June 13, 2024

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

The global zero emission trucks market size is projected to be worth around USD 60.78 billion by 2032 from USD 5.93 billion in 2023, poised to grow at a CAGR of 29.50% during the forecast period from 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.

Zero Emission Trucks Market Size 2023 To 2032

The Zero Emission Trucks market has emerged as a pivotal sector in the global transportation industry, driven by the escalating emphasis on sustainability and environmental responsibility. In response to the pressing need to curb carbon emissions, zero-emission trucks, powered by electric or hydrogen fuel cell technologies, have gained substantial traction. This market is witnessing a paradigm shift in the logistics and freight industry, as governments and corporations increasingly recognize the importance of transitioning towards cleaner transportation solutions.

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Growth Factors

Several factors contribute to the robust growth of the Zero Emission Trucks market. Stringent government regulations promoting eco-friendly transportation, coupled with a growing awareness of the environmental impact of traditional fuel-powered trucks, are pivotal growth drivers. Technological advancements in battery and fuel cell technologies have also played a significant role, enhancing the efficiency and range of zero-emission trucks. Moreover, the rising demand for sustainable logistics solutions from consumers and businesses alike is fostering the expansion of this market.

Region Snapshot

The adoption of zero-emission trucks varies across regions, with certain areas experiencing more rapid growth than others. Developed economies, such as North America and Europe, have been at the forefront of embracing eco-friendly transportation, driven by stringent emission standards and a proactive approach to sustainability. However, emerging economies in Asia-Pacific are increasingly recognizing the importance of zero-emission solutions, reflecting a promising trend of market expansion in the region.

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 & Africa

Read More: Automotive Aftermarket Glass Market Size To Cross USD 4.88 Bn By 2032

Zero Emission Trucks Market Dynamics

Drivers:

Key drivers propelling the Zero Emission Trucks market include government incentives and subsidies, which encourage businesses to invest in clean energy alternatives. Additionally, advancements in charging infrastructure and the establishment of strategic partnerships between technology providers and automotive companies contribute to the accelerated adoption of zero-emission trucks. The undeniable economic advantages, including reduced operating costs and enhanced brand reputation, also incentivize companies to transition to cleaner transportation options.

Opportunities:

The Zero Emission Trucks market presents a myriad of opportunities for innovation and investment. R&D initiatives focusing on improving battery efficiency, reducing charging times, and expanding infrastructure are crucial for market growth. Furthermore, collaborations between stakeholders across the supply chain, from manufacturers to energy providers, open avenues for comprehensive solutions. The growing trend of last-mile delivery services and the integration of smart technologies in zero-emission trucks also offer untapped opportunities for market players.

Challenges:

Despite the positive momentum, the Zero Emission Trucks market faces several challenges. The high initial cost of zero-emission vehicles, limited charging infrastructure, and concerns regarding the range limitations of electric trucks pose obstacles to widespread adoption. Additionally, the recycling and disposal of batteries present environmental challenges. Overcoming these hurdles requires concerted efforts from industry players, governments, and technology developers to create a conducive environment for sustainable growth.

Recent Developments

  • In December 2023, the Middle East’s first all-electric, zero-emission ready-mix truck was unveiled by CEMEX. The truck can carry a full load of concrete and is fully functional, according to the manufacturer. It has a 350kWh battery that is state-of-the-art and can run the device for an average workday on a single charge.  In order to find, test, learn from, and scale the long-term solutions required for hybrid and zero-emission vehicles to be widely available, CEMEX is working with manufacturers and partners.
  • In September 2023, Alfa Laval and Scan Global Logistics announced the launch of their first electric scania truck as part of zero emissions partnership. The zero-emission truck is manufactured in close collaboration with Scania, which will operate a designated lane between Alfa Laval’s manufacturing sites in Sweden along with SGL in Denmark.

Competitive Landscape:

The Zero Emission Trucks market is witnessing intense competition among established automotive manufacturers and innovative startups. Major players are investing heavily in research and development to enhance technology and gain a competitive edge. Strategic partnerships and collaborations are prevalent as companies aim to leverage each other’s strengths in manufacturing, infrastructure development, and market penetration. As the market matures, consolidation and the emergence of key players are expected, shaping the competitive landscape in this rapidly evolving sector.

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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