Asia Pacific Electric Truck Market to be dominated by China in the Forecast Period
Increasing demand for emission free vehicles and low
maintenance cost of electric trucks are driving the Asia Pacific electric truck
market in many countries of Asia Pacific region.
According to TechSci Research report, “Asia Pacific Electric Truck Market–By Country, Competition Forecast and Opportunities, 2018-2028F,” the Asia
Pacific Electric Truck Market is projected to grow in the coming years due to
factors, such as lower maintenance cost, lower emissions, and trucks buyers
finding electric trucks more comfortable as they produce no noise compared to
the ICE based trucks. To encourage the use of zero emission trucks, many
governments have set up rules and incentives. Toll reductions strengthened fleet
emission regulations, sales prohibitions on combustion-engine vehicles, and
subsidy programs or tax breaks for zero-emission trucks, components, and
infrastructures are only a few of the national-level measures. Some regional
and local governments add entry restrictions for ICE vehicles or zero-emission
vehicle procurement goals for their fleets to these efforts. The adoption of
battery-electric vehicles (BEVs) and fuel cell electric vehicles (FCEVs) in
this decade will likely be accelerated by regulations that favor zero-emission
cars (ZEVs), even though they take different forms in different geographic
regions, due to this reason sales of electric truck will increase in many countries
of Asia Pacific Regulatory activities have increased in several Asia Pacific markets.
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The demand for electric trucks is
increasing in the Asia Pacific region due to a variety of factors. One of the
primary drivers is the need to reduce carbon emissions and address climate
change. Many countries in the region, such as China and India, have pledged to
reduce their greenhouse gas emissions, and transitioning to electric trucks is
seen as a keyway to achieve this goal. Another factor driving the demand for
electric trucks in the Asia Pacific region is the need to reduce air pollution.
Many cities in the countries of the region suffer from poor air quality due to
high levels of vehicle emissions, and electric trucks offer a cleaner
alternative to diesel and gasoline-powered trucks. In addition, the increasing
popularity of e-commerce and last-mile delivery services are also driving the
demand for electric trucks. As more people shop online and demand faster
delivery times, companies are looking for ways to reduce delivery costs and
improve efficiency. Electric trucks can help to achieve these goals by reducing
fuel costs and maintenance expenses, as well as by providing a more
environmentally friendly option for deliveries.
Overall, the demand for electric trucks
is likely to continue to grow in the Asia Pacific region, driven by a
combination of environmental concerns, economic factors, and the changing
landscape of the logistics and delivery industry.
Key Market Players in the Asia Pacific
Electric Truck Market Include:
- Volvo Group
- Dongfeng Motor Corporation
- BYD Company Limited
- Daimler AG
- Isuzu Motors Ltd.
- Hino Motors Ltd.
- Scania AB
- MAN Truck & Bus AG
- Navistar International Corp
- Foton Motor Inc.
Due to the low equipment wear in
electric trucks compared to diesel trucks, maintenance expenses are
significantly different. Since these components are no longer required, the
cost of transmissions, belts, valves, and scrubbers is significantly decreased.
According to an EV maker regenerative braking is so efficient, that it can
practically take the role of wheel brakes in the electric truck. Although it is
projected that EV maintenance costs will be reduced, it can be difficult to
find service providers. Not all petrol stations and outside service companies
have the knowledge or tools required to work on EVs. Electric trucks have lower
operating costs compared to diesel-powered trucks, as they require less
maintenance and have lower fuel costs. This makes them more cost-effective in
the long run, which is especially important for logistics companies that are
always looking for ways to reduce costs and improve their bottom line.
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“The Asia Pacific Electric Truck Market is
forecast to grow during the forecasted period owing to the rising demand for
electric trucks due to various factors, such as rising environmental concerns among
people. Also, the government of several countries in the region have different
plans to increase electric vehicle sales such as the China government has
targeted to have 30% of the trucks on road be electric trucks by 2040. In lieu
of these market opportunities various automobile manufacturers have started to
launch new electric trucks with different models for buyers in the different Asia
Pacific countries. This is expected to increase the electric vehicle sales in
the country which will further drive the Asia Pacific electric truck market."
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Asia Pacific Electric Truck
Market By Vehicle Type (Light Duty Truck, Medium Duty Truck, Heavy Duty Truck),
By Fuel Type (BEV, HEV, PHEV & FCEV), By Range (Up to 150 Miles, 151-250
Miles, & Above 250 Miles), By Application (Wholesale & Retail, Mining,
Construction and Others), By Country, and Competition Forecast &
Opportunities, 2018-2028F,” has evaluated the
future growth potential of Asia Pacific Electric Truck Market and provides
statistics and information on market structure, size, share, and future growth.
The report is intended to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities present in the Asia Pacific Electric Truck Market.
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