Electric Pickup Truck Market is segmented By Vehicle Type (Light Duty Pickup Truck, Medium Duty Pickup Truck, Heavy Duty Pickup Truck), By Propulsion (Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-in Hybrid Electric Vehicle, and Fuel Cell Electric Vehicle), By Platform Type (Lifting, Non-lifting), By Range (Up to 150 miles, 151-250 miles, 251-500 miles, above 500 miles), by Battery Capacity (Up to 100 Kwh, 101-200 Kwh, 201-300 Kwh, Above 300 Kwh), By Application (Logistics, Municipal), and By Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa)
The Electric Pickup Truck was estimated at USD XX Billion in 2021 and is expected to reach USD XX Billion by the end of 2032 with a CAGR of 29.7% during the forecast period.
Pickup trucks are commercial vehicles that focus on hauling, tugging, and several other transportation activities while electric pickup trucks are the latest models, used for freight delivery, primarily for commercial and industrial purposes, which includes transportation at airports, marine terminals, and railroad stations. It is powered by a battery and offers several advantages over IC engine trucks, including no requirement for multi-gearbox, minimal noise pollution, and reduced maintenance cost. These trucks are equipped with a non-lifting and lifting platform, controlled by an operator. The Covid-19 pandemic decelerated the growth of the Electric Pickup Trucks Industry but consistent developments in the form of technology and innovation have helped the market to gain traction.
Increased E-mobility Promotions and Stringent Emission Norms Have Fuelled the Market
Governments worldwide are compelling vehicle manufacturers to minimize carbon emissions, caused by diesel fuel combustion, and tackle greenhouse gas emissions. Governments are also providing incentives for manufacturing electric pickup trucks and supporting the sale of EVs through tax credits and exemption from highway toll tax, which is boosting the market for Electric Pickup Trucks. The increasing awareness about the harmful effects of automobiles, powered by gasoline that increases air pollution and emits toxic gases, causing harmful diseases, and exhaustion of natural resources coupled with the adoption of favorable government policies to safeguard the environment has broadly promoted the purchase of EVs around the globe and thereby highly contributed to the rising demand for Electric Pickup Trucks. Additionally, the rising costs of gasoline, fuel, diesel, and petrol is creating rampant opportunities for the growth of the global electric truck market.
Amplifying Logistics Sector to Catapult Electric Pickup Trucks Market
The increasing sale of EVs is catapulting e-commerce retailers and manufacturers, which has led to the expansion of the logistics industry. The increasing demand for zero-emission transportation especially in the freight transportation industry which releases maximum carbon dioxide emissions and favorable government initiatives, coupled with the expanding logistics footprint owing to notable growth third-party logistics are propelling logistics companies to purchase eco-friendly, green vehicles. The rising demand for faster and more-convenient doorstep deliveries and increasing requirement for efficient supply chains for logistics services is leading to the replacement of IC engine trucks with electric trucks and has offered lucrative opportunities for the market for Electric Pickup Trucks.
Development of Self-Driving Truck Technology to Offer Opportunities
The recent trend of self-driving trucks owing to the development of innovative self-driving electric truck technology has offered advantages like simplified use, advanced safety, presence of value-added features, which will increase the demand for electric pickup trucks in the long run. Top OEMs like Volvo, Vera, Daimler, etc., and Startups like Embark, Einride, TuSimple, Ike, etc. have started developing self-driving electric trucks. Tesla for instance plans to launch its self-driving electric truck by the end of 2021. Waymo has started testing its self-driving trucks since January 2020. TuSimple plans to operate autonomous routes between Pheonix and Tucson in Arizona and some areas in Texas. Einride started its testing for driverless trucks in May 2019. In January 2019, Daimler announced an investment of USD 570 million in self-driving electric trucks. This technology is set to mature in the next 5-6 years.
Insufficient Charging Infrastructure for Electric Vehicles and High Initial Investment Restraint the Market Growth
The absence of charging infrastructure for EVs is a major factor restraining the electric pickup truck market. The expensive machinery required for production increases the initial investment, making it much higher than that of petroleum, diesel, or CNG trucks. The high cost of electric batteries and mass production is carried out on a limited scale, increases the cost of production of these vehicles compared to other trucks, and hinders the potential of the electric pickup truck market.
Europe is Projected to be the Fastest Growing Electric Pickup Truck Market by 2030
The European region accounts for the largest market share for the electric pickup trucks market owing to the stringent emission regulation standards and government incentives to promote the adoption of electric vehicles. The region is home to major electric truck manufacturers, including Volvo, Daimler, and others. Europe has set a goal of reducing 80% of CO2 emissions by 2050 and governments of various countries in Europe are subsidizing electric infrastructure.
