Electric Trucks Market is set to grow by 562.44 thousand units from 2022 to 2027, Witnessing the Emergence of AB Volvo and BOLLINGER MOTORS LLC as Key Market Contributors - Technavio

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Dec 15, 2022, 02:00 ET

NEW YORK, Dec. 15, 2022 /PRNewswire/ -- The electric trucks market size is forecast to increase by USD 562.44 th units from 2022 to 2027, at a CAGR of 28.82%, according to the recent market study by Technavio. The growth of the market will be driven by the growing demand for fuel-efficient and low-emission vehicles, stringent rules and regulations, and electric trucks that create long-term value for customers.

Technavio has announced its latest market research report titled Global Electric Trucks Market 2023-2027

Technavio categorizes the global electric trucks market as a part of the global automotive market under the global automobiles and components industry. The parent market, the global automotive market, covers companies engaged in the production of vehicles such as passenger cars, commercial vehicles, and all-terrain vehicles. It does not include manufacturers of motorcycles, scooters, e-bikes, trikes, and three-wheelers.

Charts & data tables about market and segment sizes for a historic period of five (2017-
2021) years have been covered in this report. Download the Sample Report

Technavio has extensively analyzed 15 major vendors, including AB Volvo, BOLLINGER MOTORS LLC, BYD Electronic Co. Ltd., Daimler AG, E Force One AG, General Motors Co, Hino Motors Ltd., Isuzu Motors Ltd., Lordstown Motors Corp., Navistar International Corp., PACCAR Inc., Proterra Inc., Rivian Automotive LLC, Scania AB, Sinotruk Hong Kong Ltd., Tesla Inc., VDL Groep BV, Renault SAS, Nissan Motor Co. Ltd., and Ford Motor Co.

Key Benefits for Industry Players & Stakeholders –

The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.
It also provides detailed analyses of the market's competitive landscape and vendors' product offerings.
The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

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Customer Landscape - Analysis of Price Sensitivity, Adoption Lifecycle, Customer Purchase Basket, Adoption Rates, and Purchase Criteria by Technavio

One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine marketing strategies to gain a competitive advantage.
Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important), which range between LOW and HIGH.
Furthermore, market adoption rates for all regions have been covered.

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The market is segmented by propulsion (hybrid electric trucks and battery electric trucks), and vehicle type (light trucks and heavy-duty trucks).

Segmentation by propulsion (hybrid electric trucks/battery electric trucks)

Hybrid electric trucks and battery electric trucks: The market share growth by both hybrid electric trucks and battery electric trucks will be significant during the forecast period. In a hybrid electric truck, the electric motor is propelled by a battery that is either charged externally or by regenerative braking. Due to their long driving range and low operating and maintenance costs, hybrid trucks are experiencing continuous growth. Truck manufacturers are being compelled to create hybrid electric trucks by rising environmental consciousness and legal standards to reduce emissions. All these factors are responsible for market growth during the forecast period.

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Related Reports:

Hybrid Electric Vehicle Market by Propulsion, Vehicle Type, and Geography - Forecast and Analysis 2023-2027: The hybrid electric vehicle market is estimated to grow at a CAGR of 30.88% between 2022 and 2027. The size of the market is forecast to increase by 17098.51 thousand units. This report extensively covers market segmentation by propulsion (full hevs, mild hevs, and phevs), vehicle type (passenger cars and commercial vehicles), and geography (APAC, Europe, North America, South America, and Middle East and Africa).

Electric Car Market by Type, Vehicle Type, and Geography - Forecast and Analysis 2023-2027: The electric car market is estimated to grow at a CAGR of 28.69% between 2022 and 2027. The size of the market is forecast to increase by 22,644.59 thousand units. This report extensively covers market segmentation by type (sedan, hatchback, and others), vehicle type (BEV and PHEV), and geography (APAC, North America, Europe, South America, and Middle East and Africa).

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What are the key data covered in this Electric Trucks Market report?

CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the Electric Trucks Market between 2023 and 2027
Precise estimation of the size of the Electric Trucks Market size and its contribution to the market in focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the Electric Trucks Market industry across APAC, North America, Europe, South America, and Middle East and Africa
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of Electric Trucks Market vendors

Electric Trucks Market Scope
Report Coverage	Details
Page number	174
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 28.82%
Market growth 2023-2027	562.44 th units
Market structure	Fragmented
YoY growth 2022-2023 (%)	26.54
Regional analysis	APAC, North America, Europe, South America, and Middle East and Africa
Performing market contribution	APAC at 52%
Key countries	US, China, Japan, Norway, and UK
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	AB Volvo, BOLLINGER MOTORS LLC, BYD Electronic Co. Ltd., Daimler AG, E Force One AG, General Motors Co, Hino Motors Ltd., Isuzu Motors Ltd., Lordstown Motors Corp., Navistar International Corp., PACCAR Inc., Proterra Inc., Rivian Automotive LLC, Scania AB, Sinotruk Hong Kong Ltd., Tesla Inc., VDL Groep BV, Renault SAS, Nissan Motor Co. Ltd., and Ford Motor Co.
Market dynamics	Parent Market Analysis; Market growth inducers and obstacles; Fast-growing and slow-growing segment analysis for the forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Browse for Technavio "Consumer Discretionary" Research Reports

Table of Contents

1 Executive Summary

1.1 Market overview

Exhibit 01: Executive Summary – Chart on Market Overview
Exhibit 02: Executive Summary – Data Table on Market Overview
Exhibit 03: Executive Summary – Chart on Global Market Characteristics
Exhibit 04: Executive Summary – Chart on Market by Geography
Exhibit 05: Executive Summary – Chart on Market Segmentation by Propulsion
Exhibit 06: Executive Summary – Chart on Market Segmentation by Vehicle Type
Exhibit 07: Executive Summary – Chart on Incremental Growth
Exhibit 08: Executive Summary – Data Table on Incremental Growth
Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem

Exhibit 10: Parent market
Exhibit 11: Market Characteristics

3 Market Sizing

3.1 Market definition

Exhibit 12: Offerings of vendors included in the market definition

3.2 Market segment analysis

Exhibit 13: Market segments

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

Exhibit 14: Chart on Global - Market size and forecast 2022-2027 (thousand units)
Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 (thousand units)
Exhibit 16: Chart on Global Market- Year-over-year growth 2022-2027 (%)
Exhibit 17: Data Table on Global Market- Year-over-year growth 2022-2027 (%)

4 Historic Market Size

4.1 Global Electric Trucks Market 2017 - 2021

Exhibit 18: Historic Market Size – Data Table on Global Electric Trucks Market 2017 - 2021 (thousand units)

4.2 Geography Segment Analysis 2017 - 2021

Exhibit 19: Historic Market Size – Geography Segment 2017 - 2021 (thousand units)

4.3 Propulsion Segment Analysis 2017 - 2021

Exhibit 20: Historic Market Size – Propulsion Segment 2017 - 2021 (thousand units)

4.4 Type Segment Analysis 2017 - 2021

Exhibit 21: Historic Market Size – Type Segment 2017 - 2021 (thousand units)

4.5 Country Segment Analysis 2017 - 2021

Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 (thousand units)

5 Five Forces Analysis

5.1 Five forces summary

Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

5.2 Bargaining power of buyers

Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

5.3 Bargaining power of suppliers

Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

5.4 Threat of new entrants

Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

5.5 Threat of substitutes

Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

5.6 Threat of rivalry

Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

5.7 Market condition

Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Propulsion

6.1 Market segments

Exhibit 30: Chart on Propulsion - Market share 2022-2027 (%)
Exhibit 31: Data Table on Propulsion - Market share 2022-2027 (%)

6.2 Comparison by Propulsion

Exhibit 32: Chart on Comparison by Propulsion
Exhibit 33: Data Table on Comparison by Propulsion

6.3 Hybrid electric trucks - Market size and forecast 2022-2027

Exhibit 34: Chart on Hybrid electric trucks - Market size and forecast 2022-2027 (thousand units)
Exhibit 35: Data Table on Hybrid electric trucks - Market size and forecast 2022-2027 (thousand units)
Exhibit 36: Chart on Hybrid electric trucks - Year-over-year growth 2022-2027 (%)
Exhibit 37: Data Table on Hybrid electric trucks - Year-over-year growth 2022-2027 (%)

