Electric Truck Market by Propulsion (Battery Electric Truck, Hybrid Electric Truck, Plug-In Hybrid Electric Truck and Fuel Cell Electric Truck), Vehicle Type (Light Duty Electric Truck, Medium Duty Electric Truck and Heavy-Duty Electric Truck) and Range (Up To 150 Miles, 151 To 300 Miles and Above 300 Miles): Global Opportunity Analysis and Industry Forecast, 2021–2030.
E-trucks industry by propulsion, the hybrid electric truck segment dominated the global electric truck market in 2020, in terms of revenue, and the fuel cell electric truck segment is anticipated to witness highest CAGR during the forecast period (2021-2030). Presently, Asia-Pacific is the highest revenue contributor, and expected to lead the market during the forecast period, followed by Europe.
Key Findings Of The Study
- By propulsion, the fuel cell electric truck segment is expected to register a significant growth, registering a GAGR of 29.9% during the forecast period.
- By vehicle type, the light duty electric truck segment dominated the global electric truck market in 2020, in terms of revenue.
- By range, the above 300 miles segment is projected to lead the global electric truck market in terms of growth rate, owing to higher CAGR.
According to a recent report published by Allied Market Research, titled, “Electric truck Market by Propulsion, Vehicle Type, and Range: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global electric truck market was valued at $392.3 million in 2020, and is projected to reach $3,861.8 million by 2030, registering a CAGR of 26.4% from 2021 to 2030.
COVID-19 Impact Analysis:
The overall automobile market suffered losses in the initial months of the pandemic when sales of vehicles reduced drastically due to lockdowns. Closing down the factories resulting in the expulsion of the workers and the terror of stagnation due to coronavirus are leading to a significant decline in the sales of the electric trucks in first and second quarter of the 2020. Nevertheless, the demand for electric trucks is expected to gain traction after the lockdown restrictions are relaxed. However, during the second half of 2020, the sales increased and, in most cases, reduced the losses for those past months. The sales of electric vehicles increased in 2020 and 2021 due to the growing trend of vehicle electrification around the world. This sector was thus, less affected by the pandemic.
