Report : Asia Pacific Electric Trucks Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Propulsion (BEV, PHEV, and FCV), Vehicle Type (LCV and Medium & HCV), Range (Less than 200 miles and More than 200 Miles), and Level of Automation (Semi-Autonomous and Fully Autonomous)
At 29.0% CAGR, the APAC Electric Trucks Market is speculated to be worth US$ 7,862.83 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the APAC electric trucks market was valued at US$ 1,703.17 million in 2022 and is expected to reach US$ 7,862.83 million by 2028, registering an annual growth rate of 29.0% from 2022 to 2028. Manufacturing of self-driving truck technology and smart charging and connected infrastructure are the critical factors attributed to the market expansion.
The electric trucks market is growing due to the rising trend of self-driving trucks. Autonomous driving and electromobility are key fields for the transport sector's future. There are plenty of examples of applications for both fields, whether trucks, cars, buses, or even construction machinery such as excavators and wheel loaders. However, linking the two remains the exception, even though this fusion offers the greatest potential, both economically and ecologically, especially in the truck and transport sector. Top original equipment manufacturers (OEM) such as Tesla, Volvo, Vera, and Daimler have developed self-driving electric trucks. Startups including Embark, Einride, TuSimple, and Ike (Nuro) have also started developing self-driving electric trucks. Waymo had started testing its self-driving trucks. Self-driving electric truck technology will create market opportunities for electric truck manufacturers in the long run due to the various advantages such as easy use and the presence of value-added features.
On the contrary, low penetration of electric powertrain in heavy commercial vehicles (HCV) secret hurdles the growth of APAC electric trucks market.
Based on propulsion, the APAC electric trucks market is segmented into BEV, PHEV and FCV. The BEV segment held 81.5% market share in 2022, amassing US$ 1,387.85 million. It is projected to garner US$ 7,433.57 million by 2028 to expand at 32.3% CAGR during 2022–2028.
Based on vehicle type, the APAC electric trucks market is segmented into LCV and Medium & HCV. The LCV segment held 75.4% market share in 2022, amassing US$ 1,283.42 million. It is projected to garner US$ 7,058.47 million by 2028 to expand at 32.9% CAGR during 2022–2028.
Based on range, the APAC electric trucks market is segmented into less than 200 miles and more than 200 miles. The more than 200 miles segment held 79.4% market share in 2022, amassing US$ 1,352.02 million. It is projected to garner US$ 7,325.13 million by 2028 to expand at 32.5% CAGR during 2022–2028.
Based on level of automation, the APAC electric trucks market is segmented into Semi-Autonomous and Fully Autonomous. The semi-autonomous segment held 82.5% market share in 2022, amassing US$ 1,405.69 million. It is projected to garner US$ 1,917.41 million by 2028 to expand at 5.3% CAGR during 2022–2028
Based on country, the APAC electric trucks market is segmented into Australia, China, Japan, South Korea, and Rest of APAC. Our regional analysis states that the China captured 68.7% market share in 2022. It was assessed at US$ 1,170.14 million in 2022 and is likely to hit US$ 5,920.47 million by 2028, exhibiting a CAGR of 31.0% during the forecast period.
Key players dominating the APAC electric trucks market are AB Volvo; BYD Company Ltd.; Daimler AG; FAW Group Co., Ltd; Navistar, Inc.; PACCAR Inc.; Proterra Inc.; Rivian; Scania; and Tesla, Inc. among others.
- In 2021, Volvo Trucks acquires heavy-duty truck manufacturing operation in China.
- In 2021, Daimler launched India's first electric truck.
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