Europe Electric Trucks Market Forecast to 2028

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)

Report Code : BMIRE00025895 | Region : Europe | Industry : Automotive and Transportation | Published Date : 14/Sep/2022

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.

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

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.

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 Europe electric trucks market.

At 33.5% CAGR, the Europe Electric Trucks Market is speculated to be worth US$ 10,949.98 million by 2028, says The Insight Partners

According to The Insight Partners’ 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 .

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 Europe Electric Trucks Market – By Propulsion

1.3.2 Europe Electric Trucks Market – By Vehicle Type

1.3.3 Europe Electric Trucks Market – By Range

1.3.4 Europe Electric Trucks Market – By Level of Automation

1.3.5 Europe Electric Trucks Market – By Country

2. Key Takeaways

3. Research Methodology

3.1 Coverage

3.2 Secondary Research

3.3 Primary Research

4. Europe Electric Trucks Market Landscape

4.1 Market Overview

4.2 Europe PEST Analysis

4.3 Ecosystem Analysis

4.4 Expert Opinion

5. Europe 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 – Europe Market Analysis

6.1 Europe Electric Trucks Market Overview

6.2 Europe Electric Trucks Market Forecast and Analysis

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

7.1 Overview

7.2 Europe 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. Europe Electric Trucks Market – By Vehicle Type

8.1 Overview

8.2 Europe 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. Europe Electric Trucks Market – By Range

9.1 Overview

9.2 Europe 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. Europe Electric Trucks Market – By Level of Automation

10.1 Overview

10.2 Europe 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. Europe Electric Trucks Market –Country Analysis

11.1 Overview

11.1.1 Europe: Electric Trucks Market, by Key Country

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

11.1.1.1.1 Germany: Electric Trucks Market, By Propulsion Type

11.1.1.1.2 Germany: Electric Trucks Market, By Vehicle Type

11.1.1.1.3 Germany: Electric Trucks Market, By Range

11.1.1.1.4 Germany: Electric Trucks Market, By Level of Automation

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

11.1.1.2.1 France: Electric Trucks Market, By Propulsion Type

11.1.1.2.2 France: Electric Trucks Market, By Vehicle Type

11.1.1.2.3 France: Electric Trucks Market, By Range

11.1.1.2.4 France: Electric Trucks Market, By Level of Automation

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

11.1.1.3.1 Italy: Electric Trucks Market, By Propulsion Type

11.1.1.3.2 Italy: Electric Trucks Market, By Vehicle Type

11.1.1.3.3 Italy: Electric Trucks Market, By Range

11.1.1.3.4 Italy: Electric Trucks Market, By Level of Automation

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

11.1.1.4.1 UK: Electric Trucks Market, By Propulsion Type

11.1.1.4.2 UK: Electric Trucks Market, By Vehicle Type

11.1.1.4.3 UK: Electric Trucks Market, By Range

11.1.1.4.4 UK: Electric Trucks Market, By Level of Automation

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

11.1.1.5.1 Russia: Electric Trucks Market, By Propulsion Type

11.1.1.5.2 Russia: Electric Trucks Market, By Vehicle Type

11.1.1.5.3 Russia: Electric Trucks Market, By Range

11.1.1.5.4 Russia: Electric Trucks Market, By Level of Automation

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

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

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

11.1.1.6.3 Rest of Europe: Electric Trucks Market, By Range

11.1.1.6.4 Rest of Europe: 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.             Europe Electric Trucks Market, Revenue and Forecast, 2019–2028 (US$ Million)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Table 27.          Glossary of Terms

LIST OF FIGURES.

Figure 1.           Europe Electric Trucks Market Segmentation

Figure 2.           Europe Electric Trucks Market Segmentation – by Country

Figure 3.           Europe Electric Trucks Market Overview

Figure 4.           Europe Electric Trucks Market, By Vehicle Type

Figure 5.           Europe Electric Trucks Market, By Country

Figure 6.           Europe: PEST Analysis

Figure 7.           Electric Trucks Market Ecosystem Analysis

Figure 8.           Expert Opinion

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The List of Companies - Europe 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 Europe 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 Europe 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 Europe 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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