The global electric truck market size is expected to grow from approximately 101,499 units in 2022 to reach 1,067,985 units by 2030, at a CAGR of 34.2%. Factors such as rise in pollution and environmental hazards, stringent government regulations, and stiff competition have compelled automotive OEMs to make fuel-efficient and environment-friendly trucks.
Walmart and Frito-Lay plan to adopt electric trucks for distribution services, especially for intracity and intercity deliveries. Globalization has increased international trade and demands greater efficiency in transportation and distribution activities by end users to enable on-time delivery. The most common type of electric trucks used for distribution services would be light-duty and medium-duty trucks. In May 2022, DHL Express announced the purchase of 44 new electric trucks from AB Volvo for its European operations to increase speeding transition to zero-emission commercial vehicles. In 2020, Renault Trucks (France), a subsidiary of AB Volvo, signed an agreement with the Carlsberg Group (Denmark) to deliver 20 electric trucks. The higher adoption of electric trucks for distribution services in the food & beverage, retail, and consumer goods sectors is likely to boost the demand for electric pickup trucks and electric trucks in the near future.
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An electric vehicle that runs completely on a battery is termed a BEV. These vehicles run with the help of a permanent magnet motor that is powered by a battery installed in the vehicle. BEVs are 100% emission-free and were initially launched in the market in lower-capacity electric trucks. However, with battery technology and vehicle structure developments, BEVs were gradually introduced in the trucks segment. Electric motors used in BEVs have high efficiency―about 90%, which is greater than PHEVs. The average range of BEVs is 150 to 250 miles and varies based on battery type installation as of 2022. Scania AB, Mercedes Benz Group AG, and Nikola Corporation have variants in the BEV electric trucks segment.
Electric trucks that are used for medium-scale logistics have a range of up to 200 miles on a single full charge. The market leaders of China provide electric trucks with a range of up to 200 miles and more. Many companies are coming up with electric pickup trucks with a range of up to 200 miles. BYD, Proterra, Mercedes Benz Group AG, and AB Volvo offer variants of electric trucks and pickup trucks that have a range of upto 200 miles. In July 2022, AB Volvo launched VOLVO FL Electric, VOLVO FE Electric medium duty truck range for Australian transport operators. The trucks are offered together with service and support packages for electromobility needs.
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Key Market Players
The electric trucks market is dominated by a few globally established players such as BYD(China)., Mercedes Benz Group AG (Germany), AB Volvo (Sweden), Ford Motor Company (US) and Rivian (US) and others. These players have long-term supply contracts with leading automotive manufacturers and electric vehicle technology developers. These companies have adopted the strategies of new product developments, acquisitions, agreements, collaborations, expansions, joint ventures, partnerships, and supply contracts to gain traction in the market. Partnership and collaboration are the most widely adopted strategies by major players.
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