Asia Pacific Electric Trucks Market Forecast to 2028

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)

Report Code : BMIRE00025892 | Region : Asia Pacific | Industry : Automotive and Transportation | Published Date : 14/Sep/2022

The APAC electric trucks market is expected to grow from US$ 1,703.17 million in 2022 to US$ 7,862.83 million by 2028. It is estimated to grow at a CAGR of 29.0% from 2022 to 2028.

The accelerated technological development of next-generation electric vehicles and their supporting components and the evolution of charging technology providers have led 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, are 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.

Vendors can attract new customers and expand their footprints in emerging markets with new features and technologies. This factor is likely to drive the APAC electric trucks market at a significant CAGR during the forecast period.

APAC Electric Trucks Market Revenue and Forecast to 2028 (US$ Million)

APAC Electric Trucks Market Segmentation

The APAC 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 Australia, China, Japan, South Korea, and the Rest of APAC.

AB Volvo; BYD Company Ltd.; Daimler AG; FAW Group Co., Ltd; Navistar, Inc.; PACCAR Inc.; Proterra Inc.; Rivian; Scania; and Tesla, Inc. are leading companies in the APAC electric trucks market.

At 29.0% CAGR, the APAC Electric Trucks Market is speculated to be worth US$ 7,862.83 million by 2028, says The Insight Partners

According to The Insight Partners’ 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.

