North America Electric Truck Market Size
| Icons | Lable | Value |
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Study Period | 2017 - 2030 |
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Market Size (2024) | USD 16.66 Billion |
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Market Size (2030) | USD 79.43 Billion |
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Largest Share by Fuel Category | BEV |
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CAGR (2024 - 2030) | 29.74 % |
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Largest Share by Country | US |
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Market Concentration | High |
Major Players |
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*Disclaimer: Major Players sorted in alphabetical order. |
North America Electric Truck Market Analysis
The North America Electric Truck Market size is estimated at 16.66 billion USD in 2024, and is expected to reach 79.43 billion USD by 2030, growing at a CAGR of 29.74% during the forecast period (2024-2030).
16.66 Billion
Market Size in 2024 (USD)
79.43 Billion
Market Size in 2030 (USD)
113.58 %
CAGR (2017-2023)
29.74 %
CAGR (2024-2030)
Largest Segment by Vehicle Body Type
78.58 %
value share, Heavy-duty Commercial Trucks, 2023
HDT dominate the electric truck market due to their critical role in logistics, transportation of goods over long distances, and increasing adoption of electric models for sustainability.
Largest Segment by Fuel Category
57.69 %
value share, BEV, 2023
BEVs lead the electric truck market due to advancements in battery technology, regulatory incentives for zero-emission vehicles, and growing infrastructure for electric vehicle charging.
Leading Country Market
85.63 %
value share, US, 2023
The US leads the market due to its extensive commercial transportation sector, significant investments in electric vehicle technology, and supportive government policies.
Leading Market Player
68.88 %
market share, Ford Motor Company, 2023
In the niche market of the e-truck, with various model offerings of hybrid and e-trucks with a strong customer base in the US, Ford is a leader in the electric truck market in North America.
Fastest-growing Segment by Country
31.17 %
Projected CAGR, US, 2024-2030
The US is the fastest-growing segment driven by large-scale investments in EV infrastructure, increased adoption of e-trucks by logistics companies, and regulatory support for reducing emissions.
The electric commercial truck market witnesses remarkable growth, becoming a key player in sustainable transport with a growth spurt expected through 2030
- Fuel cell electric vehicles hold the largest share in the overall electric vehicle category due to the growing logistics industry, stringent emission regulations by the government, logistics companies replacing IC engines with electric fleets, and logistics companies placing more electric vehicle orders.
- Major delivery firms are beginning to replace their gas-powered fleets with electric or low-emission vehicles to combat climate change and urban pollution. Big e-commerce companies have already announced plans to turn their entire fleets electric. For instance, in March 2021, FedEx announced its global target for 50% of all newly procured vehicles to be electric by 2025, rising to 100% of all new purchases by 2030. FedEx aims to achieve carbon-neutral operations globally by 2040, with the electrification of its pickup and delivery vehicles as a major investment area.
- The US government has been proactive in enacting policies to encourage the adoption of electric vehicles. For instance, New York City relaunched its Clean Trucks Program in June 2020, which provides funding to incentivize the transition from diesel to electric models. Incentive funding between USD 12,000 and USD 185,000 is available for replacing older diesel Class 4 to Class 8 trucks. This program will be instrumental in helping the city achieve its goal of carbon neutrality by 2050.
- The demand for electric trucks is anticipated to increase as the logistics and e-commerce industries are growing rapidly. Retail e-commerce sales in the United States were estimated at USD 768 billion in 2021, with a y-o-y growth of 19.25%. In 2020, retail e-commerce sales were around USD 645 billion. Thus, the demand for electric trucks is anticipated to register a CAGR of 2.9% between 2024 and 2030.
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North America registering emerging interest in electric trucks, with country-specific adoption rates influenced by regulatory incentives and the push for green logistics
- The electric truck market in North America is witnessing a notable shift toward sustainable transportation. In the United States, this market is experiencing rapid expansion, driven by substantial investments from both startups and established automotive manufacturers. The surge is further bolstered by state and federal policies, exemplified by California's Advanced Clean Trucks regulation, which mandates a rise in zero-emission truck sales.
- Increasing corporate sustainability commitments, coupled with federal incentives, are prompting fleet operators and businesses across North America to explore electric trucks as viable alternatives to traditional ICE vehicles. While Canada's electric truck market is in its early stages, it shows promise, propelled by the government's environmental goals and incentives. The Canadian government's focus on carbon emissions reduction extends to support for zero-emission vehicles (ZEVs), including electric trucks. Programs like the Incentives for Zero-Emission Vehicles Program (iZEV) and investments in charging infrastructure underscore the country's dedication to fostering an electric mobility ecosystem.
