Electric Truck Market Size, Share, Industry Growth | Forecast 2023-2028

Electric Truck Market Size, Share, Industry Growth | Forecast 2023-2028
Electric Truck Market 2023-2028
Electric truck market size reached US$ 515.1 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,556.1 Million by 2028, exhibiting a growth rate (CAGR) of 32.2% during 2023-2028.

According to the latest report by IMARC Group, titled, “Electric Truck Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028″, The global electric truck market size reached US$ 515.1 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,556.1 Million by 2028, exhibiting a growth rate (CAGR) of 32.2% during 2023-2028.

Industry Definition and Application:

An electric truck is a commercial vehicle that uses one or more electric motors instead of a traditional internal combustion engine (ICE) that runs on fossil fuels like gasoline and diesel. It is charged using an external power source and can handle heavy-duty tasks. It provides instant torque, which leads to improved acceleration and performance in urban driving conditions. It also operates without any noise, unlike traditional ICE trucks. Since it is energy-efficient, environment-friendly, and has lower maintenance costs, the electric truck finds extensive applications in the logistics, municipal, construction, and mining industries across the globe.

Electric Truck Market Trends

The global electric truck market is primarily driven by the rising focus on sustainable development. Electric trucks do not emit any pollutants from tailpipes due to its design and reduce greenhouse gas (GHG) emissions and air pollution. Moreover, increasing investments by key players in developing lightweight electric trucks due to the surging need to reduce vehicular emissions and improve overall efficiency is positively influencing the market growth. Additionally, rising investments in building EV charging stations by public and private agencies have catalyzed market growth. Furthermore, several favorable initiatives by governments of numerous countries to encourage e-mobility adoption to combat pollution levels are propelling the market growth. Other factors, including ongoing research and development (R&D) activities, rapid industrialization, and product innovations, are also anticipated to create a positive market outlook.

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Global Electric Truck 2023-2028 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

  • Volvo Group
  • BYD Company Ltd.
  • Mercedes-Benz Group AG
  • China FAW Group Co. Ltd.
  • Isuzu Motors Ltd
  • Navistar Inc.
  • PACCAR Inc.
  • Rivian Automotive, Inc.
  • Volkswagen AG
  • Tata Motors Limited, Tesla, Inc.
  • Tevva Motors Limited.

The report has segmented the market on the based on region, vehicle type, propulsion, range and application.

Breakup by Vehicle Type:

  • Light-duty Truck
  • Medium-duty Truck
  • Heavy-duty Truck

Breakup by Propulsion:

  • Battery Electric Truck
  • Hybrid Electric Truck
  • Plug-in Hybrid Electric Truck
  • Fuel Cell Electric Truck

Breakup by Range:

  • 0-150 Miles
  • 151-300 Miles
  • Above 300 Miles

Breakup by Application:

  • Logistics
  • Municipal
  • Construction
  • Mining
  • Others

Ask Analyst and Browse Full Report with TOC & List of Figure: https://www.imarcgroup.com/request?type=report&id=3635&flag=C

Breakup by Region:

  • North America: (United States, Canada)
  • Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America: (Brazil, Mexico, Others)
  • Middle East and Africa

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high-technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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