTRIC TRUCKS MARKET, BY REGION, 2022–2030 (UNITS)147
12.4KEY INDUSTRY INSIGHTS147
13ELECTRIC TRUCKS MARKET, BY TYPE148
13.1INTRODUCTION149
FIGURE 55ELECTRIC TRUCKS MARKET, BY TYPE, 2022–2030 (UNITS)149
TABLE 76ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2021 (UNITS)150
TABLE 77ELECTRIC TRUCKS MARKET, BY TYPE, 2022–2030 (UNITS)150
13.1.1OPERATIONAL DATA150
TABLE 78ELECTRIC TRUCKS: BY TYPE150
13.1.2ASSUMPTIONS151
13.1.3RESEARCH METHODOLOGY151
13.2LIGHT-DUTY TRUCKS151
13.2.1USED FOR COMMERCIAL LAST MILE DELIVERY151
TABLE 79LIGHT-DUTY TRUCKS: ELECTRIC TRUCKS MARKET, BY REGION, 2019–2021 (UNITS)152
TABLE 80LIGHT-DUTY TRUCK: ELECTRIC TRUCKS MARKET, BY REGION, 2022–2030 (UNITS)152
13.3MEDIUM-DUTY TRUCKS152
13.3.1MANAGES E-COMMERCE AND INTRA-STATE LOGISTICS152
TABLE 81MEDIUM-DUTY TRUCKS: ELECTRIC TRUCKS MARKET, BY REGION, 2019–2021 (UNITS)153
TABLE 82MEDIUM-DUTY TRUCKS: ELECTRIC TRUCKS MARKET, BY REGION, 2022–2030 (UNITS)153
13.4HEAVY-DUTY TRUCKS153
13.4.1INCLUDES INTER-STATE DELIVERY AND SPECIALIZED VEHICLES153
TABLE 83HEAVY-DUTY TRUCKS: ELECTRIC TRUCKS MARKET, BY REGION, 2019–2021 (UNITS)154
TABLE 84HEAVY-DUTY TRUCKS: ELECTRIC TRUCKS MARKET, BY REGION, 2022–2030 (UNITS)154
13.5KEY INDUSTRY INSIGHTS154
14ELECTRIC TRUCKS MARKET, BY REGION155
14.1INTRODUCTION156
FIGURE 56ELECTRIC TRUCKS MARKET, BY REGION, 2022 VS. 2030 (UNITS)156
TABLE 85ELECTRIC TRUCKS MARKET, BY REGION, 2019–2021 (UNITS)157
TABLE 86ELECTRIC TRUCKS MARKET, BY REGION, 2022–2030 (UNITS)157
TABLE 87ELECTRIC TRUCKS MARKET, BY REGION, 2019–2021 (USD MILLION)157
TABLE 88ELECTRIC TRUCKS MARKET, BY REGION, 2022–2030 (USD MILLION)157
14.2ASIA PACIFIC158
FIGURE 57ASIA PACIFIC: ELECTRIC TRUCKS MARKET SNAPSHOT159
TABLE 89ASIA PACIFIC: ELECTRIC TRUCKS MARKET, BY COUNTRY, 2019–2021 (UNITS)159
TABLE 90ASIA PACIFIC: ELECTRIC TRUCKS MARKET, BY COUNTRY, 2022–2030 (UNITS)160
14.2.1CHINA160
14.2.1.1Increased investments in charging infrastructure160
TABLE 91CHINA: ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2021 (UNITS)160
TABLE 92CHINA: ELECTRIC TRUCKS MARKET, BY TYPE, 2022–2030 (UNITS)161
14.2.2INDIA161
14.2.2.1Government initiatives for electric trucks161
TABLE 93INDIA: ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2021 (UNITS)161
TABLE 94INDIA: ELECTRIC TRUCKS MARKET, BY TYPE, 2022–2030 (UNITS)162
14.2.3JAPAN162
14.2.3.1Advancements in battery technology162
TABLE 95JAPAN: ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2021 (UNITS)162
TABLE 96JAPAN: ELECTRIC TRUCKS MARKET, BY TYPE, 2022–2030 (UNITS)163
14.2.4SOUTH KOREA163
14.2.4.1Increased investments in commercial electric vehicles163
TABLE 97SOUTH KOREA: ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2021 (UNITS)163
TABLE 98SOUTH KOREA: ELECTRIC TRUCKS MARKET, BY TYPE, 2022–2030 (UNITS)164
14.3EUROPE164
14.3.1EUROPE: RECESSION IMPACT164
FIGURE 58EUROPE: ELECTRIC TRUCKS MARKET SNAPSHOT, 2022 VS. 2030 (UNITS)165
TABLE 99EUROPE: ELECTRIC TRUCKS MARKET, BY COUNTRY, 2019–2021 (UNITS)165
TABLE 100EUROPE: ELECTRIC TRUCKS MARKET, BY COUNTRY, 2022–2030 (UNITS)165
14.3.2FRANCE166
14.3.2.1Government offers purchase grants166
TABLE 101FRANCE: ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2021 (UNITS)166
TABLE 102FRANCE: ELECTRIC TRUCKS MARKET, BY TYPE, 2022–2030 (UNITS)166
14.3.3GERMANY167
14.3.3.1E-highway program167
TABLE 103GERMANY: ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2021 (UNITS)167
TABLE 104GERMANY: ELECTRIC TRUCKS MARKET, BY TYPE, 2022–2030 (UNITS)167
14.3.4NETHERLANDS168
14.3.4.1Focus on greener vehicles168
TABLE 105NETHERLANDS: ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2021 (UNITS)168
TABLE 106NETHERLANDS: ELECTRIC TRUCKS MARKET, BY TYPE, 2022–2030 (UNITS)168
14.3.5NORWAY169
14.3.5.1Tax incentives for electric vehicles169
TABLE 107NORWAY: ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2021 (UNITS)169
TABLE 108NORWAY: ELECTRIC TRUCKS MARKET, BY TYPE, 2022–2030 (UNITS)169
14.3.6SWEDEN170
14.3.6.1Presence of top OEMs170
TABLE 109SWEDEN: ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2021 (UNITS)170
TABLE 110SWEDEN: ELECTRIC TRUCKS MARKET, BY TYPE, 2022–2030 (UNITS)170
14.3.7UK171
14.3.7.1Investment in ultra-low emission vehicles171
TABLE 111UK: ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2021 (UNITS)171
TABLE 112UK: ELECTRIC TRUCKS MARKET, BY TYPE, 2022–2030 (UNITS)171
14.4NORTH AMERICA172
FIGURE 59NORTH AMERICA: ELECTRIC TRUCKS MARKET SNAPSHOT172
TABLE 113NORTH AMERICA: ELECTRIC TRUCKS MARKET, BY COUNTRY, 2019–2021 (UNITS)173
TABLE 114NORTH AMERICA: ELECTRIC TRUCKS MARKET, BY COUNTRY, 2022–2030 (UNITS)173
14.4.1CANADA173
14.4.1.1Increasing development in electric vehicles infrastructure173
TABLE 115CANADA: ELECTRIC TRUCK MARKET, BY TYPE, 2019–2021 (UNITS)173
TABLE 116CANADA: ELECTRIC TRUCK MARKET, BY TYPE, 2022–2030 (UNITS)174
14.4.2US174
14.4.2.1Increasing developments in electric truck technology174
TABLE 117US: ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2021 (UNITS)174
TABLE 118US: ELECTRIC TRUCKS MARKET, BY TYPE, 2022–2030 (UNITS)175
