Electric commercial truck market is anticipated to grow at a significant CAGR of 22.3% during the forecast period (2024-2031). The market growth is attributed to the growing viability of electric vehicles in commercial applications have been addressed by improvements in battery technology, which have resulted in higher energy densities, longer driving ranges, and rapid charging globally driving the growth of the market. The developing countries are investing heavily in electric vehicles (EVs) trucks and EV charging infrastructure in addition to conducting research and development for more rapid and effective charging techniques, longer-range EVs, and more affordable batteries. For instance, in March 2024, Hitachi America, Ltd. (Hitachi), Hitachi Energy, and Penske Truck Leasing introduced a large-scale, centralized electric truck charging solution. This project supports Penske’s electric truck deployments for its customers in the Stockton, California area.
Browse the full report description of “Electric Commercial Truck Market Size, Share & Trends Analysis Report by Propulsion Technology (Plug-In Hybrid, Fuel Cell Electric and Battery Electric), by Battery Type (Lithium Iron Phosphate (LFP), Nickel Manganese Cobalt (NMC), Lithium Nickel Cobalt Aluminum Oxide (NCA) and Others) and by Application (Logistics, Municipal, Construction, Mining and Others) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/electric-commercial-truck-market
The electric vehicle service provider has developed a corresponding concept vehicle called T-Pod. The market players offering intelligent operating systems for electric (and, in the future, autonomous) vehicle fleets, and charging and connectivity networks. For instance, in May 2023, Einride ordered 50 electric trucks from the Dutch manufacturer DAF Trucks according to a memorandum of understanding. The vehicles are equipped with three to five battery packs for ranges of up to 500 kilometres and are delivered with DAF repair and maintenance packages.
The market is looking for a tested solution that gives businesses the confidence to increase their fleets of electric vehicles (EVs). With more zero-emission medium-duty EVs on the road, the market is helping to meet the increasing demand of companies that have been awaiting an EV solution that can support a wide range of applications. For instance, in August 2023, Motiv Power Systems, Inc. introduced the new Argo Series electric truck featuring the first medium-duty EV cab designed from the ground up, with customer-driven miles and fleet owner feedback built in. Motiv’s next-generation powertrain, including industry torque and a 150-200 mile range LFP battery.
Market Coverage
• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031
• Segment Covered-
o By Propulsion Technology
o By Battery Type
o By Application
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- AB Volvo, BYD Co., Ltd., Daimler AG, Tata Motors Ltd. and Tesla Inc., among others.
Key questions addressed by the report.
Global Electric Commercial Truck Market Report Segment
By Propulsion Technology
By Battery Type
By Application
Global Electric Commercial 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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