Report : Europe 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 33.5% CAGR, the Europe Electric Trucks Market is speculated to be worth US$ 10,949.98 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe electric trucks market was valued at US$ 1,937.33 million in 2022 and is expected to reach US$ 10,949.98 million by 2028, registering an annual growth rate of 33.5% from 2022 to 2028. Government initiatives and stringent emission rules to boost the electric trucks growth and surge in production and sales of EVsare the critical factors attributed to the market expansion.
The rising concern regarding the transportation sector's impact on the environment has led to an unprecedented global requirement of decarbonizing transportation to meet climate goals and limit global warming, thereby increasing the adoption of low carbon technology in the transportation sector. The rising concerns about the adverse impact of transportation-related emissions and the shift of consumer behavior toward zero-emission vehicles have resulted in a significant increase in the adoption of light-duty passenger vehicles across the region. Additionally, the constantly rising demand for EVs is fueled by huge investments made by automotive giants in the research & development and production of electric vehicles. For instance, General Motors, Volkswagen, Volvo, BMW, Nissan, and Audi have collectively invested approximately US$ 150 billion in manufacturing electric vehicles and launched new models throughout 2020–2021. Furthermore, with the fall in prices of EVs and the availability of a greater number of models, electric vehicle production is set for exponential growth in various countries, subject to countries' overall economic growth and policy support from the government. Transportation is the primary source of pollution across region, and heavy-duty vehicles such as trucks and buses are the major contributors to this category. The high efficiency of electric trucks over conventional diesel and natural gas vehicles is another factor that is expected to drive the growth of this segment in the coming years. With still in the initial growth stages, this segment is anticipated to see impressive growth with the increasing push for the electrification of the transport sector across region. The future production of these heavy electric vehicles, such as heavy-duty trucks, depends on various factors such as improvements in fuel efficiency, energy costs, reducing emissions, declining costs of batteries, and alternative fuels. With fast-changing electric vehicle technology, improvements in batteries, and a favourable regulatory environment, the demand for electric trucks and other heavy-duty electric vehicles is anticipated to grow at an impressive rate. Therefore, the growing production and sales of EVs, the demand for electric trucks is also increasing.
On the contrary, low penetration of electric powertrain in heavy commercial vehicles (HCV) secret hurdles the growth of Europe electric trucks market.
Based on propulsion, the Europe electric trucks market is segmented into BEV, PHEV and FCV. The BEV segment held 82.1% market share in 2022, amassing US$ 1590.17 million. It is projected to garner US$ 10473.19 million by 2028 to expand at 36.9% CAGR during 2022–2028.
Based on vehicle type, the Europe electric trucks market is segmented into LCV and Medium & HCV. The LCV segment held 82.4% market share in 2022, amassing US$ 1,595.60 million. It is projected to garner US$ 10,273.66 million by 2028 to expand at 36.4% CAGR during 2022–2028.
Based on range, the Europe electric trucks market is segmented into Less than 200 miles and More than 200 Miles. The more than 200 miles segment held 77.3% market share in 2022, amassing US$ 1,497.56 million. It is projected to garner US$ 10,276.59 million by 2028 to expand at 37.9% CAGR during 2022–2028.
Based on level of automation, the Europe electric trucks market is segmented into Semi-Autonomous and Fully Autonomous. The semi-autonomous segment held 75.9% market share in 2022, amassing US$ 1,470.48 million. It is projected to garner US$ 2,005.78 million by 2028 to expand at 5.3% CAGR during 2022–2028
Based on country, the Europe electric trucks market is segmented into Germany, France, Italy, UK, Russia, and Rest of Europe . Our regional analysis states that the Germany captured 46.5% market share in 2022. It was assessed at US$ 901.62 million in 2022 and is likely to hit US$ 6579.98 million by 2028, exhibiting a CAGR of 39.3% during the forecast period.
Key players dominating the Europe 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 launches a complete range of electric trucks starting in Europe in 2021.
- In 2021, FAW launches NEV business unit .
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