Electric Truck Market - Growth, Trends, and Forecast (2019 - 2024)

The Electric Truck Market has been segmented by Electric Type (Plug-in Hybrid and Battery Electric), Truck (Light Truck, Medium-duty Truck, and Heavy-duty Truck), Application (Logistics, Municipal, and Other Applications), and Geography.

Market Snapshot

electric truck market summary
Study Period:

2018-2024

Base Year:

2018

Fastest Growing Market:

Asia Pacific

Largest Market:

Europe

Key Players:

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Market Overview

The electric truck market is expected to register a CAGR of 16.38%, during the forecast period (2019 – 2024).

  • Some of the major factors driving the growth of the electric truck market are the enactment of stringent emission norms imposed on commercial vehicles and reduction in fuel and maintenance costs.
  • Governments across the world are putting pressure on vehicle manufacturers to reduce carbon emissions caused by diesel fuel combustion and tackle greenhouse gas emissions, in turn, pushing them to invest in developing electric trucks (e-trucks), while low-emission zones are driving fleets to replace diesel trucks with cleaner options.
  • However, there are certain risks associated with the adoption of e-trucks, such as new vehicles must prove to be dependable, consumers need to be educated, and dealers and customers may require training. Furthermore, inadequate charging infrastructure for electric trucks is also expected to hinder the growth of the market.

 

Scope of the Report

The electric truck market has been segmented by electric type, truck type, and application .

By Electric Type
Plug-in Hybrid
Battery Electric
By Application
Logistics
Municipal
Other Applications
By Truck Type
Light-duty Truck
Medium-duty Truck
Heavy-duty Truck
Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Spain
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
Rest of the World
South America
Middle East & Africa

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Key Market Trends

Stringent Emission Regulations and Technological Advancements Pertaining to Electric Trucks are Fueling the Market Growth

With the growing environmental concerns, governments and environmental agencies are enacting stringent emission norms and laws that may increase the manufacturing cost of fuel-efficient diesel engines in the coming years. As a result, new commercial vehicles equipped with diesel engines are expected to register sluggish growth rate during the short-term, thereby, adding a slight increase to the demand from electric commercial vehicles.

Majority of the diesel engines can convert about 40%-46% of fuel energy, while the remaining energy is lost in the environment as heat, through exhaust emissions and cooling systems. With the enactment of the Euro VI emission for heavy-duty engines, the burden on commercial vehicle manufacturers has further increased. This, in turn, is expected to drive the demand for electric trucks.

Electric trucks are becoming more convincing with new business models, such as leasing of trucks and battery packs or fuel cell stacks. Additionally, the incentives and subsidies provided by the governments are driving the market change. In North America, awareness about hybrid-electric technologies is anticipated to be lower than that regarding natural gas powertrains, owing to limitations in efficiency gains and availability of limited recharging points, which in turn, may impede the adoption rates in the short term, till 2020.

In the future, the major suppliers are expected to offer alternative powertrains and full-electric vehicles for minor applications. Latest technologies and production experience in the bus market can be readily transferred to trucks. Additionally, the increasing demand for electric cars has stimulated investment in battery manufacturing, which in turn, has resulted in the decline of battery packs’ costs. Even with these positive factors, the electric trucks market is expected to grow at a slow pace over the forecast period. 

trend 1

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Europe Leading the Electric Truck Market

The electric truck market is being led by Europe. The region is expected to shift to hybrid or full-electric technologies in an active drive toward EU’s 20-20-20 target and to achieve the COP21 objectives.

Europe and North America are expected to account for significant shares in the total sales of electric trucks. Moreover, growing concerns about environmental pollution through internal combustion engine vehicles are also expected to play a crucial role in the growth of the electric truck market.

For instance:

  • In the United Kingdom, logistics companies are planning to deploy more electric commercial vehicles in their fleets in the coming years. Since 2016, the United Parcel Service (UPS), a US multinational package delivery and supply chain management company, and Arrival, a UK-based technology firm, have been developing prototypes of different sizes, and the first vehicles were expected to be deployed on the road before the end of 2018.
    • In May 2018, these companies announced to develop a state-of-the-art pilot fleet of 35 electric delivery vehicles to be trialed in London and Paris.
  • In March 2019, Yamato Transport Co. Ltd (Yamato Transport) announced that it has jointly developed a compact commercial electric truck for home delivery, with StreetScooter GmbH (Aachen, Germany), a Post DHL Group company, and signed a purchase agreement on March 27th, 2019.
    • Yamato Transport plans to introduce 500 electric trucks in FY 2019, and start using them successively in Tokyo, Saitama, Chiba, and Kanagawa.

The demand for electric truck in North America is also increasing, with major truck manufacturers expanding their businesses in the region. For instance, in 2018, Volvo Trucks announced that they may introduce all-electric truck demonstrators in California in 2019, and commercialize them in the North American region by 2020. The trucks are expected to deploy eight multi-configuration battery Class 8 electric demonstration units (GVW +15 metric ton). This initiative of the company is anticipated to reduce approximately 3.57 metric ton of air pollution and 3,020 metric ton of greenhouse gases, annually.

 

trend 2

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Competitive Landscape

The electric truck market is dominated by major players, such as Tesla Inc., Renault Trucks, Dongfeng Motor Corporation, Hino Motors, Daimler (Mitsubishi Fuso), and Isuzu, among others. Recently, Daimler AG unveiled two fully electric-powered commercial trucks, and this is likely to help the company maintain its competitive position in the market.

Volvo Trucks announced that it has delivered its first electric trucks to two customers in Sweden, as part of a development program, in order to bring the electric vehicles to market. Volvo’s electric truck weighs 16 metric ton, and can be configured with different battery packs for a capacity between 100 and 300 kWh for a range of up to 300 km (186 miles).

Major Players

  1. Dongfeng Motor Corporation
  2. Hino Motors
  3. Daimler (Mitsubishi Fuso)
  4. PACCAR Inc.
  5. Isuzu

* Complete list of players covered available in the table of contents below

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Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Electric Type

      1. 5.1.1 Plug-in Hybrid

      2. 5.1.2 Battery Electric

    2. 5.2 By Application

      1. 5.2.1 Logistics

      2. 5.2.2 Municipal

      3. 5.2.3 Other Applications

    3. 5.3 By Truck Type

      1. 5.3.1 Light-duty Truck

      2. 5.3.2 Medium-duty Truck

      3. 5.3.3 Heavy-duty Truck

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Rest of North America

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 United Kingdom

        3. 5.4.2.3 France

        4. 5.4.2.4 Spain

        5. 5.4.2.5 Russia

        6. 5.4.2.6 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 South Korea

        5. 5.4.3.5 Rest of Asia-Pacific

      4. 5.4.4 Rest of the World

        1. 5.4.4.1 South America

        2. 5.4.4.2 Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share**

    2. 6.2 Mergers and Acquisitions

    3. 6.3 Company Profiles

      1. 6.3.1 Dongfeng Motor Corporation

      2. 6.3.2 Hino Motors

      3. 6.3.3 Daimler (Mitsubishi Fuso)

      4. 6.3.4 PACCAR Inc.

      5. 6.3.5 Isuzu

      6. 6.3.6 Navistar International Corporation

      7. 6.3.7 Renault Trucks

      8. 6.3.8 BYD Auto Co. Ltd

      9. 6.3.9 Smith Electric Vehicles

      10. 6.3.10 Zenith Motors

      11. 6.3.11 Alke

      12. 6.3.12 Tesla Inc.

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. DISCLAIMER

**Subject to Availability

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