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Trucks Market Trends

Report ID: GMI6781
Published Date: Sep 2023
Report Format: PDF

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Trucks Market Trends

Electric trucks for e-commerce delivery are expected to witness lucrative growth opportunities in the market by addressing sustainability and efficiency concerns. E-commerce companies are increasingly adopting electric delivery vehicles to meet environmental goals and reduce operating costs. For instance, in August 2023, Eicher Trucks, a division of VE Commercial Vehicles Limited (VECV), joined forces with Amazon to integrate as many as 1,000 emission-free electric trucks across diverse payload ranges into Amazon's delivery operations in the coming five years. These trucks will be deployed through Amazon's network of transport service partners. Additionally, lower maintenance and fuel costs make electric trucks an attractive choice for last-mile delivery, which has seen rapid expansion owing to the booming e-commerce, thereby contributing to the market progress.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The trucks industry value was USD 7.6 trillion in 2022 and is anticipated to register around 9.1% CAGR between 2023 and 2032.

The light-duty segment accounted for over 85% of the market share in 2022 and is projected to grow by 2032 owing to the collaborations among automotive companies to produce efficient, eco-friendly, and cost-effective light-duty trucks.

Asia Pacific trucks market had a major share of over 55% in 2022 and is expected to grow by 2032 due to the technological advancements in China's truck manufacturing sector by offering innovative & cost-effective solutions.

Scania, Daimler Cars, TuSimple, Inc., Hino Carss, Waymo (Alphabet Inc.), Tesla, AB Volvo, PACCAR Inc., Navistar, Inc., Embark Carss, Inc., PlusAI, Inc., and Kodiak Robotics.