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Transaction closes – Quebecor Out-of-Home acquires NEO-OOH’s Canada-wide out-of-home advertising business

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MONTRÉAL, Oct. 2, 2024 /CNW/ – Quebecor Media Inc. announces that, through its Quebecor Out-of-Home division, it has closed the transaction to acquire the Canada-wide out-of-home advertising business of NEO-OOH and integrated it into Québecor Affichage Neo inc. Quebecor Out-of-Home will now be able to offer its advertising partners more than 17,000 advertising faces across Canada.

“With the addition of NEO, Quebecor Out-of-Home is fully positioned to become a major player in Canada’s OOH marketplace,” said Pierre Karl Péladeau, President and CEO of Quebecor. “We are excited to have a unified OOH platform with new reach and power to complement Quebecor’s comprehensive multiplatform advertising offering. This will enable us to step up our development and expand our advertising footprint across Canada.”

NEO’s operations team will join the team of Michel Drouin, General Manager of Quebecor Out-of-Home. The NEO sales team will join the Quebecor Expertise Media sales force, under the direction of Patrick Jutras, Chief Advertising Officer of Quebecor and TVA Group.

About NEO

NEO’s out-of-home networks include more than 3,000 advertising faces at over 600 sites in 250 communities across nine Canadian provinces. They include NEO Shopping (shopping malls), NEO Fitness (gyms), NEO On The Go (gas stations and convenience stores) and NEO Mobile (smartphones, tablets and computers).

About Quebecor Out-of-Home

Quebecor Out-of-Home, a division of Quebecor Media, a Canadian leader in telecommunications, entertainment, news media and culture, has been managing and operating out-of-home advertising networks since 2012. It now has the largest inventory of street furniture in Québec with over 14,000 advertising faces, including an extensive network of standard and digital transit shelters, as well as advertising faces on taxi screens, taxi domes and buses. With its unrivalled market coverage and advertising faces strategically located where consumers are, Quebecor Out-of-Home is the logical choice for reaching urban dwellers with creative advertising campaigns.

Together, Quebecor Out-of-Home and NEO now have more than 17,000 advertising faces across Canada.

SOURCE Québecor Média Inc.

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Automotive Premium Audio System Market to Grow by USD 9.6 Billion (2024-2028), Driven by Enhanced Sound Quality and AI-Powered Market Evolution – Technavio

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NEW YORK, Oct. 2, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The Global Automotive Premium Audio System Market size is estimated to grow by USD 9.6 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 6.86%  during the forecast period. Improved sound quality and control is driving market growth, with a trend towards development of 34-speaker premium audio systems  However, high cost associated with premium audio systems  poses a challenge.Key market players include Alps Alpine Co. Ltd., Bang and Olufsen Group, Bose Corp., Boston Acoustics Inc., Bowers and Wilkins, Burmester Audiosysteme GmbH, Cerwin Vega, Dirac Research AB, Goertek Inc., JL Audio Inc., JVCKENWOOD Corp., Koninklijke Philips N.V., Meridian Audio Ltd., Nimble Holdings Co. Ltd., Panasonic Holdings Corp., Pioneer Corp., Samsung Electronics Co. Ltd., Sony Group Corp., Stellantis NV, and Stillwater Designs and Audio Inc..

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report

Automotive Premium Audio System Market Scope

Report Coverage

Details

Base year

2023

Historic period

2017 – 2021

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 6.86%

Market growth 2024-2028

USD 9.6 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

6.15

Regional analysis

Europe, APAC, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 30%

Key countries

US, China, Germany, France, and Japan

Key companies profiled

Alps Alpine Co. Ltd., Bang and Olufsen Group, Bose Corp., Boston Acoustics Inc., Bowers and Wilkins, Burmester Audiosysteme GmbH, Cerwin Vega, Dirac Research AB, Goertek Inc., JL Audio Inc., JVCKENWOOD Corp., Koninklijke Philips N.V., Meridian Audio Ltd., Nimble Holdings Co. Ltd., Panasonic Holdings Corp., Pioneer Corp., Samsung Electronics Co. Ltd., Sony Group Corp., Stellantis NV, and Stillwater Designs and Audio Inc.

