Battery Electric Trucks Market (Truck Type - Light Duty Electric Truck, Medium Duty Electric Truck, and Heavy Duty Electric Truck; Range - 0-150 Miles, 151-300 Miles, and 300 Miles above; Application - Logistics, Municipal, Construction, Mining, and Other Applications): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

A recent report published by Infinium Global Research on battery electric trucks market provides in-depth analysis of segments and sub-segments in the global as well as regional battery electric trucks market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional battery electric trucks market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of global battery electric trucks market. According to the report, the global battery electric trucks market was worth USD 1.5 billion in 2020 and is expected to reach USD 10 Billion by 2026, growing with a CAGR of 37.2% over the forecast period of 2020-2026.

Market Insight

Battery electric trucks can be defined as commercial vehicles that are powered by a pack of batteries and are utilized for the transportation of cargos. Furthermore, in battery-electric trucks, motors inside have fewer parts moving as related to a diesel truck and don’t require multi-speed transmissions, which in turn decrease the maintenance cost of the vehicle and improve consistency with nearly zero noise pollution. Further, battery-electric trucks are becoming the preferred choice over diesel trucks because of the government initiatives to promote the adoption of battery-electric trucks and their remarkable advantages, for example, no noise pollution, gobs of torque, minor maintenance cost, and several others.

Growing pollution related to greenhouse gases and stringent government regulations pertaining to restraining carbon emissions from conventional automobiles is pouring the industry growth. The usage of batteries to operate such vehicles with reduced noise and no emissions plays a foremost role in the market expansion. Furthermore, technological advancements, comprising improvements in charging infrastructure coupled with the proliferation of fast & ultra-fast charging technologies, are providing a positive outlook for the battery electric trucks market. On the other hand, lack of charging infrastructure and high cost of battery electric trucks are anticipated to hinder the growth of the market during the projection period. However, increasing demand for battery electric trucks from the logistics sector is estimated to provide remarkable growth opportunities for the companies operating in the battery electric truck market.

Additionally, the current concern over the spread of coronavirus is also expected to have a negative impact on the battery electric trucks market. The healthcare professionals, governments, and industries clambering to address the COVID-19 outbreak have some powerful allies in the battle to minimize the toll on public health and the global economy. Furthermore, measures such as closing factories, dealerships, offices, resulting dismissal of short-time workers, and fear of downturn that are politically imposed in order to control the novel coronavirus are anticipated to lead to a significant decline in sales of new electric vehicles. All these factors are projected to significantly impact the battery electric trucks market.

Among the geographies, the North American region is expected to hold the largest share in the global battery electric trucks market as countries such as the United States and Canada are the front-runners of the adoption of novel technologies. The upsurge in the demands of electric automobiles and stringent government regulations is intensifying the global market specifically in the North American region. Further, a factor such as the rising demand for electric trucks in logistics and healthcare has increased the growth of the global battery electric trucks market in the region. However, the Asia Pacific region is expected to witness high growth during the forecast period owing to the increased adoption of electric vehicles and rising infrastructure in countries such as China and India.

Segment Covered

The report on global battery electric trucks market covers segments such as truck type, range, and application. On the basis of truck type, the sub-markets include light duty electric truck, medium duty electric truck, and heavy duty electric truck. On the basis of range, the sub-markets include 0-150 miles, 151-300 miles, and 300 miles above. On the basis of application, the sub-markets include logistics, municipal, construction, mining, and other applications.

Companies Profiled:

The report provides profiles of the companies in the market such as Scania AB, AB Volvo, BYD Company Ltd., DAIMLER AG, Dongfeng Motor Group Co., Ltd., MAN SE, Rivian, Tata Motors, Tesla, and Workhorse.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of battery electric trucks market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.