Heavy-Duty Truck Electrification Market will surpass USD 30.8 billion by 2030 at a CAGR of 15% till 2030 : GreyViews
Heavy-Duty Truck Electrification Market Size By Component (Electric Power Steering, Actuators, Electric Pumps, Alternator, Electric Air Conditioner Compressor, Liquid Heater PTC, and Others), By Powertrain Type (Fuel Cell, Fully Electric, Internal Combustion Engine, and Hybrid), Regions, Segmentation, and forecast till 2030.
Pune India, Jan. 31, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the heavy-duty truck electrification market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the heavy-duty truck electrification market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the component, powertrain type, and region. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.
The significant players operating in the global heavy-duty truck electrification market are BYD Motors Inc., Daimler AG, Dongfeng Motor Corporation, Scania AB, and Volvo Group among other. To achieve a substantial market share in the worldwide heavy-duty truck electrification market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
As vehicle manufacturers continue to invest in electric trucks and more models are delivered in large quantities, trucking companies, fleet managers, and drivers are considering the potential effects of electrification on their operations. There are many tools and resources available to help fleets learn about what is involved in transitioning from conventional diesel and gasoline-powered vehicles to trucks that use alternative electric drivetrains. The market for heavy-duty truck electrification is anticipated to increase as a result of the expanding need from the transportation sector to meet the travel needs of the growing global population. Batteries power electric trucks, which are designed for the delivery of products. The increasing population, urbanization, industrialization, and the emergence of multiple businesses are the primary factors driving the expansion of the global market for electric trucks. Due to the increased awareness of environmental deterioration, numerous governments have also set tight regulations on the control of carbon emissions. Along with the increase in fuel prices, this is projected to aid in the overall development of the market for electrifying heavy-duty trucks. The latest coronavirus is awful. The healthcare sector is facing difficulties due to the rising patient population and a lack of medical personnel and infrastructure. The bulk of other businesses are temporarily shuttered as a result of the lockdown phase that various governments have imposed.
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Scope of Heavy-Duty Truck Electrification Market Report
Market Share Unit
Component, Powertrain Type, and Regions
North America, Europe, Asia-Pacific, South America, and Middle-East and Africa
BYD Motors Inc., Daimler AG, Dongfeng Motor Corporation, Scania AB, and Volvo Group among other.
The electric power steering segment is expected to be the fastest-growing segment in 2022.
The component segment is electric power steering, actuators, electric pumps, alternator, electric air conditioner compressors, liquid heater PTC, and others. The electric power steering segment is expected to witness the highest growth rate during the forecast period. In order to help drivers steer their cars more easily at slower speeds, motor vehicles are equipped with mechanical devices called power steering that reduce the amount of steering effort needed to turn the steering wheel. Hydraulic or electric actuators add controlled energy to the steering system, enabling the driver to spin the wheels with far less physical effort when the automobile is stopped or moving slowly as well as when travelling at standard speeds. The architecture of the power steering also allows for the artificial simulation of the forces acting on the steered wheels.
The internal combustion engine segment is expected to be the fastest-growing segment in 2022.
The powertrain type segment is a fuel cell, fully electric, internal combustion engine, and hybrid. The internal combustion engine segment is expected to witness the highest growth rate during the forecast period. An essential part of the working fluid flow circuit in an internal combustion engine is the combustion chamber, where the burning of a fuel occurs with the assistance of an oxidizer (typically air) (ICE or IC engine). Direct force is applied to a component in an internal combustion engine as a result of the high-temperature, high-pressure gases that are created during combustion expanding. Usually, a rotor (Wankel engine), turbine blades (gas turbine), pistons (piston engine), or a nozzle are the objects that receive the force (jet engine). This force propels the component over a distance, converting the chemical energy it contains into kinetic energy that may be used to move or power whatever the engine is attached to.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the heavy-duty truck electrification market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North America region witnessed a major share. Due to the increasing demand for heavy-duty trucks for use in a variety of applications, such as the delivery of goods in cities and urban areas, regional distribution, and international and domestic transportation, the manufacturer has been forced to focus more on the development of heavy-duty truck electrification. Class 4, 5, and 6 parcel delivery vehicles, Class 5 and 6 regional transportation vehicles, and Class 7 and 8 domestic and international transportation vehicles are also in higher demand. In order to help OEMs create heavy-duty electric vehicles, Proterra, Inc. (a US-based firm), recently introduced the Proterra Powered vehicle electrification solutions. These solutions make use of the company's electric vehicle technology. The region's market for electrifying heavy-duty trucks was controlled by the US.
Germany's heavy-duty truck electrification market size was valued at USD 0.75 billion in 2022 and is expected to reach USD 1.19 billion by 2030, at a CAGR of 6% from 2023 to 2030. Hybrid and electric vehicles are becoming more and more common as a result of the region's emission control legislation standards.
China’s heavy-duty truck electrification market size was valued at USD 0.78 billion in 2022 and is expected to reach USD 1.26 billion by 2030, at a CAGR of 6.2% from 2023 to 2030. Asian markets for heavy-duty truck electrification were controlled by China. China is one of the largest markets for these vehicles, with sales rising by 61.7% year over year to a total of 1.25 million new energy vehicles in 2018. 1.6 million automobiles are anticipated to be sold in 2019, according to the China Association of Automobile Manufacturers (CAAM). China is the largest EV manufacturer in the world.
India's heavy-duty truck electrification market size was valued at USD 0.60 billion in 2022 and is expected to reach USD 0.96 billion by 2030, at a CAGR of 6.1% from 2023 to 2030. The global market for heavy-duty truck electrification is anticipated to have considerable growth during the forecast period due to the rising demand for electric vehicles to reduce emissions, which is driving rules and regulations in the region.
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of the heavy-duty truck electrification market is mainly driven by the rise in the transportation sector.
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