Electric truck market is expected to reach a market size of 1,508.1 thousand units by 2025, according to P&S Intelligence.
Low maintenance cost incurred in electric trucks, supplemental incentives, and other incentives along with declining prices are the major factors driving the growth of the market.
Further, the battery manufacturing industry is growing much faster than the battery demand, which has led to economies of scale benefiting the advancement of the industry. Moreover, advancements achieved in battery development over the past decade. This leads to the growth of the electric truck market.
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Asia-Pacific (APAC) stands as the largest market for electric trucks
Geographically, the APAC is the largest share of the market in the world, accounting for the largest share of the market in the world, accounting for 80% of 2017. Country wise, China subsidies, national alternative-fuel-vehicle replacement sales targets, and municipal air quality targets.
In other regions, the industry is still in its budding phase. Availability of manufacturers, high upfront cost, and underdeveloped value chain of the growth of the electric truck market. However, the growth of these markets is expected to increase the market growth during the forecast period.
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Electric Truck Market Competitive Landscape
The global electric truck market is dominated by the Chinese players, owing to the rapid industrialization, urbanization, and economy growth coupled with government support for the adoption of eco-friendly vehicles. Dongfeng Motor Corporation is one of the leading players in the market. The company has a strong position in Chinese electric truck industry. Whereas, BYD Company Limited. is the second largest manufacturer of electric trucks in the industry. The other key players in the market include Hino Motors Limited, Daimler AG, Volvo Group, Iveco SpA, Isuzu Motors Limited, Nikola Motor Company, Workhorse Group Incorporated, Cummins Inc., and E-Force One AG.