The global heavy duty truck electrification market accounted for US$ 8.28 Bn in 2018 and is expected to grow at a CAGR of 14.3% over the forecast period 2019–2027, to account for US$ 25.5 Bn by 2027.
Currently, the heavy duty truck electrification market is gaining high momentum across the globe. With the growing interest of the masses in the electric vehicle supply chain globally, the predictions for battery-driven heavy-duty vehicles are almost transparent. Presently, the automotive manufacturers are focusing on the applications for electrification across the heavy and medium-duty trucks. The factors mentioned above offers worthy growth opportunities to the heavy duty truck electrification market during the forecast period.
Globally, heavy duty truck electrification market is experiencing an intense growth with regards to use of electric components in heavy vehicles such as tractors and agricultural machinery is pressure from legislators and authorities for emissions control in context to a reduction in carbon-dioxide and boosting fuel efficiency. Rising concern towards corporate social responsibility for major fleets and operators to maintain environmental ethics. Trucks with ranges from 150-300 km, with batteries, are supposed to play a vital role in urban areas where concern for air quality is high, and therefore need for stringent emissions laws is mandatory. The Asia pacific held the largest share of the heavy duty truck electrification market in 2018, and it is expected to continue its dominance during the forecast period of 2019–2027. North America and Europe held the second and third position in the global heavy duty truck electrification market in 2018 with market shares of more than 14% and 10% respectively.
The overall heavy duty truck electrification market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the heavy duty truck electrification market. It also provides the overview and forecast for the global heavy duty truck electrification market based on all the segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the heavy duty truck electrification market.