Market Driver

The automotive premium audio system market is experiencing growth due to advancements in in-vehicle sound technology. Bose, a leading audio system manufacturer, introduced the Bose Panaray system in the Cadillac CT6 model, featuring 34 speakers at 19 locations. These speakers are controlled through the Cadillac User Experience interface, aiming to deliver a live music performance experience. Bose utilized multiple small speakers instead of large ones to ensure every occupant hears the full range of frequencies. Quality amplification, speakers, and digital signal processing are crucial for routing correct frequencies to the right locations, enhancing sound quality. These innovations contribute significantly to the expansion of the global automotive premium audio system market. 

The Automotive Premium Audio System market is witnessing significant trends in the areas of aesthetics, aftermarket solutions, and alternative audio sources. Connected cars and vehicles are becoming the norm, with Amazon Alexa, Google Assistant, Apple CarPlay, and Android Auto leading the charge. Bluetooth connectivity, CD players, and car speakers continue to be essential hardware components. Amplifiers and head units offer improved audio experiences, while firmware updates ensure the latest audio features. Audiobooks, Blu-ray/DVD drives, and cost reduction through extended warranties are other key trends. Competing technologies, such as EVs, bring new challenges and opportunities. The competitive framework is shaped by customer loyalty, connectivity options, and environmental awareness. High initial investment and fleet management services are also factors influencing market growth. 

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 Market Challenges

Premium automotive audio systems provide a superior in-car listening experience through advanced acoustics and tuning technology. These systems often feature 3D surround sound with a 5.1 channel configuration. However, the high cost of manufacturing, which ranges from USD1,500 to USD7,000, poses a significant challenge for automotive manufacturers. Some offer these systems as optional fitments, such as Cadillac’s Bose Panaray audio system for USD3,400. German-based Burmester Audiosysteme offers 3D sound systems for Daimler and Porsche, with prices exceeding USD3,000 for the C-class and over USD8,000 for the S-class. Bowers and Wilkins offers premium audio systems in BMW’s 5-series and 7-series for USD3,400 to USD4,500, while Audi’s Bang and Olufsen system costs around USD6,000 with 23 speakers. The high cost may hinder market growth during the forecast period.The Automotive Premium Audio System market is experiencing significant movements, with key trends including multi-channel amplifiers, music streaming, and navigation systems. Outside data sources, OTA upgrades, and podcasts are also gaining popularity. However, policy uncertainty and supply chain disruptions pose challenges. Restraining factors include public perception and regulatory support. Sales channels are expanding to include smart automobiles and vehicle functions. Technology advancements bring voice assistants, surround sound, and Wi-Fi connectivity. Premium sound systems, speakers, subwoofers, and streaming services are essential components. Vehicle Assist services and Radio remain important, but technology evolution is crucial for well-informed choices. Restraining factors must be addressed to ensure market growth.

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Segment Overview 

This automotive premium audio system market report extensively covers market segmentation by  

Application 1.1 Luxury cars1.2 Mid-segment carsType 2.1 Speaker2.2 Amplifier2.3 OthersGeography 3.1 Europe3.2 APAC3.3 North America3.4 South America3.5 Middle East and Africa

1.1 Luxury cars-  The Automotive Premium Audio System market is experiencing significant growth due to increasing consumer demand for high-quality in-car audio experiences. Major automakers are investing in advanced audio technologies, such as digital signal processing and active noise cancellation, to enhance the listening experience. Additionally, the integration of smartphone connectivity and voice control features is driving market expansion. Overall, the market is expected to continue growing as consumers seek more enjoyable and convenient driving experiences.

