Report : Middle East & Africa 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 22.5% CAGR, the MEA Electric Trucks Market is speculated to be worth US$ 959.13 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the MEA electric trucks market was valued at US$ 284.43 million in 2022 and is expected to reach US$ 959.13 million by 2028, registering an annual growth rate of 22.5% from 2022 to 2028. Smart charging and connected infrastructure and manufacturing of self-driving truck technology are the critical factors attributed to the market expansion.
The accelerated technological development of next-generation electric vehicles and their supporting components and the evolution of charging technology providers lead to quick advancements in EV charging technology. The operations of electric vehicle charging stations are transforming due to the rising penetration of artificial intelligence (AI), the internet of things (IoT), and cloud computing, as major players in the EV charging market are beginning to shift their focus toward the development of smart testing protocols, which enables data connection between stations and EVs. Many technology providers, including ABB, Delta Electronics, and Enel X, focus on next-generation electric vehicle (EV) testing technology to integrate cloud connectivity, AI, access via smartphone, and real-time simulation in their infrastructure. Furthermore, the emergence of new software solutions, such as cloud-based digital solutions for actual-time fleet management and acceleration in electrification, is shaping the electric trucks market. For instance, the charging management software offered by EVBox enables users to track, manage, and optimize their EV driving experience. Hence to monitor this, AI integrated efficient testing solutions will be in major demand over the forecast period.
On the contrary, low penetration of electric powertrain in heavy commercial vehicles (HCV) secret hurdles the growth of MEA electric trucks market.
Based on propulsion, the MEA electric trucks market is segmented into BEV, PHEV and FCV. The BEV segment held 76.8% market share in 2022, amassing US$ 218.56 million. It is projected to garner US$ 784.52 million by 2028 to expand at 23.7% CAGR during 2022–2028.
Based on vehicle type, the MEA electric trucks market is segmented into LCV and Medium & HCV. The LCV segment held 70.0% market share in 2022, amassing US$ 199.02 million. It is projected to garner US$ 769.97 million by 2028 to expand at 25.3% CAGR during 2022–2028.
Based on range, the MEA electric trucks market is segmented into less than 200 miles and more than 200 miles. The more than 200 miles segment held 70.8% market share in 2022, amassing US$ 201.38 million. It is projected to garner US$ 745.08 million by 2028 to expand at 24.4% CAGR during 2022–2028.
Based on level of automation, the MEA electric trucks market is segmented into Semi-Autonomous and Fully Autonomous. The semi-autonomous segment held 85.0% market share in 2022, amassing US$ 241.90 million. It is projected to garner US$ 329.96 million by 2028 to expand at 5.3% CAGR during 2022–2028
Based on country, the MEA electric trucks market is segmented into South Africa, Saudi Arabia, UAE, and Rest of MEA. Our regional analysis states that the Saudi Arabia captured 48.0% market share in 2022. It was assessed at US$ 136.52 million in 2022 and is likely to hit US$ 440.00 million by 2028, exhibiting a CAGR of 21.5% during the forecast period.
Key players dominating the MEA electric trucks market are AB Volvo; Daimler AG; FAW Group Co., Ltd; Navistar, Inc.; PACCAR Inc.; Proterra Inc.; Rivian; Scania; and Tesla, Inc. among others.
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