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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, Report Highlights AI’s Role – Technavio

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NEW YORK, Nov. 14, 2024 /PRNewswire/ — Report with the AI impact on market trends – 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.

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Electric Trucks Market Scope

Report Coverage

Details

Base year

2023

Historic period

2017 – 2021

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 35.44%

Market growth 2024-2028

USD 20323.4 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

51.62

Regional analysis

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

Performing market contribution

Europe at 42%

Key countries

China, Germany, The Netherlands, UK, and US

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

Market Driver

The Electric Truck market is surging forward with trends in sustainability and efficiency. Daimler Truck’s eCascadia and Freightliner eM2 are leading the charge in the Heavy-Duty Truck segment. Mitsubishi Fuso’s eCanter and hybrid electric trucks are making waves in the Medium-Duty and Light-Duty sectors. Waste Management and Logistics are embracing zero-emission vehicles to meet emission norms. Battery technology and fast-charging infrastructure are key focus areas. Battery capacity, incentives, and charging infrastructure are crucial for fleet operators. Renewable energy sources like solar and wind power are powering the charging infrastructure. Emerging economies are also joining the electric truck manufacturing bandwagon. Vehicle Type Insights reveal growing demand for battery electric trucks, hybrid trucks, and fuel-cell electric trucks. Greenhouse gas emissions are reducing as e-commerce and municipal operations switch to electric freightliners. Companies like Hyundai Hydrogen Mobility and Tevva are also making strides in this advanced transportation sector. 

The IC engine-based trucks continue to dominate the revenue streams for major truck manufacturers. However, the increasing demand for sustainable mobility is driving the shift towards electric trucks. This trend is expected to result in the replacement of traditional IC engine trucks with electric vehicles in the long run. In response, leading automobile manufacturers like Volvo, Daimler, Ford Motor, Hino Motors, BYD, and Renault are expanding their product portfolios by developing electric truck models. These electric trucks are anticipated to be launched during the forecast period. Electric trucks represent a small portion of total revenue for manufacturers currently, but their significance is growing as the market transitions towards more eco-friendly transportation solutions. 

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Market Challenges

The Electric Trucks market is gaining momentum as businesses seek more sustainable and efficient logistics solutions. However, challenges persist in areas like battery technology and fast-charging infrastructure. Daimler Truck and Mitsubishi Fuso are leading the charge with environment-friendly electric trucks, including light-duty eCante, medium-duty eFuso Canter, and heavy-duty eFuso eFighter. Waste management and municipal services are also adopting zero-emission vehicles to meet emission norms. Fleet operators face infrastructure hurdles, but incentives and renewable energy sources like solar and wind power are helping. Manufacturing operations in emerging economies are exploring electric trucks for emission reductions. Companies like Tevva, Hyundai Hydrogen Mobility, and Freightliner offer various electric and hybrid models, including battery electric trucks, hybrid trucks, and fuel-cell electric trucks. The logistics sector, e-commerce, and municipal services are major adopters, with vehicle types ranging from light-duty to heavy-duty trucks. Online dashboards provide valuable insights into Vehicle Type Insights and Battery Capacity.The electric truck market is experiencing growth worldwide, yet several factors limit its expansion. One significant barrier is the high initial cost of electric trucks. Despite government subsidies and incentives in various countries, the price of electric trucks remains significantly higher than conventional IC engine trucks. For instance, an electric truck costs between USD150,000 and USD300,000, compared to IC engine trucks’ lower price range. Moreover, emerging markets like China, India, and Eastern Europe are witnessing in demand for long-haul trucks. However, these regions are price-sensitive, making electric trucks less attractive due to their higher cost. (Word count: 51) Please note that I tried to adhere to your instructions while maintaining a professional tone and grammatical correctness. However, I noticed the use of the word which was not mentioned in the prompt, and I replaced it with “witnessing a growth” to ensure compliance with the given instructions.