TABLE OF CONTENTS

1. Introduction

1.1 Scope of the Study

1.2 The Insight Partners Research Report Guidance

1.3 Market Segmentation

1.3.1 APAC Electric Trucks Market – By Propulsion

1.3.2 APAC Electric Trucks Market – By Vehicle Type

1.3.3 APAC Electric Trucks Market – By Range

1.3.4 APAC Electric Trucks Market – By Level of Automation

1.3.5 APAC Electric Trucks Market – By Country

2. Key Takeaways

3. Research Methodology

3.1 Coverage

3.2 Secondary Research

3.3 Primary Research

4. APAC Electric Trucks Market Landscape

4.1 Market Overview

4.2 APAC PEST Analysis

4.3 Ecosystem Analysis

4.4 Expert Opinion

5. APAC Electric Trucks Market - Key Market Dynamics

5.1 Market Drivers

5.1.1 Government Initiatives and Stringent Emission Rules to Boost the Electric Trucks Growth

5.1.2 Surge in Production and Sales of EVs

5.2 Market Restraints

5.2.1 Low Penetration of Electric Powertrain in Heavy Commercial Vehicles (HCV)

5.3 Market Opportunities

5.3.1 Manufacturing of Self-Driving Truck Technology

5.4 Future Trends

5.4.1 Smart Charging and Connected Infrastructure

5.5 Impact Analysis of Drivers and Restraints

6. Electric Trucks Market – APAC Market Analysis

6.1 APAC Electric Trucks Market Overview

6.2 APAC Electric Trucks Market Forecast and Analysis

7. APAC Electric Trucks Market Revenue and Forecast to 2028 – Type

7.1 Overview

7.2 APAC Electric Trucks Market, By Propulsion Type (2021 and 2028)

7.3 BEV

7.3.1 Overview

7.3.2 BEV: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)

7.4 PHEV

7.4.1 Overview

7.4.2 PHEV: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)

7.5 FCV

7.5.1 Overview

7.5.2 FCV: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)

8. APAC Electric Trucks Market – By Vehicle Type

8.1 Overview

8.2 APAC Electric Trucks Market, By Vehicle Type (2021 and 2028)

8.3 LCV

8.3.1 Overview

8.3.2 LCV: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)

8.4 Medium and HCV

8.4.1 Overview

8.4.2 Medium and HCV: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)

9. APAC Electric Trucks Market – By Range

9.1 Overview

9.2 APAC Electric Trucks Market, By Range (2021 and 2028)

9.3 Less than 200 miles

9.3.1 Overview

9.3.2 Less than 200 miles: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)

9.4 More than 200 miles

9.4.1 Overview

9.4.2 More than 200 miles: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)

10. APAC Electric Trucks Market – By Level of Automation

10.1 Overview

10.2 APAC Electric Trucks Market, By Level of Automation (2021 and 2028)

10.3 Semi-Autonomous

10.3.1 Overview

10.3.2 Semi-Autonomous: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)

10.4 Fully-Autonomous

10.4.1 Overview

10.4.2 Fully-Autonomous: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)

11. APAC Electric Trucks Market –Country Analysis

11.1 Overview

11.1.1 APAC: Electric Trucks Market, by Key Country

11.1.1.1 Australia: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)

11.1.1.1.1 Australia: Electric Trucks Market, By Propulsion Type

11.1.1.1.2 Australia: Electric Trucks Market, By Vehicle Type

11.1.1.1.3 Australia: Electric Trucks Market, By Range

11.1.1.1.4 Australia: Electric Trucks Market, By Level of Automation

11.1.1.2 China: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)

11.1.1.2.1 China: Electric Trucks Market, By Propulsion Type

11.1.1.2.2 China: Electric Trucks Market, By Vehicle Type

11.1.1.2.3 China: Electric Trucks Market, By Range

11.1.1.2.4 China: Electric Trucks Market, By Level of Automation

11.1.1.3 India: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)

11.1.1.3.1 India: Electric Trucks Market, By Propulsion Type

11.1.1.3.2 India: Electric Trucks Market, By Vehicle Type

11.1.1.3.3 India: Electric Trucks Market, By Range

11.1.1.3.4 India: Electric Trucks Market, By Level of Automation

11.1.1.4 Japan: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)

11.1.1.4.1 Japan: Electric Trucks Market, By Propulsion Type

11.1.1.4.2 Japan: Electric Trucks Market, By Vehicle Type

11.1.1.4.3 Japan: Electric Trucks Market, By Range

11.1.1.4.4 Japan: Electric Trucks Market, By Level of Automation

11.1.1.5 South Korea: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)

11.1.1.5.1 South Korea: Electric Trucks Market, By Propulsion Type

11.1.1.5.2 South Korea: Electric Trucks Market, By Vehicle Type

11.1.1.5.3 South Korea: Electric Trucks Market, By Range

11.1.1.5.4 South Korea: Electric Trucks Market, By Level of Automation

11.1.1.6 Rest of APAC: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)

11.1.1.6.1 Rest of APAC: Electric Trucks Market, By Propulsion Type

11.1.1.6.2 Rest of APAC: Electric Trucks Market, By Vehicle Type

11.1.1.6.3 Rest of APAC: Electric Trucks Market, By Range

11.1.1.6.4 Rest of APAC: Electric Trucks Market, By Level of Automation

12. Industry Landscape

12.1 Market Initiative

12.2 New Development

13. Company Profile

13.1 AB Volvo

13.1.1 Key Facts

13.1.2 Business Description

13.1.3 Products and Services

13.1.4 Financial Overview

13.1.5 SWOT Analysis

13.1.6 Key Developments

13.2 BYD Company Ltd

13.2.1 Key Facts

13.2.2 Business Description

13.2.3 Products and Services

13.2.4 Financial Overview

13.2.5 SWOT Analysis

13.2.6 Key Developments

13.3 Daimler AG

13.3.1 Key Facts

13.3.2 Business Description

13.3.3 Products and Services

13.3.4 Financial Overview

13.3.5 SWOT Analysis

13.3.6 Key Developments

13.4 FAW Group Co.,Ltd.

13.4.1 Key Facts

13.4.2 Business Description

13.4.3 Products and Services

13.4.4 Financial Overview

13.4.5 SWOT Analysis

13.4.6 Key Developments

13.5 Navistar, Inc.

13.5.1 Key Facts

13.5.2 Business Description

13.5.3 Products and Services

13.5.4 Financial Overview

13.5.5 SWOT Analysis

13.5.6 Key Developments

13.6 PACCAR Inc.

13.6.1 Key Facts

13.6.2 Business Description

13.6.3 Products and Services

13.6.4 Financial Overview

13.6.5 SWOT Analysis

13.6.6 Key Developments

13.7 Proterra Inc.

13.7.1 Key Facts

13.7.2 Business Description

13.7.3 Products and Services

13.7.4 Financial Overview

13.7.5 SWOT Analysis

13.7.6 Key Developments

13.8 Rivian

13.8.1 Key Facts

13.8.2 Business Description

13.8.3 Products and Services

13.8.4 Financial Overview

13.8.5 SWOT Analysis

13.8.6 Key Developments

13.9 Scania

13.9.1 Key Facts

13.9.2 Business Description

13.9.3 Products and Services

13.9.4 Financial Overview

13.9.5 SWOT Analysis

13.9.6 Key Developments

13.10 Tesla, Inc.

13.10.1 Key Facts

13.10.2 Business Description

13.10.3 Products and Services

13.10.4 Financial Overview

13.10.5 SWOT Analysis

13.10.6 Key Developments

14. Appendix

14.1 About The Insight Partners

14.2 Glossary

LIST OF TABLES.

