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, Competition Forecast and Opportunities, 2018-2028F

  • Industry : Automotive
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Summary

Report Description

Asia Pacific Electric Truck Market is expected to grow in the forecast period 2018-2028. The factors propelling the demand for electric trucks across various countries in the Asia Pacific region are their benefits like better range, and lower running costs. Moreover, due to these factors electric truck owners effectively gain competitive advantages over the fuel-based trucks.

 Electric trucks offer several benefits that traditional diesel trucks do not. They have quieter operation, less vibration, and faster acceleration, making them more efficient for urban deliveries. Additionally, they do not emit harmful pollutants, which can cause respiratory problems and other health issues.

Many countries have targeted for the zero emission sales of the medium & heavy-duty trucks by 2040. China government has targeted sales of zero emission electric trucks by 2040. Also, many truck manufacturing companies have focused on manufacturing electric trucks by seeing the demand in the market.

Rising E-Commerce Industry has Increased the Demand for Electric Trucks

The market for electric trucks is being driven by significant changes in the e-commerce industry across the Asia Pacific region. Due to Covid’s influence, online retail sales and e-commerce have been increasing. Speedy delivery of items to customers is also expected to increase sales of electric trucks in many Asian countries. The Asia Pacific is expected to have an annual e-commerce growth of 18% in 2022, with China and Japan experiencing even higher growth rates of 39% and 38% respectively. However, a rise in internet shopping's popularity is anticipated to spur the market growth. E-commerce companies are constantly looking for ways to reduce costs and increase profits. Electric trucks have lower operational costs as they require less maintenance and have lower fuel costs compared to traditional diesel trucks. This makes electric trucks an attractive option for e-commerce companies that are looking to save on transportation costs. E-commerce companies are increasingly concerned about their brand image and are adopting sustainable practices to enhance their image. By using electric trucks, e-commerce companies can show their commitment to sustainability, which can improve their brand image and attract environmentally conscious customers.

Increasing Number of Electric Vehicles Helps in Fleet Management 

The demand for medium- and heavy-duty trucks expanded along with the need for emission-free vehicles in several nations across the Asia Pacific region. As electric vehicle technology becomes more and more practical for commercial trucking, many organizations’ fleet managers are keeping a careful eye on the demand for electric trucks. Seeing the demand for electric trucks in numerous Asian countries, many trucks manufacturing companies, including ISUZU, Volvo, and others, have begun to invest heavily in developing the medium and heavy range of electric trucks. These companies are heavily developing various electric truck models for the buyers to fulfil the demand at the same time. By 2050, switching all the trucks in the many Asia Pacific region from diesel to hybrid or all-electric power may reduce the region's dependence on foreign oil by up to 15 billion barrels, or even more than two to three years' worth of purchases. As spending on oil declines over the ensuing decades, switching to effective, zero-emission trucks might help promote steady economic growth. Through incentives and rebates, the governments may use these savings to develop EV trucks in various nations. The increased adoption of electric trucks in many Asia Pacific countries will help to reduce the carbon emission over the coming years.

Support of Government for the Electric Trucks

With increasing concerns about air pollution and climate change, many businesses in Asia Pacific countries are looking for ways to reduce their carbon footprint. Electric trucks are seen as a more environmentally friendly alternative to traditional diesel trucks. Many governments in the Asia Pacific region are providing incentives and subsidies for the purchase of electric vehicles, including electric trucks. These incentives can help to lower the cost of electric trucks and make them more affordable. As cities in the Asia Pacific region become more densely populated, there is an increasing need for cleaner and quieter transportation options. Electric trucks can help to meet this need by reducing noise pollution and emissions in urban areas. The technology behind electric trucks has improved significantly in recent years, making them more reliable and efficient. This has helped to increase their popularity among businesses in the Asia Pacific region. 

