Increase in initiatives by government for promotion of e-mobility and strict emission norms for usage of fossil fuels propel the growth of the global electric truck market. Asia-Pacific held the highest market share in 2019, and is estimated to maintain its dominant share during the forecast period. Electric truck manufacturers have stopped their manufacturing activities due to disruption in supply chain of automotive components and ban on import-export activities amid the lockdown.
Portland, OR, Sept. 15, 2020 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global electric truck market generated $422.5 million in 2019 and is estimated to reach $1.89 billion by 2027, registering a CAGR of 25.8% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
The surge in government initiatives to promote e-mobility and stringent emission norms on vehicles using fossil fuels (petrol and diesel) drives the growth of the global electric truck market. However, the high costs associated with electric trucks and lack of charging infrastructure restrain the market growth. Furthermore, the growing adoption of the electric truck from the logistic sector is expected to create provide growth opportunities for market players in the near future.
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COVID-19 scenario on E-Trucks Market:
- Electric truck manufacturers across the globe have halted their production due to a disrupted supply chain of automotive components with sluggish import-export activities amid the lockdown.
- In addition, closing dealerships and cancellation of various auto expo events globally have affected the promotion and marketing of new electric trucks produced during pre-COVID days. Due to this, the sales of new vehicles is expected to decline.
The report offers a detailed segmentation of the global electric truck market based on propulsion, vehicle type, range, and region.
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Based on propulsion, the hybrid electric truck segment contributed to the largest share in 2019, accounting for half of the total share, and is estimated to maintain its dominant position during the forecast period. However, the fuel cell electric truck segment is estimated to portray the highest CAGR of 30.5% during the forecast period.
Based on vehicle type, the light-duty electric truck segment accounted for the largest share in 2019, holding more than four-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. However, the heavy-duty electric truck segment is expected to register the highest CAGR of 31.8% from 2020 to 2027.
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Based on region, Asia-Pacific contributed the highest share, accounting for nearly half of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, LAMEA is expected to grow at the highest CAGR of 30.6% from 2020 to 2027.
Leading market players analyzed in the E-truck market research include BYD Company Ltd., AB VOLVO, Dongfeng Motor Group Co., Ltd., DAIMLER AG, Rivian, MAN SE, Tata Motors, SCANIA AB, Workhorse, and Tesla.
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