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Research Analysis

The Automotive Premium Audio System market is experiencing significant growth due to the increasing demand for in-car entertainment and connectivity. Aftermarket solutions are gaining popularity as they offer cost-effective alternatives to original equipment manufacturer (OEM) systems. Advanced audio features such as Amazon Alexa and Google Assistant integration, Bluetooth connectivity, and connectivity options like Android Auto and Apple CarPlay are driving market growth. Customized playlists and hands-free calling add to the in-car entertainment experience. Firmware updates and software enhancements keep the systems up-to-date with the latest audio entertainment and connected car technologies. Favorable government policies and fleet management services are also contributing to the market’s growth trajectory. Cost reduction and customer loyalty are key benefits of premium audio systems, making them an attractive investment for both consumers and automakers. Audiobooks and amplifiers are additional features that enhance the overall audio system experience.

Market Research Overview

The Automotive Premium Audio System market is experiencing significant growth as consumers seek excellent audio experiences in their vehicles. Aesthetics play a crucial role in this market, with car designers integrating audio systems seamlessly into car interiors. Aftermarket solutions offer alternative audio sources, such as Bluetooth connectivity, CD players, and even Amazon Alexa and Google Assistant integration. Connected cars and electric vehicles (EVs) are driving the demand for premium audio systems, with features like hands-free calling, music streaming, and navigation systems becoming essential. The market is competitive, with various hardware components, such as amplifiers and head units, vying for market share. Competing technologies, such as competing infotainment systems and EV infrastructure limitations, pose challenges. However, the industry’s growth potential is significant, with cost reduction through software upgrades, customized playlists, and fleet management services attracting customer loyalty. The market’s infrastructure and regulatory support are crucial for its continued growth, with industry movements and patterns shaping its future trajectory.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationLuxury CarsMid-segment CarsTypeSpeakerAmplifierOthersGeographyEuropeAPACNorth AmericaSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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IT and BPO Services Market in India to Grow by USD 167 Billion from 2024-2028, Driven by Rising Cost Pressures on In-House IT Systems and AI’s Role in Market Transformation – Technavio

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NEW YORK, Oct. 2, 2024 /PRNewswire/ — Report with the AI impact on market trends – IT and BPO Services Market in India  size is estimated to grow by USD 167 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  10.87%  during the forecast period. Rising cost pressure to maintain in-house IT systems is driving market growth, with a trend towards increased adoption of application outsourcing. However, lack of effective communication between client and vendor  poses a challenge – Key market players include Accenture Plc, Automatic Data Processing Inc., Cognizant Technology Solutions Corp., ExlService Holdings Inc., Firstsource Solutions Ltd., Genpact Ltd., HCL Technologies Ltd., Hinduja Group Ltd., Infosys Ltd., International Business Machines Corp., Morae Corp., Serco Group Plc, Srisys Inc., StarTek Inc., Sutherland Services Inc., Tata Consultancy Services Ltd., Tech Mahindra Ltd., TTEC Holdings Inc., Wipro Ltd., and WNS Holdings Ltd..

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot now

Forecast period

2024-2028

Base Year

2023

Historic Data

2017 – 2021

Segment Covered

End-user (Finance, Insurance, Telecom, Healthcare, and Others), Type (Export and Domestic), Product (IT services, BPM, and Software and R and D), and Geography (APAC)

Region Covered

India

Key companies profiled

Accenture Plc, Automatic Data Processing Inc., Cognizant Technology Solutions Corp., ExlService Holdings Inc., Firstsource Solutions Ltd., Genpact Ltd., HCL Technologies Ltd., Hinduja Group Ltd., Infosys Ltd., International Business Machines Corp., Morae Global Corp., Serco Group Plc, Srisys Inc., StarTek Inc., Sutherland Global Services Inc., Tata Consultancy Services Ltd., Tech Mahindra Ltd., TTEC Holdings Inc., Wipro Ltd., and WNS Holdings Ltd.

Key Market Trends Fueling Growth

Companies are turning to IT and Business Process Outsourcing (BPO) service providers in India for application development services to stay competitive in the market. The complex and costly nature of application development makes it beneficial for organizations to outsource this function. IT and BPO service providers offer modular architectures and compatibility with advanced IT infrastructure like the cloud. They also develop intelligent applications capable of handling multiple features and large data volumes. Effective application portfolio management is a priority for service providers to add value. DevOps and Agile methodologies are increasingly used for software development, enabling automation and improved business processes. Leading vendors like Accenture Plc and International Business Machines Corp. Offer application outsourcing services, contributing to the market’s growth. 

