ELECTRIC TRUCK MARKET ANALYSIS
The global electric truck market size was valued at US$ 2.73 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 18.1% from 2023 to 2030. The increasing awareness of the effects of climate change and rising concern about pollution is driving demand for green transport worldwide. Moreover, governments of various countries are encouraging the adoption of electric vehicles to reduce greenhouse gas emissions. These factors are expected to drive growth of the global electric truck market over the forecast period. The introduction of self-driving electric vehicles is also expected to further fuel the market growth.
Global Electric Truck Market Trends:
Rise in adoption of autonomous driving technology is a major trend in the market
The trend of self-driving technology is growing rapidly, and this is expected to boost growth of the global electric truck market during the forecast period. Major manufacturers in this field such as Volvo, Tesla, Daimler, and Vera among others are involved in development of self-driving technology in trucks for the market. Several startup companies are also focusing on development of this technology. Autonomous trucking will offer greater efficiency in the market. Thus, this trend is likely to continue in the global electric truck market over the forecast period.
Battery electric trucks segment is gaining traction in the market
The demand for battery electric trucks is increasing due to rise in life and energy density of batteries and declining cost of these batteries. Along with this, government regulations for mandating zero-emission vehicles are also increasing all over the world. For instance, the European Union imposed enactment for reducing emissions by 2030 by at least 40%. Due to such regulations, demand for battery electric trucks is increasing. This trend is expected to support growth of the global electric truck market over the forecast period.
Figure 2: Global Electric Truck Market Share (%), By Propulsion Segment, 2022
Electric Truck Market Report Snapshots
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