| Study Period | 2017 - 2029 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2029 |
| Market Size (2025) | USD 89.37 Billion |
| Market Size (2029) | USD 226.8 Billion |
| CAGR (2025 - 2029) | 26.21 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Electric Truck Market Analysis
The Electric Truck Market size is estimated at 89.37 billion USD in 2025, and is expected to reach 226.8 billion USD by 2029, growing at a CAGR of 26.21% during the forecast period (2025-2029).
The electric truck industry is experiencing significant transformation through strategic consolidation and partnerships among major manufacturers. Leading electric truck companies are forming alliances to strengthen their market positions and accelerate technological development. This is evidenced by major investments like Ford's USD 11.4 billion collaboration with SK Innovations for manufacturing facilities in Tennessee and Kentucky, announced in September 2023. Such partnerships are reshaping the competitive landscape, with established manufacturers like BYD and Dongfeng Motor Corporation emerging as dominant players, collectively accounting for over 30% of the market share.
Technological advancements in electric truck manufacturing are revolutionizing the industry's capabilities and performance metrics. Manufacturers are focusing on developing more efficient powertrains, enhanced battery management systems, and improved charging technologies. A significant milestone in this evolution is Toyota's USD 1.29 billion investment in a battery manufacturing facility at the Greensboro-Randolph Megasite in North Carolina, announced in December 2023. This facility will feature four production lines capable of producing 800,000 batteries annually, demonstrating the industry's commitment to scaling up production capabilities.
The industry is witnessing a remarkable transformation in urban logistics and last-mile delivery solutions. Cities worldwide are increasingly adopting electric trucks for commercial operations, with Shenzhen leading by example through the deployment of nearly 60,000 light trucks and vans for urban freight, representing approximately 35% of the city's urban delivery fleet. This trend is reshaping urban logistics networks and establishing new benchmarks for sustainable city transportation systems. Manufacturing companies are responding by developing specialized electric trucks designed specifically for urban environments, featuring improved maneuverability and shorter charging times.
Infrastructure development and integration of smart technologies are becoming crucial differentiators in the market. Electric truck manufacturers are investing in comprehensive ecosystem development, combining charging infrastructure with advanced fleet management systems. The industry has witnessed a significant reduction in battery costs, with prices declining by approximately 70% between 2017 and 2023 in key markets. This cost reduction is accelerating the adoption of electric trucks across various commercial applications. Manufacturers are also incorporating artificial intelligence and IoT capabilities into their vehicles, enabling predictive maintenance, route optimization, and enhanced operational efficiency.
Electric Truck Market Trends
The rising global demand and government support propel electric vehicle market growth
- Electric vehicles (EVs) have become indispensable in the automotive industry, driven by their potential to enhance energy efficiency and reduce greenhouse gas and pollution emissions. This surge is primarily attributed to growing environmental concerns and supportive government initiatives. Notably, global EV sales witnessed a robust 10.82% growth in 2022 compared to 2021. Projections indicate that annual sales of electric passenger cars will surpass 5 million by the end of 2025, accounting for approximately 15% of total vehicle sales.
- Leading manufacturers and organizations, like the London Metropolitan Police & Fire Service, have been actively pursuing their electric mobility strategies. For instance, they have set a target of a zero-emission fleet by 2025, with a goal of electrifying 40% of their vans by 2030 and achieving full electrification by 2040. Similar trends are expected globally, with the period from 2024 to 2030 witnessing a surge in demand and sales of electric vehicles.
- Asia-Pacific and Europe are poised to dominate electric vehicle production, driven by their advancements in battery technology and vehicle electrification. In May 2020, Kia Motors Europe unveiled its "Plan S," signaling a strategic shift toward electrification. This decision came on the heels of record-breaking sales of Kia's EVs in Europe. Kia has ambitious plans to introduce 11 EV models globally by 2025, spanning various segments like passenger vehicles, SUVs, and MPVs. The company aims to achieve annual global EV sales of 500,000 by 2026.
Understand The Key Trends Shaping This Market
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Africa's demographic evolution demonstrates consistent growth with a notable acceleration in recent years
- Several European countries are facing population declines, while others are growing, indicating a need for targeted policy interventions
- North America's demographic story highlights steady growth and adaptability, with each nation contributing uniquely to the region's vibrant mosaic, underlining its continued global significance
- Despite a GDP per capita decline in 2022-2023, Africa shows potential for future economic stability through trade agreements and infrastructure development
- Europe's GDP per capita is on track for steady growth, reflecting resilience and strategic policies
- Despite challenges in 2020, by 2023, the US experienced growth, Mexico displayed a robust recovery, while Canada witnessed a dip
- South Africa's consumer vehicle population shows signs of stabilization
- European countries are experiencing growth in CVP, driven by government incentives for eco-friendly vehicles
- North America exhibits diverse trends in CVP, with Canada experiencing a slight decrease, the US seeing an increase, and Mexico showing significant growth
- South Africa, Kenya, and Morocco exhibit declining inflation rates, while Nigeria faces a sharp inflation increase
- Europe is poised for economic stability, with concerted efforts to manage inflation and foster a balanced economic landscape
- From 2017 to 2023, North America, particularly countries like the US and Canada, navigated inflationary spikes, especially post-pandemic in 2022
- Auto interest rates across Africa, Asia-Pacific, and North America showed significant regional diversity, influenced by a combination of economic policies, market dynamics, and global conditions
- Battery pack prices in Africa continued to decline from USD 186 in 2022 to USD 176 in 2023, driven by technological advancements and increased market competition
- Declining battery prices and government initiatives drive demand for electric vehicles in Europe
- Declining prices of lithium-ion batteries drive the demand for electric vehicles in North America
- The global automotive industry will undergo a transformative phase, with a pronounced shift toward electrification from 2023 to 2025, followed by a period of refinement and consolidation in the subsequent years