The IT and BPO services market in India continues to grow, with trends including data processing, forms processing, and running support. Businesses require troubleshooting and problem resolution for their computer software, hardware, peripherals, and up-selling, promoting, and cross-selling opportunities. Insurance processing and claims are key sectors, with policy maintenance and management also in demand. Data entry, conversion, and financial services such as accounts receivables, financial statements, and bank reconciliations are common requirements. Form processing services, including online forms, payroll processing, medical billing, and contact centers, are also popular. Artificial intelligence and niche BPO services are emerging trends, driven by skilled labor, incentives, tax breaks, and macroeconomic factors. B2G, B2B, and B2C enterprises are significant clients, with technology spending and consulting services also contributing. IT associations play a crucial role in shaping the industry’s growth, which is expected to contribute significantly to India’s GDP. 

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Market Challenges

•         Clear and effective communication is essential for the successful implementation of IT and BPO services in India. Vendors must maintain open lines of communication with clients to deliver services on time. Technical communication in outsourcing contracts is necessary to minimize risks and build trust. Misunderstandings can arise due to language and cultural differences, leading to potential system failures. Effective communication is crucial in various IT service delivery processes, including application development, testing, and system integration. Ineffective communication between clients and vendors can negatively impact the growth of the IT and BPO services market in India.

•         The Indian IT and BPO services market is experiencing significant growth, driven by increasing technology spending from B2B, B2G, and B2C enterprises. However, challenges persist. Niche BPO services face stiff competition due to the availability of skilled labor and incentives like tax breaks. Macroeconomic factors, such as GDP growth and Internet penetration, provide a favorable environment. However, the use of Artificial Intelligence (AI) technologies and automation in ITES requires internal resources and core competency development. Pestle analysis reveals challenges like BPO attrition, wage structures, and data security. Surveys conducted by IT associations indicate the need for process automation, intelligent workflows, and cloud technology adoption. BPO services include horizontal services like payroll and accounting, and vertical-specific services like telemarketing, social media marketing, and customer service. Government initiatives, such as cloud technology and process automation, are essential for businesses to remain competitive. CRM and ERP systems, personalized services, and data security are key areas of focus for businesses. The Internet of Things and automated workflows are emerging trends. Business scheduling and automated workflows are critical for efficient operations. In conclusion, the Indian IT and BPO services market presents opportunities and challenges. Businesses must focus on developing AI technologies, addressing attrition, and adopting cloud and automation to remain competitive. Consulting services and outsourcing services can help businesses navigate these challenges.

Insights into how AI is reshaping industries and driving growth- Download a Sample Report

Segment Overview 

This it and bpo services market in India report extensively covers market segmentation by

End-user 1.1 Finance1.2 Insurance1.3 Telecom1.4 Healthcare1.5 OthersType 2.1 Export2.2 DomesticProduct 3.1 IT services3.2 BPM3.3 Software and R and DGeography 4.1 APAC

1.1 Finance-  The finance sector, including banking and financial institutions, was a significant contributor to the IT and BPO services market in India in 2023. The increasing number of banking and finance institutions has led to a growing demand for customer retention solutions, driving the adoption of IT services for IT infrastructure management and BPO services for customer support and sales. Global banking and finance institutions rely on India for their IT and BPO services, fueling market growth. However, regulatory challenges, such as stringent licensing requirements for new banks, may hinder the growth potential of the banking sector in the IT and BPO services market during the forecast period. Despite these challenges, the finance segment is expected to experience moderate growth due to the continued demand for IT and BPO services to streamline operations and enhance customer experience.

