Asia Pacific Electric Truck Market to be dominated by China in the Forecast Period

Increasing demand for emission free vehicles and low maintenance cost of electric trucks are driving the Asia Pacific electric truck market in many countries of Asia Pacific region.

According to TechSci Research report, “Asia Pacific Electric Truck Market–By Country, Competition Forecast and Opportunities, 2018-2028F,” the Asia Pacific Electric Truck Market is projected to grow in the coming years due to factors, such as lower maintenance cost, lower emissions, and trucks buyers finding electric trucks more comfortable as they produce no noise compared to the ICE based trucks. To encourage the use of zero emission trucks, many governments have set up rules and incentives. Toll reductions strengthened fleet emission regulations, sales prohibitions on combustion-engine vehicles, and subsidy programs or tax breaks for zero-emission trucks, components, and infrastructures are only a few of the national-level measures. Some regional and local governments add entry restrictions for ICE vehicles or zero-emission vehicle procurement goals for their fleets to these efforts. The adoption of battery-electric vehicles (BEVs) and fuel cell electric vehicles (FCEVs) in this decade will likely be accelerated by regulations that favor zero-emission cars (ZEVs), even though they take different forms in different geographic regions, due to this reason sales of electric truck will increase in many countries of Asia Pacific Regulatory activities have increased in several Asia Pacific markets.  

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The demand for electric trucks is increasing in the Asia Pacific region due to a variety of factors. One of the primary drivers is the need to reduce carbon emissions and address climate change. Many countries in the region, such as China and India, have pledged to reduce their greenhouse gas emissions, and transitioning to electric trucks is seen as a keyway to achieve this goal. Another factor driving the demand for electric trucks in the Asia Pacific region is the need to reduce air pollution. Many cities in the countries of the region suffer from poor air quality due to high levels of vehicle emissions, and electric trucks offer a cleaner alternative to diesel and gasoline-powered trucks. In addition, the increasing popularity of e-commerce and last-mile delivery services are also driving the demand for electric trucks. As more people shop online and demand faster delivery times, companies are looking for ways to reduce delivery costs and improve efficiency. Electric trucks can help to achieve these goals by reducing fuel costs and maintenance expenses, as well as by providing a more environmentally friendly option for deliveries.

Overall, the demand for electric trucks is likely to continue to grow in the Asia Pacific region, driven by a combination of environmental concerns, economic factors, and the changing landscape of the logistics and delivery industry.

Key Market Players in the Asia Pacific Electric Truck Market Include:

• Volvo Group
• Dongfeng Motor Corporation  
• BYD Company Limited
• Daimler AG
• Isuzu Motors Ltd.
• Hino Motors Ltd.
• Scania AB
• MAN Truck & Bus AG
• Navistar International Corp
• Foton Motor Inc.

Due to the low equipment wear in electric trucks compared to diesel trucks, maintenance expenses are significantly different. Since these components are no longer required, the cost of transmissions, belts, valves, and scrubbers is significantly decreased. According to an EV maker regenerative braking is so efficient, that it can practically take the role of wheel brakes in the electric truck. Although it is projected that EV maintenance costs will be reduced, it can be difficult to find service providers. Not all petrol stations and outside service companies have the knowledge or tools required to work on EVs. Electric trucks have lower operating costs compared to diesel-powered trucks, as they require less maintenance and have lower fuel costs. This makes them more cost-effective in the long run, which is especially important for logistics companies that are always looking for ways to reduce costs and improve their bottom line.  

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“The Asia Pacific Electric Truck Market is forecast to grow during the forecasted period owing to the rising demand for electric trucks due to various factors, such as rising environmental concerns among people. Also, the government of several countries in the region have different plans to increase electric vehicle sales such as the China government has targeted to have 30% of the trucks on road be electric trucks by 2040. In lieu of these market opportunities various automobile manufacturers have started to launch new electric trucks with different models for buyers in the different Asia Pacific countries. This is expected to increase the electric vehicle sales in the country which will further drive the Asia Pacific electric truck market." said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Asia Pacific Electric Truck Market By Vehicle Type (Light Duty Truck, Medium Duty Truck, Heavy Duty Truck), By Fuel Type (BEV, HEV, PHEV & FCEV), By Range (Up to 150 Miles, 151-250 Miles, & Above 250 Miles), By Application (Wholesale & Retail, Mining, Construction and Others), By Country, and Competition Forecast & Opportunities, 2018-2028F,” has evaluated the future growth potential of Asia Pacific Electric Truck Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Asia Pacific Electric Truck Market.

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