Electric Commercial Truck Market
Global Electric Commercial Truck Market Size, Share & Trends Analysis Report by Propulsion (Plug-In Hybrid, Fuel Cell Electric, and Battery Electric), and by Application (Logistics, Municipal, Construction, Mining, and Others) Forecast Period (2021-2027)
The global electric commercial truck market is anticipated to grow at a significant CAGR of 22.3% during the forecast period. Due to growing environmental concerns, governments across the globe are focusing on enacting emission norms and laws to reduce vehicle emissions. The government norms and laws are targeting to reduce nitrogen oxides (NOx), and carbon dioxide (CO2) in the air. Increasing focus of the government on emission-free vehicles would drive the adoption of electric trucks in various industries.
Additionally, government pressure on vehicle manufactures to reduce carbon emissions caused by fuel and greenhouse gas emissions, pushing manufacturers to develop electric trucks, which will fuel the electric commercial bus market. For instance, in December 2021, EPA finalized Regulations for Greenhouse Gas Emissions from Passenger Cars and Trucks. The final standards would achieve significant GHG emissions reductions along with reductions in other criteria pollutants. The rule would result in substantial public health and welfare benefits while providing consumers with savings from lower fuel costs.
However, the lack of charging infrastructure for electric trucks and lack of training to customers and dealers to operate them with adequate knowledge regarding their operations acting as an obstacle for the electric truck market.
Impact of COVID-19 Pandemic on Global Electric Commercial Truck Market
The global pandemic of COVID-19 has affected a major block of the population. It has affected the dynamics and growth of several industries. Major economies went to closing factories, offices under lockdown results in the shortage of workers and fear of recession, declined revenue as well as the growth of the electric commercial market. However, incentives for the adoption of cleaner and zero-emission vehicles, and reduction in the fuel and maintenance costs will drive demand in the future for the electric commercial market.
Segmental Outlook
The global electric commercial truck market has been segmented based on electric propulsion and applications. Based on electric propulsion, the market is further segmented into a plug-in hybrid, fuel cell electric, and battery electric. Based on applications, the market is sub-segmented into logistics, municipal, construction, mining, and others.
Global Electric Commercial Truck Market Share by Electric Propulsion, 2020 (%)
The Battery Electric Segment Holds the Major Share in the Global Electric Commercial Truck Market
Among all segments, the battery-electric truck segment accounts for the major share in the electric commercial market during the forecast period. Due to the increased battery life and energy density of batteries, the segment is continuously driving the electric commercial market. Additionally, decreasing battery cost is also an advantage to the battery-electric truck segment. For Instance, in June 2021, Mercedes launched Actros EV heavy truck.
Depending on the version, there are three or four battery packs each with a capacity of around 105 kWh. With a maximum capacity of 420 kWh, a range of up to 400km (250 miles) is realistic. The EV truck can be charged with up to 160 kW – when connected to a regular 400A DC charging station, the three battery packs need about an hour to charge from 20% to 80%.
Regional Outlooks
The global electric commercial truck market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, UK, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America).
Global Electric Commercial Truck Market Growth by Region, 2021-2027
The Europe Region to Have Significant Market Share in the Global Electric Commercial Truck Market
The European region held a significant market share for the electric commercial truck market during the forecast period. UK, Germany, Italy, Spain, France, and others are gearing up the market. Due to strict norms and regulations regarding emission by European government is encouraging the electric commercial vehicle market. The continuous significant initiative by the European government to use electric trucks and vehicles is helping the market to grow rapidly. For instance, the EU aimed to be climate-neutral by 2050 – an economy with net-zero greenhouse gas emissions. The transition to a climate-neutral society is both an urgent challenge and an opportunity to build a better future for all.
Market Players Outlook
The major companies serving the global electric commercial truck market include AB Volvo, Daimler AG, Dongfeng Motor Corp., BYD Company Ltd., PACCAR Inc., Scania CV AB, Nikola Corp., Tesla Inc., Workhouse Group, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in October 2019, Kenworth and Toyota Motor North America collaborated to develop 10 zero-emission Kenworth T680s powered by Toyota hydrogen fuel cell electric powertrains. PACCAR will showcase zero-emission vehicles at the North American Commercial Vehicle Show in Atlanta this week. Kenworth has the PACCAR lead in hydrogen fuel cell electric vehicles and Peterbilt has the lead in battery electric vehicles.
