The electric trucks market is expected to grow from US$ 4,592.55 million in 2021 to US$ 26,542.90 million by 2028; it is estimated to grow at a CAGR of 29.4% from 2022 to 2028.
The global automotive sector is undergoing a paradigm shift with a gradual switch to alternative/less energy-intensive solutions. The rising cost of oil, elevating levels of pollution, and international pledges to tackle global climate change are accelerating the transition to e-mobility.
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Electric Trucks Market: Strategic Insights
Market Size Value in US$ 4,592.55 Million in 2021 Market Size Value by US$ 26,542.90 Million by 2028 Growth rate CAGR of 29.4% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2021
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Electric Trucks Market: Strategic Insights
| Market Size Value in | US$ 4,592.55 Million in 2021 |
| Market Size Value by | US$ 26,542.90 Million by 2028 |
| Growth rate | CAGR of 29.4% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
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Recent major developments in the electric trucks market:
- In August 2021, Volvo Trucks acquired a heavy-duty truck manufacturing facility of JMC Heavy Duty Vehicle Co., Ltd., a subsidiary of Jiangling Motors Co., Ltd., in China. The acquisition also includes a production facility in Taiyuan, Shanxi Province, China. The goal is to begin the manufacturing of new heavy-duty Volvo FH, Volvo FM, and Volvo FMX trucks in Taiyuan by the end of 2022 for customers in China.
- In September 2021, BYD unveiled two revolutionary battery-electric heavy-duty trucks at ACT Expo in California. The trucks come standard with Advanced Driver-Assistance Systems (ADAS), making driving easier and safer.
Based on propulsion, the electric trucks market is segmented into BEV, PHEV, and FCEV. In 2021, The BEV segment led the market with the largest share. Based on vehicle, the electric trucks market is categorized into LCV, and Medium and HCV. In 2021, the LCV segment led the market with a larger share. Based on range, the electric trucks market is bifurcated into less than 200 miles and more than 200 miles. In 2021, the more than 200 Miles segment accounted for a larger share of the market. Based on the level of automation, the electric trucks market is segmented into semi-autonomous and fully autonomous. In 2021, the semi-autonomous segment led the market with a larger share. By geography, the electric trucks market is primarily segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). In 2021, Europe accounted for a significant share of the market
Impact of COVID-19 Pandemic on Electric trucks Market
In 2020, the COVID-19 pandemic hampered the electric trucks market growth due to the decline in the automotive production. COVID-19 has had varying degrees of impact on EV marketplaces in different regions. Many EV OEMs are attempting to build online business models and contactless selling channels in response to the social distancing trend and consumers' unwillingness to avoid crowds during purchases. Nonetheless, due to the demand boom following COVID, new EV plant construction plans have been set through 2020. However, in the first three quarters of 2020, none of the newly established EV factories was placed into operation due to COVID-19.
Lucrative Regions for Electric trucks Market
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Market Insights – Electric trucks Market
Rising Adoption of Sustainable Mobility
Rising Adoption of Sustainable Mobility
The rising adoption of sustainable mobility is encouraging the introduction of electric trucks (including such as longer-range battery-electric and fuel-cell electric trucks) and other electric vehicles for demanding and heavy long-haul operations. Electric trucks fueled by hydrogen fuel cells are expected to be made available during 2022–2028. To lessen the impact of climate on transportation, a rapid transition from fossil fuels to alternatives such as electricity is required. As a result, most transportation businesses are likely to transition to electric vehicles in stages. During the transition, many of them will have a mixed fleet of trucks fueled by different fuels.
Electric mobility will enable energy savings through more efficient and cleaner transport, thus allowing governments to achieve the Sustainable Development Goals (SDGs) laid by the United Nations. Electric trucks, like other electric vehicles, will assist to cut tailpipe pollution, reduce reliance on fossil fuels, promote community health, providing energy security, and improving employment and upskilling opportunities. Combining electric mobility goals with renewable energy goals will help to further decarbonize the transportation industry. Businesses and government agencies in Europe as well as developing regions may play a big role in decreasing global greenhouse gas emissions and boosting electric truck adoption by providing EV charging infrastructure and migrating fleet vehicles to electric trucks.
Propulsion-Based Insights
Based on propulsion, the electric trucks market is segmented into BEV, FCV, and PHEV. The BEV segment accounted for the largest market share in 2021. Battery-powered electric trucks are expected to contribute notably to the market growth. Manufacturers such as Volvo and Navistar are leveraging their technology capabilities, shortening the development cycle for BEVs, and focusing on a fast time-to-market. The increasing battery life and energy density, and a drop in battery prices are likely to boost the electric trucks market for the BEV segment.
Vehicle-Based Insights
Based on vehicle type, the electric trucks market is bifurcated into LCVs and medium & HCVs. The LCV segment led the market with a larger market share in 2021. Automakers and allied powertrain component suppliers are embracing an electric, clean, and sustainable future. By creating new paradigms from the initial stages, several OEMs are changing traditional ways of establishing LCV platforms. Many significant OEMs are developing specific eLCV platforms. In the meanwhile, the increasing demand for a high degree of customization by fleet managers and the introduction of new services-based models are benefitting the LCV industry.
Range-Based Insights
Based on range, the electric trucks market is segmented into less than 200 miles and more than 200 miles. The more than 200 miles segment led the market with a larger share in 2021. Longer-range commercial vehicles dominate the global market due to large preferences among end users.