15COMPETITIVE LANDSCAPE176
15.1OVERVIEW176
15.1.1OEMS VEHICLE MODELS LAUNCH PLANS, 2023–2026176
FIGURE 60ELECTRIC TRUCKS MARKET: OEMS VEHICLE MODEL LAUNCH PLANS176
15.2MARKET SHARE ANALYSIS FOR ELECTRIC TRUCKS MARKET177
TABLE 119MARKET SHARE ANALYSIS, 2022177
FIGURE 61MARKET SHARE ANALYSIS, 2022177
15.3KEY PLAYER STRATEGIES179
TABLE 120OVERVIEW OF STRATEGIES ADOPTED BY PLAYERS IN ELECTRIC TRUCKS MARKET179
15.4REVENUE ANALYSIS OF TOP LISTED/PUBLIC PLAYERS180
FIGURE 62TOP PUBLIC/LISTED PLAYERS DOMINATING ELECTRIC TRUCKS MARKET DURING LAST FIVE YEARS180
15.5COMPETITIVE SCENARIO181
15.5.1NEW PRODUCT LAUNCHES181
TABLE 121NEW PRODUCT LAUNCHES, 2020–2023181
15.5.2DEALS182
TABLE 122DEALS, 2020–2023182
15.5.3OTHERS183
TABLE 123OTHERS, 2020–2023183
15.6COMPANY EVALUATION QUADRANT183
15.6.1STARS184
15.6.2EMERGING LEADERS184
15.6.3PERVASIVE PLAYERS184
15.6.4PARTICIPANTS184
FIGURE 63ELECTRIC TRUCKS MARKET: COMPANY EVALUATION QUADRANT, 2023185
TABLE 124ELECTRIC TRUCKS MARKET: COMPANY FOOTPRINT, 2023186
TABLE 125ELECTRIC TRUCKS MARKET: PRODUCT FOOTPRINT, 2022186
TABLE 126ELECTRIC TRUCKS MARKET: REGIONAL FOOTPRINT, 2022187
15.7STARTUP/SME EVALUATION QUADRANT187
15.7.1PROGRESSIVE COMPANIES187
15.7.2RESPONSIVE COMPANIES187
15.7.3DYNAMIC COMPANIES187
15.7.4STARTING BLOCKS188
FIGURE 64ELECTRIC TRUCKS MARKET: STARTUP/SME EVALUATION QUADRANT, 2023188
TABLE 127ELECTRIC TRUCKS MARKET: DETAILED LIST OF KEY STARTUPS/SMES189
TABLE 128ELECTRIC TRUCKS MARKET: COMPETITIVE BENCHMARKING OF KEY PLAYERS [STARTUPS/SMES]190
16COMPANY PROFILES191
16.1KEY PLAYERS191
(Business Overview, Products/Services/Solutions Offered, MnM View, Key Strengths and Right to Win, Strategic Choices Made, Weaknesses and Competitive Threats, Recent Developments)*
16.1.1AB VOLVO191
TABLE 129AB VOLVO: BUSINESS OVERVIEW191
FIGURE 65AB VOLVO: COMPANY SNAPSHOT192
FIGURE 66AB VOLVO: SALES, BY REVENUE (2021)192
TABLE 130AB VOLVO: PRODUCTS OFFERED193
TABLE 131AB VOLVO: NEW PRODUCT DEVELOPMENTS193
TABLE 132AB VOLVO: DEALS194
TABLE 133AB VOLVO: OTHERS195
16.1.2BYD197
TABLE 134BYD: BUSINESS OVERVIEW197
FIGURE 67BYD: COMPANY SNAPSHOT198
TABLE 135BYD: PRODUCTS OFFERED198
TABLE 136BYD: NEW PRODUCT DEVELOPMENTS199
TABLE 137BYD: DEALS199
TABLE 138BYD: OTHERS200
16.1.3RIVIAN201
TABLE 139RIVIAN: BUSINESS OVERVIEW201
TABLE 140RIVIAN: PRODUCTS OFFERED201
TABLE 141RIVIAN: NEW PRODUCT DEVELOPMENTS201
TABLE 142RIVIAN: DEALS202
TABLE 143RIVIAN: OTHERS202
16.1.4MERCEDES BENZ GROUP AG203
TABLE 144MERCEDES BENZ GROUP AG: BUSINESS OVERVIEW203
FIGURE 68MERCEDES BENZ GROUP AG: COMPANY SNAPSHOT204
TABLE 145MERCEDES BENZ GROUP AG: PRODUCTS OFFERED204
TABLE 146MERCEDES BENZ GROUP AG: NEW PRODUCT DEVELOPMENTS205
TABLE 147MERCEDES BENZ GROUP AG: DEALS206
TABLE 148MERCEDES BENZ GROUP AG: OTHERS206
16.1.5FORD MOTOR COMPANY208
TABLE 149FORD MOTOR COMPANY: BUSINESS OVERVIEW208
FIGURE 69FORD MOTOR COMPANY: COMPANY SNAPSHOT208
TABLE 150FORD MOTOR COMPANY: PRODUCTS OFFERED209
TABLE 151FORD MOTOR COMPANY: NEW PRODUCT DEVELOPMENTS209
TABLE 152FORD MOTOR COMPANY: DEALS209
TABLE 153FORD MOTOR COMPANY: OTHERS209
16.1.6PACCAR INC.211
TABLE 154PACCAR INC.: BUSINESS OVERVIEW211
FIGURE 70PACCAR INC.: COMPANY SNAPSHOT212
TABLE 155PACCAR INC.: PRODUCTS OFFERED212
TABLE 156PACCAR INC.: NEW PRODUCT DEVELOPMENTS213
TABLE 157PACCAR INC.: DEALS214
TABLE 158PACCAR INC.: OTHERS214
16.1.7SCANIA AB215
TABLE 159SCANIA AB: BUSINESS OVERVIEW215
FIGURE 71SCANIA AB: COMPANY SNAPSHOT216
TABLE 160SCANIA AB: PRODUCTS OFFERED216
TABLE 161SCANIA AB: NEW PRODUCT DEVELOPMENTS217
TABLE 162SCANIA AB: DEALS217
TABLE 163SCANIA AB: OTHERS218
16.1.8NAVISTAR INC.219
TABLE 164NAVISTAR INC.: BUSINESS OVERVIEW219
FIGURE 72NAVISTAR INC.: COMPANY SNAPSHOT220
TABLE 165NAVISTAR INC.: PRODUCTS OFFERED220
TABLE 166NAVISTAR INC.: NEW PRODUCT DEVELOPMENTS221
TABLE 167NAVISTAR INC.: DEALS221
TABLE 168NAVISTAR INC.: OTHERS222
16.1.9DONGFENG MOTOR CORPORATION223
TABLE 169DONGFENG MOTOR CORPORATION: BUSINESS OVERVIEW223
FIGURE 73DONGFENG MOTOR CORPORATION: COMPANY SNAPSHOT223
TABLE 170DONGFENG MOTOR CORPORATION: PRODUCTS OFFERED224
TABLE 171DONGFENG MOTOR CORPORATION: DEALS224
TABLE 172DONGFENG MOTOR CORPORATION: OTHERS225
16.1.10PROTERRA226
TABLE 173PROTERRA: BUSINESS OVERVIEW226
FIGURE 74PROTERRA: COMPANY SNAPSHOT227
TABLE 174PROTERRA: PRODUCTS OFFERED227
TABLE 175PROTERRA: DEALS228
TABLE 176PROTERRA: OTHERS228
16.1.11VDL GROEP229
TABLE 177VDL GROEP: BUSINESS OVERVIEW229
FIGURE 75VDL GROEP: COMPANY SNAPSHOT230
TABLE 178VDL GROEP: PRODUCTS OFFERED230
TABLE 179VDL GROEP: DEALS231
TABLE 180VDL GROEP: OTHERS231
16.1.12TESLA, INC.232
TABLE 181TESLA, INC.: BUSINESS OVERVIEW232
FIGURE 76TESLA, INC.: COMPANY SNAPSHOT233
TABLE 182TESLA, INC.: PRODUCTS OFFERED233
TABLE 183TESLA, INC.: NEW PRODUCT DEVELOPMENTS234
TABLE 184TESLA, INC: DEALS234
TABLE 185TESLA, INC: OTHERS234
*Business Overview, Products/Services/Solutions Offered, MnM View, Key Strengths and Right to Win, Strategic Choices Made, Weaknesses and Competitive Threats, Recent Developments might not be captured in case of unlisted companies.
