According to the TechSci Research report titled “Asia Pacific Electric Truck Market–By Country, Competition Forecast and Opportunities, 2018-2028F,” the Asia Pacific Electric Truck Market is projected to experience significant growth in the coming years. This growth can be attributed to several factors, including the advantages of lower maintenance costs, reduced emissions, and the perception of electric trucks as quieter and more comfortable compared to Internal Combustion Engine (ICE) based trucks. Governments are also taking measures to encourage the adoption of zero-emission trucks by implementing various rules and incentives. These include toll reductions, strengthening fleet emission regulations, sales prohibitions on combustion-engine vehicles, and subsidy programs or tax breaks for zero-emission trucks, components, and infrastructures at the national level. In addition, some regional and local governments are implementing entry restrictions for ICE vehicles or setting zero-emission vehicle procurement goals for their fleets.
The increasing demand for electric trucks in the Asia Pacific region can be attributed to several factors. Firstly, there is a pressing need to reduce carbon emissions and combat climate change, which has led many countries, such as China and India, to commit to greenhouse gas reduction targets. Switching to electric trucks is seen as a crucial step towards achieving these goals. Secondly, addressing air pollution is another driving force behind the demand for electric trucks in the region. Many cities suffer from poor air quality due to high levels of vehicle emissions, making electric trucks a cleaner alternative to traditional diesel and gasoline-powered trucks.
Furthermore, the growth in e-commerce and last-mile delivery services is contributing to the increasing demand for electric trucks. With more people shopping online and demanding faster deliveries, companies are seeking ways to reduce delivery costs and enhance efficiency. Electric trucks offer a solution by reducing fuel expenses and maintenance costs, while also providing a more environmentally friendly option for deliveries.
In conclusion, the Asia Pacific region is witnessing a rise in the demand for electric trucks, driven by environmental concerns, economic factors, and the evolving landscape of the logistics and delivery industry. As countries focus on sustainability and green solutions, the adoption of electric trucks is expected to continue to grow in the coming years.
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Key Market Players in the Asia Pacific Electric Truck Market Include:
- Volvo Group
- Dongfeng Motor Corporation
- BYD Company Limited
- Daimler AG
- Isuzu Motors Ltd.
- Hino Motors Ltd.
- Scania AB
- MAN Truck & Bus AG
- Navistar International Corp
- Foton Motor Inc.
Due to the low equipment wear in electric trucks compared to diesel trucks, maintenance expenses are significantly different. Since these components are no longer required, the cost of transmissions, belts, valves, and scrubbers is significantly decreased. According to an EV maker regenerative braking is so efficient, that it can practically take the role of wheel brakes in the electric truck. Although it is projected that EV maintenance costs will be reduced, it can be difficult to find service providers. Not all petrol stations and outside service companies have the knowledge or tools required to work on EVs. Electric trucks have lower operating costs compared to diesel-powered trucks, as they require less maintenance and have lower fuel costs. This makes them more cost-effective in the long run, which is especially important for logistics companies that are always looking for ways to reduce costs and improve their bottom line.
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“The Asia Pacific Electric Truck Market is forecast to grow during the forecasted period owing to the rising demand for electric trucks due to various factors, such as rising environmental concerns among people. Also, the government of several countries in the region have different plans to increase electric vehicle sales such as the China government has targeted to have 30% of the trucks on road be electric trucks by 2040. In lieu of these market opportunities various automobile manufacturers have started to launch new electric trucks with different models for buyers in the different Asia Pacific countries. This is expected to increase the electric vehicle sales in the country which will further drive the Asia Pacific electric truck market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Asia Pacific Electric Truck Market By Vehicle Type (Light Duty Truck, Medium Duty Truck, Heavy Duty Truck), By Fuel Type (BEV, HEV, PHEV & FCEV), By Range (Up to 150 Miles, 151-250 Miles, & Above 250 Miles), By Application (Wholesale & Retail, Mining, Construction and Others), By Country, and Competition Forecast & Opportunities, 2018-2028F,” has evaluated the future growth potential of Asia Pacific Electric Truck Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Asia Pacific Electric Truck Market.
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