electric truck market is expected to grow at a double-digit CAGR during the
forecast period, as electric trucks are less polluting and cost-effective when
compared with fuel-based commercial vehicles. Sales volume of electric trucks
across the globe is projected to cross 1.3 million units by 2024, on the back
of government incentives and regulations in various regions.
market in the region can be segmented based on vehicle type, type, range and
application. Based on vehicle type, the region’s electric truck market can be categorized
into light duty truck (LDT), medium duty truck (MDT) and heavy-duty truck (HDT).
On account of increasing freight in developing economies such as India and
China, heavy-duty truck segment is anticipated to grow at an impressive rate
during the forecast period. Based on type, the market can be classified into battery
electric vehicle (BEV), hybrid electric vehicle (HEV), plug-in hybrid electric
vehicle (PHEV) and fuel-cell electric vehicle (FCEV). The preference for BEVs
is increasing due to improvement in the battery technology and declining
battery prices. On the basis of range, the market can be segmented into upto
150 miles, 151–250 miles, 251–500 miles and above 500 miles. Due to increasing
demand for long-haul trucks, above 500 miles segment is expected to account for
significant market share during the forecast period. ln terms of application,
the market can be bifurcated into logistics, mining and construction. Logistics
is the major segment in the market, owing to growing demand for freight and
expanding logistics industry.
Electric truck market in Asia-Pacific is registering growth, on account
of increasing awareness pertaining to carbon emissions. In terms of regional
analysis, the market for electric truck has been segmented into China, India, Japan, Indonesia, Australia, New Zealand and
South Korea. China accounts for the largest share in the region’s electric
truck market due to rapid urbanization, industrialization and government
support for the adoption of eco-friendly vehicles.
companies operating in Asia-Pacific electric truck market recorded high sales volume
in the 2018 financial year and the trend is likely to continue during the
forecast period. List of major players operating in the region 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 and Foton Motor Inc. Key players operating in the market are investing in
innovations to earn sound returns on investments. Moreover, strategic moves
such as mergers and collaborations are also helping the key players to magnify
their customer base and expand sales & distribution networks. In 2018,
Volvo launched its first all-electric truck with upto 300 km of range.
Years considered for this report:
Objective of the Study:
- To analyze and
forecast Asia-Pacific electric truck market size.
- To classify and
forecast Asia-Pacific electric truck market based on vehicle type,
type, range, application and country.
- To identify drivers
and challenges for Asia-Pacific electric truck market.
- To examine competitive
developments such as expansions, new product launches, mergers &
acquisitions, etc., in Asia-Pacific electric truck market.
- To conduct pricing
analysis for Asia-Pacific electric truck market.
- To identify and
analyze the profile of leading players operating in Asia-Pacific electric truck
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Some of the leading players in 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 and Foton Motor Inc.
TechSci Research performed both
primary as well as exhaustive secondary research for this study. Initially,
TechSci Research sourced a list of leading manufacturers across the region.
Subsequently, TechSci Research conducted primary research surveys with the
identified companies. While interviewing, the respondents were also enquired
about their competitors. Through this technique, TechSci Research could include
the manufacturers which could not be identified due to the limitations of
secondary research. TechSci Research analyzed the product offerings,
distribution channels and presence of all major players operating in electric
truck market in Asia-Pacific.
TechSci Research calculated Asia-Pacific
electric truck market size using a bottom-up approach, where data for various
end-user segments was recorded and forecast for the future years. TechSci
Research sourced these values from the industry experts and company
representatives and externally validated through analyzing historical data of
these product types and applications for getting an appropriate, overall market
size. Various secondary sources such as company websites, news articles, press
releases, company annual reports, investor presentations and financial reports
were also studied by TechSci Research.
Key Target Audience:
truck manufacturers, suppliers, distributors and other stakeholders
truck component manufacturers
bodies such as regulating authorities and policy makers
forums and alliances related to electric truck market
research and consulting firms
The study is
useful in providing answers to several critical questions that are important
for industry stakeholders such as electric truck manufacturers, suppliers,
distributors and other stakeholders. The report would enable the stakeholders in
strategizing investments and capitalizing on emerging market opportunities.
In this report, Asia-Pacific
electric truck market has been segmented into following categories, in
addition to the industry trends which have also been detailed below:
- Market, by Vehicle Type:
- Light Duty
Duty Truck (MDT)
- Heavy Duty
- Market, by Type:
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Fuel-Cell Electric Vehicle (FCEV)
- Market, by Range:
- Upto 150 Miles
- 151–250 Miles
- 251–500 Miles
- Above 500 Miles
- Market, by Application:
- Market, by Country:
- New Zealand
- South Korea
Profiles: Detailed analysis of the major companies present
in Asia-Pacific electric truck market.
With the given
market data, TechSci Research offers customizations according to a company’s
specific needs. The following customization options are available for the
- Detailed analysis and profiling
of additional market players (up to five).
In case you
don’t find what you are looking for, please get in touch with our custom
research team at [email protected]om
It is an upcoming report to
be released soon. If you wish an early delivery of this report or want to
confirm the date of release, please contact us at [email protected]
In case you don’t find what you are looking for, please get in touch with our custom research team at [email protected]