16.2OTHER KEY PLAYERS235
16.2.1TATA MOTORS LIMITED235
16.2.2WORKHORSE GROUP235
16.2.3NIKOLA CORPORATION236
16.2.4ASHOK LEYLAND236
16.2.5ISUZU MOTORS LTD.237
16.2.6IRIZAR GROUP237
16.2.7IVECO238
16.2.8TRITON EV238
16.2.9BOLLINGER MOTORS239
16.2.10XOS TRUCKS, INC.239
16.2.11ATLIS MOTOR VEHICLES240
16.2.12KAIYUN MOTORS240
16.2.13GEELY AUTOMOBILE HOLDINGS LIMITED241
16.2.14MAN SE241
16.2.15ORANGE EV242
16.2.16TEVVA MOTORS LIMITED242
16.2.17HINO MOTORS243
17RECOMMENDATIONS BY MARKETSANDMARKETS244
17.1NORTH AMERICA AND ASIA PACIFIC TO BE KEY MARKETS FOR ELECTRIC TRUCKS244
17.2ADOPTION OF LIGHT-DUTY ELECTRIC TRUCKS244
17.3KEY GROWTH OPPORTUNITIES244
17.3.1IMPROVEMENTS IN EV BATTERY TECHNOLOGY245
17.3.2DEMAND FOR HIGHER RANGE VEHICLES245
17.4CONCLUSION245
18APPENDIX246
18.1INSIGHTS FROM INDUSTRY EXPERTS246
18.2DISCUSSION GUIDE247
18.3KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL249
18.4CUSTOMIZATION OPTIONS251
18.5RELATED REPORTS251
18.6AUTHOR DETAILS252
“Reducing cost of EV batteries”
The cost of EV batteries has been decreasing over the past decade due to technological advancements and the production of EV batteries on a mass scale. In 2010, the price of an EV battery was USD 1,100 per kWh. According to Bloomberg, the price fell to USD 138 per kWh in 2022 and as low as USD 100 per kWh in China. This is due to the reduced manufacturing costs, cathode material prices, and increased production volume. Prices of EV batteries are expected to be USD 40-60 per kWh by 2030, which will reduce the price of EV trucks, making them priced similarly to conventional ICE trucks. Other top battery manufacturers like Samsung SDI, Panasonic, LG Chem, SK Innovation, and CATL have been working with top EV manufacturers to achieve this goal in the next 4-5 years. In April 2022, Samsung SDI announced the development of cobalt-free batteries to secure the price competitiveness of its EV batteries.
“Lower operating cost”
According to the US Energy Information Administration (EIA), 94.1 million barrels of gasoline per day were consumed in 2021 around the world. According to Forbes, petrol prices in the international market have been rising over the years. The demand for petrol and diesel in the world is high as they are non-renewable resources, which may get exhausted in the next few decades.
Even though many treaties have been made to control the price of petrol in the international market, prices have been rising over the years. As most countries import petrol, its usage contributes to lowering the balance of trade in the economy. The limited petroleum reserves and rising prices of fuel have led automakers to consider alternative fuel sources for their vehicles. The operating cost of electric trucks is lower than petrol and some other fuel alternatives. Along with environment conservation, this is a major factor in the growing demand for EVs in the market.
“Increasing vehicle range”
The major area of development in electric trucks is their driving range on a single charge. With improvements in EV battery technology, various OEMs are working on developing longer-ranged electric trucks. This will make electric trucks more viable as part of the commercial vehicle sector in the coming years. In February 2022, BYD launched Q1 for heavy-duty operations 25 with a 5 kWh lithium iron phosphate battery. It delivers a range of around 200 km while the top-speed is restricted at 85 km/h. In October 2022, PepsiCo (US) announced the delivery of 100 electric truck Semi with a range of 500 miles to be used in its fleet for delivery purposes.
The logistics sector is the most contributing source of greenhouse gas emissions. Governments across the globe are constantly introducing new initiatives and policies to endorse long-range electric trucks for the logistics sector. These are expected to have a large market across major European countries such as Germany, UK, and France. US and China will also have a large market for upcoming long-range electric trucks due to strong government support.
The study contains insights from various industry experts, ranging from component suppliers to tier 1 companies and OEMs.
The break-up of the primaries is as follows:
•By Company Type: Tier 1 - 29%, Tier 2 – 14%, OEMs - 57%
•By Designation: CXOs - 54%, Directors - 32%, Others - 14%
•By Region: North America - 32%, Europe - 36%, Asia Pacific- 32%
The electric truck market is dominated by players such as BYD(China), Mercedes Benz Group AG (Germany), AB Volvo (Sweden), Ford Motor Company(US), Rivian(US) and others.
Research Coverage
The report segments the electric trucks market and forecasts its size, by volume, on the basis of propulsion type (BEV, PHEV, FCEV) vehicle type (light-duty trucks, medium-duty trucks, heavy-duty trucks), battery type (lithium-nickel-manganese-cobalt Oxide, lithium-iron-phosphate, others), end user (last mile delivery, long haul transportation, distribution services, refuse services, field services), by range (upto 200 miles, above 200 miles), GVWR (upto 10,000 lbs, 10,001-26,000 lbs, above 26,000 lbs), level of automation (semi-autonomous trucks and autonomous trucks), battery capacity (< 50 kWh, 50-250 kWh, above 250 kWh) & Region. It also covers the competitive landscape and company profiles of the major players in the electric truck market ecosystem.
Key Benefits of Buying the Report:
