Electric Pickup Truck Market is set to grow at a CAGR of 21.8% during the forecast period of 2022-2032: Market Decipher

"Market Decipher has revealed that government initiatives to reduce fuel consumption and increased incentives for the adoption of electric vehicles have propelled the demand for electric pickup trucks and prompted OEMs to increase R&D. The expansion of the logistics sector owing to the notable growth in e-commerce is significantly driving the growth of the electric pickup truck market." "Market Decipher has revealed that government initiatives to reduce fuel consumption and increased...

"Market Decipher has revealed that government initiatives to reduce fuel consumption and increased incentives for the adoption of electric vehicles have propelled the demand for electric pickup trucks and prompted OEMs to increase R&D. The expansion of the logistics sector owing to the notable growth in e-commerce is significantly driving the growth of the electric pickup truck market."

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Electric Pickup Trucks or Gas-Powered Trucks?

While the conventional pickup trucks were known for durability, the new electric pickup trucks provide a range of hi-tech features including additional cargo space for drivers in the front trunk, removable roofs, other in-truck storage locations, on-board kitchens, diagonal driving, and fold-out workstations. Despite both having similar torque and towing capacity, the electric pickup trucks require very less maintenance and are indeed fuel efficient. However, they are quite expensive ranging from $40,000 to $125,000.

Stringent Emission Norms to Facilitate Electric Pickup Trucks Market

The enactment of stringent emission norms has prompted vehicle manufacturers, especially commercial vehicle manufacturers to make innovations and bring electric variants into the market. The European Union (EU) is aiming to achieve a 40% reduction in greenhouse gases by 2040 and a net zero by 2050. The US Environmental Protection Agency (EPA) is establishing new regulations to decrease Nitrogen Oxide (NO_x) emissions from heavy trucks.

Increased E-mobility Promotions by Government to Boost Demand

Governments are providing incentives for manufacturing electric pickup trucks and supporting the sale of EVs through tax credits, which is boosting the market for Electric Pickup Trucks. In many countries, electric vehicles have been provided exemption from highway toll tax. The Indian government plans to lower the Goods and Services Tax (GST) on EVs from 12% to 5% and tax exemptions on loans for the purchase of EVs. In South Korea, the government is providing $900 million tax exemption and subsidies for the development and purchase of EVs.

Expansion of the Logistics Sector to Offer Lucrative Opportunities

The increasing demand for zero-emission transportation especially in the freight transportation industry which releases maximum carbon dioxide emissions and favorable government initiatives, coupled with the expanding logistics sector owing to notable growth of e-commerce and third-party logistics are propelling logistics companies to purchase eco-friendly, green vehicles. The logistics companies based in the UK have started strategic implementation to enhance their fleet with electric trucks. In March 2019, Yamato Transport Co., Ltd. and StreetScooter GmbH announced undergo strategic partnership to develop an electric truck for home delivery. Manufacturing cost of an electric truck is much higher currently compared to diesel or petrol trucks, but by 2030, it will be around 40% - 50% cheaper compared to diesel and petrol variants with falling battery prices. 

Recent Developments by Companies

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Report Details:

Number of Pages: 180

Number of Tables: 60

Number of Charts and Graphs: 50

Key Companies Covered

 Key Report Takeaways:

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