6.4 Battery electric trucks - Market size and forecast 2022-2027

Exhibit 38: Chart on Battery electric trucks - Market size and forecast 2022-2027 (thousand units)
Exhibit 39: Data Table on Battery electric trucks - Market size and forecast 2022-2027 (thousand units)
Exhibit 40: Chart on Battery electric trucks - Year-over-year growth 2022-2027 (%)
Exhibit 41: Data Table on Battery electric trucks - Year-over-year growth 2022-2027 (%)

6.5 Market opportunity by Propulsion

Exhibit 42: Market opportunity by Propulsion (thousand units)

7 Market Segmentation by Vehicle Type

7.1 Market segments

Exhibit 43: Chart on Vehicle Type - Market share 2022-2027 (%)
Exhibit 44: Data Table on Vehicle Type - Market share 2022-2027 (%)

7.2 Comparison by Vehicle Type

Exhibit 45: Chart on Comparison by Vehicle Type
Exhibit 46: Data Table on Comparison by Vehicle Type

7.3 Light trucks - Market size and forecast 2022-2027

Exhibit 47: Chart on Light trucks - Market size and forecast 2022-2027 (thousand units)
Exhibit 48: Data Table on Light trucks - Market size and forecast 2022-2027 (thousand units)
Exhibit 49: Chart on Light trucks - Year-over-year growth 2022-2027 (%)
Exhibit 50: Data Table on Light trucks - Year-over-year growth 2022-2027 (%)

7.4 Medium trucks - Market size and forecast 2022-2027

Exhibit 51: Chart on Medium trucks - Market size and forecast 2022-2027 (thousand units)
Exhibit 52: Data Table on Medium trucks - Market size and forecast 2022-2027 (thousand units)
Exhibit 53: Chart on Medium trucks - Year-over-year growth 2022-2027 (%)
Exhibit 54: Data Table on Medium trucks - Year-over-year growth 2022-2027 (%)

7.5 Heavy-duty trucks - Market size and forecast 2022-2027

Exhibit 55: Chart on Heavy-duty trucks - Market size and forecast 2022-2027 (thousand units)
Exhibit 56: Data Table on Heavy-duty trucks - Market size and forecast 2022-2027 (thousand units)
Exhibit 57: Chart on Heavy-duty trucks - Year-over-year growth 2022-2027 (%)
Exhibit 58: Data Table on Heavy-duty trucks - Year-over-year growth 2022-2027 (%)

7.6 Market opportunity by Vehicle Type

Exhibit 59: Market opportunity by Vehicle Type (thousand units)

8 Customer Landscape

8.1 Customer landscape overview

Exhibit 60: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

9.1 Geographic segmentation

Exhibit 61: Chart on Market share by geography 2022-2027 (%)
Exhibit 62: Data Table on Market share by geography 2022-2027 (%)

9.2 Geographic comparison

Exhibit 63: Chart on Geographic comparison
Exhibit 64: Data Table on Geographic comparison

9.3 APAC - Market size and forecast 2022-2027

Exhibit 65: Chart on APAC - Market size and forecast 2022-2027 (thousand units)
Exhibit 66: Data Table on APAC - Market size and forecast 2022-2027 (thousand units)
Exhibit 67: Chart on APAC - Year-over-year growth 2022-2027 (%)
Exhibit 68: Data Table on APAC - Year-over-year growth 2022-2027 (%)

9.4 North America - Market size and forecast 2022-2027

Exhibit 69: Chart on North America - Market size and forecast 2022-2027 (thousand units)
Exhibit 70: Data Table on North America - Market size and forecast 2022-2027 (thousand units)
Exhibit 71: Chart on North America - Year-over-year growth 2022-2027 (%)
Exhibit 72: Data Table on North America - Year-over-year growth 2022-2027 (%)

9.5 Europe - Market size and forecast 2022-2027

Exhibit 73: Chart on Europe - Market size and forecast 2022-2027 (thousand units)
Exhibit 74: Data Table on Europe - Market size and forecast 2022-2027 (thousand units)
Exhibit 75: Chart on Europe - Year-over-year growth 2022-2027 (%)
Exhibit 76: Data Table on Europe - Year-over-year growth 2022-2027 (%)