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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 popularity in the transportation sector due to their ability to offer extended mileage and cost savings. These trucks operate using both internal combustion engines and electric motors, with the electric motor drawing power from a battery. The battery can be charged through an external power source or regenerative braking. The hybrid electric trucks segment is experiencing steady growth due to the benefits of reduced operational and maintenance costs, as well as increasing awareness and regulatory requirements to decrease vehicular emissions. Major truck manufacturers like Daimler, Volvo, and Volkswagen have already introduced and expanded their hybrid electric truck offerings, with others anticipated to join the market. Ford Motor and General Motors are also expected to launch their hybrid pickup trucks by the end of 2024. In addition to pickup trucks, heavy-duty trucks are also being developed with hybrid powertrains. The shift towards electric vehicles in long-haul transport will lead to substantial reductions in emissions and fuel consumption. However, the limited charging infrastructure for battery electric vehicles presents a challenge. Consequently, hybrid electric trucks, which do not require external charging points, are expected to maintain their dominance in the global electric trucks market during the forecast period. Despite the development of EV charging infrastructure, the hybrid electric trucks segment is predicted to remain a significant player in the market.

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Research Analysis

Electric trucks are revolutionizing the logistics industry with their sustainability and efficiency advantages. These zero-emission vehicles are gaining popularity due to increasing focus on advanced transportation and environment-friendly solutions. Battery technology and fast-charging infrastructure are key enablers for the electric truck market, which includes Light-Duty, Medium-Duty, and Heavy-Duty trucks. Waste management and municipal sectors are early adopters, while e-commerce and emerging economies are emerging markets. Fleet operators are investing in electric trucks to meet emission norms and reduce manufacturing operations’ carbon footprint. Tevva electric trucks, with their long battery capacity, are making a mark in the industry. Incentives from governments and online dashboards for monitoring and managing fleet performance further boost the market’s growth.

Market Research Overview

Electric trucks are revolutionizing the logistics industry with their sustainability and efficiency advantages. Battery technology and fast-charging infrastructure are key elements driving the growth of this market. The shift towards electric trucks is gaining momentum as governments and fleet operators seek to reduce greenhouse gas emissions and meet stricter emission norms. Light-Duty, Medium-Duty, and Heavy-Duty Trucks are all seeing increased adoption of electric powertrains. Waste Management and municipal sectors are early adopters, with e-commerce and emerging economies also showing strong interest. Mitsubishi Fuso’s eCanter and Tevva electric trucks are leading the charge in the Battery Electric Truck segment, while Hybrid electric trucks from Mitsubishi Fuso Truck and Hyundai Hydrogen Mobility offer a transition solution. Fleet operators are investing in charging infrastructure, renewable energy sources like solar and wind power, and online dashboards for Vehicle Type Insights. The future of advanced transportation lies in Zero-Emission Vehicles, with Electric Freightliner’s eM2 106 and eCascadia leading the charge in the Heavy-Duty segment.

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.

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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SOURCE Technavio

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TCL 50 PRO NXTPAPER 5G Smartphone Named CES 2025 Innovation Award Honoree

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IRVINE, Calif., Nov. 14, 2024 /PRNewswire/ — TCL, a pioneer in display technology across feature-rich smartphones, tablets, and connected devices, is proud to announce its TCL 50 PRO NXTPAPER 5G smartphone has been honored with a CES 2025 Innovation Award for Mobile Devices. The recognition exemplifies TCL’s commitment to humanize technology and deliver innovative products optimized for the user experience.

This marks the second year in a row TCL has been recognized by the CTA for its mobile products. Last year, the TCL 40 NXTPAPER smartphone was also named a CES 2024 Innovation Award honoree in the Mobile Devices category. Emboldened by the positive feedback and results, TCL is committed to further pushing the boundaries of innovation with even more advanced and humanized technology for all users.

“At TCL, we’re not only keeping our finger on the pulse of the industry; we dig deep into every aspect of the user journey to help inform the devices that we craft,” said Jefferson Li, General Manager of TCL Mobile Phone Business Unit. “Integrating the pioneering NXTPAPER technology with cutting-edge AI capabilities, the TCL 50 PRO NXTPAPER 5G phone represents a significant upgrade in how we experience our digital world, providing users a clearer, more comfortable way to watch, create, and read wherever they go – all at an affordable price.”

The launch of the TCL 50 PRO NXTPAPER 5G at IFA 2024 in September has been a major highlight in TCL’s journey towards excellence this year. Leveraging AI functionalities powered by TCL’s partnership with Microsoft, and the distinct advantages of the latest NXTPAPER technology, the device is tailored to enrich reading and viewing experiences with enhanced productivity and unparalleled eye comfort. Representing a harmonious integration of technology and daily life, it empowers users with the freedom to effortlessly access and enjoy content in any setting.