- Provinces like Quebec and British Columbia, with their own ZEV mandates and incentives, are at the forefront of electric truck adoption, particularly in urban logistics and municipal services. In Mexico, the electric truck market is still emerging, driven by concerns over urban air quality and the demand for sustainable transportation. Notably, initiatives in Mexico are concentrated in major urban centers, such as Mexico City, where pollution is a pressing issue.
North America Electric Truck Market Trends
Growing demand for electric vehicles in North America driven by government support and growing environmental concerns
- The CVP in Russia has experienced significant fluctuations in recent years. It climbed steadily from USD 208.2 million in 2017, peaking in 2019. However, it dipped to USD 193.9 million in 2020, largely due to the economic challenges brought on by the COVID-19 pandemic. Notably, the market rebounded sharply in 2022, reaching USD 269.8 million. This resurgence highlights both the resilience of the Russian automotive sector and the potential impact of economic stimulus measures and heightened consumer demand.
- Government incentives and subsidies are proving to be a strong draw for customers, particularly logistics and e-commerce firms, in their adoption of electric commercial vehicles. A case in point is Canada and North America, where, in April 2022, the government unveiled federal rebates of USD 5000 for electric light- and medium-duty vehicles. These initiatives are expected to significantly bolster the demand for electric commercial vehicles in North America from 2024 to 2030.
- Government initiatives, including plans for EV deployment, attractive incentives, and foreign investment allowances, are set to propel the electric vehicle market across North American nations. In a notable move, in March 2022, Volkswagen committed a staggering USD 7 billion to establish an electric car manufacturing facility in North America. By 2030, the automaker plans to roll out 25 new EV models, catering to customers in the US, Mexico, and Canada. As a result, the demand for electric vehicles is projected to witness a notable surge across various North American countries from 2024 to 2030.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- North America's demographic story highlights steady growth and adaptability, with each nation contributing uniquely to the region's vibrant mosaic, underlining North America's continued global significance
- North America exhibits diverse trends in CVP, and Canada experiences a slight decrease, while the US sees an increase, and Mexico shows significant growth
- In North America, from 2017 to 2023, auto loan interest rates displayed varied trends: Canada's rates gradually increased, Mexico's showed significant volatility, and the US experienced modest fluctuations
- Declining prices of lithium-ion batteries drive the demand for electric vehicles in North America
- North America has a diverse terrain that presents unique logistics challenges, but in 2023, the United States, Canada, and Mexico achieved high LPI rankings.
- In 2023, Ford led the North American light commercial van market, followed by Chevrolet, while Hyundai witnessed significant growth.
- Despite challenges in 2020, by 2023, the US experienced growth, Mexico displayed a robust recovery, while Canada witnessed a dip
- From 2017 to 2023, North America, particularly countries like the US and Canada, navigated inflationary spikes, especially post-pandemic in 2022.
- North America is showcasing a strong commitment to expanding its EV infrastructure, with both slow and fast charging stations seeing significant growth
- The rising demand for electric vehicles spurs new product launches and market entry in North America, driving the demand for battery packs
- Fuel prices are fluctuating in North America
North America Electric Truck Industry Overview
The North America Electric Truck Market is fairly consolidated, with the top five companies occupying 89.48%. The major players in this market are BYD Auto Co. Ltd., Daimler Truck North America LLC (Freightliner Trucks), Ford Motor Company, Mitsubishi Fuso Truck and Bus Corporation and Volvo Group (sorted alphabetically).
North America Electric Truck Market Leaders
BYD Auto Co. Ltd.
Daimler Truck North America LLC (Freightliner Trucks)
Ford Motor Company
Mitsubishi Fuso Truck and Bus Corporation
Volvo Group
Other important companies include Nikola Corporation, Orange EV, PACCAR Inc., Sany Heavy Industry Co. Ltd..
*Disclaimer: Major Players sorted in alphabetical order.
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North America Electric Truck Market News
- December 2023: The first Nikola triple battery-electric trucks were delivered to Total Transportation Services Inc. by Nikola, accelerating the development of zero-emission shipping options at Los Angeles and Long Beach ports.
- November 2023: The company announced a partnership with Factorial energy for the development of next-generation battery technology. The partnership is also focused on the development of the entire module and battery integration into the vehicle. The partnership will help Mercedes-Benz to become a fully electric company.
- October 2023: The Nikola Corporation and PGT Trucking Inc. (PGT) established a partnership to carry heavy-duty vehicles with electric drives.
