One trend in the market is creation of long-term value for customers.
Although upfront cost of electric trucks is higher than diesel trucks, they are value creators for customers. The growing awareness among customers about this benefit is leading to growing adoption of electric trucks in the global electric vehicles market. Electric trucks allow significant saving in the fuel and maintenance costs, which are major cost parameters for the fleet operators. The growing developments in drive unit by the prominent electric truck manufacturers to make the truck more durable will be a driving factor for the global electric truck market.
According to the report, one driver in the market is reducing battery prices boosting electric truck demand.
Since electric trucks are driven by battery powered systems, the battery cost is one of the most important factors contributing to the upfront cost of the electric truck. There have been several improvements in the technology of battery electric vehicles. making them more desirable to consumers. For example, advances in Li-ion batteries made them comparatively lightweight with a long lifespan compared with conventional lead-acid and valve-regulated lead-acid (VRLA) batteries
Further, the report states that one challenge in the market is high upfront cost of electric trucks.
The stakeholders in the global electric truck market are promoting electric trucks on the basis of the low total cost of ownership (TCO) compared with a diesel truck. The operating and maintenance cost of an electric truck is lower than a diesel truck. Generally, larger the number of mile travels for the truck, better is the TCO of the electric trucks compared with diesel trucks. However, most of the purchases done in the global electric truck market are based on upfront cost.
- AB Volvo
- Dongfeng Motor Group
- Hino Motors
1. Executive Summary
2. Scope of the Report
3. Market Landscape
4. Market Sizing
5. Five Forces Analysis
6. Market Segmentation by Product
7. Customer Landscape
8. Geographic Landscape
9. Decision Framework
10. Drivers and Challenges
11. Market Trends
12. Vendor Landscape
13. Vendor Analysis
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