- Asia-Pacific is witnessing a resurgence in the logistics performance index, driven by infrastructural developments and technological advancements
- The Middle East, led by the UAE, Saudi Arabia, and Qatar, invested in logistics infrastructure and technology despite challenges from geopolitical tensions
- South America's diverse landscape and resources pose unique logistics challenges
- The auto industry's production landscape is witnessing a dramatic shift, with electric vehicle manufacturers like BYD Auto and Tesla seeing remarkable growth while traditional giants like GM adapt to changing market demands
- Countries like Australia, India, and Indonesia project a steady upward trajectory in GDP per capita, suggesting robust economic strategies and potential investment in the automotive industries
- Saudi Arabia and UAE, both pivotal nations in the Middle East, demonstrated population growth from 2017 to 2023. While there were slight dips for both countries in between, the overarching upward trend indicates their significant roles and attractions in the region
- South America's demographic narrative, represented by Brazil and Colombia, showcases a story of consistent growth, with Brazil experiencing a pronounced surge
- Asia-Pacific displays a panorama of economic evolution: from the relentless pursuits of emerging economies to the recalibrations of established ones, painting a picture of resilience, adaptation, and ambition
- Projections for the coming years indicate a steady growth trajectory for both the UAE's diversified sectors and its role as a regional business hub. This growth can be attributed to the country's focus on diversification efforts and strategic partnerships
- During 2017-2030, Brazil and Colombia displayed contrasting economic paths. While both faced downturns around 2020, Brazil's GDP per capita showed recovery by 2023, whereas Colombia witnessed a slight decline
- The Asia-Pacific's diverse consumer spending trends on vehicle purchases not only reflect the region's evolving economic conditions but also highlight the shifting consumer preferences and vehicular market dynamics across countries
- In the short term (2022-2023), Saudi Arabia maintained stable consumer spending for vehicle purchases, while the UAE experienced a slight decline, suggesting differing market dynamics
- Brazil and Colombia are expected to see an increase in consumer spending for vehicle purchases (CVP), indicating a recovering automotive market and growing consumer confidence
- Asia-Pacific’s varied inflation rates reflect the diverse economic challenges and responses of each nation, from battling pandemic-induced fluctuations to aiming for future stability through strategic economic policies
- From 2017 to 2030, the Middle East is expected to display varied inflationary patterns, with countries like Iran facing significant challenges, while others like Saudi Arabia and the UAE expected to show stability
- Projections indicate a trend toward economic stabilization and controlled inflation in the region, highlighting a concerted push to restore equilibrium and foster growth
- Global efforts to expand and enhance EV infrastructure are signaling a collective push toward electrification
- The demand for EVs in Asia-Pacific is fueled by falling battery prices
- The Middle East's battery market: A continuous descent in prices and promising energy trends
- South America’s surging demand for electric vehicle batteries: falling costs and strategic alliances
- Africa's vastness posed logistics challenges, yet hubs like South Africa and Kenya emerged strong. By 2023, initiatives like AfCFTA and infrastructure projects improved connectivity, but challenges remained
- Europe's advanced logistics, driven by the EU's open trade policies, has faced challenges like Brexit. With a focus on sustainability and technology in 2023, Europe was expected to remain a global logistics leader, poised for further innovation and adaptation
- North America has a diverse terrain that presents unique logistics challenges, but in 2023, the United States, Canada, and Mexico achieved high LPI rankings
- For over a year, Russia's invasion of Ukraine disrupted global crude oil and petroleum product markets
Segment Analysis: Vehicle Configuration
Heavy-duty Commercial Trucks Segment in Electric Truck Market
The electric heavy-duty truck segment dominates the electric truck market, commanding approximately 87% market share in 2024. This significant market presence is driven by the increasing demand for sustainable solutions in long-haul transportation and logistics. The segment's dominance is reinforced by major fleet operators transitioning to electric commercial truck vehicles to meet stringent emission regulations and reduce operational costs. Heavy-duty electric trucks on the market are particularly gaining traction in regions with well-developed charging infrastructure and supportive government policies. The segment's strong performance is further bolstered by technological advancements in battery capacity and range capabilities, making these vehicles increasingly viable for commercial operations. Major manufacturers are expanding their heavy-duty electric truck portfolios, offering various models with enhanced features such as improved payload capacity, advanced driver assistance systems, and better energy efficiency.
Medium-duty Commercial Trucks Segment in Electric Truck Market
The medium-duty commercial trucks segment is emerging as the fastest-growing segment in the electric truck market, projected to grow at approximately 39% CAGR from 2024 to 2029. This remarkable growth is primarily driven by increasing adoption in urban logistics, last-mile delivery services, and municipal applications. The segment's rapid expansion is supported by the growing emphasis on zero-emission zones in cities and the rising demand for sustainable urban delivery solutions. Medium-duty electric trucks are particularly attractive for businesses operating in metropolitan areas due to their optimal balance of range, payload capacity, and maneuverability. The segment is witnessing significant technological innovations, including improved battery efficiency, faster charging capabilities, and advanced telematics systems. Manufacturers are introducing new models specifically designed for urban operations, featuring enhanced safety features and reduced noise pollution, making them ideal for residential area operations.
Segment Analysis: Fuel Category
BEV Segment in Electric Truck Market
Battery Electric Vehicles (BEVs) dominate the electric truck market, commanding approximately 73% market share in 2024, driven by significant technological advancements in battery technology and growing environmental consciousness. The segment's prominence is reinforced by extensive government support worldwide, particularly in regions like China and Europe, where stringent emission regulations and substantial incentives are accelerating BEV adoption. Major manufacturers are expanding their BEV truck portfolios, with companies like Daimler and Volvo making substantial investments in electric truck development and production. The segment's growth is further supported by declining battery costs, improving charging infrastructure, and increasing fleet operator confidence in BEV technology for both medium and heavy-duty applications.