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North America Electric Truck Market Report - Table of Contents
EXECUTIVE SUMMARY & KEY FINDINGS
REPORT OFFERS
1. INTRODUCTION
1.1. Study Assumptions & Market Definition
1.2. Scope of the Study
1.3. Research Methodology
2. KEY INDUSTRY TRENDS
2.1. Population
2.2. GDP Per Capita
2.3. Consumer Spending For Vehicle Purchase (cvp)
2.4. Inflation
2.5. Interest Rate For Auto Loans
2.6. Impact Of Electrification
2.7. EV Charging Station
2.8. Battery Pack Price
2.9. New Xev Models Announced
2.10. Logistics Performance Index
2.11. Fuel Price
2.12. Oem-wise Production Statistics
2.13. Regulatory Framework
2.14. Value Chain & Distribution Channel Analysis
3. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
3.1. Vehicle Configuration
3.1.1. Trucks
3.1.1.1. Heavy-duty Commercial Trucks
3.1.1.2. Medium-duty Commercial Trucks
3.2. Fuel Category
3.2.1. BEV
3.2.2. FCEV
3.2.3. HEV
3.2.4. PHEV
3.3. Country
3.3.1. Canada
3.3.2. Mexico
3.3.3. US
4. COMPETITIVE LANDSCAPE
4.1. Key Strategic Moves
4.2. Market Share Analysis
4.3. Company Landscape
4.4. Company Profiles
4.4.1. BYD Auto Co. Ltd.
4.4.2. Daimler Truck North America LLC (Freightliner Trucks)
4.4.3. Ford Motor Company
4.4.4. Mitsubishi Fuso Truck and Bus Corporation
4.4.5. Nikola Corporation
4.4.6. Orange EV
4.4.7. PACCAR Inc.
4.4.8. Sany Heavy Industry Co. Ltd.
4.4.9. Volvo Group
5. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS
6. APPENDIX
6.1. Global Overview
6.1.1. Overview
6.1.2. Porter’s Five Forces Framework
6.1.3. Global Value Chain Analysis
6.1.4. Market Dynamics (DROs)
6.2. Sources & References
6.3. List of Tables & Figures
6.4. Primary Insights
6.5. Data Pack
6.6. Glossary of Terms
List of Tables & Figures
- Figure 1:
- NORTH AMERICA ELECTRIC TRUCK MARKET, POPULATION YOY GROWTH RATE, UNITS, 2017 - 2030
- Figure 2:
- NORTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 3:
- NORTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 4:
- NORTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 5:
- NORTH AMERICA ELECTRIC TRUCK MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENTAGE, 2017 - 2022
- Figure 6:
- NORTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 7:
- NORTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 8:
- NORTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 9:
- NORTH AMERICA ELECTRIC TRUCK MARKET, NEW XEV MODELS ANNOUNCED, VOLUME, YOY GROWTH RATE, UNITS, 2023 - 2027
- Figure 10:
- NORTH AMERICA ELECTRIC TRUCK MARKET, LPI YOY GROWTH RATE, 2017 - 2030
- Figure 11:
- NORTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 12:
- NORTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 13:
- NORTH AMERICA ELECTRIC TRUCK MARKET, VOLUME IN UNITS, 2017 - 2030
- Figure 14:
- NORTH AMERICA ELECTRIC TRUCK MARKET, VALUE IN USD, 2017 - 2030
- Figure 15:
- NORTH AMERICA ELECTRIC TRUCK MARKET, BY VEHICLE BODY TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 16:
- NORTH AMERICA ELECTRIC TRUCK MARKET, BY VEHICLE BODY TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 17:
- NORTH AMERICA ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 18:
- NORTH AMERICA ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 19:
- NORTH AMERICA ELECTRIC TRUCK MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 20:
- NORTH AMERICA ELECTRIC TRUCK MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 21:
- NORTH AMERICA ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 22:
- NORTH AMERICA ELECTRIC TRUCK MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 23:
- NORTH AMERICA ELECTRIC TRUCK MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 24:
- NORTH AMERICA ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 25:
- NORTH AMERICA ELECTRIC TRUCK MARKET, BY FUEL CATEGORY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 26:
- NORTH AMERICA ELECTRIC TRUCK MARKET, BY FUEL CATEGORY, BY VALUE IN USD, 2017 - 2030
- Figure 27:
- NORTH AMERICA ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 28:
- NORTH AMERICA ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 29:
- NORTH AMERICA ELECTRIC TRUCK MARKET, BY BEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 30:
- NORTH AMERICA ELECTRIC TRUCK MARKET, BY BEV, BY VALUE IN USD, 2017 - 2030
- Figure 31:
- NORTH AMERICA ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 32:
- NORTH AMERICA ELECTRIC TRUCK MARKET, BY FCEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 33:
