Electric Truck Market 2022: Global Industry Size, Share, Trends, Growth and Forecast 2027

SHERIDAN, Wyo. - March 29, 2022 - PRLog -- The electric truck market reached a value of US$ 426.8 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 1923.2 Million by 2027, exhibiting a CAGR of 30.15% during 2022-2027.

An electric truck refers to an electric vehicle (EV) that functions on rechargeable batteries for transporting cargo. It is equipped with an electric motor, regenerative braking systems, and automatic start and stop facilities. It promotes a greener environment as it significantly minimizes carbon emissions and vehicular noise. It finds applications across various segments, such as municipal and logistics.Nowadays, its hybrid variants are available worldwide, which are manufactured using lightweight materials and function via fuel-gas and battery-operated engines.

Electric Truck Market Trends:

The burgeoning automotive industry and increasing preferences for hybrid and electric vehicles (H/EVs) are among the major factors creating a positive outlook for the market. Besides this, governing authorities of various countries are undertaking initiatives to minimize the consumption of fossil fuels, which is encouraging the adoption of EVs. This is consequently assisting in reducing greenhouse gas (GHG) and driving the market. Moreover, the improving electronic charging infrastructure and the integration of magnetic resonance for wireless vehicle charging are stimulating the market growth.

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Global Electric Truck 2022-2027 Analysis and Segmentation:

The report has segmented the market on the based on region, vehicle type, propulsion, range and application.

Breakup by Vehicle Type:

• Light-duty Truck
• Medium-duty Truck
• Heavy-duty Truck

Breakup by Propulsion:

• Battery Electric Truck
• Hybrid Electric Truck
• Plug-in Hybrid Electric Truck
• Fuel Cell Electric Truck

Breakup by Range:

• 0-150 Miles
• 151-300 Miles
• Above 300 Miles

Breakup by Application:

• Logistics
• Municipal
• Construction
• Mining
• Others

Breakup by Region:

• North America
• Asia-Pacific
• Europe
• Latin America
• Middle East and Africa

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