SHERIDAN, WYOMING, UNITED STATES, July 15, 2022 /EINPresswire.com/ — According to the latest report by IMARC Group, titled “China Electric Truck Market Size: Industry Trends, Share, Growth, Opportunity and Forecast 2022-2027,” the China electric truck market is expected to exhibit a CAGR of 30.60% during 2022-2027.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
An electric truck refers to a heavy-duty commercial vehicle with a power converter, energy storage system, propulsion motor, related controllers, etc., powered by rechargeable batteries. It comprises of city or municipal buses, ambulances, containers, local delivery vans, utility terrain vehicles (UTVs), dump, fire, food, garbage, forklift, light-duty cargo, mail, mining, pickup, and tow trucks, etc. An electric truck does not emit greenhouse gases and pollute the environment with spilled fuel or toxic residues. In line with this, it incurs lower operating and maintenance costs as compared to internal combustion engines (ICEs).
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The development of sustainable transportation systems to reduce carbon dioxide (CO2) emissions and improve air quality in cities is primarily driving the China electric truck market. Additionally, the widespread product adoption to transport cargo or passengers in highly congested areas, such as busy shipping ports, crowded tourist areas, transit centers, warehouses, hospitals, etc., is further catalyzing the market growth. Besides this, government bodies in this country are focusing on minimizing dependence on oil imports and giving tax exemptions on buying electric vehicles (EVs), which is acting as another significant growth-inducing factor. Moreover, the growing number of EV manufacturing companies is also propelling the demand for electric trucks. Apart from this, the rising investments in R&D activities to introduce enhanced product variants that are cost-effective are anticipated to fuel the China electric truck market over the forecasted period.
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The report has segmented the market on the basis of vehicle type, propulsion, range, application and region.
Breakup by Vehicle Type:
Breakup by Propulsion:
Battery Electric Truck
Hybrid Electric Truck
Plug-in Hybrid Electric Truck
Fuel Cell Electric Truck
Breakup by Range:
Above 300 Miles
Breakup by Application:
Breakup by Region:
Key highlights of the report:
Market Performance (2016-2021)
Market Outlook (2022- 2027)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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