The market for electric pickup vehicles in North America is also anticipated to expand at a steady pace in the next few years due to the higher demand for electric trucks for logistics transport fleets. To comply with vehicle emission and fuel efficiency standards, the component manufacturers and automotive OEMs are continuously engaged in the design and development of new electric pickup trucks.
Top Companies and Recent Strategic Developments:
The companies such as Einride (Sweden), Volta Trucks (Sweden), Tevva (UK), StreetScooter (Germany), and E-Trucks Europe (Netherlands) dominates the global electric pickup trucks market. These players have long-term supply contracts with leading automotive manufacturers and electric vehicle technology developers and partnership and collaboration are the most widely adopted strategies.
• In March 2021, the Volvo Group acquired a 50 percent partnership in the existing Daimler Truck Fuel Cell GmbH & Co. with the ambition to make the new joint venture a leading global manufacturer of fuel cells, and thus help the world take a major step towards climate-neutral and sustainable transportation by 2050.
• In December 2020, Paccar offered electric trucks equipped with 141 kWh and 282 kWh battery packs enabling 100 and a 200-mile range. Customers will get an option to choose between motors rated at 355 hp and 469 hp.
• In October 2020, the Volvo Group and Isuzu Motors LTD entered into a non-binding Memorandum of Understanding with the intent to form a strategic alliance in commercial vehicles to capture the opportunities in the ongoing transformation of the industry. The agreements include Isuzu Motors LTD Motor’s acquisition of UD Trucks from the Volvo Group.
• In March 2019, Yamato Transport Co., Ltd. and StreetScooter GmbH announced undergo strategic partnership to develop an electric truck for home delivery.
• In February 2019, DEX Heavy Duty Parts LLC, a subsidiary of AB Volvo and a leading supplier of recycled, renovated, and surplus medium- and heavy-duty truck parts, opened a second facility in Oklahoma City, US. DEX, which also has a location in Advance, North Carolina, offers new life to trucks by offering recycled and renovated parts to second and third-generation truck owners and transforming them into electric trucks.
Years considered for this report
• Historical Years: 2021
• Base Year: 2021
• Forecast Period: 2022-2032
Electric Pickup Truck Market Research Report Analysis Highlights
• Historical data available (as per request)
• Estimation/ projections/ forecast for revenue and unit sales (2022 - 2032)
• Data breakdown for application Industries (2022 - 2032)
• Integration and collaboration analysis of companies
• Capacity analysis with application sector breakdown
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategies adopted by emerging companies
Industry Segmentation and Revenue Breakdown
Vehicle Type Analysis (Revenue, USD Million, 2022 - 2032)
• Light Duty Pickup Truck
• Medium Duty Pickup Truck
• Heavy Duty Pickup Truck
Propulsion Type Analysis (Revenue, USD Million, 2022 - 2032)
• Battery Electric Vehicle
• Hybrid Electric Vehicle
• Plug-in Hybrid Electric Vehicle
• Fuel Cell Electric Vehicle)
Platform Type Analysis (Revenue, USD Million, 2022 - 2032)
Range Analysis (Revenue, USD Million, 2022 - 2032)
• Up to 150 miles
• 151-250 miles
• 251-500 miles
• above 500 miles
Battery Capacity Analysis (Revenue, USD Million, 2022 - 2032)
• Up to 100 Kwh
• 101-200 Kwh
• 201-300 Kwh
• Above 300 Kwh
Application Analysis (Revenue, USD Million, 2022 - 2032)
Region Type Analysis (Revenue, USD Million, 2022 - 2032)
• North America (United States, Mexico, and Canada)
• Latin America (Brazil & Mexico)
• Europe (Germany, United Kingdom, France, Italy, Spain, Russia, Netherlands, and others)
• Middle East & Africa
• Asia Pacific (China, India, South Korea, Indonesia, Australia, Vietnam, and others)
The major companies dominating the market for electric pickup truck market.
• AB Volvo
• ARRIVAL LTD.
• BYD North America
• Daimler Truck AG
• Ford Motor Company
• General Motors
• Nikola Corporation
• Paccar Inc.
Available Versions of Electric Pickup Truck Market Report:
The United States Electric Pickup Truck Market Research Report
Europe Electric Pickup Truck Market Research Report
Asia Pacific Electric Pickup Truck Market Research Report
India Electric Pickup Truck Market Research Report
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