The electric truck is an electric vehicle motorized with batteries that are specially designed to deliver cargo. Lithium-ion batteries are commonly used in these types of vehicles. Electric vehicles are an ideal alternative to the traditional trucks including the benefit of creating no pollution. Owing to the higher efficiency of these vehicles, the running costs are expected to be comparatively less. They are significantly gaining popularity on a large scale due to their efficiency and battery life.
Advancements in battery technologies and electric powertrains are the major factors driving the electric truck market growth. Several technological advancements in electric trucks are making them more efficient & high powered while increasing the distance covered in single charging, which makes them more desirable and convenient for logistic applications. For instance, technological advancements in Li-ion batteries makes batteries lightweight, capable of storing more power, and increases their lifespan as compared to conventional lead-acid & valve-regulated lead-acid batteries. The increasing demand for fuel-efficient and zero-emission vehicles in logistics and the growing interest of shipping companies, such as UPS and Amazon, in electric trucks, is also propelling the growth of this market.
Major Key Players of the Electric Truck Market are:
Orange EV, Tesla, HINO MOTORS SALES U.S.A., GOUPIL, IVECO, Cummins Inc., BYD Motors Inc., Daimler AG, Nikola Corporation, and AB Volvo, among others.
Orange EV, Tesla, HINO MOTORS SALES U.S.A., GOUPIL, IVECO, Cummins Inc., BYD Motors Inc., Daimler AG, Nikola Corporation, and AB Volvo, among others.
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