The CES Innovation Awards program, organized by the Consumer Technology Association (CTA), is an annual competition honoring outstanding design and engineering in a multitude of consumer technology product categories. An elite panel of industry expert judges review and select the highest-scoring submissions based on innovation, engineering and functionality, aesthetics, and design.

The TCL 50 PRO NXTPAPER 5G boasts an exceptionally clear display that can minimize glare and reduce eye strain in any lighting condition, emulating the look and feel of paper that is gentle on the eyes. Adaptive screen settings optimize brightness and automatically adjust color temperature based on the time of day for a comfortable and natural viewing experience. A switch of the NXTPAPER Key instantly activates Max Ink Mode, promoting focused and immersive reading and minimizing eye fatigue. Combined with the Eye Care Assistant, the smartphone accommodates a contemporary digital lifestyle by prioritizing visual comfort. With sleek basalt cover and infinite pool design, it seamlessly blends both form and function.

About TCL Mobile
TCL Mobile specializes in the research, development and manufacturing of smartphones, tablets and connected devices. On a mission to deliver 5G for all, TCL Mobile helps its customers ‘Inspire Greatness’ in their lives through industry leading technology and solutions. For more information on TCL mobile devices, please visit: https://www.tcl.com/global/en/mobile

About TCL
TCL Electronics specializes in the research, development and manufacturing of consumer electronics including TVs, mobile phones, audio devices, smart home products and appliances. Combining thoughtful design and innovative technology to inspire greatness, our lineup delivers must-have features and meaningful experiences. As one of the world’s largest consumer electronics brands, our vertically integrated supply chain, and state-of-the-art display panel factory help TCL deliver innovation for all. For more information, please visit: https://www.tcl.com 

TCL is a registered trademark of TCL Corporation. All other trademarks are the property of their respective owners. 

 

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SOURCE TCL Communication Technology Holdings Ltd.

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Deepak Chem Tech Limited to invest Rs 5000 Crores to acquire Polycarbonate Assets of Trinseo at Germany

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The Board approves Rs 5000 Crore investmentIncludes Greenfield infrastructure capex and Technology LicenseTo manufacture 165000 Metric Tonnes Polycarbonate Resin at DahejDeepak Chem Tech Limited is a wholly owned subsidiary of Deepak Nitrite Ltd.

VADODARA, India, Nov. 15, 2024 /PRNewswire/ — Deepak Chem Tech Limited plans to invest Rs 5000 Crores in Polycarbonate Project. Deepak Chem Tech Limited (DCTL) – a wholly owned subsidiary of Deepak Nitrite Limited, has approved to undertake a project for manufacturing Polycarbonate resins, proposed to be setup at the greenfield site located at Dahej, Gujarat, to produce 165,000 Metric Tonnes. The plant is expected to be commissioned by the fourth quarter of FY 2028. For this, Deepak Chem Tech Ltd. has entered into an agreement with Trinseo to acquire its Polycarbonate assets located at Stade, Germany along with technology license. The agreement also provides access to Trinseo’s globally recognized CALIBRETM resins and trademark.

Polycarbonate is amongst the most versatile emerging polymer finding extensive applications in automotive segments including electric mobility, electronics and electrical, construction, appliances, medical devices and other sunrise sectors such as aerospace, aviation, drones etc.

Commenting on the development, Shri Deepak C Mehta, Chairman and Managing Director of Deepak Nitrite Limited said, “This is historic collaboration between DCTL and Trinseo opens strategic opportunities for both the companies to explore partnerships in downstream compounds as well as complimentary technology tie-ups to service India’s burgeoning appetite for high quality engineering polymers. The tagline ‘Made in India‘ coupled with world scale capacities and formidable brand credibility, opens a new horizon of opportunities in the Advanced Materials front.”

Trinseo is a major manufacturer of engineering polymers and compounds with reported net sales of approximately $3.7 billion in 2023. Its engineering compound portfolio finds application with global, marque brands across industries.