PHEV Segment in Electric Truck Market
The Plug-in Hybrid Electric Vehicle (PHEV) segment is emerging as the fastest-growing category in the electric truck market, with projections indicating robust growth through 2024-2029. This remarkable expansion is driven by PHEV's unique ability to bridge the transition between conventional and fully electric vehicles, offering both range flexibility and emission reduction benefits. Fleet operators are increasingly favoring PHEVs for their versatility in long-haul operations while maintaining the ability to operate in zero-emission zones. The segment's growth is further catalyzed by advancements in hybrid powertrain technology, improving battery efficiency, and the development of more sophisticated energy management systems that optimize the balance between electric and conventional power sources.
Remaining Segments in Fuel Category
The Hybrid Electric Vehicle (HEV) and Fuel Cell Electric Vehicle (FCEV) segments complete the electric truck market landscape, each serving distinct market needs. HEVs continue to play a crucial role in the transition to cleaner transportation, offering improved fuel efficiency without the range anxiety associated with fully electric vehicles. Meanwhile, FCEVs represent an emerging technology with significant potential, particularly in heavy-duty long-haul applications where their quick refueling capabilities and extended range offer distinct advantages. Both segments benefit from ongoing technological advancements and increasing investment in their respective infrastructures, contributing to the overall diversification of clean transportation solutions.
Electric Truck Market Geography Segment Analysis
Electric Truck Market in Africa
The African electric truck market is experiencing significant transformation as countries across the continent embrace sustainable transportation solutions. South Africa leads the region's transition towards electric mobility, with strong government support and increasing environmental consciousness driving adoption. The market dynamics in these countries reflect a broader trend toward transportation electrification, driven by a mix of local and international efforts to curb carbon emissions and promote sustainability.
Electric Truck Market in South Africa
South Africa dominates the African electric truck landscape, establishing itself as the continent's primary market. The country's robust infrastructure, well-developed automotive sector, and progressive environmental policies have created a conducive environment for electric truck adoption. In 2024, South Africa is expected to command approximately 40% of the African electric truck market. The country's commitment to sustainable transport is evident through various initiatives, including the development of charging infrastructure and incentives for electric vehicle adoption.
Growth Trajectory in South Africa
South Africa's electric truck market is projected to experience remarkable growth, with an expected growth rate of approximately 40% between 2024 and 2029. This growth is driven by increasing investment in charging infrastructure, government support for electric vehicle adoption, and rising awareness of environmental sustainability. The country's strategic position as a manufacturing hub and its strong logistics sector further contribute to this growth trajectory. Various initiatives, including public-private partnerships and investment in research and development, are helping accelerate the transition to electric trucks.
Electric Truck Market in Asia-Pacific
The Asia-Pacific region represents a dynamic and rapidly evolving electric truck market, characterized by diverse adoption rates and varying regulatory landscapes across countries. China leads the region's electric truck revolution, followed by significant developments in India, Japan, and South Korea. Each country brings unique strengths to the market, with China's manufacturing prowess, India's growing logistics sector, Japan's technological innovation, and South Korea's advanced automotive industry contributing to the region's overall growth.
Electric Truck Market in China
China maintains its position as the dominant force in Asia-Pacific's electric truck market, leveraging its extensive manufacturing capabilities and strong government support. In 2024, China is expected to represent approximately 65% of the Asia-Pacific electric truck market. The country's leadership in electric vehicle technology, coupled with its robust supply chain and comprehensive charging infrastructure, has created a thriving ecosystem for electric truck development and adoption.
Electric Truck Market in India
India emerges as the fastest-growing market in the Asia-Pacific region, with a projected growth rate of approximately 48% between 2024 and 2029. The country's rapid industrialization, expanding e-commerce sector, and government initiatives supporting electric vehicle adoption are driving this growth. India's focus on developing indigenous electric vehicle technology, combined with increasing environmental awareness and supportive policies, is creating a favorable environment for electric truck adoption.
Electric Truck Market in Europe
Europe's electric truck market demonstrates strong momentum, driven by stringent emissions regulations and comprehensive sustainability initiatives across the continent. The market landscape varies significantly among key countries, including Germany, France, Italy, and Spain, each contributing uniquely to the region's electric truck adoption. The European Union's ambitious environmental targets and substantial investments in charging infrastructure create a favorable environment for market growth.
Electric Truck Market in Germany
Germany stands as the largest electric truck market in Europe, leveraging its robust automotive industry and advanced technological capabilities. The country's leadership in electric truck adoption is supported by substantial investments in charging infrastructure, strong government incentives, and active participation from major automotive manufacturers. The presence of key industry players and research institutions further strengthens Germany's position in the market.
Electric Truck Market in Italy
Italy emerges as the fastest-growing electric truck market in Europe, driven by aggressive environmental policies and increasing adoption of sustainable transportation solutions. The country's strategic focus on developing charging infrastructure and providing incentives for electric vehicle adoption contributes to its rapid growth. Italy's strong manufacturing base and commitment to reducing emissions in urban areas support its accelerated transition to electric trucks.
Electric Truck Market in Middle East
The Middle East's electric truck market is witnessing significant transformation as countries in the region diversify their economies and embrace sustainable transportation solutions. The market benefits from substantial investments in infrastructure development and growing environmental awareness. The region's commitment to reducing carbon emissions and modernizing transportation systems drives market growth, with various countries implementing supportive policies and incentives for electric vehicle adoption.
Electric Truck Market in North America
North America's electric truck market demonstrates robust growth, driven by strong environmental regulations and increasing corporate commitment to sustainability. The United States leads the region's market, followed by Canada and Mexico, each contributing uniquely to the market's development. The US emerges as both the largest and fastest-growing market in the region, supported by substantial investments in charging infrastructure and strong government incentives for electric vehicle adoption.