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Research Analysis

The IT and BPO services market in India has been witnessing significant growth due to various factors. The country’s large pool of skilled labor, incentives in the form of tax breaks and subsidies, and macroeconomic factors such as favorable business environment and stable political conditions have made India an attractive destination for businesses seeking BPO services. B2G, B2B, and B2C enterprises across the globe are increasingly outsourcing their non-core functions to India to reduce costs and focus on their core competencies. The ITES industry in India offers a wide range of services, including horizontal services like data processing, forms processing, and running support, as well as vertical-specific services tailored to industries such as healthcare, finance, and retail. The adoption of artificial intelligence (AI) technologies in BPO services is a game-changer, enabling automation of repetitive tasks and improving efficiency. Technology spending on AI and other advanced technologies is expected to increase in the coming years. However, internal resources and core competency in AI technologies are essential for successful implementation. Pestle analysis reveals that the BPO services market in India faces challenges such as increasing competition, changing regulatory environment, and customer expectations for higher quality and faster turnaround times. Payroll, accounting, telemarketing, IT hardware, software, and peripherals are some of the common services offered by BPO providers in India. Up-selling and cross-selling are also essential strategies for BPO companies to grow their revenue streams.

Market Research Overview

The IT and BPO services market in India continues to grow, driven by various macroeconomic factors such as a large pool of skilled labor, incentives in the form of tax breaks and subsidies, and increasing technology spending by B2G, B2B, and B2C enterprises. The market encompasses a wide range of services including niche BPO services, horizontal services like payroll and accounting, and vertical-specific services such as insurance processing and claims handling. Artificial intelligence (AI) technologies are increasingly being adopted in the industry, leading to process automation, intelligent workflows, and personalized services. Cloud technology and business scheduling are also becoming essential components of the ITES industry. Surveys conducted by IT associations reveal that wage structures, data security, and attrition remain key challenges for the industry. However, the adoption of automation, CRM, ERP systems, and automated workflows is helping to address these issues. The Indian IT and BPO services market is expected to grow further, fueled by the increasing number of Internet users and improved telecommunication and internet penetration. The market is also witnessing an upswing in the adoption of IoT, data processing, forms processing, and running support services. Consulting services and outsourcing services are also gaining popularity, with up-selling, promoting, and cross-selling becoming key strategies for growth. The industry is expected to continue its growth trajectory, driven by the need for cost-effective solutions and the availability of a large pool of skilled labor. Pestle analysis reveals that the industry is facing challenges from regulatory changes, increasing competition, and changing customer preferences. However, the industry’s core competency in providing cost-effective services and its ability to adapt to changing technologies make it a resilient and dynamic market.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

End-userFinanceInsuranceTelecomHealthcareOthersTypeExportDomesticProductIT ServicesBPMSoftware And R And DGeographyAPAC

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/it-and-bpo-services-market-in-india-to-grow-by-usd-167-billion-from-2024-2028-driven-by-rising-cost-pressures-on-in-house-it-systems-and-ais-role-in-market-transformation—technavio-302265095.html

SOURCE Technavio

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Electric Trucks Market to Grow by USD 20.32 Billion (2024-2028), Driven by Demand for Fuel-Efficient, Low-Emission Vehicles and AI’s Impact on Market Trends – Technavio

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NEW YORK, Oct. 2, 2024 /PRNewswire/ — The Global Electric Trucks Market  size is estimated to grow by USD 20.32 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  35.44%  during the forecast period.  Growing demand for fuel-efficient and low-emission vehicles is driving market growth, with a trend towards prominent truck manufacturers venturing into electric trucks market. However, high upfront cost of electric trucks  poses a challenge – Key market players include AB Volvo, BOLLINGER MOTORS LLC, BYD Co. Ltd., Daimler Truck AG, E Force One AG, Ford Motor Co., General Motors Co., Isuzu Motors Ltd., Lordstown Motors Corp., Navistar International Corp., Nissan Motor Co. Ltd., PACCAR Inc., Proterra Inc., Renault SAS, Rivian Automotive LLC, Scania AB, Sinotruk Hong Kong Ltd., Tesla Inc., Toyota Motor Corp., and VDL Groep BV.

