Electric truck is an electric mobility which is powered by an electric motor, or a truck which receives power or energy primarily from the power grid. They are low or zero emission trucks, which contributes significantly towards a greener environment. Electric trucks are alternative to conventional fossil fuel trucks. However, they are heavier than traditional trucks owing to the weight of batteries.
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For a better understanding of the Electric Truck Market, a better grip over the macroeconomic and microeconomic factors are needed as they are impacting the market towards progress. Those factors can ensure a swift helming of the market by rough patches of economic crisis and help in averting plummeting results. With real-time data, the report captures the essence of the market and provides a close reading of demographic changes. Report would assist key players in assessing growth opportunities and optimally use resources provided by growth pockets.
Increase in transportation emission caused by fossil fuel powered vehicles coupled with a surge in pollution levels especially in urban areas. It is key driving factor which expected to boost the global electric truck market growth. Furthermore, increase in demand for electric trucks in logistic industry which is expected to positively contribute the market growth. Logistics industry is one of the important contributors to any country’s GDP, as increase in internet penetration and demand for e-commerce may require logistics providers deliver to remote locations in the emerging economies. As the increase in demand for green transportation across the globe and many government are backing are backing this initiatives, freight transportation, which contributes highly carbon dioxide emissions, has been observing a reduction. Many logistics companies are actively participating in replacing their fleet with greener vehicles. For instance, in February 2020, CEVA logistics in UK had started trails using electric lorries/trucks for supplying products in Central London.
However, lack of charging infrastructure is the major challenging factor which is expected to hinder the global electric truck market growth. For adequate charging infrastructure proper planning and installation is needed and which would require huge investments. It is expected to obstruct the electric truck market growth during this forecast period.
Market Key Players
Various key players are discussed in this report such as Bosch, Denso, CEVA Logistics, Johnson Control, Hitachi Automotive Systems, Magna, Infineon, Eaton, and Siemens.
By Truck Type
- Light-Duty Truck
- Medium-Duty Truck
- Heavy-Duty Truck
By Electric Propulsion Type
- Plug-in Hybrid
- Fuel Cell Electric
- Battery Electric
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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