China Electric Truck Market Overview
Base Year: 2023
Market Size in 2023: USD 2.4 Billion
Market Size in 2032: USD 15.6 Billion
Market Growth Rate: 23.26% (2024-2032)
An electric truck is a vehicle powered by electricity rather than traditional gasoline or diesel fuel. According to the latest report by IMARC Group, The China electric truck market size is projected to exhibit a growth rate (CAGR) of 23.26% during 2024-2032.
China Electric Truck Industry Trends and Drivers:
An electric truck is a vehicle powered by electricity rather than traditional gasoline or diesel fuel. It relies on one or more electric motors for propulsion and draws energy from rechargeable batteries or other electric power sources. It operates more quietly as compared to its traditional counterparts, contributing to reduced noise pollution in urban areas. It often delivers smooth and instantaneous acceleration due to the nature of electric motors, providing a more responsive driving experience.
It demonstrates a commitment to sustainability and corporate social responsibility, which can enhance the reputation of the company and appeal to environment-conscious people. It also provides features, such as regenerative braking, which captures energy during deceleration to recharge the battery and extend the driving range. It is used in waste collection and management due to its ability to operate quietly and reduce emissions in residential areas.
At present, governing agencies in China are introducing policies that include subsidies for manufacturers and purchasers, exemptions from license plate restrictions, and preferential treatment in public procurement, which is supporting the growth of the market. Additionally, ongoing advancements in battery technology, particularly in terms of energy density and cost reduction, are making electric trucks more viable for commercial use, thereby facilitating the market growth in the country.
In line with this, the growing awareness among companies about the benefits of electric trucks, not only in terms of environmental impact but also to enhance their corporate social responsibility (CSR) image, is positively influencing the market in China. Furthermore, rising collaborations between technology companies, battery manufacturers, and vehicle makers is accelerating innovations, which is stimulating the market growth in the country.
Besides this, increasing investments in charging stations, battery-swapping facilities, and smart grid technologies are catalyzing the demand for electric trucks across the country. Apart from this, the growing focus of key players on scalability and customization of electric trucks to meet diverse individual needs and operational requirements is offering a favorable market outlook.
Download sample copy of the Report: https://www.imarcgroup.com/china-electric-truck-market/requestsample
China Electric Truck Industry Segmentation:
The report has segmented the market into the following categories:
Breakup by Vehicle Type:
- Light-duty Truck
- Medium-duty Truck
- Heavy-duty Truck
Breakup by Propulsion:
- Battery Electric Truck
- Hybrid Electric Truck
- Plug-in Hybrid Electric Truck
- Fuel Cell Electric Truck
Breakup by Range:
- 0-150 Miles
- 151-300 Miles
- Above 300 Miles
Breakup by Application:
- Logistics
- Municipal
- Construction
- Mining
- Others
Breakup by Region:
- Guangdong
- Jiangsu
- Shandong
- Zhejiang
- Henan
- Others
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Key highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: 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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