LONDON--(BUSINESS WIRE)--According to Technavio Research Report "Electric Truck Market by product (hybrid trucks and all-electric trucks) and geographical regions (APAC, EMEA, and the Americas) is witnessed to grow to 309.39 thousand units, at a CAGR of 32% from 2019 to 2023”.
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Global electric truck market: Development of power recovery options in electric trucks
Electric trucks require an uninterrupted power supply to undertake operations without disruption. Increased vehicle downtime is considered a loss for the owners of trucks. Hence, truck manufacturers are equipping vehicles with the latest technologies to recover a part of the energy lost during the vehicle’s operations.
“Electric vehicle manufacturers have been integrating various technologies such as the addition of solar panels and regenerative braking as major power recovery technologies in electric vehicles. Although the amount of power regenerated through these methods is highly insufficient to recharge the battery, these technologies slow down the power consumption and increase the effective range of an electric vehicle. For example in 2017, companies such as Audi, started developing thin-film solar panels to be fitted within the glass roofs of its electric vehicles. This would increase power recovery and help to raise the effective traveling range of the electric vehicle,” says a senior analyst at Technavio for research on automotive manufacturing.
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Few Major Players for the electric truck market are:
- AB Volvo
- Dongfeng Motor Group
- Hino Motors
Segmentation analysis – Electric Truck Market
This market research report segments the global electric truck market by product (hybrid trucks and all-electric trucks) and geographical regions (APAC, EMEA, and the Americas).
The hybrid trucks segment held the largest market share in 2018, accounting for over 95% of the market. This product segment is expected to dominate the global market throughout the forecast period. The Americas led the market in 2018 with a market share of nearly 59%. However, by 2023, APAC is expected to surpass the Americas to become the leading region, accounting for a market share of nearly 46%.
Declining battery prices
A key factor driving the growth of the market is the reducing battery prices. 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 longer lifespan as compared to conventional lead-acid and valve-regulated lead-acid batteries.
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