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot now

Forecast period

2024-2028

Base Year

2023

Historic Data

2017 – 2021

Segment Covered

Propulsion (Hybrid electric trucks and Battery electric trucks), Vehicle Type (Light trucks, Medium trucks, and Heavy-duty trucks), and Geography (Asia, Europe, North America, and Rest of World (ROW))

Region Covered

Asia, Europe, North America, and Rest of World (ROW)

Key companies profiled

AB Volvo, BOLLINGER MOTORS LLC, BYD Co. Ltd., Daimler Truck AG, E Force One AG, Ford Motor Co., General Motors Co., Isuzu Motors Ltd., Lordstown Motors Corp., Navistar International Corp., Nissan Motor Co. Ltd., PACCAR Inc., Proterra Inc., Renault SAS, Rivian Automotive LLC, Scania AB, Sinotruk Hong Kong Ltd., Tesla Inc., Toyota Motor Corp., and VDL Groep BV

Key Market Trends Fueling Growth

Major automobile manufacturers, including Volvo, Daimler, Ford Motor, Hino Motors, BYD, and Renault, are expanding their product offerings by developing electric truck models to meet the growing demand for sustainable mobility. Notable launches include Ford’s F-150 Lightning pickup truck in April 2022, Renault’s T E-Tech and C E-Tech trucks announced for delivery in 2023, and General Motors’ Hummer Truck expected by early 2022. These initiatives by established automakers are a positive trend in the electric trucks market, as they aim to reduce their reliance on IC engine-based vehicles and cater to evolving consumer preferences. 

Electric trucks are gaining momentum in various industries, particularly in fleet operations. Governments worldwide offer incentives to encourage the adoption of zero-emission vehicles, benefiting both the logistics sector and the environment. Renewable energy sources like solar and wind power are powering charging infrastructure, making electric trucks more sustainable. Mitsubishi Fuso’s eCanter and Mitsubishi Fuso Truck’s hybrid electric trucks lead the market, with Tevva electric trucks emerging as strong competitors. The manufacturing sector, municipalities, e-commerce, and waste management are key adopters, aiming for emission reductions. Manufacturing operations in emerging economies are also embracing electric trucks, driven by stricter emission norms. Battery electric trucks, hybrid trucks, and fuel-cell electric trucks are the main vehicle types, with advancements in battery technology and fast-charging infrastructure pushing the market forward. Major players like Daimler Truck, Hyundai Hydrogen Mobility, Freightliner, and Truck World are investing in electric trucks, focusing on sustainability, efficiency, and reducing greenhouse gas emissions. Light-Duty, Medium-Duty, and Heavy-Duty Trucks are all seeing growth in the electric truck market. Online dashboards and vehicle type insights help fleet operators monitor and optimize their electric truck fleets. 

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Market Challenges

•         The electric trucks market is experiencing growth worldwide, yet the high upfront cost of electric trucks is a significant barrier to adoption. Despite government subsidies and incentives, the price of electric trucks remains higher than that of IC engine-based trucks, averaging between USD150,000 and USD300,000. Price-sensitive markets, such as China, India, and Eastern Europe, are witnessing demand for long-haul trucks but are hesitant to adopt electric trucks due to their high upfront cost. Fleet operators and individual customers with funding constraints can explore financing options to purchase electric trucks. Operating cost savings on electric trucks can be utilized to make loan repayments. Financial institutions can facilitate the adoption of electric trucks by offering attractive financing plans. However, the high upfront cost of electric trucks is anticipated to remain a challenge, impeding the growth of the global electric trucks market during the forecast period.

•         Electric trucks are gaining traction in various industries, particularly in the logistics sector, as fleet operators seek to meet emission norms and reduce greenhouse gas emissions. However, challenges persist. Incentives for electric truck adoption are essential, but charging infrastructure development lags behind. Renewable energy sources like solar and wind power can help, but their availability and reliability are concerns. Mitsubishi Fuso’s eCanter and Hyundai Hydrogen Mobility’s fuel-cell electric trucks are pioneering solutions. Battery electric trucks, like Tevva’s offerings, and hybrid trucks from Mitsubishi Fuso Truck and Freightliner, are popular choices. The logistics sector, e-commerce, municipalities, and emerging economies are embracing zero-emission vehicles. Manufacturing operations face challenges in battery technology and fast-charging infrastructure. Light-Duty, Medium-Duty, and Heavy-Duty Trucks require different battery capacities. Daimler Truck’s Electric Freightliner and Freightliner’s eM2 106 and eCascadia are leading the way. Truck World highlights the importance of sustainability, efficiency, and environment-friendly advanced transportation. Online dashboards provide Vehicle Type Insights for fleet management. Together, we’re moving towards a more sustainable future for trucks.