Electric Truck Market in South America
The South American electric truck market shows promising growth potential, with Brazil leading the region's transition to electric mobility. The market benefits from increasing environmental awareness and supportive government policies across various countries. Brazil emerges as both the largest and fastest-growing market in the region, driven by its robust automotive manufacturing sector and comprehensive initiatives promoting electric vehicle adoption.
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Electric Truck Industry Overview
Top Companies in Electric Truck Market
The electric truck market is characterized by intense competition among established automotive giants and emerging specialists. Electric truck companies are heavily investing in product innovation, particularly in developing advanced battery technologies, extending vehicle range capabilities, and enhancing charging solutions. Operational agility is demonstrated through flexible manufacturing systems and strategic partnerships across the value chain, enabling rapid response to market demands. Strategic moves predominantly focus on establishing joint ventures for charging infrastructure development, battery production facilities, and technology-sharing agreements. Geographic expansion strategies emphasize penetrating emerging markets while strengthening presence in established regions through dealership networks and service centers. The industry witnesses continuous product launches across various segments, from light commercial vehicles to heavy-duty trucks, with companies increasingly focusing on customization options to meet specific customer requirements.
Market Dominated by Global Automotive Conglomerates
The electric truck market exhibits a moderate level of consolidation, with global automotive conglomerates holding significant electric truck market share through their established brands and distribution networks. Companies like Dongfeng Motor Corporation, BYD Auto, Daimler Truck, and Volvo Group leverage their extensive manufacturing capabilities, technological expertise, and brand recognition to maintain market leadership. These players benefit from their ability to make substantial investments in research and development while also maintaining strong relationships with suppliers and customers across multiple regions. The market also includes specialized electric truck manufacturers who focus on specific segments or regions, contributing to market diversity and innovation.
The industry is experiencing increased merger and acquisition activity as companies seek to strengthen their market position and acquire critical technologies. Traditional truck manufacturers are actively pursuing partnerships with technology companies and startups to accelerate their electrification capabilities. Cross-border collaborations are becoming more common, particularly in developing charging infrastructure and battery technology. Regional players are forming strategic alliances with global leaders to enhance their market presence and technical capabilities while also securing access to crucial components and technologies.
Innovation and Sustainability Drive Future Success
Success in the electric truck market increasingly depends on companies' ability to balance technological innovation with cost-effectiveness while meeting evolving customer demands. Incumbents must focus on developing comprehensive ecosystem solutions that include not just vehicles but also charging infrastructure, fleet management systems, and after-sales support. Companies need to establish strong partnerships across the value chain, from battery suppliers to charging network operators, while also investing in manufacturing flexibility to accommodate rapid technological changes. The ability to offer competitive total cost of ownership solutions while maintaining product quality and reliability will be crucial for market success.
Future market leaders will need to demonstrate strong capabilities in addressing regional regulatory requirements while maintaining global scale advantages. Companies must develop strategies to manage supply chain risks, particularly concerning battery raw materials and semiconductor components. Success will also depend on the ability to provide innovative financing solutions and comprehensive service packages that address customer concerns about transitioning to electric vehicles. Environmental sustainability credentials, including sustainable manufacturing practices and end-of-life vehicle management solutions, will become increasingly important differentiators in the market. The development of specialized solutions for different commercial applications and the ability to adapt to evolving urban mobility requirements will also be critical success factors.
Electric Truck Market Leaders
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BYD Auto Co. Ltd.
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Daimler Truck Holding AG
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Dongfeng Motor Corporation
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Groupe Renault
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Volvo Group
- *Disclaimer: Major Players sorted in no particular order
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Electric Truck Market News
- September 2023: IAA 2022: BYD presents eBus Blade Platform On September 19, BYD presented its latest innovations in eMobility for commercial vehicles at IAA Transportation. BYD unveiled its ground-breaking new eBus Blade Platform. Two pure-electric trucks, the ETM6 7.5-ton urban delivery truck and the ETH8 19-ton truck designed for logistics and waste collection, debut at the event alongside BYD’s new upgraded 12m eBus (electric bus).
- September 2023: The new Volvo BZL Electric chassis was launched with an energy storage capacity of up to 470kWH.
- August 2023: Volvo Trucks agreed to acquire JMC Heavy Duty Vehicle Co. Ltd, a Jiangling Motors Co. Ltd subsidiary, which includes a manufacturing site in Taiyuan, Shanxi province, China.
