Favorable Government Regulations to Push Asia-Pacific Electric Truck Market till 2024
Declining battery prices and low operating and maintenance costs of electric trucks to drive Asia-Pacific electric truck market through 2024
According to TechSci Research report, “Asia-Pacific Electric Truck Market By Vehicle Type, By Type, By Range, By Application, By Country, Competition, Forecast & Opportunities, 2024”, Asia-Pacific electric truck market is projected to grow at a double-digit CAGR during 2019-2024, as governments across the region are focusing on reducing carbon emissions and tackling greenhouse gas emissions. Moreover, technological advancements in the electric vehicle field, low operating and maintenance costs and depreciating prices of trucks are expected to boost the adoption of electric trucks in the region.
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In terms of type, the region’s electric truck market can be segmented into battery electric vehicle (BEV), hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV) and fuel-cell electric vehicle (FCEV). BEV segment is expected to witness significant adoption in Asia-Pacific in the coming years, on account of decreasing battery prices. Moreover, advancements in Li-ion batteries make them light weight with long lifespan. Electric truck finds applications in logistics, mining and construction sectors. Logistics sector would dominate the region’s electric truck market in coming years, backed by growing logistics and e-commerce industries.
Major players operating in Asia-Pacific electric truck market are Volvo Group, Dongfeng Motor Corporation, BYD Company Limited, Daimler AG, Isuzu Motors Ltd., Hino Motors Ltd., Scania AB, MAN Truck & Bus AG, Navistar International Corp and Foton Motor Inc. Companies operating in the market are adopting organic and inorganic strategies such as product launch, investments & expansions and agreements & contracts to ensure growth in the market. China is at the forefront of Asia-Pacific electric truck market due to the stringent regulations imposed by the government and presence of several Chinese players.
“Electric trucks have low total cost of ownership when compared with their diesel counterparts, thus boosting their sales over the course of next five years. Moreover, China is the biggest market for electric vehicles, backed by favorable government subsidies and national alternative-fuel-vehicle replacement sales targets. Consequently, Asia-Pacific electric truck market would register strong growth during the forecast period.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Asia-Pacific Electric Truck Market By Vehicle Type, By Type, By Range, By Application, By Country, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of Asia-Pacific electric truck market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in Asia-Pacific electric truck market.
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