•The report will help market leaders/new entrants in this market with information on the closest approximations of revenue and volume for electric truck market and its sub segments.
•This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
•The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
1INTRODUCTION28
1.1STUDY OBJECTIVES28
1.2MARKET DEFINITION29
1.2.1ELECTRIC TRUCKS MARKET DEFINITION, BY TYPE29
1.2.2ELECTRIC TRUCKS MARKET DEFINITION, BY END USER29
1.2.3ELECTRIC TRUCKS MARKET DEFINITION, BY BATTERY TYPE30
1.2.4ELECTRIC TRUCKS MARKET DEFINITION, BY PROPULSION TYPE30
1.2.5ELECTRIC TRUCKS MARKET DEFINITION, BY LEVEL OF AUTOMATION30
1.3ELECTRIC TRUCKS MARKET: INCLUSIONS AND EXCLUSIONS31
1.3.1INCLUSIONS AND EXCLUSIONS31
1.4MARKET SCOPE31
FIGURE 1MARKET SEGMENTATION: ELECTRIC TRUCKS MARKET32
1.4.1YEARS CONSIDERED32
1.5CURRENCY CONSIDERED33
TABLE 1CURRENCY EXCHANGE RATES (PER USD)33
1.6STAKEHOLDERS33
1.7SUMMARY OF CHANGES34
2RESEARCH METHODOLOGY35
2.1RESEARCH DATA35
FIGURE 2ELECTRIC TRUCKS MARKET: RESEARCH DESIGN35
2.1.1SECONDARY DATA36
2.1.1.1Key data from secondary sources36
2.1.1.2List of secondary sources37
2.1.2PRIMARY DATA37
2.1.2.1List of participating companies for primary research37
2.1.2.2Key industry insights38
2.1.2.3Breakdown of primary interviews38
FIGURE 3BREAKDOWN OF PRIMARY INTERVIEWS, BY COMPANY, DESIGNATION, AND REGION38
2.2MARKET SIZE ESTIMATION39
2.2.1RECESSION IMPACT ANALYSIS39
2.2.2BOTTOM-UP APPROACH39
FIGURE 4MARKET SIZE ESTIMATION METHODOLOGY FOR ELECTRIC TRUCKS MARKET: BOTTOM-UP APPROACH40
2.2.3TOP-DOWN APPROACH40
FIGURE 5MARKET SIZE ESTIMATION METHODOLOGY FOR ELECTRIC TRUCKS MARKET: TOP-DOWN APPROACH40
FIGURE 6NORTH AMERICA: ELECTRIC TRUCKS MARKET, BY MEDIUM AND HEAVY-DUTY TRUCK TYPE, 2022 VS. 2030 (UNITS)41
FIGURE 7EUROPE: ELECTRIC TRUCKS MARKET, BY MEDIUM AND HEAVY-DUTY TRUCK TYPE, 2022 VS. 2030 (UNITS)41
FIGURE 8ASIA PACIFIC: ELECTRIC TRUCKS MARKET, BY MEDIUM AND HEAVY-DUTY TRUCK TYPE, 2022 VS. 2030 (UNITS)42
2.3FACTOR ANALYSIS42
2.3.1RECESSION IMPACT ANALYSIS43
2.3.2FACTOR ANALYSIS FOR MARKET SIZING: DEMAND- AND SUPPLY-SIDE43
2.4DATA TRIANGULATION44
FIGURE 9DATA TRIANGULATION44
2.5RESEARCH ASSUMPTIONS45
2.6RISK ASSESSMENT45
2.7RESEARCH LIMITATIONS46
3EXECUTIVE SUMMARY47
FIGURE 10ELECTRIC TRUCKS MARKET: MARKET DYNAMICS48
FIGURE 11ELECTRIC TRUCKS MARKET, BY REGION, 2022 VS. 2030 (UNITS)48
FIGURE 12ELECTRIC TRUCKS MARKET, BY BATTERY TYPE, 2022 VS. 2030 (UNITS)49
FIGURE 13NORTH AMERICA: ELECTRIC TRUCKS MARKET, BY FUEL TYPE, 2022 VS. 2030 (UNITS)49
FIGURE 14ASIA PACIFIC: ELECTRIC TRUCKS MARKET, BY FUEL TYPE, 2022 VS. 2030 (UNITS)50
FIGURE 15EUROPE: ELECTRIC TRUCKS MARKET, BY FUEL TYPE, 2022 VS. 2030 (UNITS)50
4PREMIUM INSIGHTS51
4.1ATTRACTIVE OPPORTUNITIES IN ELECTRIC TRUCKS MARKET51
FIGURE 16INCREASED FUEL-EFFICIENT VEHICLE OWNERSHIP TO DRIVE DEMAND FOR ELECTRIC TRUCKS51
4.2ELECTRIC TRUCKS MARKET, BY REGION51
FIGURE 17ASIA PACIFIC ACCOUNTED FOR LARGEST MARKET SHARE IN 202251
4.3ELECTRIC TRUCKS MARKET, BY BATTERY CAPACITY52
FIGURE 1850-250 KWH PROJECTED TO BE LARGEST MARKET (2022─2030) (UNITS)52
4.4ELECTRIC TRUCKS MARKET, BY BATTERY TYPE52
FIGURE 19LITHIUM-IRON-PHOSPHATE SEGMENT TO BE DOMINANT SEGMENT DURING FORECAST PERIOD (UNITS)52
4.5ELECTRIC TRUCKS MARKET, BY END USER53
FIGURE 20LAST MILE DELIVERY TO BE LARGER SEGMENT DURING FORECAST PERIOD53
4.6ELECTRIC TRUCKS MARKET, BY RANGE53
FIGURE 21UPTO 200 MILES SEGMENT TO WITNESS HIGHER GROWTH (2022─ 2030)53
4.7ELECTRIC TRUCKS MARKET, BY PROPULSION TYPE54
FIGURE 22FCEV SEGMENT TO HAVE HIGHER GROWTH DURING FORECAST PERIOD54
4.8ELECTRIC TRUCKS MARKET, BY LEVEL OF AUTOMATION54
FIGURE 23SEMI-AUTONOMOUS TRUCKS SEGMENT TO REGISTER HIGHEST GROWTH DURING FORECAST PERIOD54
4.9ELECTRIC TRUCKS MARKET, BY TYPE55
FIGURE 24LIGHT-DUTY TRUCKS TO HAVE HIGH GROWTH DURING FROM 2022 TO 2030 (UNITS)55
5MARKET OVERVIEW56
5.1INTRODUCTION56
5.2MARKET DYNAMICS57
FIGURE 25ELECTRIC TRUCKS MARKET: MARKET DYNAMICS57
TABLE 2ELECTRIC TRUCKS MARKET: IMPACT OF MARKET DYNAMICS57
5.2.1DRIVERS58
5.2.1.1Reducing cost of EV batteries58
FIGURE 26EV BATTERY PRICING ANALYSIS58
5.2.1.2Lower operating cost59
FIGURE 27OPERATING COST: ELECTRIC TRUCKS VS. ICE TRUCKS (2022)59
TABLE 3AVERAGE GASOLINE PRICES IN US (2016─2022)59
TABLE 4AVERAGE DIESEL PRICES IN US (2016–2022)60
5.2.1.3Increasing vehicle range60
TABLE 5NEW EV TRUCK MODELS, BY RANGE, BY BATTERY CAPACITY, AND AVERAGE PRICE (2022)60
5.2.1.4Rising demand for electric trucks in logistics and other industries61
TABLE 6MAJOR PURCHASE ORDER/SUPPLY CONTRACT FOR ELECTRIC TRUCKS62
5.2.1.5Government initiatives for EVs62
TABLE 7GOVERNMENT PROGRAMS FOR PROMOTION OF ELECTRIC COMMERCIAL VEHICLE SALES62
FIGURE 28ELECTRIFICATION TARGET, BY COUNTRY63
FIGURE 29REGULATORY COMPARISON FOR EVS WORLDWIDE64
5.2.2RESTRAINTS64
5.2.2.1High initial investment for production64
5.2.2.2Lack of EV charging infrastructure64
FIGURE 30EV CHARGER DENSITY COMPARISON (2021)65
FIGURE 31PRIVATE, SEMI-PUBLIC, AND PUBLIC CHARGING65
5.2.2.3Longer charging time66
FIGURE 32CHARGING TIME REQUIRED USING DIFFERENT TYPES66
5.2.3OPPORTUNITIES66
5.2.3.1Development of self-driving truck technology66
5.2.3.2Development of wireless EV charging technology67
5.2.3.3Rapid development in fuel cell technology67
5.2.4CHALLENGES67
5.2.4.1High cost of existing electric trucks67
5.2.4.2Insufficient standardization of EV charging infrastructure67
