The Canada electric Truck Market is experiencing steady growth, supported by government incentives and strong commitments to reducing carbon emissions. The Canadian government offers rebates for electric commercial vehicles, making adoption more attractive for businesses. Companies such as Lion Electric and BYD are developing electric trucks tailored for Canada’s logistics industry. Cold weather conditions pose a challenge for battery performance, but advancements in thermal management systems are helping to mitigate this issue. As investments in charging infrastructure increase, electric truck adoption is expected to accelerate in key provinces such as British Columbia, Ontario, and Quebec.

In 2021, the market for electric trucks is expected to be worth USD 9.2 billion. According to projections, the market for electric trucks will increase from USD 10.5 billion in 2022 to USD 27.7 billion in 2030, growing at a 14.8% compound annual growth rate (CAGR) throughout the course of the forecast year (2022 - 2030).

Market Research Future Insights :

The price of electric trucks has decreased as a result, as EV batteries are one of the more expensive parts of an electric truck. For instance, the price per kWh of an EV battery in 2010 was about $ 1,100. In China, the cost per kWh is as low as USD 100, but by 2020, that cost has decreased to roughly USD 137. By 2030, it's expected that the price of EV batteries would fall to around USD 40–60 per kWh, greatly reducing the price of EV trucks and bringing their cost closer to that of conventional ICE trucks. Another element fueling the growth of the EV battery market is the demand for electric trucks.

Government subsidies and programmes are expected to help the electric truck market grow. Governments all around the world are implementing creative policies and incentive schemes to encourage the adoption of electric vehicles in all market areas (bikes, autos, cars and commercial vehicles). For instance, the Indian government launched the PLI (production-linked incentive) programme and the FAME II amendment for the auto industry with the goal of converting 30% of private cars, 70% of commercial cars, and 80% of two- and three-wheelers to electric by 2030. As a result, the expanding government policies have increased the CAGR of the global market in recent years.

Regional Analysis : 

The analysis offers market information for Europe, North America, Asia-Pacific, and the rest of the world, organised by region. The market for electric trucks in North America was valued at USD 3.9 billion in 2021, and over the study period, it is anticipated to rise at a strong CAGR of 43.2%. Many industry competitors and extensive R&D activities are expected to drive the North American electric truck market. For instance, Ford is investing more than USD 6 billion on a plant in Michigan, USA, to produce the F-150 hybrid electric truck. The company planned to introduce a completely redesigned F-150 and an F-150 hybrid electric truck in 2020. The demand for zero-emission commercial vehicles is expected to expand, which is expected to lead to major investment in the North American electric truck industry.

Moreover, the United States, Canada, Germany, France, the United Kingdom, Italy, Spain, Australia, South Korea, and Brazil are among the important nations examined in the market analysis.

The second-largest market share belongs to the electric truck industry in Europe. In response to growing environmental concerns, European governments and environmental organisations are implementing rigorous emission restrictions and laws, which is increasing demand for commercial electric vehicles across the continent. For instance, the European Union (EU) is committed to achieving its 20% greenhouse gas reduction target for the second phase of the Kyoto Protocol in 2020. The EU wants to end all greenhouse gas emissions by 2050. Moreover, the UK electric truck market had the quickest rate of growth in the European region, while the German electric truck market had the largest market share.

The electric truck industry in Asia Pacific is anticipated to grow significantly. Rising vehicle production from China and increased investment in the Indian automotive sector are the main factors driving the rise of the electric truck market in this region. For instance, China registered more than 86,000 light commercial vehicles in 2021, a significant rise from 2020 to 2021 that will support the growth of the sector. In addition, the Indian electric truck market had the highest rate of growth in the Asia-Pacific region, while China's electric truck industry had the largest market share.

Market Segmentation : 

BEV, PHEV, and FCEV are among the propulsion-based market segments for electric trucks. Over the anticipated year, battery electric trucks will continue to rule the market. The sector is predicted to develop at the highest CAGR over the forecast period due to increasing battery life and energy density as well as declining battery prices.

Light-duty trucks, medium-duty vehicles, and heavy-duty trucks are the three categories into which the electric truck market has been divided depending on type. The light-duty electric truck market, which contributed the most to the market, led the electric truck market. Due to the launch of a new lineup of models by electric car manufactures with exceptional towing capacities, the market for light-duty trucks is anticipated to expand.

Based on range, there are two categories in the electric truck market: 200 miles and more. The segment that contributed the most to the market was up to 200 kilometres. These vehicles are used for short-distance applications due to their higher efficiency and lower operating costs. The over 200 miles sector, which previously held the second-largest market share, is anticipated to overtake the other segments given the most recent advancements made by significant segment participants.

The last-mile delivery, long-haul transportation, refuse services, field services, and distribution services are the end-use categories into which the Electric Truck Market data has been divided. The market was dominated by the last mile segment. Delivery services for the final mile have undergone tremendous change and growth. The social distance and other Covid-related conventions have greatly increased consumers' reliance on doorstep last-mile delivery. The field service, however, saw the largest rate of growth in 2021. The advent of electric vehicles is creating a whole new world for the field service technicians who look after these vehicles, the roads they travel on, and the power sources required to keep them functioning.

Less than 50kwh, 50-250 kwh, and beyond 250 kwh are the three battery capacity ranges that make up the segmentation of the electric truck market. The 50–250 KWh range is thought to be the market's largest segment. Significant advantages of the 50-250 kWh battery include rapid charging at a low cost and outstanding energy efficiency. The use of batteries with a capacity greater than 250 kwh is expected to be accelerated by rising technological advancements and declining battery costs.

Key Players :

AB Volvo, Daimler AG, PACCAR Inc., Volkswagen AG, and BYD Company Limited are the major companies profiled in the global electric truck market.

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