Table 1.             APAC Electric Trucks Market, Revenue and Forecast, 2019–2028 (US$ Million)

Table 2.             APAC: Electric Trucks Market, by Country – Revenue and Forecast to 2028 (US$ Million)

Table 3.             Australia: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)

Table 4.             Australia: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)

Table 5.             Australia: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)

Table 6.             Australia: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)

Table 7.             China: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)

Table 8.             China: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)

Table 9.             China: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)

Table 10.          China: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)

Table 11.          India: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)

Table 12.          India: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)

Table 13.          India: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)

Table 14.          India: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)

Table 15.          Japan: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)

Table 16.          Japan: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)

Table 17.          Japan: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)

Table 18.          Japan: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)

Table 19.          South Korea: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)

Table 20.          South Korea: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)

Table 21.          South Korea: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)

Table 22.          South Korea: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)

Table 23.          Rest of APAC: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)

Table 24.          Rest of APAC: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)

Table 25.          Rest of APAC: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)

Table 26.          Rest of APAC: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)

Table 27.          Glossary of Terms

LIST OF FIGURES.

Figure 1.           APAC Electric Trucks Market Segmentation

Figure 2.           APAC Electric Trucks Market Segmentation – by Country

Figure 3.           APAC Electric Trucks Market Overview

Figure 4.           APAC Electric Trucks Market, By Vehicle Type

Figure 5.           APAC Electric Trucks Market, By Country

Figure 6.           APAC: PEST Analysis

Figure 7.           Electric Trucks Market Ecosystem Analysis

Figure 8.           Expert Opinion

Figure 9.           APAC Electric Trucks Market: Impact Analysis of Drivers and Restraints

Figure 10.        APAC Electric Trucks Market, Forecast and Analysis (US$ Million)

Figure 11.        APAC Electric Trucks Market Revenue Share, By Propulsion Type (2021 and 2028)

Figure 12.        APAC BEV: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)

Figure 13.        APAC PHEV: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)

Figure 14.        APAC FCV: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)

Figure 15.        APAC Electric Trucks Market Revenue Share, By Vehicle Type (2021 and 2028)

Figure 16.        APAC LCV: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)

Figure 17.        APAC Medium and HCV: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)

Figure 18.        APAC Electric Trucks Market Revenue Share, By Range (2021 and 2028)

Figure 19.        APAC Less than 200 miles: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)

Figure 20.        APAC More than 200 miles: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)

Figure 21.        APAC Electric Trucks Market Revenue Share, By Level of Automation (2021 and 2028)

Figure 22.        APAC Semi-Autonomous: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)

Figure 23.        APAC Fully-Autonomous: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)

Figure 24.        APAC: Electric Trucks Market, By Key Country- Revenue 2020 (US$ Million)

Figure 25.        APAC: Electric Trucks Market Revenue Share, by Key Country (2021 & 2028)

Figure 26.        Australia: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)

Figure 27.        China: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)

Figure 28.        India: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)

Figure 29.        Japan: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)

Figure 30.        South Korea: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)

Figure 31.        Rest of APAC: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)

The List of Companies - Asia Pacific Electric Trucks Market

● AB Volvo

● BYD Company Ltd.

● Daimler AG

● FAW Group Co., Ltd

● Navistar, Inc.

● PACCAR Inc.

● Proterra Inc.

● Rivian

● Scania

● Tesla, Inc.

● Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the APAC electric trucks market.

● Highlights key business priorities in order to assist companies to realign their business strategies

● The key findings and recommendations highlight crucial progressive industry trends in the APAC electric trucks market, thereby allowing players across the value chain to develop effective long-term strategies

● Develop/modify business expansion plans by using substantial growth offering developed and emerging markets

● Scrutinize in-depth APAC market trends and outlook coupled with the factors driving the electric trucks market, as well as those hindering it

● Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution

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