The Europe electric trucks market is expected to grow from US$ 1,937.33 million in 2022 to US$ 10,949.98 million by 2028. It is estimated to grow at a CAGR of 33.5% from 2022 to 2028.
In the past few years, government initiatives to promote the adoption of advanced transportation solutions such as electrification in both light and heavy vehicles. The first factor accelerating the use of electric components in heavy vehicles, such as tractors and agricultural machinery, is pressure from legislators and authorities for emissions control to reduce carbon dioxide and boost fuel efficiency. Integrating electrification in the automotive industry would significantly enhance ambient air quality standards in urban areas. Secondly, there would be a rising concern towards corporate social responsibility for major fleets and operators to maintain environmental ethics. Trucks with ranges from 150-300 km, with batteries, are supposed to play a vital role in urban areas where concern for air quality is high, and therefore need for stringent emissions laws is mandatory.
Furthermore, according to the International Energy Association (IEA), governments spent US$ 14,000 million on direct purchase incentives and tax exemptions for electric vehicles in 2020. Additionally, several governments responded to the economic slowdown brought by the COVID-19 epidemic with incentive programs and tax concessions that helped boost electric vehicle sales. Thus, the electric trucks market is growing due to the abovementioned factors.
Vendors can attract new customers and expand their footprints in emerging markets with new features and technologies. This factor is likely to drive the Europe electric trucks market at a healthy CAGR during the forecast period.
In the past few years, government initiatives to promote the adoption of advanced transportation solutions such as electrification in both light and heavy vehicles. The first factor accelerating the use of electric components in heavy vehicles, such as tractors and agricultural machinery, is pressure from legislators and authorities for emissions control to reduce carbon dioxide and boost fuel efficiency. Integrating electrification in the automotive industry would significantly enhance ambient air quality standards in urban areas. Secondly, there would be a rising concern towards corporate social responsibility for major fleets and operators to maintain environmental ethics. Trucks with ranges from 150-300 km, with batteries, are supposed to play a vital role in urban areas where concern for air quality is high, and therefore need for stringent emissions laws is mandatory.
Furthermore, according to the International Energy Association (IEA), governments spent US$ 14,000 million on direct purchase incentives and tax exemptions for electric vehicles in 2020. Additionally, several governments responded to the economic slowdown brought by the COVID-19 epidemic with incentive programs and tax concessions that helped boost electric vehicle sales. Thus, the electric trucks market is growing due to the abovementioned factors.
Vendors can attract new customers and expand their footprints in emerging markets with new features and technologies. This factor is likely to drive the Europe electric trucks market at a healthy CAGR during the forecast period.
Europe Electric Trucks Market Segmentation
The Europe electric trucks market is segmented on the basis of propulsion type, vehicle type, range, level of automation, and country.- Based on propulsion, the market is segmented into BEV, FCV, and PHEV. The BEV segment is the dominant one in 2022 and is expected to be the fastest-growing segment during the forecast period.
- Based on vehicle type, the market is bifurcated into LCVs and medium & HCVs. The LCV segment is the dominant one in 2022 and is expected to be the fastest-growing segment during the forecast period.
- Based on range, the market is segmented into less than 200 miles and more than 200 miles. The more than 200 miles segment has emerged as the dominating one in 2022 and is expected to be the fastest-growing segment during the forecast period.
- Based on level of automation, the market is segmented into semi-autonomous and fully autonomous. The fully autonomous segment has been dominant in 2022 and is expected to be the fastest-growing segment during the forecast period.
- Based on country, the regional market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe.
Table of Contents
1. Introduction
3. Research Methodology
4. Europe Electric Trucks Market Landscape
5. Europe Electric Trucks Market - Key Market Dynamics
6. Electric Trucks Market - Europe Market Analysis
7. Europe Electric Trucks Market Revenue and Forecast to 2028 - Type
8. Europe Electric Trucks Market - By Vehicle Type
9. Europe Electric Trucks Market - By Range
10. Europe Electric Trucks Market - By Level of Automation
11. Europe Electric Trucks Market -Country Analysis
12. Industry Landscape
13. Company Profile
14. Appendix
Companies Mentioned
- AB Volvo
- BYD Company Ltd.
- Daimler AG
- FAW Group Co., Ltd
- Navistar, Inc.
- PACCAR Inc.
- Proterra Inc.
- Rivian
- Scania
- Tesla, Inc.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 129 |
| Published | September 2022 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 1937.33 Million |
| Forecasted Market Value ( USD | $ 10949.98 Million |
| Compound Annual Growth Rate | 33.5% |
| Regions Covered | Europe |
| No. of Companies Mentioned | 10 |