Advanced Technology in Electric Trucks

The primary objectives of electrification are to maximize travel range per charge, charging speed, and charging comfort. Electrification is the process of powering the vehicle by electricity. On top of electrification, intelligence like smart cockpit and autonomous driving can be added to IEVs to improve the comfort and enjoyment of both driving and riding. Nowadays new technology for the electric vehicle’s battery is still being under research, between lithium-ion battery come as a prominent option for the electric truck manufacturers. Use of lithium-ion battery in electric trucks has its own benefits such as replacement rate of lithium-ion battery is less expensive, charges more rapidly, lasts longer, and is not dependent on rare minerals.  New chemistries like sodium-ion offer improved incremental performance.  

electric truck battery technology is still being sought for, such as a lithium-ion battery replacement that is less expensive, charges more rapidly, lasts longer, and is not dependent on rare minerals. New chemistries like sodium-ion offer improved incremental performance. Investigations are being conducted into solid-state batteries and new form factors including blades.  

Increasing Preference for Electric Trucks

Hydrogen is being investigated as a next-generation fuel while the global automobile industry is now working on EVs to transition to a carbon-neutral future. Hydrogen has the potential to fundamentally disrupt and revolutionize the global energy economy, notably the field of road transport, even if it is still in the early stages of its life cycle for deployment. Fuel cell vehicles (FCVs), particularly heavy-duty vehicles, are being looked at by automakers all over the world as a crucial environmental technology to attain carbon neutrality in the transportation industry. In Singapore, 3,377 commercial vehicles were sold in the first three months of 2023. Of these, 1,041 (30.8%) were entirely electric.


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Market Segmentation

The Asia Pacific Electric Truck Market is segmented based on vehicle type, fuel type, range, application, country, and competitional landscape. Based on vehicle type, the market is further fragmented into light duty truck, medium duty truck, and heavy- duty truck. Based on fuel type, the market is segmented into BEV, HEV, PHEV & FCEV. Based on range, the market is divided into Up to 150 Miles, 151-250 Miles, and Above 250 Miles. Based on application the market is further divided into Wholesale & Retail, Mining, Construction and Others.

Company Profiles

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., are among the major market players in the Asia Pacific  electric truck market.

Attribute

Details

Base Year

2022

Historical Years

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Billion and CAGR for 2018-2021 and 2023E-2028F

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

By Vehicle Type

By Fuel Type

By Range

By Application

By Country

Country Scope

China, India, Japan, Indonesia, Australia, New Zealand, South Korea, Vietnam, Malaysia, Thailand and Rest of Asia-Pacific.

Key Companies Profiled

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.

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail of customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

 

Report Scope:

In this report, the Asia Pacific electric truck market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Asia Pacific Electric Truck Market, By Vehicle Type:

o   Light Duty Truck

o   Medium Duty Truck

o   Heavy Duty Truck

            ·    Asia Pacific Electric Truck Market, By Fuel Type:

o   BEV

o   HEV

o   PHEV

o   FCEV

            ·    Asia Pacific Electric Truck Market, By Range:

o   Up to 150 Miles

    • 151-250 Miles
    • Above 250 Miles
  • Asia Pacific Electric Truck Market, By Application:
    • Wholesale & Retail
    • Mining
    • Construction
    • Others
  • Asia Pacific Electric Truck Market, By Country:
    • China
    • India
    • Japan
    • Indonesia
    • Australia
    • New Zealand
    • South Korea
    • Vietnam
    • Malaysia
    • Thailand
    • Rest of Asia-Pacific

·         Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Asia Pacific electric truck market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Asia Pacific Electric Truck Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]  

Table of content

1.    Introduction

1.1.  Product Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Countries

3.4.  Key Segments

4.    Impact of COVID-19 on Asia Pacific Electric Truck Market

4.1.  Impact Assessment Model  

4.1.1.    Key Segments Impacted

4.1.2.    Key Countries Impacted

5.    Voice of Customer Analysis

5.1.  Brand Awareness

5.2.  Factors Influencing Purchase Decision

5.3.  Brand Satisfaction Level

6.    Asia Pacific Electric Truck Market Outlook, 2018-2028F

Market Size & Forecast

6.1.1.    By Value & Volume

6.2.  Market Share & Forecast

6.2.1.    By Vehicle Type Market Share Analysis (Light Duty Truck (LDT), Medium Duty Truck (MDT), and Heavy-Duty Truck (HDT))

6.2.2.    By Fuel Type Market Share Analysis (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV), and Fuel Cell Electric Vehicle (FCEV))    

