BEV Category To Grow Fastest in the Electric Truck Market

The size of the electric truck market was 135,632 units in 2023, and it will power at a considerable rate of 34.5% by the end of this decade, to reach a total value of 1,074,084 units by 2030. 

The fuel-based trucks have high maintenance and operating cost, as opposed to the EV trucks. Unlike conventional ones, e- models do not need spark plug replacements, oil changes, fuel filters, and emission checks, subsequent in considerable savings in the costs of components. 

With such automobiles needing less upkeep than their conventional counterparts, the automobile uptime for the former surges considerably, which should profit fleet owners.

The BEV category   will have the fastest growth, at a rate of 38.2% in the future. This is because of the support of the government the form of monetary incentives for the acquisition and expansion of these automobiles, and improvements in tech. Government incentives for these kinds of trucks have been announced in a few nations, with programs and schemes ideal for supporting associated freight equipment and infra.

HDT category will have the fastest growth in the future in the years to come, at a rate of around 39.6%. The fast-expanding global freight transport requirement along with the enormous financial expansion in India and China are the key causes of development.

Furthermore, the HDT category is having a considerable growth in the developed economies, such as the U.S. and European nations, which can be credited to fleet owners' increasing demand for long-haul HDTs that make use of the alternative fuels. 

Moreover, to meet the rising demand and maximizing their benefits from government monetary incentive programs, companies are continuing the HDT production in large numbers.

APAC electric truck market was the leader of the pack with a share of around 50% in 2023. China led the industry for electric trucks in the region. The requirement for the vehicles in China is strongly powered by the favorable initiatives of the government, municipal air quality targets, and national alternative-fuel-vehicle replacement sales targets, and municipal air quality targets.

 It is because of the low operational and maintenance cost of electric trucks, ads opposed to the diesel trucks, the demand for electric trucks is on the rise. This trend will continue like this in the years to come as well.