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Electric Truck Market Report - Table of Contents
1. EXECUTIVE SUMMARY & KEY FINDINGS
2. REPORT OFFERS
3. INTRODUCTION
- 3.1 Study Assumptions & Market Definition
- 3.2 Scope of the Study
- 3.3 Research Methodology
4. KEY INDUSTRY TRENDS
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4.1 Population
- 4.1.1 Africa
- 4.1.2 Asia-Pacific
- 4.1.3 Europe
- 4.1.4 Middle East
- 4.1.5 North America
- 4.1.6 South America
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4.2 GDP Per Capita
- 4.2.1 Africa
- 4.2.2 Asia-Pacific
- 4.2.3 Europe
- 4.2.4 Middle East
- 4.2.5 North America
- 4.2.6 South America
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4.3 Consumer Spending For Vehicle Purchase (cvp)
- 4.3.1 Africa
- 4.3.2 Asia-Pacific
- 4.3.3 Europe
- 4.3.4 Middle East
- 4.3.5 North America
- 4.3.6 South America
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4.4 Inflation
- 4.4.1 Africa
- 4.4.2 Asia-Pacific
- 4.4.3 Europe
- 4.4.4 Middle East
- 4.4.5 North America
- 4.4.6 South America
- 4.5 Interest Rate For Auto Loans
- 4.6 Impact Of Electrification
- 4.7 EV Charging Station
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4.8 Battery Pack Price
- 4.8.1 Africa
- 4.8.2 Asia-Pacific
- 4.8.3 Europe
- 4.8.4 Middle East
- 4.8.5 North America
- 4.8.6 South America
- 4.9 New Xev Models Announced
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4.10 Logistics Performance Index
- 4.10.1 Africa
- 4.10.2 Asia-Pacific
- 4.10.3 Europe
- 4.10.4 Middle East
- 4.10.5 North America
- 4.10.6 South America
- 4.11 Fuel Price
- 4.12 Oem-wise Production Statistics
- 4.13 Regulatory Framework
- 4.14 Value Chain & Distribution Channel Analysis
5. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)
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5.1 Vehicle Configuration
- 5.1.1 Trucks
- 5.1.1.1 Heavy-duty Commercial Trucks
- 5.1.1.2 Medium-duty Commercial Trucks
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5.2 Fuel Category
- 5.2.1 BEV
- 5.2.2 FCEV
- 5.2.3 HEV
- 5.2.4 PHEV
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5.3 Region
- 5.3.1 Africa
- 5.3.1.1 South Africa
- 5.3.2 Asia-Pacific
- 5.3.2.1 China
- 5.3.2.2 India
- 5.3.2.3 Japan
- 5.3.2.4 South Korea
- 5.3.3 Europe
- 5.3.3.1 France
- 5.3.3.2 Germany
- 5.3.3.3 Italy
- 5.3.3.4 Spain
- 5.3.3.5 Rest-of-Europe
- 5.3.4 Middle East
- 5.3.4.1 Rest-of-Middle East
- 5.3.5 North America
- 5.3.5.1 Canada
- 5.3.5.2 Mexico
- 5.3.5.3 US
- 5.3.6 South America
- 5.3.6.1 Brazil
- 5.3.6.2 Rest-of-South America
6. COMPETITIVE LANDSCAPE
- 6.1 Key Strategic Moves
- 6.2 Market Share Analysis
- 6.3 Company Landscape
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6.4 Company Profiles
- 6.4.1 BYD Auto Co. Ltd.
- 6.4.2 Daimler Truck Holding AG
- 6.4.3 Dongfeng Motor Corporation
- 6.4.4 Groupe Renault
- 6.4.5 Hino Motors Ltd.
- 6.4.6 Isuzu Motors Limited
- 6.4.7 Navistar International Transportation Corporation
- 6.4.8 PACCAR Inc.
- 6.4.9 Scania AB
- 6.4.10 Volvo Group
- *List Not Exhaustive
7. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS
8. APPENDIX
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8.1 Global Overview
- 8.1.1 Overview
- 8.1.2 Porter’s Five Forces Framework
- 8.1.3 Global Value Chain Analysis
- 8.1.4 Market Dynamics (DROs)
- 8.2 Sources & References
- 8.3 List of Tables & Figures
- 8.4 Primary Insights
- 8.5 Data Pack
- 8.6 Glossary of Terms
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List of Tables & Figures
- Figure 1:
- POPULATION TRENDS, VOLUME IN UNITS, AFRICA, 2017 - 2030
- Figure 2:
- POPULATION TRENDS, VOLUME IN UNITS, ASIA-PACIFIC, 2017 - 2030
- Figure 3:
- POPULATION TRENDS, VOLUME IN UNITS, EUROPE, 2017 - 2030
- Figure 4:
- POPULATION TRENDS, VOLUME IN UNITS, MIDDLE EAST, 2017 - 2030
- Figure 5:
- POPULATION TRENDS, VOLUME IN UNITS, NORTH AMERICA, 2017 - 2030
- Figure 6:
- POPULATION TRENDS, VOLUME IN UNITS, SOUTH AMERICA, 2017 - 2030
- Figure 7:
- GDP PER CAPITA AT CURRENT PRICES, VALUE IN USD, AFRICA, 2017 - 2030
- Figure 8:
- GDP PER CAPITA AT CURRENT PRICES, VALUE IN USD, ASIA-PACIFIC, 2017 - 2030
- Figure 9:
- GDP PER CAPITA AT CURRENT PRICES, VALUE IN USD, EUROPE, 2017 - 2030
- Figure 10:
- GDP PER CAPITA AT CURRENT PRICES, VALUE IN USD, MIDDLE EAST, 2017 - 2030
- Figure 11:
- GDP PER CAPITA AT CURRENT PRICES, VALUE IN USD, NORTH AMERICA, 2017 - 2030
- Figure 12:
- GDP PER CAPITA AT CURRENT PRICES, VALUE IN USD, SOUTH AMERICA, 2017 - 2030
- Figure 13:
- AVERAGE CONSUMER SPENDING PER CAPITA ON PURCHASE OF VEHICLES, VALUE IN USD, AFRICA, 2017 - 2030
- Figure 14:
- AVERAGE CONSUMER SPENDING PER CAPITA ON PURCHASE OF VEHICLES, VALUE IN USD, ASIA-PACIFIC, 2017 - 2030
- Figure 15:
- AVERAGE CONSUMER SPENDING PER CAPITA ON PURCHASE OF VEHICLES, VALUE IN USD, EUROPE, 2017 - 2030
- Figure 16:
- AVERAGE CONSUMER SPENDING PER CAPITA ON PURCHASE OF VEHICLES, VALUE IN USD, MIDDLE EAST, 2017 - 2030
- Figure 17:
- AVERAGE CONSUMER SPENDING PER CAPITA ON PURCHASE OF VEHICLES, VALUE IN USD, NORTH AMERICA, 2017 - 2030
- Figure 18:
- AVERAGE CONSUMER SPENDING PER CAPITA ON PURCHASE OF VEHICLES, VALUE IN USD, SOUTH AMERICA, 2017 - 2030
- Figure 19:
- INFLATION RATE AT AVERAGE CONSUMER PRICES, PERCENTAGE CHANGE, AFRICA, 2017 - 2030
- Figure 20:
- INFLATION RATE AT AVERAGE CONSUMER PRICES, PERCENTAGE CHANGE, ASIA-PACIFIC, 2017 - 2030
- Figure 21:
- INFLATION RATE AT AVERAGE CONSUMER PRICES, PERCENTAGE CHANGE, EUROPE, 2017 - 2030
- Figure 22:
- INFLATION RATE AT AVERAGE CONSUMER PRICES, PERCENTAGE CHANGE, MIDDLE EAST, 2017 - 2030
