The global electric truck market size was US$ 496.2 million in 2021. The global electric truck market size is forecast to reach US$ 4116.5 million by 2030, growing at a compound annual growth rate (CAGR) of 26.5% during the forecast period from 2022 to 2030.
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A battery-powered electric truck is a commercial vehicle that transports cargo via electricity. Also, electric trucks have fewer moving parts than diesel trucks and do not require multi-speed transmissions, thus reducing maintenance costs and improving reliability with almost no noise pollution. Government initiatives are also encouraging the adoption of electric trucks, which have remarkable benefits such as high torque, no noise pollution, and lower maintenance costs over diesel trucks.
Factors Influencing Market Growth
- A growing number of government initiatives for promoting e-mobility, stringent emissions standards for fossil fuel-powered commercial vehicles, and a decrease in battery costs are driving the global electric truck market.
- The lack of charging infrastructure and the high cost of electric trucks may slow down the global market growth during the forecast period.
- Increasing demand for electric trucks from the logistics sector and the advent of self-driving technology will offer significant growth opportunities for companies operating in the global electric truck market.
Impact Analysis of COVID-19
