July 17, 2024

Zero Emission Trucks Market Size To Reach USD 60.78 Bn By 2032

The global Zero emission trucks market size was estimated to be around US$ 5.93 billion in 2023 and is projected to reach US$ 60.78 billion by 2032, indicating a CAGR of 29.50% from 2023 to 2032.

Zero Emission Trucks Market Size 2023 To 2032

Key Takeaways

  • North America is projected to hold a significant share in the market during the forecast period.
  • Asia Pacific is expected to witness a significant expansion during the projected timeframe.
  • By vehicle type, the electric light-duty trucks segment dominated the zero emission trucks market in 2022.
  • By vehicle type, the electric medium-duty trucks segment is observed to expand at the fastest rate during the forecast period.
  • By source, the battery electric trucks segment dominated the market in 2022.
  • By source, the hybrid electric trucks segment is observed to witness the fastest expansion over the forecast period.
  • By application, the logistics and transportation segment dominated the market in 2022.

The Zero Emission Trucks Market is a burgeoning sector within the automotive industry that focuses on the development and adoption of trucks powered by zero-emission technologies. As the world increasingly acknowledges the environmental impact of traditional combustion engine vehicles, there is a growing demand for sustainable transportation solutions. Zero emission trucks, which include electric, hydrogen fuel cell, and other alternative fuel technologies, represent a pivotal shift towards cleaner and greener logistics. The market is witnessing significant attention and investment as governments, businesses, and consumers alike seek innovative ways to reduce carbon footprints and promote eco-friendly practices in the freight and transportation sector.

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Growth Factors

Several key factors contribute to the growth of the Zero Emission Trucks Market. Stringent environmental regulations and emission standards imposed by governments globally are compelling industries to adopt cleaner technologies. The growing awareness among businesses and consumers about the environmental impact of conventional trucks is driving the demand for sustainable alternatives. Additionally, advancements in battery technology, increased charging infrastructure, and favorable government incentives are facilitating the rapid growth of the zero-emission truck market. Collaborations between automotive manufacturers and technology companies are also fostering innovation, leading to the development of more efficient and cost-effective zero-emission truck models.

Zero Emission Trucks Market Scope

Report Coverage Details
Growth Rate from 2023 to 2032 CAGR of 29.50%
Market Size in 2023 USD 5.93 Billion
Market Size by 2032 USD 60.78 Billion
Largest Market North America
Base Year 2022
Forecast Period 2023 to 2032
Segments Covered By Vehicle Type, By Source, and By Application
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Afric

Read More: Automotive Aftermarket Glass Market Size to Garner USD 4.88 Billion by 2032

Zero Emission Trucks Market Dynamics

Drivers:

The primary drivers of the Zero Emission Trucks Market are the increasing need to mitigate climate change, reduce air pollution, and achieve sustainability goals. Governments worldwide are offering incentives, subsidies, and regulatory support to encourage the adoption of zero-emission vehicles, providing a strong impetus for the market. The evolving consumer preferences toward eco-friendly products and services are influencing fleet operators and logistics companies to transition to cleaner transportation options. The decreasing costs of renewable energy sources and the improving energy density of batteries further drive the adoption of zero-emission trucks.

Opportunities:

The Zero Emission Trucks Market presents numerous opportunities for industry players. Expansion of charging infrastructure, especially in key transportation corridors and urban centers, is a significant opportunity to enhance the feasibility of electric trucks. Collaboration with renewable energy providers for sustainable energy sources and the development of lightweight materials to improve energy efficiency are areas where innovation can lead to a competitive edge. As governments globally commit to ambitious carbon reduction targets, there is a growing market opportunity for manufacturers to provide a diverse range of zero-emission trucks to meet the varied needs of different industries.

Challenges:

Despite the promising growth, the Zero Emission Trucks Market faces several challenges. One of the key challenges is the high upfront cost of zero-emission trucks compared to traditional diesel-powered counterparts. Limited driving range and charging infrastructure, especially in remote areas, pose practical challenges for electric trucks. Additionally, concerns regarding the environmental impact of manufacturing and disposing of batteries, as well as the sourcing of rare materials for these technologies, present sustainability challenges. Overcoming these hurdles will be crucial for the widespread adoption of zero-emission trucks and the long-term success of the market.

Reasons to Purchase this Report:

  • Comprehensive market segmentation analysis incorporating qualitative and quantitative research, considering the impact of economic and policy factors.
  • In-depth regional and country-level analysis, examining the demand and supply dynamics that influence market growth.
  • Market size in USD million and volume in million units provided for each segment and sub-segment.
  • Detailed competitive landscape, including market share of major players, recent projects, and strategies implemented over the past five years.
  • Comprehensive company profiles encompassing product offerings, key financial information, recent developments, SWOT analysis, and employed strategies by major market players.