FIGURE 33EV CHARGERS USED GLOBALLY68
5.3PORTER’S FIVE FORCES68
FIGURE 34PORTER’S FIVE FORCES: ELECTRIC TRUCKS MARKET69
TABLE 8ELECTRIC TRUCKS MARKET: IMPACT OF PORTERS 5 FORCES69
5.3.1THREAT OF SUBSTITUTES70
5.3.2THREAT OF NEW ENTRANTS70
5.3.3BARGAINING POWER OF BUYERS70
5.3.4BARGAINING POWER OF SUPPLIERS70
5.3.5INTENSITY OF COMPETITIVE RIVALRY70
5.4MACROECONOMIC INDICATORS71
5.4.1GDP TRENDS AND FORECAST FOR MAJOR ECONOMIES71
TABLE 9GDP TRENDS AND FORECAST, BY MAJOR ECONOMIES, 2019–2026 (USD BILLION)71
5.5ELECTRIC TRUCKS MARKET ECOSYSTEM72
FIGURE 35ELECTRIC TRUCKS MARKET: ECOSYSTEM ANALYSIS72
5.5.1EV CHARGING PROVIDERS72
5.5.2RAW MATERIAL SUPPLIERS72
5.5.3OEMS73
5.5.4BATTERY MANUFACTURER/COMPONENT MANUFACTURER73
5.5.5ELECTRIC VEHICLE STARTUP ECOSYSTEM ANALYSIS73
FIGURE 36EV STARTUP ECOSYSTEM ANALYSIS73
5.5.6EV ROADMAP, BY BATTERY CAPACITY AND RANGE74
FIGURE 37EV ROADMAP, BY BATTERY CAPACITY AND RANGE74
5.6VALUE CHAIN ANALYSIS75
FIGURE 38VALUE CHAIN ANALYSIS75
FIGURE 39TRENDS AND DISRUPTIONS IN ELECTRIC TRUCKS MARKET76
5.7PRICING ANALYSIS77
TABLE 10DIESEL/PETROL TRUCKS: AVERAGE PRICE COMPARISON (2022)77
TABLE 11ELECTRIC TRUCKS: AVERAGE PRICE COMPARISON78
5.8CASE STUDIES79
5.8.1USER EXPERIENCE OF BATTERY-ELECTRIC TRUCKS IN NORWAY79
5.9TECHNOLOGY ANALYSIS80
5.9.1SMART CHARGING SYSTEM80
FIGURE 40SMART EV CHARGING SYSTEM80
5.9.2SOLID-STATE BATTERIES (SSB)81
5.9.3IOT IN ELECTRIC VEHICLES81
5.9.4RANGE EXTENDERS IN ELECTRIC TRUCKS81
5.9.5BATTERY TECHNOLOGY ANALYSIS, BY BATTERY CHEMISTRY82
FIGURE 41BATTERY MANUFACTURER ROADMAP, BY BATTERY CHEMISTRY WRT BATTERY TYPE82
5.9.6BATTERY TECHNOLOGY ANALYSIS, BY BATTERY SIZE IN ASIA PACIFIC83
FIGURE 42AVERAGE BATTERY SIZE IN TOP LCVS IN ASIA PACIFIC83
5.9.7CELL TO PACK TECHNOLOGY83
5.9.8MEGAWATT CHARGING SYSTEM FOR HEAVY-DUTY TRUCKS84
5.9.9WIRELESS ROAD CHARGING FOR EVS84
5.10BILL OF MATERIAL84
FIGURE 43ELECTRIC TRUCKS MARKET: BILL OF MATERIALS FOR LCV84
FIGURE 44ELECTRIC TRUCKS MARKET BILL OF MATERIAL, BATTERY VS. NON-BATTERY85
5.11OEMS SOURCING STRATEGIES86
5.11.1FUTURE INTENDED SOURCING STRATEGIES OF OEMS IN ELECTRIC TRUCKS MARKET86
FIGURE 45ELECTRIC TRUCKS MARKET: FUTURE STRATEGIES86
5.11.2OEMS MOTOR RATING ANALYSIS, BY RANGE86
FIGURE 46ELECTRIC TRUCKS MARKET: BY RANGE86
5.11.3COMPETITIVE MARKET ASSESSMENT, BY PAYLOAD CAPACITY87
FIGURE 47ELECTRIC TRUCKS COMPETITIVE ASSESSMENT, BY PAYLOAD CAPACITY87
FIGURE 48ELECTRIC TRUCKS CARGO DELIVERY VS. PAYLOAD CAPACITY88
5.12REGULATORY OVERVIEW88
5.12.1NETHERLANDS89
TABLE 12NETHERLANDS: INCENTIVES FOR ELECTRIC VEHICLES89
TABLE 13NETHERLANDS: ELECTRIC VEHICLE CHARGING STATION INCENTIVES89
5.12.2GERMANY90
TABLE 14GERMANY: ELECTRIC VEHICLE INCENTIVES90
TABLE 15GERMANY: ELECTRIC VEHICLE CHARGING STATION INCENTIVES90
5.12.3FRANCE91
TABLE 16FRANCE: ELECTRIC VEHICLE INCENTIVES91
TABLE 17FRANCE: ELECTRIC VEHICLE CHARGING STATION INCENTIVES91
5.12.4UK92
TABLE 18UK: ELECTRIC VEHICLE INCENTIVES92
TABLE 19UK: ELECTRIC VEHICLE CHARGING STATION INCENTIVES92
5.12.5CHINA93
TABLE 20CHINA: ELECTRIC VEHICLE INCENTIVES93
TABLE 21CHINA: ELECTRIC VEHICLE CHARGING STATION INCENTIVES93
5.12.6US93
TABLE 22US: ELECTRIC VEHICLE INCENTIVES93
TABLE 23US: ELECTRIC VEHICLE CHARGING STATION INCENTIVES94
5.13CONFERENCES AND EVENTS, 2023–202494
TABLE 24ELECTRIC TRUCKS MARKET: CONFERENCES AND EVENTS, 2023–202494
5.13.1REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS95
TABLE 25ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS95
TABLE 26NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS96
TABLE 27EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS98
TABLE 28REST OF THE WORLD: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS99
5.14PATENT ANALYSIS99
TABLE 29IMPORTANT PATENT REGISTRATIONS RELATED TO ELECTRIC TRUCKS MARKET99
TABLE 30ELECTRIC TRUCKS MARKET: PATENTED DOCUMENTS ANALYSIS, BY PUBLISHED, FILED, AND GRANTED (2016–2021)101
5.15KEY STAKEHOLDERS AND BUYING CRITERIA101
5.15.1KEY STAKEHOLDERS IN BUYING PROCESS101
TABLE 31INFLUENCE OF INSTITUTIONAL BUYERS FOR PURCHASE OF ELECTRIC TRUCKS101
5.15.2BUYING CRITERIA102
5.16RECESSION IMPACT ANALYSIS102
TABLE 32INFLUENCE OF RECESSION ON SALES OF ELECTRIC TRUCKS102
5.17ELECTRIC TRUCKS MARKET, SCENARIOS (2022–2030)102
5.17.1MOST LIKELY SCENARIO102
TABLE 33ELECTRIC TRUCKS MARKET (MOST LIKELY), BY REGION, 2022–2030 (UNITS)103
5.17.2OPTIMISTIC SCENARIO103
TABLE 34ELECTRIC TRUCKS MARKET (OPTIMISTIC), BY REGION, 2022–2030 (UNITS)103
5.17.3PESSIMISTIC SCENARIO104
TABLE 35ELECTRIC TRUCKS MARKET (PESSIMISTIC), BY REGION, 2022–2030 (UNITS)104
6ELECTRIC TRUCKS MARKET, BY BATTERY CAPACITY105
6.1INTRODUCTION106
FIGURE 4950–250 KWH SEGMENT TO DOMINATE ELECTRIC TRUCKS MARKET, 2022–2030 (UNITS)106
TABLE 36ELECTRIC TRUCKS MARKET, BY BATTERY CAPACITY, 2019–2021 (UNITS)106
TABLE 37ELECTRIC TRUCKS MARKET, BY BATTERY CAPACITY, 2022–2030 (UNITS)107
6.1.1OPERATIONAL DATA107
TABLE 38ELECTRIC TRUCKS: BY BATTERY CAPACITY107
6.1.2ASSUMPTIONS107
6.1.3RESEARCH METHODOLOGY108
6.2<50 KWH108
6.2.1HIGH ADOPTION RATE IN ELECTRIC PICKUP TRUCKS108
TABLE 39<50 KWH: ELECTRIC TRUCKS MARKET, BY REGION, 2019–2021 (UNITS)108
TABLE 40<50 KWH: ELECTRIC TRUCKS MARKET, BY REGION, 2022–2030 (UNITS)108
6.350–250 KWH109
6.3.1INCREASED USE IN LIGHT COMMERCIAL VEHICLES IN NORTH AMERICA109
TABLE 4150–250 KWH: ELECTRIC TRUCK MARKET, BY REGION, 2019–2021 (UNITS)109
TABLE 4250–250 KWH: ELECTRIC TRUCK MARKET, BY REGION, 2022–2030 (UNITS)109