9.6 South America - Market size and forecast 2022-2027

Exhibit 77: Chart on South America - Market size and forecast 2022-2027 (thousand units)
Exhibit 78: Data Table on South America - Market size and forecast 2022-2027 (thousand units)
Exhibit 79: Chart on South America - Year-over-year growth 2022-2027 (%)
Exhibit 80: Data Table on South America - Year-over-year growth 2022-2027 (%)

9.7 Middle East and Africa - Market size and forecast 2022-2027

Exhibit 81: Chart on Middle East and Africa - Market size and forecast 2022-2027 (thousand units)
Exhibit 82: Data Table on Middle East and Africa - Market size and forecast 2022-2027 (thousand units)
Exhibit 83: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
Exhibit 84: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

9.8 China - Market size and forecast 2022-2027

Exhibit 85: Chart on China - Market size and forecast 2022-2027 (thousand units)
Exhibit 86: Data Table on China - Market size and forecast 2022-2027 (thousand units)
Exhibit 87: Chart on China - Year-over-year growth 2022-2027 (%)
Exhibit 88: Data Table on China - Year-over-year growth 2022-2027 (%)

9.9 US - Market size and forecast 2022-2027

Exhibit 89: Chart on US - Market size and forecast 2022-2027 (thousand units)
Exhibit 90: Data Table on US - Market size and forecast 2022-2027 (thousand units)
Exhibit 91: Chart on US - Year-over-year growth 2022-2027 (%)
Exhibit 92: Data Table on US - Year-over-year growth 2022-2027 (%)

9.10 Norway - Market size and forecast 2022-2027

Exhibit 93: Chart on Norway - Market size and forecast 2022-2027 (thousand units)
Exhibit 94: Data Table on Norway - Market size and forecast 2022-2027 (thousand units)
Exhibit 95: Chart on Norway - Year-over-year growth 2022-2027 (%)
Exhibit 96: Data Table on Norway - Year-over-year growth 2022-2027 (%)

9.11 UK - Market size and forecast 2022-2027

Exhibit 97: Chart on UK - Market size and forecast 2022-2027 (thousand units)
Exhibit 98: Data Table on UK - Market size and forecast 2022-2027 (thousand units)
Exhibit 99: Chart on UK - Year-over-year growth 2022-2027 (%)
Exhibit 100: Data Table on UK - Year-over-year growth 2022-2027 (%)

9.12 Japan - Market size and forecast 2022-2027

Exhibit 101: Chart on Japan - Market size and forecast 2022-2027 (thousand units)
Exhibit 102: Data Table on Japan - Market size and forecast 2022-2027 (thousand units)
Exhibit 103: Chart on Japan - Year-over-year growth 2022-2027 (%)
Exhibit 104: Data Table on Japan - Year-over-year growth 2022-2027 (%)

9.13 Market opportunity by geography

Exhibit 105: Market opportunity by geography (thousand units)

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

Exhibit 106: Impact of drivers and challenges in 2022 and 2027

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

Exhibit 107: Overview on Criticality of inputs and Factors of differentiation

11.3 Landscape disruption

Exhibit 108: Overview on factors of disruption

11.4 Industry risks

Exhibit 109: Impact of key risks on business

12 Vendor Analysis

12.1 Vendors covered

Exhibit 110: Vendors covered

12.2 Market positioning of vendors

Exhibit 111: Matrix on vendor position and classification

12.3 AB Volvo

Exhibit 112: AB Volvo - Overview
Exhibit 113: AB Volvo - Business segments
Exhibit 114: AB Volvo - Key offerings
Exhibit 115: AB Volvo - Segment focus

12.4 BOLLINGER MOTORS LLC

Exhibit 116: BOLLINGER MOTORS LLC - Overview
Exhibit 117: BOLLINGER MOTORS LLC - Product / Service
Exhibit 118: BOLLINGER MOTORS LLC - Key offerings