The Report Covers
• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global electric commercial truck market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
• Impact of COVID-19 on the Global Electric Commercial Truck Market
• Recovery Scenario of Global Electric Commercial Truck Market
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. BY Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Daimler AG
3.1.1. Overview
3.1.2. Financial Analysis
3.1.3. SWOT Analysis
3.1.4. Recent Developments
3.2. Dongfeng Motor Corp.
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. BYD Company, Ltd.
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. PACCAR, Inc.
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Scania CV AB
3.5.1. Overview
3.5.2. Financial Analysis
3.5.3. SWOT Analysis
3.5.4. Recent Developments
3.6. Key Strategy Analysis
3.7. Impact of COVID-19 on Key Players
4. Market Segmentation
4.1. Global Electric Commercial Truck Market by Electric Propulsion
4.1.1. Plug-In Hybrid Electric Truck
4.1.2. Fuel Cell Electric Truck
4.1.3. Battery Electric Truck
4.2. Global Electric Commercial Truck Market by Application
4.2.1. Logistics
4.2.2. Municipal
4.2.3. Construction
4.2.4. Mining
4.2.5. Others
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. AB Volvo
6.2. Cityfreighter Inc.
6.3. Einride AB
6.4. E-Trucks Europe
6.5. Hitachi Ltd.
6.6. Hyliion Inc.
6.7. Lion Electrique
6.8. Man Truck & Bus SE
6.9. Nikola Corp.
6.10. Rivian Automotive Inc.
6.11. Sandvik AB
6.12. Tata Motors Ltd.
6.13. Tevva Motors Ltd.
6.14. Tesla Inc.
6.15. Via Motors Inc.
6.16. Volkswagen AG
6.17. Volta Trucks
6.18. Workhorse Group
1. GLOBAL ELECTRIC COMMERCIAL TRUCK MARKET RESEARCH AND ANALYSIS BY ELECTRIC PROPULSION, 2020-2027 ($ MILLION)
2. GLOBAL PLUG-IN HYBRID ELECTRIC COMMERCIAL TRUCK MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
3. GLOBAL FUEL CELL ELECTRIC COMMERCIAL TRUCK MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
4. GLOBAL BATTERY ELECTRIC COMMERCIAL TRUCK MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
5. GLOBAL ELECTRIC COMMERCIAL TRUCK MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2020-2027 ($ MILLION)
6. GLOBAL ELECTRIC COMMERCIAL TRUCK FOR LOGISTICS MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
7. GLOBAL ELECTRIC COMMERCIAL TRUCK FOR MUNICIPAL MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
8. GLOBAL ELECTRIC COMMERCIAL TRUCK FOR CONSTRUCTION MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
9. GLOBAL ELECTRIC COMMERCIAL TRUCK FOR MINING MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
10. GLOBAL ELECTRIC COMMERCIAL TRUCK FOR OTHER MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
11. GLOBAL ELECTRIC COMMERCIAL TRUCK MARKET RESEARCH AND ANALYSIS BY GEOGRAPHY, 2020-2027 ($ MILLION)
12. NORTH AMERICAN ELECTRIC COMMERCIAL TRUCK MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
13. NORTH AMERICAN ELECTRIC COMMERCIAL TRUCK MARKET RESEARCH AND ANALYSIS BY ELECTRIC PROPULSION, 2020-2027 ($ MILLION)
14. NORTH AMERICAN ELECTRIC COMMERCIAL TRUCK MARKET RESEARCH AND ANALYSIS BY APPLICATIONS, 2020-2027 ($ MILLION)
15. EUROPEAN ELECTRIC COMMERCIAL TRUCK MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
