The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Sept. 15, 2023 /PRNewswire/ -- As per The Business Research Company's Electric Truck Global Market Report 2023, the electric truck market is on an electrifying trajectory, with impressive growth figures that are reshaping the transportation landscape. In 2023, the market size is set to surge to $2.72 billion from $1.85 billion in 2022, reflecting an astonishing compound annual growth rate (CAGR) of 47.5%. Projections indicate that the electric truck market is poised to achieve remarkable heights, with an estimated size of $13.63 billion by 2027, boasting a compelling CAGR of 49.6%. Several factors are steering this growth.
Driving Forces
- Escalating Fuel Prices: Increasing fuel costs are driving the transition towards electric trucks, offering a cost-effective and eco-friendly alternative.
- Government Support: Rising government initiatives and support for electric vehicles are accelerating market expansion.
- Charging Infrastructure: The growing charging infrastructure network is boosting confidence in electric truck adoption.
Learn More On The Electric Truck Market Report – https://www.thebusinessresearchcompany.com/report/electric-truck-global-market-report
Augmented Reality Revolutionizes Electric Trucks
The use of augmented reality (AR) is gaining significant traction in the electric truck market, offering innovative solutions for manufacturers and drivers alike. Electric truck manufacturers are leveraging AR technology to enhance customer services and strengthen their market position.AR-powered heads-up displays provide drivers with vital information like battery status, route navigation, and charging station locations, all without diverting their attention from the road.
For instance, in May 2023, Volvo Group introduced an electric truck safety app with AR technology called the Emergency Response Guide app. This app offers real-time guidance from the electric truck to the emergency services team arriving at the scene, ensuring safe rescue conditions and minimizing risks.
Market Landscape
The global electric truck market is characterized by fragmentation, with a handful of prominent players dominating the scene. The top ten competitors accounted for 62.12% of the total market in 2022, reflecting high entry barriers due to the substantial costs associated with research and development.
BYD Company Ltd. emerged as the largest competitor with a 15.58% electric truck market share, followed by AB Volvo, Volkswagen AG, and others.
Request A Free Sample Of The Electric Truck Market Report – https://www.thebusinessresearchcompany.com/sample.aspx?id=5965&type=smp
Regional Dynamics
Asia Pacific led the electric truck market in 2022, commanding 87.0% of the total market, followed by North America and other regions. The fastest-growing regions are expected to be Africa and the Middle East, with impressive CAGRs of 68% and 64.3%, respectively.
Market Segmentation
The electric truck market is segmented by vehicle type (Light-Duty, Medium-Duty, Heavy-Duty), propulsion (Battery Electric, Hybrid Electric, Plug-In Hybrid Electric, Fuel Cell Electric), range (Up to 150 Miles, 151-300 Miles, Above 300 Miles), and end user (Last Mile Delivery, Long Haul Transportation, Refuse Services, Field Services, Distribution Services).
In the vehicle type segmentation, the light-duty electric trucks segment is expected to witness significant growth, gaining $4,899.51 million in global annual sales by 2027.
The electric truck market is not just growing; it's revolutionizing the transportation industry with innovation and sustainability at its core. As the world shifts towards eco-conscious solutions, electric trucks are positioned as a game-changing force in the transportation landscape.
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