12.5 BYD Electronic Co. Ltd.

Exhibit 119: BYD Electronic Co. Ltd. - Overview
Exhibit 120: BYD Electronic Co. Ltd. - Business segments
Exhibit 121: BYD Electronic Co. Ltd. - Key news
Exhibit 122: BYD Electronic Co. Ltd. - Key offerings
Exhibit 123: BYD Electronic Co. Ltd. - Segment focus

12.6 Daimler AG

Exhibit 124: Daimler AG - Overview
Exhibit 125: Daimler AG - Business segments
Exhibit 126: Daimler AG - Key news
Exhibit 127: Daimler AG - Key offerings
Exhibit 128: Daimler AG - Segment focus

12.7 General Motors Co

Exhibit 129: General Motors Co - Overview
Exhibit 130: General Motors Co - Business segments
Exhibit 131: General Motors Co - Key news
Exhibit 132: General Motors Co - Key offerings
Exhibit 133: General Motors Co - Segment focus

12.8 Hino Motors Ltd.

Exhibit 134: Hino Motors Ltd. - Overview
Exhibit 135: Hino Motors Ltd. - Business segments
Exhibit 136: Hino Motors Ltd. - Key offerings
Exhibit 137: Hino Motors Ltd. - Segment focus

12.9 Isuzu Motors Ltd.

Exhibit 138: Isuzu Motors Ltd. - Overview
Exhibit 139: Isuzu Motors Ltd. - Product / Service
Exhibit 140: Isuzu Motors Ltd. - Key offerings

12.10 Navistar International Corp.

Exhibit 141: Navistar International Corp. - Overview
Exhibit 142: Navistar International Corp. - Business segments
Exhibit 143: Navistar International Corp. - Key offerings
Exhibit 144: Navistar International Corp. - Segment focus

12.11 Nissan Motor Co. Ltd.

Exhibit 145: Nissan Motor Co. Ltd. - Overview
Exhibit 146: Nissan Motor Co. Ltd. - Business segments
Exhibit 147: Nissan Motor Co. Ltd. - Key news
Exhibit 148: Nissan Motor Co. Ltd. - Key offerings
Exhibit 149: Nissan Motor Co. Ltd. - Segment focus

12.12 Proterra Inc.

Exhibit 150: Proterra Inc. - Overview
Exhibit 151: Proterra Inc. - Product / Service
Exhibit 152: Proterra Inc. - Key news
Exhibit 153: Proterra Inc. - Key offerings

12.13 Renault SAS

Exhibit 154: Renault SAS - Overview
Exhibit 155: Renault SAS - Product / Service
Exhibit 156: Renault SAS - Key news
Exhibit 157: Renault SAS - Key offerings

12.14 Rivian Automotive LLC

Exhibit 158: Rivian Automotive LLC - Overview
Exhibit 159: Rivian Automotive LLC - Product / Service
Exhibit 160: Rivian Automotive LLC - Key offerings

12.15 Scania AB

Exhibit 161: Scania AB - Overview
Exhibit 162: Scania AB - Business segments
Exhibit 163: Scania AB - Key offerings
Exhibit 164: Scania AB - Segment focus

12.16 Sinotruk Hong Kong Ltd.

Exhibit 165: Sinotruk Hong Kong Ltd. - Overview
Exhibit 166: Sinotruk Hong Kong Ltd. - Business segments
Exhibit 167: Sinotruk Hong Kong Ltd. - Key offerings
Exhibit 168: Sinotruk Hong Kong Ltd. - Segment focus

12.17 Tesla Inc.

Exhibit 169: Tesla Inc. - Overview
Exhibit 170: Tesla Inc. - Business segments
Exhibit 171: Tesla Inc. - Key news
Exhibit 172: Tesla Inc. - Key offerings
Exhibit 173: Tesla Inc. - Segment focus

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

Exhibit 174: Inclusions checklist
Exhibit 175: Exclusions checklist

13.3 Currency conversion rates for US$

Exhibit 176: Currency conversion rates for US$

13.4 Research methodology

Exhibit 177: Research methodology
Exhibit 178: Validation techniques employed for market sizing
Exhibit 179: Information sources

13.5 List of abbreviations

Exhibit 180: List of abbreviations

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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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