LONDON--(BUSINESS WIRE)--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. Request a free sample report
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.
To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR40875
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.
Register for a free trial today and gain instant access to 17,000+ market research reports
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.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
Some of the key topics covered in the report include:
- Hybrid electric trucks
- Battery electric Trucks
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at firstname.lastname@example.org.