6.4ABOVE 250 KWH110
6.4.1USED FOR TRANSPORTATION OF HEAVY LOGISTICS110
TABLE 43ABOVE 250 KWH: ELECTRIC TRUCK MARKET, BY REGION, 2019–2021 (UNITS)110
TABLE 44ABOVE 250 KWH: ELECTRIC TRUCKS MARKET, BY REGION, 2022–2030 (UNITS)110
6.5KEY INDUSTRY INSIGHTS111
7ELECTRIC TRUCKS MARKET, BY BATTERY TYPE112
7.1INTRODUCTION113
FIGURE 50ELECTRIC TRUCKS MARKET, BY BATTERY TYPE, 2022–2030 (UNITS)113
TABLE 45ELECTRIC TRUCKS MARKET, BY BATTERY TYPE, 2019─2021 (UNITS)114
TABLE 46ELECTRIC TRUCKS MARKET, BY BATTERY TYPE, 2022─2030 (UNITS)114
7.1.1OPERATIONAL DATA114
TABLE 47ELECTRIC TRUCKS: BY BATTERY TYPE114
7.1.2ASSUMPTIONS115
7.1.3RESEARCH METHODOLOGY115
7.2LITHIUM-NICKEL-MANGANESE-COBALT OXIDE115
7.2.1ADVANCEMENTS IN BATTERY TECHNOLOGY115
TABLE 48LITHIUM-NICKEL-MANGANESE-COBALT OXIDE: ELECTRIC TRUCKS MARKET, BY REGION, 2019─2021 (UNITS)116
TABLE 49LITHIUM-NICKEL-MANGANESE-COBALT OXIDE: ELECTRIC TRUCKS MARKET, BY REGION, 2022─2030 (UNITS)116
7.3LITHIUM-IRON-PHOSPHATE117
7.3.1LOWER PRICES THAN OTHER BATTERIES117
TABLE 50LITHIUM-IRON-PHOSPHATE: ELECTRIC TRUCKS MARKET, BY REGION, 2019─2021 (UNITS)117
TABLE 51LITHIUM-IRON-PHOSPHATE: ELECTRIC TRUCKS MARKET, BY REGION, 2022─2030 (UNITS)117
7.4OTHERS118
7.4.1R&D INVESTMENTS BY OEMS TO DEVELOP BATTERIES118
TABLE 52OTHERS: ELECTRIC TRUCKS MARKET, BY REGION, 2019─2021 (UNITS)118
TABLE 53OTHERS: ELECTRIC TRUCKS MARKET, BY REGION, 2022─2030 (UNITS)118
7.5KEY INDUSTRY INSIGHTS119
8ELECTRIC TRUCKS MARKET, BY END USER120
8.1INTRODUCTION121
FIGURE 51ELECTRIC TRUCKS MARKET, BY END USER, 2022–2030 (UNITS)121
TABLE 54ELECTRIC TRUCKS MARKET, BY END USER, 2019–2021 (UNITS)121
TABLE 55ELECTRIC TRUCKS MARKET, BY END USER, 2022–2030 (UNITS)122
8.1.1OPERATIONAL DATA122
TABLE 56ELECTRIC TRUCKS: BY END USER122
8.1.2ASSUMPTIONS122
8.1.3RESEARCH METHODOLOGY123
8.2LAST MILE DELIVERY123
8.2.1INCREASED USE IN E-COMMERCE SECTOR123
8.3FIELD SERVICES123
8.3.1RISING USE IN FIELD MAINTENANCE123
8.4DISTRIBUTION SERVICES124
8.4.1USED FOR DELIVERY SERVICES124
8.5LONG HAUL TRANSPORTATION124
8.5.1MANAGES LOGISTICS124
8.6REFUSE SERVICES124
8.6.1HANDLES GLOBAL WASTE MANAGEMENT124
8.7KEY INDUSTRY INSIGHTS125
9ELECTRIC TRUCKS MARKET, BY GVWR126
9.1INTRODUCTION126
9.1.1OPERATIONAL DATA126
TABLE 57OPERATIONAL DATA: ELECTRIC TRUCKS DATA BASED ON GVWR126
9.2UPTO 10,000 LBS127
9.2.1USED FOR DELIVERY AND REFUSE SERVICES127
9.310,001–26,000 LBS127
9.3.1INCREASED USE FOR DISTRIBUTION, CONSTRUCTION, AND FIELD SERVICES127
9.4ABOVE 26,000 LBS128
9.4.1CARRIES HEAVY GOODS128
10ELECTRIC TRUCKS MARKET, BY LEVEL OF AUTOMATION129
10.1INTRODUCTION130
FIGURE 52ELECTRIC TRUCKS MARKET, BY LEVEL OF AUTOMATION, 2022–2030 (UNITS)130
TABLE 58ELECTRIC TRUCKS MARKET, BY LEVEL OF AUTOMATION, 2019–2021 (UNITS)131
TABLE 59ELECTRIC TRUCKS MARKET, BY LEVEL OF AUTOMATION, 2022–2030 (UNITS)131
10.1.1ASSUMPTIONS131
10.1.2RESEARCH METHODOLOGY132
10.2LEVEL 1132
10.2.1LANE ASSIST FEATURES IN ELECTRIC TRUCKS132
10.3LEVEL 2 & 3132
10.3.1INCREASING INVESTMENTS BY OEMS TO PROMOTE LEVEL 2 & 3 SEMI-AUTONOMOUS TRUCKS132
10.4LEVEL 4133
10.4.1INCREASING SUBSIDIES BY GOVERNMENTS133
10.5LEVEL 5133
10.5.1PROVIDES IMPROVED VEHICLE SAFETY AND REDUCED TRAFFIC CONGESTION133
10.6KEY INDUSTRY INSIGHTS134
11ELECTRIC TRUCKS MARKET, BY PROPULSION TYPE135
11.1INTRODUCTION136
FIGURE 53ELECTRIC TRUCKS MARKET, BY PROPULSION TYPE, 2022–2030 (UNITS)136
TABLE 60ELECTRIC TRUCKS MARKET, BY PROPULSION TYPE, 2019–2021 (UNITS)137
TABLE 61ELECTRIC TRUCKS MARKET, BY PROPULSION TYPE, 2022–2030 (UNITS)137
11.1.1OPERATIONAL DATA137
TABLE 62ELECTRIC TRUCKS: BY PROPULSION TYPE137
11.1.2ASSUMPTIONS138
11.1.3RESEARCH METHODOLOGY138
11.2BEV138
11.2.1GOVERNMENT INCENTIVES AND SUBSIDIES OFFERED WORLDWIDE138
TABLE 63BEV: ELECTRIC TRUCKS MARKET, BY REGION, 2019–2021 (UNITS)139
TABLE 64BEV: ELECTRIC TRUCKS MARKET, BY REGION, 2022–2030 (UNITS)139
11.3FCEV139
11.3.1ONGOING DEVELOPMENTS BY OEMS139
TABLE 65FCEV: ELECTRIC TRUCKS MARKET, BY REGION, 2019–2021 (UNITS)140
TABLE 66FCEV: ELECTRIC TRUCKS MARKET, BY REGION, 2022–2030 (UNITS)140
11.4PHEV140
11.4.1RECHARGEABLE BATTERIES WITH LESS FUEL CONSUMPTION140
TABLE 67PHEV: ELECTRIC TRUCKS MARKET, BY REGION, 2019–2021 (UNITS)141
TABLE 68PHEV: ELECTRIC TRUCKS MARKET, BY REGION, 2022–2030 (UNITS)141
11.5KEY INDUSTRY INSIGHTS141
12ELECTRIC TRUCKS MARKET, BY RANGE142
12.1INTRODUCTION143
FIGURE 54ELECTRIC TRUCKS MARKET, BY RANGE, 2022–2030 (UNITS)143
TABLE 69ELECTRIC TRUCKS MARKET, BY RANGE, 2019–2021 (UNITS)143
TABLE 70ELECTRIC TRUCKS MARKET, BY RANGE, 2022–2030 (UNITS)144
12.1.1OPERATIONAL DATA144
TABLE 71ELECTRIC TRUCKS: BY RANGE144
12.1.2ASSUMPTIONS144
12.1.3RESEARCH METHODOLOGY145
12.2UPTO 200 MILES145
12.2.1AFFORDABLE AND LOW-COST BATTERIES145
TABLE 72UPTO 200 MILES: ELECTRIC TRUCKS MARKET, BY REGION, 2019–2021 (UNITS)145
TABLE 73UPTO 200 MILES: ELECTRIC TRUCKS MARKET, BY REGION, 2022–2030 (UNITS)146
12.3ABOVE 200 MILES146
12.3.1USED FOR LONG HAUL TRANSPORTATION146
TABLE 74ABOVE 200 MILES: ELECTRIC TRUCKS MARKET, BY REGION, 2019–2021 (UNITS)146
TABLE 75ABOVE 200 MILES: ELECTRIC TRUCKS MARKET, BY REGION, 2022–2030 (UNITS)147
12.4KEY INDUSTRY INSIGHTS147
13ELECTRIC TRUCKS MARKET, BY TYPE148
13.1INTRODUCTION149
FIGURE 55ELECTRIC TRUCKS MARKET, BY TYPE, 2022–2030 (UNITS)149
TABLE 76ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2021 (UNITS)150
TABLE 77ELECTRIC TRUCKS MARKET, BY TYPE, 2022–2030 (UNITS)150
