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Electric Truck Market Size
- Report ID: GMI5800
- Published Date: Apr 2024
- Report Format: PDF
Electric Truck Market Size
Electric Truck Market size was valued at USD 21.1 billion in 2023 and is estimated to register a CAGR of over 15% between 2024 and 2032. Innovations in electric truck technology are reshaping logistics, prioritizing sustainability, and efficiency. The transportation industry is evolving to become cleaner, quieter, and more economically feasible. This change is fueled by advancements in battery technology and the expansion of fast-charging infrastructure.
For instance, in April 2024, Daimler Truck unveiled its latest brand of electric vehicles, 'RIZON,' during its Canadian premiere of battery-electric trucks at Truck World in Toronto. The company announced that these innovative e-trucks will be accessible to Canadian customers, thereby bolstering the electric truck market by providing environment-friendly and advanced transportation solutions.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Electric Truck Market Size in 2023: | USD 21.1 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 15% |
| 2032 Value Projection: | USD 74.9 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 240 |
| Tables, Charts & Figures: | 334 |
| Segments covered: | Vehicle, Application, Battery Technology, Battery Capacity, GVWR |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Government incentives play a pivotal role in accelerating the adoption of electric trucks by providing financial support and regulatory advantages. Subsidies, tax credits, and grants incentivize fleet operators to invest in electric vehicles, offsetting the higher initial costs. Additionally, regulatory policies such as emission standards and zero-emission zones create a favorable environment for electric truck deployment. These incentives not only lower the total cost of ownership but also align with broader environmental goals, driving the transition toward cleaner transportation solutions.
The limited range and inadequate charging infrastructure pose significant obstacles to the wide adoption of electric trucks. Without sufficient charging stations along transportation routes, electric truck operators face range anxiety and potential disruptions to their operations. Moreover, the time required for recharging compared to refueling conventional trucks may lead to productivity losses. Addressing this challenge necessitates substantial investments in expanding charging infrastructure and advancing battery technology to extend the range of electric trucks.
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Electric Truck Market Scope