6.2.3.    By Range Market Share Analysis (Up to 150 Miles, 151-250 Miles, Above 250 Miles)

6.2.4.    By Application Market Share Analysis (Wholesale & Retail, Mining, Construction and Others)

6.2.5.    By Country Market Share Analysis

6.2.5.1.        China Market Share Analysis

6.2.5.2.        India Market Share Analysis

6.2.5.3.        Japan Market Share Analysis

6.2.5.4.        Indonesia Market Share Analysis

6.2.5.5.        Australia Market Share Analysis

6.2.5.6.        New Zealand Market Share Analysis

6.2.5.7.        South Korea Market Share Analysis

6.2.5.8.        Vietnam Market Share Analysis

6.2.5.9.        Malaysia Market Share Analysis

6.2.5.10.     Thailand Market Share Analysis

6.2.5.11.     Rest of Asia-Pacific Market Share Analysis

6.2.6.    By Company Market Share Analysis (By Value, 2022)

6.3.  Asia-Pacific Electric Truck Market Mapping & Opportunity Assessment

6.3.1.    By Vehicle Type Market Mapping & Opportunity Assessment

6.3.2.    By Fuel Type Market Mapping & Opportunity Assessment

6.3.3.    By Range Market Mapping & Opportunity Assessment

6.3.4.    By Application Market Mapping & Opportunity Assessment

6.3.5.    By Country Market Mapping & Opportunity Assessment

7.    China Electric Truck Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Volume and Value

7.2.  Market Share & Forecast

7.2.1.    By Vehicle Type Market Share Analysis

7.2.2.    By Fuel Type Market Share Analysis

7.2.3.    By Range Type Market Share Analysis

7.2.4.    By Application Market Share Analysis

8.    India Electric Truck Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Volume and Value

8.2.  Market Share & Forecast

8.2.1.    By Vehicle Type Market Share Analysis

8.2.2.    By Fuel Type Market Share Analysis

8.2.3.    By Range Type Market Share Analysis

8.2.4.    By Application Market Share Analysis

9.    Japan Electric Truck Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Volume and Value

9.2.  Market Share & Forecast

9.2.1.    By Vehicle Type Market Share Analysis

9.2.2.    By Fuel Type Market Share Analysis

9.2.3.    By Range Type Market Share Analysis

9.2.4.    By Application Market Share Analysis

10. Indonesia Electric Truck Market Outlook

10.1.             Market Size & Forecast

10.1.1. By Volume and Value

10.2.             Market Share & Forecast

10.2.1. By Vehicle Type Market Share Analysis

10.2.2. By Fuel Type Market Share Analysis

10.2.3. By Range Type Market Share Analysis

10.2.4. By Application Market Share Analysis

11. Australia Electric Truck Market Outlook

11.1.             Market Size & Forecast

11.1.1. By Volume and Value

11.2.             Market Share & Forecast

11.2.1. By Vehicle Type Market Share Analysis

11.2.2. By Fuel Type Market Share Analysis

11.2.3. By Range Type Market Share Analysis

11.2.4. By Application Market Share Analysis

12. New Zealand Electric Truck Market Outlook

12.1.             Market Size & Forecast

12.1.1. By Volume and Value

12.2.             Market Share & Forecast

12.2.1. By Vehicle Type Market Share Analysis

12.2.2. By Fuel Type Market Share Analysis

12.2.3. By Range Type Market Share Analysis

12.2.4. By Application Market Share Analysis

13. South Korea Electric Truck Market Outlook

13.1.             Market Size & Forecast

13.1.1. By Volume and Value

13.2.             Market Share & Forecast

13.2.1. By Vehicle Type Market Share Analysis

13.2.2. By Fuel Type Market Share Analysis

13.2.3. By Range Type Market Share Analysis

13.2.4. By Application Market Share Analysis

14. Vietnam Electric Truck Market Outlook

14.1.             Market Size & Forecast

14.1.1. By Volume and Value

14.2.             Market Share & Forecast

14.2.1. By Vehicle Type Market Share Analysis

14.2.2. By Fuel Type Market Share Analysis

14.2.3. By Range Type Market Share Analysis

14.2.4. By Application Market Share Analysis

15. Malaysia Electric Truck Market Outlook

15.1.             Market Size & Forecast

15.1.1. By Volume and Value

15.2.             Market Share & Forecast

15.2.1. By Vehicle Type Market Share Analysis

15.2.2. By Fuel Type Market Share Analysis