13.1.1OPERATIONAL DATA150
TABLE 78ELECTRIC TRUCKS: BY TYPE150
13.1.2ASSUMPTIONS151
13.1.3RESEARCH METHODOLOGY151
13.2LIGHT-DUTY TRUCKS151
13.2.1USED FOR COMMERCIAL LAST MILE DELIVERY151
TABLE 79LIGHT-DUTY TRUCKS: ELECTRIC TRUCKS MARKET, BY REGION, 2019–2021 (UNITS)152
TABLE 80LIGHT-DUTY TRUCK: ELECTRIC TRUCKS MARKET, BY REGION, 2022–2030 (UNITS)152
13.3MEDIUM-DUTY TRUCKS152
13.3.1MANAGES E-COMMERCE AND INTRA-STATE LOGISTICS152
TABLE 81MEDIUM-DUTY TRUCKS: ELECTRIC TRUCKS MARKET, BY REGION, 2019–2021 (UNITS)153
TABLE 82MEDIUM-DUTY TRUCKS: ELECTRIC TRUCKS MARKET, BY REGION, 2022–2030 (UNITS)153
13.4HEAVY-DUTY TRUCKS153
13.4.1INCLUDES INTER-STATE DELIVERY AND SPECIALIZED VEHICLES153
TABLE 83HEAVY-DUTY TRUCKS: ELECTRIC TRUCKS MARKET, BY REGION, 2019–2021 (UNITS)154
TABLE 84HEAVY-DUTY TRUCKS: ELECTRIC TRUCKS MARKET, BY REGION, 2022–2030 (UNITS)154
13.5KEY INDUSTRY INSIGHTS154
14ELECTRIC TRUCKS MARKET, BY REGION155
14.1INTRODUCTION156
FIGURE 56ELECTRIC TRUCKS MARKET, BY REGION, 2022 VS. 2030 (UNITS)156
TABLE 85ELECTRIC TRUCKS MARKET, BY REGION, 2019–2021 (UNITS)157
TABLE 86ELECTRIC TRUCKS MARKET, BY REGION, 2022–2030 (UNITS)157
TABLE 87ELECTRIC TRUCKS MARKET, BY REGION, 2019–2021 (USD MILLION)157
TABLE 88ELECTRIC TRUCKS MARKET, BY REGION, 2022–2030 (USD MILLION)157
14.2ASIA PACIFIC158
FIGURE 57ASIA PACIFIC: ELECTRIC TRUCKS MARKET SNAPSHOT159
TABLE 89ASIA PACIFIC: ELECTRIC TRUCKS MARKET, BY COUNTRY, 2019–2021 (UNITS)159
TABLE 90ASIA PACIFIC: ELECTRIC TRUCKS MARKET, BY COUNTRY, 2022–2030 (UNITS)160
14.2.1CHINA160
14.2.1.1Increased investments in charging infrastructure160
TABLE 91CHINA: ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2021 (UNITS)160
TABLE 92CHINA: ELECTRIC TRUCKS MARKET, BY TYPE, 2022–2030 (UNITS)161
14.2.2INDIA161
14.2.2.1Government initiatives for electric trucks161
TABLE 93INDIA: ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2021 (UNITS)161
TABLE 94INDIA: ELECTRIC TRUCKS MARKET, BY TYPE, 2022–2030 (UNITS)162
14.2.3JAPAN162
14.2.3.1Advancements in battery technology162
TABLE 95JAPAN: ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2021 (UNITS)162
TABLE 96JAPAN: ELECTRIC TRUCKS MARKET, BY TYPE, 2022–2030 (UNITS)163
14.2.4SOUTH KOREA163
14.2.4.1Increased investments in commercial electric vehicles163
TABLE 97SOUTH KOREA: ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2021 (UNITS)163
TABLE 98SOUTH KOREA: ELECTRIC TRUCKS MARKET, BY TYPE, 2022–2030 (UNITS)164
14.3EUROPE164
14.3.1EUROPE: RECESSION IMPACT164
FIGURE 58EUROPE: ELECTRIC TRUCKS MARKET SNAPSHOT, 2022 VS. 2030 (UNITS)165
TABLE 99EUROPE: ELECTRIC TRUCKS MARKET, BY COUNTRY, 2019–2021 (UNITS)165
TABLE 100EUROPE: ELECTRIC TRUCKS MARKET, BY COUNTRY, 2022–2030 (UNITS)165
14.3.2FRANCE166
14.3.2.1Government offers purchase grants166
TABLE 101FRANCE: ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2021 (UNITS)166
TABLE 102FRANCE: ELECTRIC TRUCKS MARKET, BY TYPE, 2022–2030 (UNITS)166
14.3.3GERMANY167
14.3.3.1E-highway program167
TABLE 103GERMANY: ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2021 (UNITS)167
TABLE 104GERMANY: ELECTRIC TRUCKS MARKET, BY TYPE, 2022–2030 (UNITS)167
14.3.4NETHERLANDS168
14.3.4.1Focus on greener vehicles168
TABLE 105NETHERLANDS: ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2021 (UNITS)168
TABLE 106NETHERLANDS: ELECTRIC TRUCKS MARKET, BY TYPE, 2022–2030 (UNITS)168
14.3.5NORWAY169
14.3.5.1Tax incentives for electric vehicles169
TABLE 107NORWAY: ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2021 (UNITS)169
TABLE 108NORWAY: ELECTRIC TRUCKS MARKET, BY TYPE, 2022–2030 (UNITS)169
14.3.6SWEDEN170
14.3.6.1Presence of top OEMs170
TABLE 109SWEDEN: ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2021 (UNITS)170
TABLE 110SWEDEN: ELECTRIC TRUCKS MARKET, BY TYPE, 2022–2030 (UNITS)170
14.3.7UK171
14.3.7.1Investment in ultra-low emission vehicles171
TABLE 111UK: ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2021 (UNITS)171
TABLE 112UK: ELECTRIC TRUCKS MARKET, BY TYPE, 2022–2030 (UNITS)171
14.4NORTH AMERICA172
FIGURE 59NORTH AMERICA: ELECTRIC TRUCKS MARKET SNAPSHOT172
TABLE 113NORTH AMERICA: ELECTRIC TRUCKS MARKET, BY COUNTRY, 2019–2021 (UNITS)173
TABLE 114NORTH AMERICA: ELECTRIC TRUCKS MARKET, BY COUNTRY, 2022–2030 (UNITS)173
14.4.1CANADA173
14.4.1.1Increasing development in electric vehicles infrastructure173
TABLE 115CANADA: ELECTRIC TRUCK MARKET, BY TYPE, 2019–2021 (UNITS)173
TABLE 116CANADA: ELECTRIC TRUCK MARKET, BY TYPE, 2022–2030 (UNITS)174
14.4.2US174
14.4.2.1Increasing developments in electric truck technology174
TABLE 117US: ELECTRIC TRUCKS MARKET, BY TYPE, 2019–2021 (UNITS)174
TABLE 118US: ELECTRIC TRUCKS MARKET, BY TYPE, 2022–2030 (UNITS)175
15COMPETITIVE LANDSCAPE176
15.1OVERVIEW176
15.1.1OEMS VEHICLE MODELS LAUNCH PLANS, 2023–2026176
FIGURE 60ELECTRIC TRUCKS MARKET: OEMS VEHICLE MODEL LAUNCH PLANS176
15.2MARKET SHARE ANALYSIS FOR ELECTRIC TRUCKS MARKET177
TABLE 119MARKET SHARE ANALYSIS, 2022177
FIGURE 61MARKET SHARE ANALYSIS, 2022177
15.3KEY PLAYER STRATEGIES179
TABLE 120OVERVIEW OF STRATEGIES ADOPTED BY PLAYERS IN ELECTRIC TRUCKS MARKET179
15.4REVENUE ANALYSIS OF TOP LISTED/PUBLIC PLAYERS180
FIGURE 62TOP PUBLIC/LISTED PLAYERS DOMINATING ELECTRIC TRUCKS MARKET DURING LAST FIVE YEARS180
15.5COMPETITIVE SCENARIO181
15.5.1NEW PRODUCT LAUNCHES181
TABLE 121NEW PRODUCT LAUNCHES, 2020–2023181
15.5.2DEALS182
TABLE 122DEALS, 2020–2023182
