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(Transportation-News.com, December 17, 2021 ) The global Electric Truck Market size is expected to grow from approximately 69,597 units in 2021 to reach 1,413,694 units by 2030, at a CAGR of 39.7%. Factors such as rise in pollution and environmental hazards, stringent government regulations, and stiff competition have compelled automotive OEMs to make fuel-efficient and environment-friendly trucks.
OEMs worldwide are investing heavily in research & testing applications leading to continuous advancements in electric trucks. For instance, Volvo Group is working with Samsung SDI to develop advanced battery packs for Volvo Group’s electric trucks. The alliance will cover the joint development of battery packs specifically developed for Volvo Group’s truck applications. The intention is that Volvo Group will utilize Samsung SDI’s battery pack technology for assembly in Volvo Group’s manufacturing operations.
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NMC Battery segment expected to lead to market growth
The electric truck market is dominated by the NMC battery as it is the most efficient. Most market-leading Chinese OEMs use these batteries in electric trucks in its fleets. These batteries have a comparatively higher energy density than LFP batteries. Also, the cost of NMC batteries is declining and level with the cost of LFP batteries, thus, further boosting the NMC battery market. Although, the demand for LFP is also on the rise in the forecasted period as the life of LFP batteries is longer than the NMC batteries. Adoption of NMC batteries is expected to rise in the near future in European and American countries.
Light duty vehicles to ensure dominant position of the segment
The electric truck market by vehicle type comprises majorly of light-duty vehicles and moderate amount of medium-duty and heavy-duty vehicles. This is because of their growing popularity for electric pickups around the world as zero emission vehicles while for medium-duty and heavy-duty vehicles, the price of long-range electric trucks increases drastically which makes it less economical for many regions. As prices of EV batteries decreases and range of vehicles keep improving, the market for electric trucks will also increase at a faster rate in the coming years. The demand for light-duty electric trucks will continue to grow due to increase in demand for light-duty trucks in last mile delivery, distribution services and others.
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The European region is projected to be the fastest-growing in the Electric truck market
The electric truck market in Europe is segmented into France, Germany, Netherlands, Norway, Sweden, and United Kingdom. Europe has stringent emission regulation standards. The governments of European region are providing huge incentives to promote electric vehicles. As a result, the demand for electric vehicles has increased tremendously in the region. The region is home to electric truck manufacturers such as Volvo, Daimler and others. Europe has set a very ambitious goal of reducing 80% CO2 emission by 2050 and has created a roadmap for the same. The governments of various countries in Europe are subsidizing electric infrastructure and the focus will continue to be on electric vehicles in the long run.
Key Market Players:
The Electric Trucks Market is dominated by globally established players such as Einride (Sweden), Volta Trucks (Sweden), Tevva (UK), StreetScooter (Germany) and E-Trucks Europe (Netherlands). These companies have also been developing electric truck technology and some of them have already brought electric trucks for the market.
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Mr. Aashish Mehra
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