The Global Electric Truck Market was estimated to value USD 670 million in 2021 and is projected to grow at a CAGR of 23.5% during the forecast period from 2021 to 2030. Electric trucks are commercial vehicles working on rechargeable batteries. It is comprised of an electric motor to power the vehicle using high-voltage batteries. They are mainly available in heavy-duty and light-medium variants with different speed capacities. The new electric trucks are also existing in hybrid variants, which work through both battery-operated and fuel-gas engines.
In contrast to the fuel-based substitutes, electric trucks are more reliable, cost-effective, and have negligible carbon emissions and vehicular noise. Electric trucks are also manufactured with the support of light-weight constituents, have re-form braking systems, and are equipped with stop facilities and automatic start.
In addition, the significant development in the automotive industry, along with the surging client preference for electric and hybrid vehicles (EV/H), is one of the major factors creating the positive outcome for the electric trucks market. Furthermore, the new implementation of satisfactory government rules promoting e-mobility and reducing the dependency on fossil fuels, mainly in emerging countries, is driving the market development.
Governments of several nations are introducing new schemes to boost automobile manufacturers to change electronic trucks that do not need diesel fuel consumption and can support in minimizing greenhouse gas (GHG) emissions. Several technological advancements, such as progressions in the electronic charging utilization and infrastructure of magnetic resonance for wireless vehicle charging, are driving the growth of the market.