15.2.3. By Range Type Market Share Analysis

15.2.4. By Application Market Share Analysis

16. Thailand Electric Truck Market Outlook

16.1.             Market Size & Forecast

16.1.1. By Volume and Value

16.2.             Market Share & Forecast

16.2.1. By Vehicle Type Market Share Analysis

16.2.2. By Fuel Type Market Share Analysis

16.2.3. By Range Type Market Share Analysis

16.2.4. By Application Market Share Analysis

17. Market Dynamics

17.1.             Market Drivers

17.2.             Market Challenges

18. Market Trends & Developments

19. Porter’s Five Forces Model

19.1.             Competitive Rivalry

19.2.             Bargaining Power of Suppliers

19.3.             Bargaining Power of Buyers

19.4.             Threat of New Entrants

19.5.             Threat of Substitutes

20. SWOT Analysis

20.1.             Strength

20.2.             Weakness

20.3.             Opportunities

20.4.             Threats

21. Competitive Landscape

21.1.             Company Profiles

21.1.1. Volvo Group

21.1.1.1.     Company Details

21.1.1.2.     Products & Services

21.1.1.3.     Recent Development

21.1.1.4.     Key Management Personnel

21.1.2. Dongfeng Motor Corporation

21.1.2.1.     Company Details

21.1.2.2.     Products & Services

21.1.2.3.     Recent Development

21.1.2.4.     Key Management Personnel

21.1.3.   BYD Company Limited

21.1.3.1.     Company Details

21.1.3.2.     Products & Services

21.1.3.3.     Recent Development

21.1.3.4.     Key Management Personnel

21.1.4. Daimler AG

21.1.4.1.     Company Details

21.1.4.2.     Products & Services

21.1.4.3.     Recent Development

21.1.4.4.     Key Management Personnel

21.1.5. Isuzu Motors Ltd.

21.1.5.1.     Company Details

21.1.5.2.     Products & Services

21.1.5.3.     Recent Development

21.1.5.4.     Key Management Personnel

21.1.6. Hino Motors Ltd.

21.1.6.1.     Company Details

21.1.6.2.     Products & Services

21.1.6.3.     Recent Development

21.1.6.4.     Key Management Personnel

21.1.7. Scania AB

21.1.7.1.     Company Details

21.1.7.2.     Products & Services

21.1.7.3.     Recent Development

21.1.7.4.     Key Management Personnel

21.1.8. MAN Truck & Bus AG

21.1.8.1.     Company Details

21.1.8.2.     Products & Services

21.1.8.3.     Recent Development

21.1.8.4.     Key Management Personnel

21.1.9. Navistar International Corp

21.1.9.1.     Company Details

21.1.9.2.     Products & Services

21.1.9.3.     Recent Development

21.1.9.4.     Key Management Personnel

21.1.10.              Foton Motor Inc.

21.1.10.1.  Company Details

21.1.10.2.  Products & Services

21.1.10.3.  Recent Development

21.1.10.4.  Key Management Personnel

22. Strategic Recommendations/Action Plan

22.1.             Key Focus Areas

22.2.             Target Countries

22.3.             Target Vehicle Type

23.  About Us & Disclaimer

(Note: The companies list can be customized based on the client requirements.)

Figures and Tables

Frequently asked questions

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An average age of the electric truck is between 15 years to 18 years on road. The electric truck can last up to between 500,000 to 750,000 on an average.

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The main challenges that the owners of electric trucks face is that electric trucks have issue with battery range as the distance covered by electric truck on single charge is less compared to ICE truck, also the battery lifespan is less.

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Despite the higher cost of the electric medium & heavy-duty trucks, the truck owners can expect to save up to USD700-USD 1000 per year on fuel alone.

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Some of the major companies in the market are 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., etc.

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Srishti Verma

Business Consultant
Press Release

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

Jun, 2023

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.

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