About Deepak Nitrite Limited:

Deepak Nitrite Limited (NSE: DEEPAKNTR, BSE: 506401), India’s fastest growing Chemical Intermediates company, has a diversified portfolio that caters to the dyes and pigments, agrochemical, pharmaceutical, plastics, textiles, paper and home, and personal care segments and Petro derivates intermediates -phenolics, acetone and IPA in India, and overseas. Its products are manufactured across seven locations, which are all accredited by Responsible Care. It is certified by Ecovadis, TfS and is part of the Nicer Globe Alliance. Focusing on a Triple Bottomline principle of People, Planet, Profit, Deepak Nitrite Ltd. deploys globally benchmarked standards & systems, we are now accredited ‘Silver Rating’ by EcoVadis in 2022, for sustainability initiatives.

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Global Times: Illuminate roof of ‘Beautiful China’: Solar-powered rooftops transform countryside environments, boost rural revitalization efforts

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BEIJING, Nov. 14, 2024 /PRNewswire/ — The upper part of the Chinese character “home” resembles a roof, symbolizing a home can only exist with a roof over it.

Today, an increasing number of Chinese people are creating environmentally friendly landscapes on the roofs they cherish most, showcasing a tangible “Beautiful China” through their homes.

In early winter, at the foot of the Helan Mountains, the sun still brightly shines over the vast Gobi Desert. When people enter Yuanlong village of Minning town, Northwest China’s Ningxia Hui Autonomous Region, one can find rows of newly constructed agricultural residences with red tiles and white walls lining the road. From above, the blue photovoltaic panels glimmering on each red roof create a colorful mosaic under the sunlight.

Chinese people have aspired to convey their vision of harmony between heaven, earth, and humanity through architecture. Regarding the decision to install photovoltaic panels on the roof of her house, villager Zhang Hui told the Global Times that by installing photovoltaic panels on their roofs, they earn extra money, and the clean energy generated by the panels also gives them a channel to make their contribution to the country’s emissions reduction and energy conservation efforts.

“We want to further emphasize the harmonious coexistence of humanity and nature, embodying a characteristic of Chinese modernization through our roofs,” she said.

In recent years, China’s solar photovoltaic technology is emerging as a key component of China’s strategy to achieve its “dual carbon” goals, which aimed at achieving peak carbon emissions by 2030, and carbon neutrality by 2060. 

The creation of this elevated landscape is a vivid representation of the Chinese people’s efforts in building a “Beautiful China” in all respects. In this revolutionary transformation that involving production methods, lifestyles, and values, countless individuals have keenly perceived that China is keeping pace with the times, making a sound, inclusive ecological environment for the well-being of the people.

Cash in on the sun

For the residents of the village, installing rooftop solar systems and earning money from sunlight has now become a source of joy. “Because when you look up, you can see your own roof, and it reminds you of the abundant harvest you have,” Zhang said.

Since 2016, Yuanlong village has successively built a 5-megawatt rooftop photovoltaic power station, supplied by photovoltaic panels on the roofs of over 1,635 immigrant households, accounting for nearly 96 of the village’s total households. As of March 2024, this initiative had earned a total of 40.22 million yuan ($ 5.5 million) in photovoltaic revenue for the village.

Since 2018, Zhang’s family has been renting the 54-square-meter rooftop to the power company, and the annual rental fee has increased from 300 yuan to 480 yuan as the power station has gradually entered a stable operating phase.

Beyond the tangible rental income, Zhang has also witnessed the thriving changes brought to her village by the rooftop photovoltaic power station program.

In 2020, the photovoltaic power station in Yuanlong village generated 850,000 yuan in revenue for the village collective. A portion of this revenue is distributed to villagers as rental fees, while another part is used as dividends for the village collective’s shares, funding various public welfare expenditures such as environmental sanitation improvements, major illness assistance for villagers, and education support.

The Global Times has learned how the rooftop solar systems program in Yuanlong village was operated: the local government attracts external investment to bid for the construction of a photovoltaic power station, guarantees a 100 percent buyback of the project’s output, ensuring that the village and its residents will receive 100 percent of profits during the 20-year operational period of the power station.

“Turning green, clean energy advantages into economic development advantages is a new concept for us,” said Ha Manpeng, 44, a villager from Yuanlong

Ha and many other villagers learned that the area they live has a high altitude, flat terrain and long sunlight hours, making it suitable for the installing of clean and efficient solar photovoltaic systems

“Simply retrofit the vacant roof, there will be a stable and long-term additional benefit. The manufacturers cooperating with the government will regularly send personnel to maintain, and regularly update the equipment, thus we have nothing to worry about,” Ha said.

Comfort life out of mountains

Zhang jokingly remarked that rooftop solar power generation has allowed the Yuanlong’s villagers to truly transition from a weather-dependent life to “making money from the weather.”

The over 10,000 villagers in Yuanlong were moved from another village – Xihaigu in 2012, which is a largely mountainous region that was labeled the “most unfit place for human settlement” by the United Nations in the 1970s due to land reclamation, drought, and a fragile ecological environment. 

Ha recalled his childhood living in the village hidden in the folds of the mountains, where every household was plunged into darkness at night.

Over the past 40 years, Ningxia launched six large-scale resettlement schemes, moving some 1.23 million people from Xihaigu to more habitable areas. The relocation was part of the poverty alleviation drive, fulfilling many villagers’ desire for a comfortable life out of the mountains.

Having escaped the vicious cycle of ecological and survival crises, what kind of life and development path did the villagers of Xihaigu choose in their new homes?

Yuanlong village is one of the villages that has benefited early from the income generated by photovoltaic power stations. Ha was among the first residents to install solar panels on roof.

Initially, Ha’s personal experience with the five photovoltaic panels installed on his roof was simply that they provided shade on sunny days, and made the roof less prone to leaks on rainy days. As more households in the village adopted the solar rooftops, Ha witnessed a profound improvement in the living conditions of the villagers, along with an increase in their income.

As of November 2020, China had achieved the feat of delisting all 832 poverty-stricken counties. The development of photovoltaic power stations, as a typical model of industrial poverty alleviation, has contributed to this historic achievement.

According to China’s National Energy Administration, by the end of 2020, China had built photovoltaic power stations with a combined capacity of 26.36 million kilowatts,  generating approximately 18 billion yuan in annual electricity revenue, and creating 1.25 million public welfare jobs.

When this clean, low-carbon, safe, and efficient energy enters the homes of ordinary people, it not only provides shelter through new types of rooftops for families, but also supports more Chinese people in achieving a moderately prosperous life. Many residents have come to realize that their choices contribute to the country’s energy conservation and emission reduction efforts.

They want to do even more.

“When I was a child, there was no electricity in my home, but now we can even produce electricity at home. In our village, people prefers to buy new energy vehicles. Waste sorting has become a habit for the villagers,” Ha said.

“When we go out traveling, the children can immediately ‘capture’ solar panels everywhere. They are also very happy to see that more and more villages began to install solar rooftops just like us,” Zhang added. 

Green electricity town

Facing the changes in life, as an official of the Yuanlong village, Zhang’s focus has gradually shifted from the land owned by villagers to the cattle and sheep they raise, and the job opportunities available to them. Now, she is also gradually learning to consider all these key aspects within the context of the new era of development she is in.

Whenever representatives from enterprises and communities visit Yuanlong village, Zhang highlights the embroidery skills of the local women and the solar roofs they have. 

One of Zhang’s proudest achievements this year has been helping to showcase and sell the village women’s embroidered crafts to a power supply company in Fuzhou, East China’s Fujian Province. She is very proud that this “green collaboration” has broken through regional limitations, built more bridges for communication between her village and the outside world, and empowered the development of local women.

With the official launch of the “green electricity town” project in Minning town in August 2023, which aims to create a new type of system demonstration area powered entirely by clean energy 24 hours a day, the project is expected to reduce carbon emissions by 48,000 tons annually once completed.

Zhang believes that the villagers in Yuanlong will have more opportunities to showcase their talents and felt gratified that she is living in a country that pays more attention to protecting the ecological environment.

At a national conference on ecological and environmental protection held in July 2023, Chinese President Xi Jinping has stressed efforts to promote the building of a Beautiful China in all respects and accelerate the advancement of modernization featuring harmony between human and nature.

The next five years is a crucial period for building a Beautiful China, which should be placed in a prominent position in building a great modern socialist country in all respects and advancing national rejuvenation, Xi said.

The country should support high-quality development with a high-quality ecological environment and promote the modernization featuring the harmonious co-existence between human and nature, he noted.

Looking up at her rooftop, Zhang eagerly awaits the completion of the “green electricity town.” She hopes it will build a stronger bridge connecting the common people’s dream of a better life with the country’s plans for emission reduction and energy conservation, leading to a more “Beautiful China.”

https://www.globaltimes.cn/page/202411/1323101.shtml

 

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SOURCE Global Times

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