15.5.3OTHERS183
TABLE 123OTHERS, 2020–2023183
15.6COMPANY EVALUATION QUADRANT183
15.6.1STARS184
15.6.2EMERGING LEADERS184
15.6.3PERVASIVE PLAYERS184
15.6.4PARTICIPANTS184
FIGURE 63ELECTRIC TRUCKS MARKET: COMPANY EVALUATION QUADRANT, 2023185
TABLE 124ELECTRIC TRUCKS MARKET: COMPANY FOOTPRINT, 2023186
TABLE 125ELECTRIC TRUCKS MARKET: PRODUCT FOOTPRINT, 2022186
TABLE 126ELECTRIC TRUCKS MARKET: REGIONAL FOOTPRINT, 2022187
15.7STARTUP/SME EVALUATION QUADRANT187
15.7.1PROGRESSIVE COMPANIES187
15.7.2RESPONSIVE COMPANIES187
15.7.3DYNAMIC COMPANIES187
15.7.4STARTING BLOCKS188
FIGURE 64ELECTRIC TRUCKS MARKET: STARTUP/SME EVALUATION QUADRANT, 2023188
TABLE 127ELECTRIC TRUCKS MARKET: DETAILED LIST OF KEY STARTUPS/SMES189
TABLE 128ELECTRIC TRUCKS MARKET: COMPETITIVE BENCHMARKING OF KEY PLAYERS [STARTUPS/SMES]190
16COMPANY PROFILES191
16.1KEY PLAYERS191
(Business Overview, Products/Services/Solutions Offered, MnM View, Key Strengths and Right to Win, Strategic Choices Made, Weaknesses and Competitive Threats, Recent Developments)*
16.1.1AB VOLVO191
TABLE 129AB VOLVO: BUSINESS OVERVIEW191
FIGURE 65AB VOLVO: COMPANY SNAPSHOT192
FIGURE 66AB VOLVO: SALES, BY REVENUE (2021)192
TABLE 130AB VOLVO: PRODUCTS OFFERED193
TABLE 131AB VOLVO: NEW PRODUCT DEVELOPMENTS193
TABLE 132AB VOLVO: DEALS194
TABLE 133AB VOLVO: OTHERS195
16.1.2BYD197
TABLE 134BYD: BUSINESS OVERVIEW197
FIGURE 67BYD: COMPANY SNAPSHOT198
TABLE 135BYD: PRODUCTS OFFERED198
TABLE 136BYD: NEW PRODUCT DEVELOPMENTS199
TABLE 137BYD: DEALS199
TABLE 138BYD: OTHERS200
16.1.3RIVIAN201
TABLE 139RIVIAN: BUSINESS OVERVIEW201
TABLE 140RIVIAN: PRODUCTS OFFERED201
TABLE 141RIVIAN: NEW PRODUCT DEVELOPMENTS201
TABLE 142RIVIAN: DEALS202
TABLE 143RIVIAN: OTHERS202
16.1.4MERCEDES BENZ GROUP AG203
TABLE 144MERCEDES BENZ GROUP AG: BUSINESS OVERVIEW203
FIGURE 68MERCEDES BENZ GROUP AG: COMPANY SNAPSHOT204
TABLE 145MERCEDES BENZ GROUP AG: PRODUCTS OFFERED204
TABLE 146MERCEDES BENZ GROUP AG: NEW PRODUCT DEVELOPMENTS205
TABLE 147MERCEDES BENZ GROUP AG: DEALS206
TABLE 148MERCEDES BENZ GROUP AG: OTHERS206
16.1.5FORD MOTOR COMPANY208
TABLE 149FORD MOTOR COMPANY: BUSINESS OVERVIEW208
FIGURE 69FORD MOTOR COMPANY: COMPANY SNAPSHOT208
TABLE 150FORD MOTOR COMPANY: PRODUCTS OFFERED209
TABLE 151FORD MOTOR COMPANY: NEW PRODUCT DEVELOPMENTS209
TABLE 152FORD MOTOR COMPANY: DEALS209
TABLE 153FORD MOTOR COMPANY: OTHERS209
16.1.6PACCAR INC.211
TABLE 154PACCAR INC.: BUSINESS OVERVIEW211
FIGURE 70PACCAR INC.: COMPANY SNAPSHOT212
TABLE 155PACCAR INC.: PRODUCTS OFFERED212
TABLE 156PACCAR INC.: NEW PRODUCT DEVELOPMENTS213
TABLE 157PACCAR INC.: DEALS214
TABLE 158PACCAR INC.: OTHERS214
16.1.7SCANIA AB215
TABLE 159SCANIA AB: BUSINESS OVERVIEW215
FIGURE 71SCANIA AB: COMPANY SNAPSHOT216
TABLE 160SCANIA AB: PRODUCTS OFFERED216
TABLE 161SCANIA AB: NEW PRODUCT DEVELOPMENTS217
TABLE 162SCANIA AB: DEALS217
TABLE 163SCANIA AB: OTHERS218
16.1.8NAVISTAR INC.219
TABLE 164NAVISTAR INC.: BUSINESS OVERVIEW219
FIGURE 72NAVISTAR INC.: COMPANY SNAPSHOT220
TABLE 165NAVISTAR INC.: PRODUCTS OFFERED220
TABLE 166NAVISTAR INC.: NEW PRODUCT DEVELOPMENTS221
TABLE 167NAVISTAR INC.: DEALS221
TABLE 168NAVISTAR INC.: OTHERS222
16.1.9DONGFENG MOTOR CORPORATION223
TABLE 169DONGFENG MOTOR CORPORATION: BUSINESS OVERVIEW223
FIGURE 73DONGFENG MOTOR CORPORATION: COMPANY SNAPSHOT223
TABLE 170DONGFENG MOTOR CORPORATION: PRODUCTS OFFERED224
TABLE 171DONGFENG MOTOR CORPORATION: DEALS224
TABLE 172DONGFENG MOTOR CORPORATION: OTHERS225
16.1.10PROTERRA226
TABLE 173PROTERRA: BUSINESS OVERVIEW226
FIGURE 74PROTERRA: COMPANY SNAPSHOT227
TABLE 174PROTERRA: PRODUCTS OFFERED227
TABLE 175PROTERRA: DEALS228
TABLE 176PROTERRA: OTHERS228
16.1.11VDL GROEP229
TABLE 177VDL GROEP: BUSINESS OVERVIEW229
FIGURE 75VDL GROEP: COMPANY SNAPSHOT230
TABLE 178VDL GROEP: PRODUCTS OFFERED230
TABLE 179VDL GROEP: DEALS231
TABLE 180VDL GROEP: OTHERS231
16.1.12TESLA, INC.232
TABLE 181TESLA, INC.: BUSINESS OVERVIEW232
FIGURE 76TESLA, INC.: COMPANY SNAPSHOT233
TABLE 182TESLA, INC.: PRODUCTS OFFERED233
TABLE 183TESLA, INC.: NEW PRODUCT DEVELOPMENTS234
TABLE 184TESLA, INC: DEALS234
TABLE 185TESLA, INC: OTHERS234
*Business Overview, Products/Services/Solutions Offered, MnM View, Key Strengths and Right to Win, Strategic Choices Made, Weaknesses and Competitive Threats, Recent Developments might not be captured in case of unlisted companies.
16.2OTHER KEY PLAYERS235
16.2.1TATA MOTORS LIMITED235
16.2.2WORKHORSE GROUP235
16.2.3NIKOLA CORPORATION236
16.2.4ASHOK LEYLAND236
16.2.5ISUZU MOTORS LTD.237
16.2.6IRIZAR GROUP237
16.2.7IVECO238
16.2.8TRITON EV238
16.2.9BOLLINGER MOTORS239
16.2.10XOS TRUCKS, INC.239
16.2.11ATLIS MOTOR VEHICLES240
16.2.12KAIYUN MOTORS240
16.2.13GEELY AUTOMOBILE HOLDINGS LIMITED241
16.2.14MAN SE241
16.2.15ORANGE EV242
16.2.16TEVVA MOTORS LIMITED242
16.2.17HINO MOTORS243
17RECOMMENDATIONS BY MARKETSANDMARKETS244
17.1NORTH AMERICA AND ASIA PACIFIC TO BE KEY MARKETS FOR ELECTRIC TRUCKS244
17.2ADOPTION OF LIGHT-DUTY ELECTRIC TRUCKS244
17.3KEY GROWTH OPPORTUNITIES244
17.3.1IMPROVEMENTS IN EV BATTERY TECHNOLOGY245
17.3.2DEMAND FOR HIGHER RANGE VEHICLES245
17.4CONCLUSION245
18APPENDIX246
18.1INSIGHTS FROM INDUSTRY EXPERTS246
18.2DISCUSSION GUIDE247
18.3KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL249
18.4CUSTOMIZATION OPTIONS251
18.5RELATED REPORTS251
18.6AUTHOR DETAILS252
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