- NORTH AMERICA ELECTRIC TRUCK MARKET, BY FCEV, BY VALUE IN USD, 2017 - 2030
- Figure 34:
- NORTH AMERICA ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 35:
- NORTH AMERICA ELECTRIC TRUCK MARKET, BY HEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 36:
- NORTH AMERICA ELECTRIC TRUCK MARKET, BY HEV, BY VALUE IN USD, 2017 - 2030
- Figure 37:
- NORTH AMERICA ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 38:
- NORTH AMERICA ELECTRIC TRUCK MARKET, BY PHEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 39:
- NORTH AMERICA ELECTRIC TRUCK MARKET, BY PHEV, BY VALUE IN USD, 2017 - 2030
- Figure 40:
- NORTH AMERICA ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 41:
- NORTH AMERICA ELECTRIC TRUCK MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 42:
- NORTH AMERICA ELECTRIC TRUCK MARKET, BY COUNTRY, BY VALUE IN USD, 2017 - 2030
- Figure 43:
- NORTH AMERICA ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 44:
- NORTH AMERICA ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 45:
- NORTH AMERICA ELECTRIC TRUCK MARKET, BY CANADA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 46:
- NORTH AMERICA ELECTRIC TRUCK MARKET, BY CANADA, BY VALUE IN USD, 2017 - 2030
- Figure 47:
- NORTH AMERICA ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 48:
- NORTH AMERICA ELECTRIC TRUCK MARKET, BY MEXICO, BY VOLUME IN UNITS, 2017 - 2030
- Figure 49:
- NORTH AMERICA ELECTRIC TRUCK MARKET, BY MEXICO, BY VALUE IN USD, 2017 - 2030
- Figure 50:
- NORTH AMERICA ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 51:
- NORTH AMERICA ELECTRIC TRUCK MARKET, BY US, BY VOLUME IN UNITS, 2017 - 2030
- Figure 52:
- NORTH AMERICA ELECTRIC TRUCK MARKET, BY US, BY VALUE IN USD, 2017 - 2030
- Figure 53:
- NORTH AMERICA ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 54:
- NORTH AMERICA ELECTRIC TRUCK MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2017 - 2030
- Figure 55:
- NORTH AMERICA ELECTRIC TRUCK MARKET, MOST ADOPTED STRATEGIES, 2017 - 2030
- Figure 56:
- NORTH AMERICA ELECTRIC TRUCK MARKET SHARE(%), BY MAJOR PLAYERS, 2021
North America Electric Truck Industry Segmentation
Trucks are covered as segments by Vehicle Configuration. BEV, FCEV, HEV, PHEV are covered as segments by Fuel Category. Canada, Mexico, US are covered as segments by Country.
- Fuel cell electric vehicles hold the largest share in the overall electric vehicle category due to the growing logistics industry, stringent emission regulations by the government, logistics companies replacing IC engines with electric fleets, and logistics companies placing more electric vehicle orders.
- Major delivery firms are beginning to replace their gas-powered fleets with electric or low-emission vehicles to combat climate change and urban pollution. Big e-commerce companies have already announced plans to turn their entire fleets electric. For instance, in March 2021, FedEx announced its global target for 50% of all newly procured vehicles to be electric by 2025, rising to 100% of all new purchases by 2030. FedEx aims to achieve carbon-neutral operations globally by 2040, with the electrification of its pickup and delivery vehicles as a major investment area.
- The US government has been proactive in enacting policies to encourage the adoption of electric vehicles. For instance, New York City relaunched its Clean Trucks Program in June 2020, which provides funding to incentivize the transition from diesel to electric models. Incentive funding between USD 12,000 and USD 185,000 is available for replacing older diesel Class 4 to Class 8 trucks. This program will be instrumental in helping the city achieve its goal of carbon neutrality by 2050.
- The demand for electric trucks is anticipated to increase as the logistics and e-commerce industries are growing rapidly. Retail e-commerce sales in the United States were estimated at USD 768 billion in 2021, with a y-o-y growth of 19.25%. In 2020, retail e-commerce sales were around USD 645 billion. Thus, the demand for electric trucks is anticipated to register a CAGR of 2.9% between 2024 and 2030.
| Vehicle Configuration | ||||
|
| Fuel Category | |
| BEV | |
| FCEV | |
| HEV | |
| PHEV |
| Country | |
| Canada | |
| Mexico | |
| US |
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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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