16. EUROPEAN ELECTRIC COMMERCIAL TRUCK MARKET RESEARCH AND ANALYSIS BY PROPULSION, 2020-2027 ($ MILLION)
17. EUROPEAN ELECTRIC COMMERCIAL TRUCK MARKET RESEARCH AND ANALYSIS BY APPLICATIONS, 2020-2027 ($ MILLION)
18. ASIA-PACIFIC ELECTRIC COMMERCIAL TRUCK MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
19. ASIA-PACIFIC ELECTRIC COMMERCIAL TRUCK MARKET RESEARCH AND ANALYSIS BY PROPULSION, 2020-2027 ($ MILLION)
20. ASIA-PACIFIC ELECTRIC COMMERCIAL TRUCK MARKET RESEARCH AND ANALYSIS BY APPLICATIONS, 2020-2027 ($ MILLION)
21. REST OF THE WORLD ELECTRIC COMMERCIAL TRUCK MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
22. REST OF THE WORLD ELECTRIC COMMERCIAL TRUCK MARKET RESEARCH AND ANALYSIS BY PROPULSION, 2020-2027 ($ MILLION)
23. REST OF THE WORLD ELECTRIC COMMERCIAL TRUCK MARKET RESEARCH AND ANALYSIS BY APPLICATIONS, 2020-2027 ($ MILLION)
1. IMPACT OF COVID-19 ON GLOBAL ELECTRIC COMMERCIAL TRUCK MARKET, 2020-2027 ($ MILLION)
2. IMPACT OF COVID-19 ON GLOBAL ELECTRIC COMMERCIAL TRUCK MARKET BY SEGMENT, 2020-2027 ($ MILLION)
3. RECOVERY OF GLOBAL ELECTRIC COMMERCIAL TRUCK MARKET, 2021-2027 (%)
4. GLOBAL ELECTRIC COMMERCIAL TRUCK MARKET SHARE BY PROPULSION, 2020 VS 2027 (%)
5. GLOBAL PLUG-IN HYBRID ELECTRIC COMMERCIAL TRUCK MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
6. GLOBAL FUEL CELL ELECTRIC ELECTRIC COMMERCIAL TRUCK MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
7. GLOBAL BATTERY ELECTRIC COMMERCIAL TRUCK MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
8. GLOBAL ELECTRIC COMMERCIAL TRUCK MARKET SHARE BY APPLICATIONS, 2020 VS 2027 (%)
9. GLOBAL ELECTRIC COMMERCIAL TRUCK FOR LOGISTICS MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
10. GLOBAL ELECTRIC COMMERCIAL TRUCK FOR MUNICIPAL MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
11. GLOBAL ELECTRIC COMMERCIAL TRUCK FOR CONSTRUCTION MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
12. GLOBAL ELECTRIC COMMERCIAL TRUCK FOR MINING MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
13. GLOBAL ELECTRIC COMMERCIAL TRUCK FOR OTHER MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
14. GLOBAL ELECTRIC COMMERCIAL TRUCK MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
15. US ELECTRIC COMMERCIAL TRUCK MARKET SIZE, 2020-2027 ($ MILLION)
16. CANADA ELECTRIC COMMERCIAL TRUCK MARKET SIZE, 2020-2027 ($ MILLION)
17. UK ELECTRIC COMMERCIAL TRUCK MARKET SIZE, 2020-2027 ($ MILLION)
18. FRANCE ELECTRIC COMMERCIAL TRUCK MARKET SIZE, 2020-2027 ($ MILLION)
19. GERMANY ELECTRIC COMMERCIAL TRUCK MARKET SIZE, 2020-2027 ($ MILLION)
20. ITALY ELECTRIC COMMERCIAL TRUCK MARKET SIZE, 2020-2027 ($ MILLION)
21. SPAIN ELECTRIC COMMERCIAL TRUCK MARKET SIZE, 2020-2027 ($ MILLION)
22. REST OF EUROPE ELECTRIC COMMERCIAL TRUCK MARKET SIZE, 2020-2027 ($ MILLION)
23. INDIA ELECTRIC COMMERCIAL TRUCK MARKET SIZE, 2020-2027 ($ MILLION)
24. CHINA ELECTRIC COMMERCIAL TRUCK MARKET SIZE, 2020-2027 ($ MILLION)
25. JAPAN ELECTRIC COMMERCIAL TRUCK MARKET SIZE, 2020-2027 ($ MILLION)
26. SOUTH KOREA ELECTRIC COMMERCIAL TRUCK MARKET SIZE, 2020-2027 ($ MILLION)
27. REST OF ASIA-PACIFIC ELECTRIC COMMERCIAL TRUCK MARKET SIZE, 2020-2027 ($ MILLION)
28. REST OF THE WORLD ELECTRIC COMMERCIAL TRUCK MARKET SIZE, 2020-2027 ($ MILLION)
