Press Release

Sales of Medium & Heavy Duty Electric Trucks to Uplift with Government-led Regulation to Curb Carbon Emission

The Europe Medium & Heavy Duty Electric Trucks market is projected to grow at a CAGR of around 40% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The factors supporting the market growth are the rising government-led initiatives & policies to curb & minimize carbon emissions. As governments & the European Union implement more & more emission-related rules & restrictions to lessen the effects of global warming & the greenhouse effect, sales of medium & heavy-duty trucks have been supplementing steadily in Europe.

In 2022, the European Union introduced new criteria called “Euro 7” to guarantee cleaner automobiles on the roads & improve air quality. Therefore, the policies & standards formulated by the government & the European Union to reduce dangerous gases like carbon monoxide, hydrocarbons, nitrogen oxides, etc., are driving the sales of electric medium & heavy-duty electric trucks in Europe.

Moreover, the electric truck manufacturing companies such as Volvo, Renault, etc., are increasing their production since several nations, like Portugal, Finland, and Denmark, have set their sights on eliminating conventional fuel-based vehicles by 2040. Therefore, the demand for electric trucks to transport cargo & specialized payloads would rise in the ensuing years.

Further, medium & heavy vehicle manufacturing companies such as Mahindra & others are collaborating with related technology-based companies to accelerate their research & development efforts for the evolution of advanced self-driving truck models in Europe. Thus, the growing development of self-driving trucks in Europe is predicted to propel the market demand in the forthcoming years as well, further states the research report, “Europe Medium & Heavy Duty Electric Trucks Market Analysis, 2023.”

Expansion of the Logistics Industry in Europe to Boost the Sales of Above 200 Miles Range

Based on range, the market is further bifurcated into Up to 200 Miles & Above 200 Miles. Of them, the Above 200 Miles range held the largest share during the historical period owing to the additional advantages such as long-distance coverage, etc. The trucks are primarily used in the logistics industry to transport cargo & specialized payload in interstate or intercity deliveries. As a result, the need for trucks with longer distance ranges is increasing.

Moreover, the industries comprising Food & Beverage, Pharmaceutical, and others in European countries like Germany & Italy are expanding, which would further boost the demand for logistics in the region. For instance, in 2022, the company "Intel" invested over USD88 billion to set up a semiconductor manufacturing unit in Germany. Hence, the growing expansion of the industries would augment the sale of the above 200-mile range electric trucks for logistics purposes in the upcoming years, thus fueling the Europe Medium & Heavy Duty Electric Trucks market growth.

Rising Investments for the Electrification of the Automotive Sector to Escalate the Sales of Electric Trucks in Germany

The rising government investment to replace fuel-based vehicles with the electric fleet is contributing to the growth in the sales of electric trucks in Germany. According to the statistics from the government of Germany’s website, in 2021, heavy goods vehicles & other commercial vehicles make up around 36% of Germany’s domestic transport emissions. Moreover, industries like e-commerce companies & manufacturing units are inclining towards medium & heavy duty electric trucks for transporting goods to lower their operational & running cost. For instance, in 2022, the truck manufacturing company Volvo supplied over 20 electric trucks to the giant e-commerce platform Amazon on the pretext of decarbonizing road transport. Therefore, the surging adoption of electric vehicles instead of conventional fuel-based trucks would further escalate the demand for electric medium & heavy-duty trucks during the forecast period.  

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Volvo Group, Renault Trucks, Scania AB, Daimler, MAN Trucks, Tevva Motors Limited, Tesla Motors Inc. Trucks, IVECO SpA, E-Force One AG, DAF Trucks NV, and Others are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the region?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various countries?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2018-28?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?