Zero Emission Trucks Market Companies

  • Daimler
  • Volvo
  • PACCAR
  • Faw Jiefang Group
  • Man
  • Scania
  • Shaanxi Heavy Duty Automobile
  • Isuzu Motors

Segments Covered in the Report

By Vehicle Type

  • Electric Light-Duty Trucks
  • Electric Medium-Duty Trucks
  • Electric Heavy-Duty Trucks

By Source

  • Battery Electric Trucks (BEVs)
  • Hydrogen Fuel Cell Electric Trucks
  • Hybrid Electric Trucks

By Application

  • Last Mile Delivery
  • Logistics and Transportation
  • Construction
  • Waste Management

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Zero Emission Trucks Market 

5.1. COVID-19 Landscape: Zero Emission Trucks Industry Impact

5.2. COVID 19 – Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Zero Emission Trucks Market, By Vehicle Type

8.1. Zero Emission Trucks Market Revenue and Volume, by Vehicle Type, 2023-2032

8.1.1 Electric Light-Duty Trucks

8.1.1.1. Market Revenue and Volume Forecast (2020-2032)

8.1.2. Electric Medium-Duty Trucks

8.1.2.1. Market Revenue and Volume Forecast (2020-2032)

8.1.3. Electric Heavy-Duty Trucks

8.1.3.1. Market Revenue and Volume Forecast (2020-2032)

Chapter 9. Global Zero Emission Trucks Market, By Source

9.1. Zero Emission Trucks Market Revenue and Volume, by Source, 2023-2032

9.1.1. Battery Electric Trucks (BEVs)

9.1.1.1. Market Revenue and Volume Forecast (2020-2032)

9.1.2. Hydrogen Fuel Cell Electric Trucks

9.1.2.1. Market Revenue and Volume Forecast (2020-2032)

9.1.3. Hybrid Electric Trucks

9.1.3.1. Market Revenue and Volume Forecast (2020-2032)

Chapter 10. Global Zero Emission Trucks Market, By Application 

10.1. Zero Emission Trucks Market Revenue and Volume, by Application, 2023-2032

10.1.1. Last Mile Delivery

10.1.1.1. Market Revenue and Volume Forecast (2020-2032)

10.1.2. Logistics and Transportation

10.1.2.1. Market Revenue and Volume Forecast (2020-2032)

10.1.3. Construction

10.1.3.1. Market Revenue and Volume Forecast (2020-2032)

10.1.4. Waste Management

10.1.4.1. Market Revenue and Volume Forecast (2020-2032)

Chapter 11. Global Zero Emission Trucks Market, Regional Estimates and Trend Forecast