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Segment Overview 

This electric trucks market report extensively covers market segmentation by

Propulsion 1.1 Hybrid electric trucks1.2 Battery electric trucksVehicle Type2.1 Light trucks2.2 Medium trucks2.3 Heavy-duty trucksGeography 3.1 Asia3.2 Europe3.3 North America3.4 Rest of World (ROW)

1.1 Hybrid electric trucks-  Hybrid electric trucks are gaining traction in the transportation sector due to their long-mile range and cost advantages. These trucks use both IC engines and electric motors, with the electric motor drawing power from a battery charged by an external source or regenerative braking. The segment is witnessing steady growth as manufacturers, such as Daimler, Volvo, and Volkswagen, introduce and expand their hybrid electric truck offerings. Ford Motor and General Motors Co. Are also expected to launch their hybrid pickup truck models by 2024. While battery electric vehicles face limitations due to insufficient charging infrastructure, hybrid electric trucks do not require external charging points for refueling. The dominance of hybrid electric trucks in the global electric trucks market is expected to continue during the forecast period, despite the development and improvement of EV charging infrastructure. Long-haul transport, which consumes a substantial amount of energy in the transportation sector, will significantly benefit from the adoption of electric vehicles, leading to reduced emissions and fuel consumption.

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Research Analysis

Electric trucks are revolutionizing the logistics industry with their sustainability and efficiency benefits. These zero-emission vehicles are gaining popularity in advanced transportation sectors, including light-duty, medium-duty, and heavy-duty trucks. The market growth is driven by battery technology advancements, fast-charging infrastructure development, and increasing emission norms. Sustainability-conscious fleet operators are adopting electric trucks to reduce their carbon footprint and improve operational efficiency. Waste management, municipal services, and e-commerce sectors are early adopters of electric trucks due to their environmental-friendliness. Emerging economies are also showing significant interest in electric truck manufacturing. Tevva electric trucks, for instance, have entered the market with their innovative designs and long battery capacity. Incentives from governments and industries are further boosting the adoption of these vehicles. Fleet operators can monitor their electric trucks’ performance through online dashboards, ensuring optimal usage and maintenance.

Market Research Overview

Electric trucks are revolutionizing the logistics industry with their sustainability and efficiency benefits. Battery technology and fast-charging infrastructure are key components of this advanced transportation system. The market for electric trucks spans various vehicle types, including light-duty, medium-duty, and heavy-duty trucks, used in sectors like waste management, municipal services, e-commerce, and manufacturing operations. Sustainability-conscious fleet operators are increasingly adopting zero-emission vehicles to reduce greenhouse gas emissions and meet stricter emission norms. Companies are investing in electric truck manufacturing, with players like Mitsubishi Fuso introducing models such as eCanter and eFuso. Hybrid electric trucks, battery electric trucks, and fuel-cell electric trucks are also gaining popularity. Renewable energy sources like solar and wind power are being integrated into charging infrastructure to ensure a sustainable energy supply. Incentives from governments and industries are further boosting the adoption of electric trucks. Companies like Hyundai Hydrogen Mobility, Freightliner, and Tevva are leading the charge in this sector with innovative electric truck models like the Freightliner eM2 106, eCascadia, and Tevva electric trucks. Emerging economies are also embracing electric trucks as part of their transportation future.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

PropulsionHybrid Electric TrucksBattery Electric TrucksVehicle TypeLight TrucksMedium TrucksHeavy-duty TrucksGeographyAsiaEuropeNorth AmericaRest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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