Availability of Subsidies to Boost the Electric Trucks Market

The global electric trucks market is expected to grow by 429.53 thousand units during 2020-2024 according to the latest market research report by Technavio

Growing concerns over vehicular emissions have compelled several automobile manufacturers to introduce EVs. In addition, many governments across the world have introduced various support initiatives and subsidies to encourage the adoption of EVs. For instance, the Netherlands has exempted EVs from private motor vehicles tax, registration tax, and annual circulation tax. Similarly, Norway has exempted EVs from registration tax to boost its adoption in the country. Although electric trucks are priced significantly higher than IC engine-based trucks, the presence of various tax credits and subsidies by government bodies will boost the adoption of electric trucks leading to market growth during the forecast period.

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 As per Technavio, the development of power recovery options in electric trucks will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Electric Trucks Market: Development of Power Recovery Options in Electric Trucks

Electric truck manufacturers are integrating innovative features such as solar panels and regenerative braking technologies to recover part of lost energy during the vehicle’s operations. The incorporation of such technologies will slow down the consumption of power and extend the range of electric trucks. Prominent automobile manufacturers such as Volvo, Mercedes-Benz, and Tesla have equipped regenerative braking technologies in their electric truck models to help them recover power while they are in operation. Other truck manufacturers such as Hyundai Motor Co., Audi AG, and Toyota Motor Corp., are working on equipping solar roof panels in their vehicles. The rising focus on the development of such power recovery options will have a positive impact on the growth of the global electric trucks market during the forecast period.

“Adoption of autonomous technologies in electric trucks and the rising focus on the development of electric trucks by prominent truck manufacturers will boost market growth during the forecast period”, says a senior analyst at Technavio.

Global Electric Trucks Market: Segmentation Analysis

This market research report segments the global electric trucks market by vehicle type (hybrid electric trucks and battery electric trucks) and geography (APAC, Europe, MEA, North America and South America).

The APAC region led the electric trucks market in 2019, followed by North America, Europe, South America, and MEA. During the forecast period, the APAC region is expected to register the highest incremental growth due to the rising demand for freight transportation from emerging markets such as India, Thailand, and Indonesia.