Global box truck market is anticipated to grow at a CAGR of 4.0% during the forecast period (2024-2031). A major factor supporting the growth of the market is the growing demand for electric box truck as market is witnessing significant technological advancements. Increased environmental awareness has bolstered efforts to limit air, water, and soil pollution, which in turn pushed companies to invest in electric vehicles to meet net zero emission. Electric trucks are more environmentally friendly and in line with sustainability objectives because they have reduced emissions and operating expenses. As new technologies become available, modular designs and open platforms can be readily updated to increase their value and lifespan. Features that improve safety and lower accident rates, minimize downtime and insurance costs, include lane departure indicators, blind-spot monitoring, and collision avoidance systems.
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Technological advancements in the box truck industry have enhanced efficiency, safety, and adaptability, attracting more firms, accelerating market growth, and paving the way for a sustainable delivery ecosystem. For instance, in October 2023, General Motors Co. announced an investment of more than $7 billion in four Michigan manufacturing sites, creating 4,000 new jobs and retaining 1,000, and significantly increasing battery cell and electric truck manufacturing capacity. The investment includes construction of a new Ultium Cells battery cell plant in Lansing and the conversion of GM’s assembly plant in Orion Township, Michigan for production of the Chevrolet Silverado EV and the electric GMC Sierra. This strategic expansion is geared toward fulfilling the growing needs for eco-friendly delivery options.
In June 2023, the U.S. Energy Department announced it intends to loan a joint venture of Ford Motor Co. and South Korean battery maker SK forged up to $9.2 billion to help finance construction of three new battery manufacturing plants in Tennessee and Kentucky. It is given for battery plants ensuring a consistent battery supply for Ford's expanding EV lineup.
Market Coverage
• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031
• Segment Covered-
o By Product
o By Fuel
o By Application
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- Daimler Truck AG, General Motors, TRATON GROUP, Ford Motor Company, Hino Motors, Ltd., and Hertz Corporation, among others.
Key questions addressed by the report.
Global Box Truck Market Report Segment
By Product
By Fuel
By Application
Global Box Truck Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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