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Electric Truck Market Size Development, Demand, Growth Analysis, Key Findings and Forecast-2023

Apr 28th 2020 at 3:56 AM

Market Synopsis:

The global Electric Truck Market Size is anticipated to witness considerable growth over the forecast period as per the analysis and study undertaken by Market Research Future (MRFR). The growth of the market is reported to be at a compound annual rate of 15% during the forecast period between 2018 and 2023.

The increasing number of strict policies imposed by the government to control vehicular emissions and the incentive-based policies imposed to increase the purchase of electric trucks in countries like Germany, Japan, the US, and China is a major driving factor for the global market. Furthermore, the increasing per capita disposable income of consumers, continuous increase in transport activities, and the growing prices of fuel is also expected to increase the growth of the global market. Also, the less operating cost linked with electric mobility and the growing efforts put forward by manufacturers in terms of discounts on additional features or packages is also anticipated to massively boost the sales of electric trucks during the forecast period. However, it is also worth noting that the high prices associated with these electric trucks is expected to hamper the growth of the global market over the forecast period.

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Regional Analysis

The global Electric Truck Market Size is regionally distributed across the following major regions: Europe, Asia Pacific, North America, and the Rest of the World (RoW).

It is reported through the study undertaken by MRFR that the global market of electric trucks is flourishing across various regions, especially in Europe and North America. The Asia Pacific region is expected to experience significant growth and demand over the forecast period due to the presence of China. China is identified as the leader in terms of manufacturing any type of fully or hybrid electric technologies like electric trucks. This is due to the presence of various major manufacturers herein. Furthermore, it is stated that the availability of subsidies and incentives provided through government schemes will further ameliorate the global demand and sales for electric trucks in the Asia Pacific region.

Elsewhere, the European region is estimated to switch towards full or hybrid electric trucks to attain the target set for EU’s 20-20-20 policy. The North American regional market is projected to witness slow paced growth in the coming years compared to other mentioned regions. The sales of full and hybrid type electric vehicles is projected to be less than the ones with natural gas powertrains. This is due to the lack of development of battery charging infrastructure in major countries of this region like the US and Canada.

Both North America and Europe combined with China comprise more than 70% of the global market of electrics trucks. It is reported that the increasing concerns related to environmental pollution through internal combustion engine vehicles will be a major factor in driving the development of the global market.

Market Segmentation

The global Electric Truck Market Size is segmented under the following key components: application, truck type, and charge type.

By truck type, the market segments into heavy duty and medium duty.

By charge type, the market breaks down into plug-in hybrid, battery, hydrogen fuel cell, and hybrid.

By application, the market segments into municipal, logistic, and others.

Competitive Landscape

The global Electric Truck Market Size comprises a host of key players. Some of the key players highlighted by MRFR in its report are China National Heavy Duty Truck Group Co., Ltd., (China), Daimler AG (China), Foton Motor Inc. (China), AB Volvo (Sweden), Dongfeng Motor Corporation (China), Navistar, Inc. (US), Isuzu Motors Ltd (Japan), FAW Group Co., Ltd. (China), and). PACCAR Inc. (US), BYD Auto Co., Ltd.  (China), and others.

May 22nd, 2019, a West Coast waste management organization named Recology made history as it went out for delivery with the first fully electric garbage truck. It is also the first ever electric class 8 rear-loader in the US.

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Electric Truck Market Size Development, Demand, Growth Analysis, Key Findings and Forecast-2023

Apr 28th 2020 at 4:06 AM

Market Synopsis:

Ignition system in automotive facilitates the conversion of low voltage to high voltage between the car battery and automotive ignition coil. It creates ignition in the compression chamber to move the vehicle. It is a key component of an automobile and is likely to witness rising demand in the years to come. In this observation offered by Market Research Future (MRFR), the global Automotive Ignition System Market Size is expected to expand at 8.5% over the assessment period. The valuation of the global market is supposed to reach USD 10.8 Bn by 2023.

Automobile ignition system being a crucial auto component is expected to witness exponential growth in demand due to the rising demand for automobiles. Increasing income levels of the population, in conjunction with rising middle-income population, is anticipated to drive the proliferation of the Automotive Ignition System Market Size in the forthcoming years. Also, the investments being made by governments to improve public transportation infrastructure is prognosticated to have a positive influence on the growth of the Automotive Ignition System Market Size across the forecast period.

The Automotive Ignition System Market Size is also expected to benefit from the growth of the automotive aftermarket. The elongated lifespan of the vehicles has led to increasing inclination towards servicing and maintenance. It is presumed to generate demand for ignition systems for automobiles in the upcoming years. In addition, the shift towards electric vehicles is also projected to catalyze market growth rate over the assessment period.

Market Segmentation:

On the basis of type, the Automotive Ignition System Market Size has been segmented into electronic, conventional, and distributor-less.

On the basis of component, the Automotive Ignition System Market Size has been segmented into ignition coil, condenser, spark plug, ignition switch, ignition resistor, and others.

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Regional Analysis:

The regional evaluation of the global Automotive Ignition System Market Size is covered in this MRFR in detail. The regional segments identified for the study are – North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW). These segments based on region are further studied on the basis of countries. Asia Pacific is one of the leading segments of the global market. The region is investing massively in the automotive industry, especially in China. This, in turn, is prognosticated to boost the expansion of the Automotive Ignition System Market Size in the region across the forecast period. However, the slowdown of the auto industry in India might have some impact on the regional growth rate of the market.

North America is another major market which is expected to witness demand generation due to its economic development. Increasing demand for automobiles in the region is supposed to drive the growth of the regional market. Europe has a developed automotive industry. The regional market is likely to grow steadily with the developments in the product portfolios of the key players.

Competitive Dashboard:

Delphi Automotive, DENSO, Robert Bosch, Borgwarner, Mitsubishi Electric Corporation, Federal-Mogul Corporation, Continental AG, Diamond Electric, and Hitachi Automotive Systems are few of the prominent players of the global Automotive Ignition System Market Size. These players are assessed in this MRFR report for offering a comprehensive view of the competitive landscape. Investments in regional expansion to capitalize on the potential unleashed by the thriving automotive industry is poised to drive the competition among the players in the Automotive Ignition System Market Size. Also, the key players are conducting research & development for enhancing the efficiency of their product lines. This, in turn, is anticipated to fuel competitiveness among the players over the next couple of years. The inorganic growth approaches that are leveraged to capture market share are – collaborations, agreements, partnerships, mergers & acquisitions, and alliances, among others.

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