Electric Trucks Market
The Electric Trucks Market is projected to expand at an exponential rate of 43.3% over the analysis period (2020 to 2027). Factors, such as the growing demand in the logistics sector, intensified investment from producers, and incentives from adopting zero-discharge vehicles are the prime forces supplementing the growth of the electric trucks market.
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Electric Trucks Market Dynamics
The factors supplementing the growth of the global electric trucks market include the intensified initiatives enforced by the government to decrease carbon leakage and manage greenhouse gas discharge by diesel fuel ignition. For example, the job plan by U.S. Government includes an investment of USD 15 billion to endow this vision and establish a global network of 5,00,000 charging stations.
Further, the augmenting demand for electric trucks from the logistic industry because of deceased fuel and maintenance cost has strengthened the electric trucks market size. The intensified incentives to adopt zero discharge vehicles are another factor contributing to the market growth. For example, Infraprime Logistics Technologies, a start-up in construction logistics, in 2020, decided to introduce 1,000 heavy-duty electric trucks in India after a successful commercial run of its fleet of 55-MT electric trucks.
However, the insufficient number of charging stations for the electric truck will hinder the market growth. For instance, the E.V. charging infrastructure in India is insufficient and need to entangle to meet the requirement.
Regional Drivers
Based on the regional analysis, the European region is likely to expand at a noteworthy rate over the forecast period. The European Government has offered considerable incentives to encourage the adoption of electric vehicles. For instance, replacing a diesel vehicle to the latest electric vehicle in France sanctions the owner up to USD 12401 in funds from the state. Various governments supporting the installation of E.V. charging infrastructure will bolster the market share. For instance, Estonia helped in the installation of a nationwide fast-charging E.V. network within its national electric vehicle mobility system, certifying the prevalence of quick recharging points, 40-60 km apart, on all roads with dense traffic.
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