Electric Truck Market Key Segments, Size and Future Potential

With the rise in the concerns raised over the environmental degradation caused due to the
extensive usage of oil and gas-powered vehicles, the demand for environment-friendly
vehicles is growing rapidly across the globe. Moreover, the governments of several countries
are enacting policies and strict regulations such as targets pertaining to the reduction of
harmful gases such as carbon dioxide (CO2) and nitrogen oxides (NOx) aimed at promoting
the deployment of electric vehicles including electric trucks.
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Additionally, the governments of many countries are implementing strict diesel bans in urban
areas for mitigating the air pollution levels. For instance, the authorities in cities such as
Madrid, Mexico City, and Paris have already banned the usage of diesel-powered vehicles.
This is fueling the sales of electric trucks across the world. Currently, there are nearly 200
cities in Europe that have enacted strict environmental regulations and created low-emission
zones.
Because of the above-mentioned factors, the sales of electric trucks are rising sharply across
the world. This is, in turn, driving the advancement of the global electric truck market.
According to the estimates of P&S Intelligence, a market research company based in India,
the market will have a size of 1,508.1 thousand units by 2025. Furthermore, the market is
predicted to progress at a CAGR of 18.5% from 2018 to 2025.
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Across the globe, the sales of electric trucks were observed to be the highest in the Asia-
Pacific (APAC) region during the last few years. According to various reports, the industry
accounted for a sales volume of more than 80% in this region in 2017. In this region, the
demand for these vehicles was found to be the highest in China in the past years and this trend
is likely to continue in the forthcoming years as well.
Hence, it is safe to say that the sales of electric trucks will soar all over the world in the
forthcoming years, mainly because of the growing requirement for environment-friendly
vehicles and the rising enactment of favorable government policies regarding the usage of
these vehicles in several countries.
GLOBAL ELECTRIC TRUCK MARKET
• By Propulsion – Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-In
Hybrid Electric Vehicle (PHEV), and Fuel Cell Electric Vehicle (FCEV)
• By Vehicle Type – Light-Duty Trucks (LDTs), Medium-Duty Trucks (MDTs), And
Heavy-Duty Trucks (HDTs)
• By Range – 0–150 Miles, 151–250 Miles, 251–500 Miles, and Above 500 Miles
• By Application – Logistics, Municipal, and Others
• By Region – North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW)