Electric Trucks Market: Propulsion Type (Battery Electric Trucks, Plug-in Hybrid Electric Trucks, Fuel Cell Electric Trucks), Vehicle Type (Light Duty Trucks, Medium Duty Trucks, Heavy Duty Trucks), Application (Logistics, Municipal, Construction, Mining, Others) and Geography  

Electric Trucks Market size was valued at USD 1,387.5 million in 2021 and is expected to grow at a CAGR of 8.1% rate during the forecast period 2022 to 2028. The report provides a detailed overview of the global market, and which can be segmented by Propulsion Type, Vehicle Type, and by Application. By propulsion, the global electric trucks market has been segmented into Battery Electric Trucks, Plug-in Hybrid Electric Trucks, and Fuel Cell Electric Trucks. The battery electric trucks segment is likely to be the largest and fastest-growing segment in terms of propulsion type. Based on vehicle type, the global electric trucks market is segmented into Light Duty Trucks, Medium Duty Trucks, Heavy Duty Trucks. Among these, the light duty trucks segment is expected to have the fastest-growing market during the 2022-2028. Based on application, the global electric trucks market is segmented into Logistics, Municipal, Construction, Mining, Others. The logistics segment accounts for the largest share in 2021. Municipal segment is the second-largest share during the forecast period 2022-2028.   Key Development: In March 2021, In the current division of Daimler Truck Fuel Cell GmbH & Co., the Volvo Group purchased 50% of the partnership shares. By the end of 2050, the market goal is to create the new joint venture a top global fuel cell manufacturer, assisting the world in making a big advancement toward sustainable and climate-neutral transportation. In 2020, Tesla, one of the best-known and most reputable EV producers in the world, has already made plans to significantly lower the cost of their EV batteries over the coming few years. To accomplish this goal over the next 4-5 years, leading battery manufacturers including Panasonic, LG Chem, SK Innovative, CATL, and others have been collaborating with leading EV manufacturers.