- Figure 23:
- INFLATION RATE AT AVERAGE CONSUMER PRICES, PERCENTAGE CHANGE, NORTH AMERICA, 2017 - 2030
- Figure 24:
- INFLATION RATE AT AVERAGE CONSUMER PRICES, PERCENTAGE CHANGE, SOUTH AMERICA, 2017 - 2030
- Figure 25:
- AUTO LOAN INTEREST RATES, PERCENTAGE, GLOBAL, 2017 - 2022
- Figure 26:
- ELECTRIC VEHICLE MARKET PENETRATION RATE, BY VEHICLE TYPE, PERCENTAGE OF VOLUME, GLOBAL, 2017 - 2030
- Figure 27:
- CHARGING STATION DEPLOYMENT, BY TYPE, VOLUME IN UNITS, GLOBAL, 2017 - 2022
- Figure 28:
- AVERAGE LITHIUM-ION BATTERY PACK PRICE, VALUE IN USD, AFRICA, 2017 - 2030
- Figure 29:
- AVERAGE LITHIUM-ION BATTERY PACK PRICE, VALUE IN USD, ASIA-PACIFIC, 2017 - 2030
- Figure 30:
- AVERAGE LITHIUM-ION BATTERY PACK PRICE, VALUE IN USD, EUROPE, 2017 - 2030
- Figure 31:
- AVERAGE LITHIUM-ION BATTERY PACK PRICE, VALUE IN USD, MIDDLE EAST, 2017 - 2030
- Figure 32:
- AVERAGE LITHIUM-ION BATTERY PACK PRICE, VALUE IN USD, NORTH AMERICA, 2017 - 2030
- Figure 33:
- AVERAGE LITHIUM-ION BATTERY PACK PRICE, VALUE IN USD, SOUTH AMERICA, 2017 - 2030
- Figure 34:
- ANNOUNCEMENT OF NEW XEV MODELS, BY VEHICLE TYPE, VOLUME IN UNITS, GLOBAL, 2023 - 2027
- Figure 35:
- WORLD BANK LOGISTICS PERFORMANCE INDEX, AFRICA, 2017 - 2030
- Figure 36:
- WORLD BANK LOGISTICS PERFORMANCE INDEX, ASIA-PACIFIC, 2017 - 2030
- Figure 37:
- WORLD BANK LOGISTICS PERFORMANCE INDEX, EUROPE, 2017 - 2030
- Figure 38:
- WORLD BANK LOGISTICS PERFORMANCE INDEX, MIDDLE EAST, 2017 - 2030
- Figure 39:
- WORLD BANK LOGISTICS PERFORMANCE INDEX, NORTH AMERICA, 2017 - 2030
- Figure 40:
- WORLD BANK LOGISTICS PERFORMANCE INDEX, SOUTH AMERICA, 2017 - 2030
- Figure 41:
- FUEL PRICE, BY FUEL TYPE, USD/LITER, GLOBAL, 2017 - 2022
- Figure 42:
- ELECTRIC TRUCK MARKET, VOLUME IN UNITS, 2017 - 2030
- Figure 43:
- ELECTRIC TRUCK MARKET, VALUE IN USD, 2017 - 2030
- Figure 44:
- ELECTRIC TRUCK MARKET, BY VEHICLE BODY TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 45:
- ELECTRIC TRUCK MARKET, BY VEHICLE BODY TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 46:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 47:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 48:
- ELECTRIC TRUCK MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 49:
- ELECTRIC TRUCK MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 50:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY REGION, 2017 - 2030
- Figure 51:
- ELECTRIC TRUCK MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 52:
- ELECTRIC TRUCK MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 53:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY REGION, 2017 - 2030
- Figure 54:
- ELECTRIC TRUCK MARKET, BY FUEL CATEGORY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 55:
- ELECTRIC TRUCK MARKET, BY FUEL CATEGORY, BY VALUE IN USD, 2017 - 2030
- Figure 56:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 57:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 58:
- ELECTRIC TRUCK MARKET, BY BEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 59:
- ELECTRIC TRUCK MARKET, BY BEV, BY VALUE IN USD, 2017 - 2030
- Figure 60:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 61:
- ELECTRIC TRUCK MARKET, BY FCEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 62:
- ELECTRIC TRUCK MARKET, BY FCEV, BY VALUE IN USD, 2017 - 2030
- Figure 63:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 64:
- ELECTRIC TRUCK MARKET, BY HEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 65:
- ELECTRIC TRUCK MARKET, BY HEV, BY VALUE IN USD, 2017 - 2030
- Figure 66:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 67:
- ELECTRIC TRUCK MARKET, BY PHEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 68:
- ELECTRIC TRUCK MARKET, BY PHEV, BY VALUE IN USD, 2017 - 2030
- Figure 69:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 70:
- ELECTRIC TRUCK MARKET, BY REGION, BY VOLUME IN UNITS, 2017 - 2030
- Figure 71:
- ELECTRIC TRUCK MARKET, BY REGION, BY VALUE IN USD, 2017 - 2030
- Figure 72:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY REGION, 2017 - 2030
- Figure 73:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY REGION, 2017 - 2030
- Figure 74:
- ELECTRIC TRUCK MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 75:
- ELECTRIC TRUCK MARKET, BY COUNTRY, BY VALUE IN USD, 2017 - 2030
- Figure 76:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 77:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 78:
- ELECTRIC TRUCK MARKET, BY SOUTH AFRICA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 79:
- ELECTRIC TRUCK MARKET, BY SOUTH AFRICA, BY VALUE IN USD, 2017 - 2030
- Figure 80:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 81:
- ELECTRIC TRUCK MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 82:
- ELECTRIC TRUCK MARKET, BY COUNTRY, BY VALUE IN USD, 2017 - 2030
- Figure 83:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 84:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 85:
- ELECTRIC TRUCK MARKET, BY CHINA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 86:
- ELECTRIC TRUCK MARKET, BY CHINA, BY VALUE IN USD, 2017 - 2030
- Figure 87:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 88:
- ELECTRIC TRUCK MARKET, BY INDIA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 89:
- ELECTRIC TRUCK MARKET, BY INDIA, BY VALUE IN USD, 2017 - 2030
- Figure 90:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 91:
- ELECTRIC TRUCK MARKET, BY JAPAN, BY VOLUME IN UNITS, 2017 - 2030
- Figure 92:
- ELECTRIC TRUCK MARKET, BY JAPAN, BY VALUE IN USD, 2017 - 2030
