Posted by Priya Singh On 03-Aug-2022 01:34 PM
According to Fortune Business Insights, the global electric truck market will generate significant revenue due to stringent carbon emission regulations imposed by various governments.
According to Fortune Business InsightsTM, the electric truck market will generate significant revenue due to stringent carbon emission regulations imposed by various governments. Factors such as increased pollution and environmental hazards, strict unofficial rules, and vehement resistance have compelled automakers to develop eco-friendly and climate-friendly vehicles. Furthermore, the replacement of business diesel vehicles with electric vehicles, as well as consistent government incentives for the acceptance of electric trucks, are likely to benefit the electric truck market.
The emission of harmful gases from automobiles is decreasing as interest in green vehicles grows around the world, notably in the cargo transportation business, which contributes significantly to carbon dioxide emissions. The cost of EV batteries has decreased over the previous decade as a result of inventive advances and mass production of EV batteries. This has resulted in a drop in the cost of electric trucks, as EV batteries are one of the most expensive components of an electric truck.
The significant increase in the logistics sector is increasing the growth of the electric truck market. With the rise of numerous online retail companies that require the backing of a well-established logistics network, the logistics sector is gaining significant traction. CEVA Logistics, for example, purchased electric trucks for a trial run in Central London in 2020. Furthermore, numerous industrialized nations are imposing rigorous carbon emissions rules, which is increasing the demand for the commodity.
The rising use of electric vehicles for transportation is expected to drive market growth. The increased demand for exports around the world has increased vehicle production around the world. However, low fuel efficiency in long-distance transportation necessitates a significant investment sector. These elements all have a vital role in the growth of electric vehicles. Furthermore, several wealthy countries are establishing strict carbon emissions rules. These countries demand that automobiles meet certain standards in order to operate on public highways. In this case, electric vehicles are favoured for their environmental friendliness.
Despite the Pandemic, Product Demand Remains Stable Due to Essential Services
Throughout the lockdown period, the pandemic produced a demand and supply deficit in a variety of industries. The same was true for the electric truck industry. Travel restrictions caused logistical problems and delays. Despite this, demand for the product remained consistent as diverse end-users were classified as essential. Throughout the shutdown, the food and beverage and healthcare industries had the largest demand for the commodity because they were operating at full capacity.
Even when the lockdowns are lifted, demand is projected to rise due to different development projects that were stopped during the pandemic.
The following companies are active in the Electric Trucks Market:
• Tesla, Inc.
• Dongfeng Motor Corporation
• Daimler AG
• BYD Company Limited
• AB Volvo
• Hino Motors Ltd.
• Navistar International Corporation
• PACCAR Inc.
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