Electric Truck Business Scope Globally - Research Report 2020

Due to the rise in the manufacturing output as well as long-distance trade activities, the global logistics industry is expanding at a healthy rate. While most of the inter-country goods transport is handled by ships or aircraft, the major part of the logistics operations within countries is carried out via trains or trucks. Roadways are generally considered a cheaper transportation mode than railways, which is why the number of trucks pressed in freight transportation is extremely high around the world. But, with the increasing concerns about the high rate of harmful emissions from the transport sector, clean mobility is being encouraged.

Thus, with the rising government efforts to clean up the environment, the electric truck market is predicted to register a sale of 1,508.1 thousand units by 2025, witnessing an 18.5% CAGR during 2018–2025 (forecast period). As such automobiles are built for heavier haulage than cars, their engines are also larger, which is why they burn higher amounts of diesel than cars, thus leading to a significant rise in the emissions. Alarmed at the situation, numerous cities, including Madrid, Paris, and Mexico City, have started banning diesel to some extent or the other.

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Despite the emission regulations and diesel bans being stronger in developed countries, Asia-Pacific (APAC) is currently the most productive electric truck market in the world. This is attributed to the favorable government policies, high air pollution levels, and stringent targets for replacing conventional vehicles with electric variants. This is especially true for China, which currently accounts for the highest number of electric trucks in operation across the globe. Similarly, in other regions, the manufacturing of such automobiles is rising, which is expected to decrease their purchase cost, thereby helping augment their uptake.

Hence, with the growth of the logistics and freight transportation industry, in a time when reducing the emission of harmful gases into the atmosphere is one of the world’s top priorities, the demand for electric trucks would shoot up sharply in the near future.

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