- Figure 93:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 94:
- ELECTRIC TRUCK MARKET, BY SOUTH KOREA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 95:
- ELECTRIC TRUCK MARKET, BY SOUTH KOREA, BY VALUE IN USD, 2017 - 2030
- Figure 96:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 97:
- ELECTRIC TRUCK MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 98:
- ELECTRIC TRUCK MARKET, BY COUNTRY, BY VALUE IN USD, 2017 - 2030
- Figure 99:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 100:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 101:
- ELECTRIC TRUCK MARKET, BY FRANCE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 102:
- ELECTRIC TRUCK MARKET, BY FRANCE, BY VALUE IN USD, 2017 - 2030
- Figure 103:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 104:
- ELECTRIC TRUCK MARKET, BY GERMANY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 105:
- ELECTRIC TRUCK MARKET, BY GERMANY, BY VALUE IN USD, 2017 - 2030
- Figure 106:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 107:
- ELECTRIC TRUCK MARKET, BY ITALY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 108:
- ELECTRIC TRUCK MARKET, BY ITALY, BY VALUE IN USD, 2017 - 2030
- Figure 109:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 110:
- ELECTRIC TRUCK MARKET, BY SPAIN, BY VOLUME IN UNITS, 2017 - 2030
- Figure 111:
- ELECTRIC TRUCK MARKET, BY SPAIN, BY VALUE IN USD, 2017 - 2030
- Figure 112:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 113:
- ELECTRIC TRUCK MARKET, BY REST-OF-EUROPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 114:
- ELECTRIC TRUCK MARKET, BY REST-OF-EUROPE, BY VALUE IN USD, 2017 - 2030
- Figure 115:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 116:
- ELECTRIC TRUCK MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 117:
- ELECTRIC TRUCK MARKET, BY COUNTRY, BY VALUE IN USD, 2017 - 2030
- Figure 118:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 119:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 120:
- ELECTRIC TRUCK MARKET, BY REST-OF-MIDDLE EAST, BY VOLUME IN UNITS, 2017 - 2030
- Figure 121:
- ELECTRIC TRUCK MARKET, BY REST-OF-MIDDLE EAST, BY VALUE IN USD, 2017 - 2030
- Figure 122:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 123:
- ELECTRIC TRUCK MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 124:
- ELECTRIC TRUCK MARKET, BY COUNTRY, BY VALUE IN USD, 2017 - 2030
- Figure 125:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 126:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
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- ELECTRIC TRUCK MARKET, BY CANADA, BY VOLUME IN UNITS, 2017 - 2030
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- ELECTRIC TRUCK MARKET, BY CANADA, BY VALUE IN USD, 2017 - 2030
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- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 130:
- ELECTRIC TRUCK MARKET, BY MEXICO, BY VOLUME IN UNITS, 2017 - 2030
- Figure 131:
- ELECTRIC TRUCK MARKET, BY MEXICO, BY VALUE IN USD, 2017 - 2030
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- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
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- ELECTRIC TRUCK MARKET, BY US, BY VOLUME IN UNITS, 2017 - 2030
- Figure 134:
- ELECTRIC TRUCK MARKET, BY US, BY VALUE IN USD, 2017 - 2030
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- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
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- ELECTRIC TRUCK MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 137:
- ELECTRIC TRUCK MARKET, BY COUNTRY, BY VALUE IN USD, 2017 - 2030
- Figure 138:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
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- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
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- ELECTRIC TRUCK MARKET, BY BRAZIL, BY VOLUME IN UNITS, 2017 - 2030
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- ELECTRIC TRUCK MARKET, BY BRAZIL, BY VALUE IN USD, 2017 - 2030
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- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 143:
- ELECTRIC TRUCK MARKET, BY REST-OF-SOUTH AMERICA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 144:
- ELECTRIC TRUCK MARKET, BY REST-OF-SOUTH AMERICA, BY VALUE IN USD, 2017 - 2030
- Figure 145:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 146:
- ELECTRIC TRUCK MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2017 - 2030
- Figure 147:
- ELECTRIC TRUCK MARKET, MOST ADOPTED STRATEGIES, 2017 - 2030
- Figure 148:
- ELECTRIC TRUCK MARKET SHARE(%), BY MAJOR PLAYERS
Electric Truck Industry Segmentation
Trucks are covered as segments by Vehicle Configuration. BEV, FCEV, HEV, PHEV are covered as segments by Fuel Category. Africa, Asia-Pacific, Europe, Middle East, North America, South America are covered as segments by Region.| Vehicle Configuration | Trucks | Heavy-duty Commercial Trucks | |
| Medium-duty Commercial Trucks | |||
| Fuel Category | BEV | ||
| FCEV | |||
| HEV | |||
| PHEV | |||
| Region | Africa | South Africa | |
| Asia-Pacific | China | ||
| India | |||
| Japan | |||
| South Korea | |||
| Europe | France | ||
| Germany | |||
| Italy | |||
| Spain | |||
| Rest-of-Europe | |||
| Middle East | Rest-of-Middle East | ||
| North America | Canada | ||
| Mexico | |||
| US | |||
| South America | Brazil | ||
| Rest-of-South America | |||
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Market Definition
- Vehicle Type - The category covers truck category.