11.1. North America

11.1.1. Market Revenue and Volume Forecast, by Vehicle Type (2020-2032)

11.1.2. Market Revenue and Volume Forecast, by Source (2020-2032)

11.1.3. Market Revenue and Volume Forecast, by Application (2020-2032)

11.1.4. U.S.

11.1.4.1. Market Revenue and Volume Forecast, by Vehicle Type (2020-2032)

11.1.4.2. Market Revenue and Volume Forecast, by Source (2020-2032)

11.1.4.3. Market Revenue and Volume Forecast, by Application (2020-2032)

11.1.5. Rest of North America

11.1.5.1. Market Revenue and Volume Forecast, by Vehicle Type (2020-2032)

11.1.5.2. Market Revenue and Volume Forecast, by Source (2020-2032)

11.1.5.3. Market Revenue and Volume Forecast, by Application (2020-2032)

11.2. Europe

11.2.1. Market Revenue and Volume Forecast, by Vehicle Type (2020-2032)

11.2.2. Market Revenue and Volume Forecast, by Source (2020-2032)

11.2.3. Market Revenue and Volume Forecast, by Application (2020-2032)

11.2.4. UK

11.2.4.1. Market Revenue and Volume Forecast, by Vehicle Type (2020-2032)

11.2.4.2. Market Revenue and Volume Forecast, by Source (2020-2032)

11.2.4.3. Market Revenue and Volume Forecast, by Application (2020-2032)

11.2.5. Germany

11.2.5.1. Market Revenue and Volume Forecast, by Vehicle Type (2020-2032)

11.2.5.2. Market Revenue and Volume Forecast, by Source (2020-2032)

11.2.5.3. Market Revenue and Volume Forecast, by Application (2020-2032)

11.2.6. France

11.2.6.1. Market Revenue and Volume Forecast, by Vehicle Type (2020-2032)

11.2.6.2. Market Revenue and Volume Forecast, by Source (2020-2032)

11.2.6.3. Market Revenue and Volume Forecast, by Application (2020-2032)

11.2.7. Rest of Europe

11.2.7.1. Market Revenue and Volume Forecast, by Vehicle Type (2020-2032)

11.2.7.2. Market Revenue and Volume Forecast, by Source (2020-2032)

11.2.7.3. Market Revenue and Volume Forecast, by Application (2020-2032)

11.3. APAC

11.3.1. Market Revenue and Volume Forecast, by Vehicle Type (2020-2032)

11.3.2. Market Revenue and Volume Forecast, by Source (2020-2032)

11.3.3. Market Revenue and Volume Forecast, by Application (2020-2032)

11.3.4. India

11.3.4.1. Market Revenue and Volume Forecast, by Vehicle Type (2020-2032)

11.3.4.2. Market Revenue and Volume Forecast, by Source (2020-2032)

11.3.4.3. Market Revenue and Volume Forecast, by Application (2020-2032)

11.3.5. China

11.3.5.1. Market Revenue and Volume Forecast, by Vehicle Type (2020-2032)

11.3.5.2. Market Revenue and Volume Forecast, by Source (2020-2032)

11.3.5.3. Market Revenue and Volume Forecast, by Application (2020-2032)

11.3.6. Japan

11.3.6.1. Market Revenue and Volume Forecast, by Vehicle Type (2020-2032)

11.3.6.2. Market Revenue and Volume Forecast, by Source (2020-2032)

11.3.6.3. Market Revenue and Volume Forecast, by Application (2020-2032)

11.3.7. Rest of APAC

11.3.7.1. Market Revenue and Volume Forecast, by Vehicle Type (2020-2032)

11.3.7.2. Market Revenue and Volume Forecast, by Source (2020-2032)

11.3.7.3. Market Revenue and Volume Forecast, by Application (2020-2032)

11.4. MEA

11.4.1. Market Revenue and Volume Forecast, by Vehicle Type (2020-2032)

11.4.2. Market Revenue and Volume Forecast, by Source (2020-2032)

11.4.3. Market Revenue and Volume Forecast, by Application (2020-2032)

11.4.4. GCC

11.4.4.1. Market Revenue and Volume Forecast, by Vehicle Type (2020-2032)

11.4.4.2. Market Revenue and Volume Forecast, by Source (2020-2032)

11.4.4.3. Market Revenue and Volume Forecast, by Application (2020-2032)

11.4.5. North Africa

11.4.5.1. Market Revenue and Volume Forecast, by Vehicle Type (2020-2032)

11.4.5.2. Market Revenue and Volume Forecast, by Source (2020-2032)

11.4.5.3. Market Revenue and Volume Forecast, by Application (2020-2032)

11.4.6. South Africa

11.4.6.1. Market Revenue and Volume Forecast, by Vehicle Type (2020-2032)

11.4.6.2. Market Revenue and Volume Forecast, by Source (2020-2032)

11.4.6.3. Market Revenue and Volume Forecast, by Application (2020-2032)

11.4.7. Rest of MEA

11.4.7.1. Market Revenue and Volume Forecast, by Vehicle Type (2020-2032)

11.4.7.2. Market Revenue and Volume Forecast, by Source (2020-2032)

11.4.7.3. Market Revenue and Volume Forecast, by Application (2020-2032)

11.5. Latin America

11.5.1. Market Revenue and Volume Forecast, by Vehicle Type (2020-2032)

11.5.2. Market Revenue and Volume Forecast, by Source (2020-2032)

11.5.3. Market Revenue and Volume Forecast, by Application (2020-2032)

11.5.4. Brazil

11.5.4.1. Market Revenue and Volume Forecast, by Vehicle Type (2020-2032)

11.5.4.2. Market Revenue and Volume Forecast, by Source (2020-2032)

11.5.4.3. Market Revenue and Volume Forecast, by Application (2020-2032)

11.5.5. Rest of LATAM

11.5.5.1. Market Revenue and Volume Forecast, by Vehicle Type (2020-2032)

11.5.5.2. Market Revenue and Volume Forecast, by Source (2020-2032)

11.5.5.3. Market Revenue and Volume Forecast, by Application (2020-2032)

Chapter 12. Company Profiles

12.1. Daimler

12.1.1. Company Overview

12.1.2. Product Offerings

12.1.3. Financial Performance

12.1.4. Recent Initiatives

12.2. Volvo

12.2.1. Company Overview

12.2.2. Product Offerings

12.2.3. Financial Performance

12.2.4. Recent Initiatives

12.3. PACCAR

12.3.1. Company Overview

12.3.2. Product Offerings

12.3.3. Financial Performance

12.3.4. Recent Initiatives

12.4. Faw Jiefang Group

12.4.1. Company Overview

12.4.2. Product Offerings

12.4.3. Financial Performance

12.4.4. Recent Initiatives

12.5. Man

12.5.1. Company Overview

12.5.2. Product Offerings

12.5.3. Financial Performance

12.5.4. Recent Initiatives

12.6. Scania

12.6.1. Company Overview

12.6.2. Product Offerings

12.6.3. Financial Performance

12.6.4. Recent Initiatives

12.7. Shaanxi Heavy Duty Automobile

12.7.1. Company Overview

12.7.2. Product Offerings

12.7.3. Financial Performance

12.7.4. Recent Initiatives

12.8. Isuzu Motors

12.8.1. Company Overview

12.8.2. Product Offerings

12.8.3. Financial Performance

12.8.4. Recent Initiatives

Chapter 13. Research Methodology

13.1. Primary Research

13.2. Secondary Research

13.3. Assumptions

Chapter 14. Appendix

14.1. About Us

14.2. Glossary of Terms

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Prathamesh

I have completed my education in Bachelors in Computer Application. A focused learner having a keen interest in the field of digital marketing, SEO, SMM, and Google Analytics enthusiastic to learn new things along with building leadership skills.

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