- Vehicle Body Type - This includes Medium-duty Commercial Trucks and Heavy-duty Commercial Trucks
- Fuel Category - The category includes various fuel types such as Gasoline, Diesel, LPG (Liquefied Petroleum Gas), CNG (Compressed Natural Gas), HEV (Hybrid Electric Vehicles), PHEV (Plug-in Hybrid Electric Vehicles), BEV (Battery Electric Vehicles), and FCEV (Fuel Cell Electric Vehicles)
| Keyword | Definition |
|---|---|
| Electric Vehicle (EV) | A vehicle which uses one or more electric motors for propulsion. Includes cars, buses, and trucks. This term includes all-electric vehicles or battery electric vehicles and plug-in hybrid electric vehicles. |
| BEV | A BEV relies completely on a battery and a motor for propulsion. The battery in the vehicle must be charged by plugging it into an outlet or public charging station. BEVs do not have an ICE and hence are pollution-free. They have a low cost of operation and reduced engine noise as compared to conventional fuel engines. However, they have a shorter range and higher prices than their equivalent gasoline models. |
| PEV | A plug-in electric vehicle is an electric vehicle that can be externally charged and generally includes all-electric vehicles as well as plug-in hybrids. |
| Plug-in Hybrid EV | A vehicle that can be powered either by an ICE or an electric motor. In contrast to normal hybrid EVs, they can be charged externally. |
| Internal combustion engine | An engine in which the burning of fuels occurs in a confined space called a combustion chamber. Usually run with gasoline/petrol or diesel. |
| Hybrid EV | A vehicle powered by an ICE in combination with one or more electric motors that use energy stored in batteries. These are continually recharged with power from the ICE and regenerative braking. |
| Commercial Vehicles | Commercial vehicles are motorized road vehicles designed for transporting people or goods. The category includes light commercial vehicles (LCVs) and medium and heavy-duty vehicles (M&HCV). |
| Passenger Vehicles | Passenger cars are electric motor– or engine-driven vehicles with at least four wheels. These vehicles are used for the transport of passengers and comprise no more than eight seats in addition to the driver’s seat. |
| Light Commercial Vehicles | Commercial vehicles that weigh less than 6,000 lb (Class 1) and in the range of 6,001–10,000 lb (Class 2) are covered under this category. |
| M&HDT | Commercial vehicles that weigh in the range of 10,001–14,000 lb (Class 3), 14,001–16,000 lb (Class 4), 16,001–19,500 lb (Class 5), 19,501–26,000 lb (Class 6), 26,001–33,000 lb (Class 7) and above 33,001 lb (Class 8) are covered under this category. |
| Bus | A mode of transportation that typically refers to a large vehicle designed to carry passengers over long distances. This includes transit bus, school bus, shuttle bus, and trolleybuses. |
| Diesel | It includes vehicles that use diesel as their primary fuel. A diesel engine vehicle have a compression-ignited injection system rather than the spark-ignited system used by most gasoline vehicles. In such vehicles, fuel is injected into the combustion chamber and ignited by the high temperature achieved when gas is greatly compressed. |
| Gasoline | It includes vehicles that use gas/petrol as their primary fuel. A gasoline car typically uses a spark-ignited internal combustion engine. In such vehicles, fuel is injected into either the intake manifold or the combustion chamber, where it is combined with air, and the air/fuel mixture is ignited by the spark from a spark plug. |
| LPG | It includes vehicles that use LPG as their primary fuel. Both dedicated and bi-fuel LPG vehicles are considered under the scope of the study. |
| CNG | It includes vehicles that use CNG as their primary fuel. These are vehicles that operate like gasoline-powered vehicles with spark-ignited internal combustion engines. |
| HEV | All the electric vehicles that use batteries and an internal combustion engine (ICE) as their primary source for propulsion are considered under this category. HEVs generally use a diesel-electric powertrain and are also known as hybrid diesel-electric vehicles. An HEV converts the vehicle momentum (kinetic energy) into electricity that recharges the battery when the vehicle slows down or stops. The battery of HEV cannot be charged using plug-in devices. |
| PHEV | PHEVs are powered by a battery as well as an ICE. The battery can be charged through either regenerative breaking using the ICE or by plugging into some external charging source. PHEVs have a better range than BEVs but are comparatively less eco-friendly. |
| Hatchback | These are compact-sized cars with a hatch-type door provided at the rear end. |
| Sedan | These are usually two- or four-door passenger cars, with a separate area provided at the rear end for luggage. |
| SUV | Popularly known as SUVs, these cars come with four-wheel drive, and usually have high ground clearance. These cars can also be used as off-road vehicles. |
| MPV | These are multi-purpose vehicles (also called minivans) designed to carry a larger number of passengers. They carry between five and seven people and have room for luggage too. They are usually taller than the average family saloon car, to provide greater headroom and ease of access, and they are usually front-wheel drive. |
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Research Methodology
Mordor Intelligence follows a four-step methodology in all its reports.
- Step-1: Identify Key Variables: To build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built based on these variables.
- Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. Market revenue is calculated by multiplying the sales volume with their respective average selling price (ASP). While estimating ASP factors like average inflation, market demand shift, manufacturing cost, technological advancement, and varying consumer preference, among others have been taken into account.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables, and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms.
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