Automation-Based Insights
Based on the level of automation, the electric trucks market is segmented into semi-autonomous and fully autonomous. Semi-autonomous electric trucks hold a larger share of the market. However, fully autonomous trucks are expected to dominate the market in the coming years due to the increasing adoption of automation across all industries and the evolution of technologies allowing complete functioning for self-driving trucks.
Based on the electric trucks market report, players operating in the market are mainly focused on new product launches.
- In early 2021, Volvo Trucks introduced the new Volvo FM electric truck model. This model, with new automated features, offers enhanced visibility for drivers and an integrated electronically controlled brake system.
- In August 2021, Navistar announced the launch of its new fully electric international eMV Series trucks. The eMV trucks are designed to combine medium-duty truck experience with zero emissions and deliver a fully integrated electrified powertrain solution.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Propulsion, Vehicle Type, Range, Level of Automation
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Government initiatives and stringent emission rules to boost the electric trucks growth and surge in global production and sales of EVs are driving the growth of the electric trucks market.
Smart charging and connected infrastructure is presenting significant potential for the future growth of the electric trucks market players.
Based on type, the electric trucks market is bifurcated into BEV, PHEV, and FCV. In 2021, the BEV segment led the electric trucks market, accounting for the largest share in the market.
Europe is the fastest growing region in the global electric trucks market.
The major five companies in the electric trucks market include Tesla, Volvo, Daimler, BYD and Navister.
The incremental growth of the electric trucks market during the forecast period is US$ 21950.36 million.
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Global Electric Trucks Market – By Propulsion
1.3.2 Global Electric Trucks Market – By Vehicle Type
1.3.3 Global Electric Trucks Market – By Range
1.3.4 Global Electric Trucks Market – By Level of Automation
1.3.5 Global Electric Trucks Market – By Geography
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Electric Trucks Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.2 Europe
4.2.3 APAC
4.2.4 MEA
4.2.5 SAM
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Electric Trucks Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Government Initiatives and Stringent Emission Rules to Boost the Electric Trucks Growth
5.1.2 Surge in Global Production and Sales of EVs
5.2 Market Restraints
5.2.1 Low Penetration of Electric Powertrain in Heavy Commercial Vehicles (HCV) is Flourishing the Growth for Diesel Powertrain
5.3 Market Opportunities
5.3.1 Manufacturing of Self-Driving Truck Technology
5.4 Future Trends
5.4.1 Smart Charging and Connected Infrastructure
5.5 Impact Analysis of Drivers and Restraints
6. Electric Trucks Market – Global Market Analysis
6.1 Electric Trucks Market Global Overview
6.2 Global Electric Trucks Market Forecast and Analysis
6.3 Market Positioning- Top Five Players
7. Electric Trucks Market Revenue and Forecast to 2028 – Type
7.1 Overview
7.2 Electric Trucks Market, By Propulsion Type (2021 and 2028)
7.3 BEV
7.3.1 Overview
7.3.2 BEV: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
7.4 PHEV
7.4.1 Overview
7.4.2 PHEV: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
7.5 FCV
7.5.1 Overview
7.5.2 FCV: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
8. Electric Trucks Market – By Vehicle Type
8.1 Overview
8.2 Electric Trucks Market, By Vehicle Type (2021 and 2028)
8.3 LCV
8.3.1 Overview
8.3.2 LCV: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Medium and HCV
8.4.1 Overview
8.4.2 Medium and HCV: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
9. Electric Trucks Market – By Range
9.1 Overview
9.2 Electric Trucks Market, By Range (2021 and 2028)
9.3 Less than 200 miles
9.3.1 Overview
9.3.2 Less than 200 miles: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
9.4 More than 200 miles
9.4.1 Overview
9.4.2 More than 200 miles: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
10. Electric Trucks Market – By Level of Automation
10.1 Overview
10.2 Electric Trucks Market, By Level of Automation (2021 and 2028)
10.3 Semi-Autonomous
10.3.1 Overview
10.3.2 Semi-Autonomous: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
10.4 Fully-Autonomous
10.4.1 Overview
10.4.2 Fully-Autonomous: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
11. Electric Trucks Market – Geographic Analysis
11.1 Overview
11.2 North America: Electric Trucks Market
11.2.1 North America: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
11.2.2 North America: Electric Trucks Market, By Propulsion Type
11.2.3 North America: Electric Trucks Market, By Vehicle Type
11.2.4 North America: Electric Trucks Market, By Range
11.2.5 North America: Electric Trucks Market, By Level of Automation
11.2.6 North America: Electric Trucks Market, by Key Country
11.2.6.1 US: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
11.2.6.1.1 US: Electric Trucks Market, By Propulsion Type
11.2.6.1.2 US: Electric Trucks Market, By Vehicle Type
11.2.6.1.3 US: Electric Trucks Market, By Level of Automation
11.2.6.2 Canada: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
11.2.6.2.1 Canada: Electric Trucks Market, By Propulsion Type
11.2.6.2.2 Canada: Electric Trucks Market, By Vehicle Type
11.2.6.2.3 Canada: Electric Trucks Market, By Level of Automation
11.2.6.3 Mexico: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
11.2.6.3.1 Mexico: Electric Trucks Market, By Propulsion Type
11.2.6.3.2 Mexico: Electric Trucks Market, By Vehicle Type
11.2.6.3.3 Mexico: Electric Trucks Market, By Range
11.2.6.3.4 Mexico: Electric Trucks Market, By Level of Automation
11.3 Europe: Electric Trucks Market
11.3.1 Europe: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
11.3.2 Europe: Electric Trucks Market, By Propulsion Type
11.3.3 Europe: Electric Trucks Market, By Vehicle Type
11.3.4 Europe: Electric Trucks Market, By Range
11.3.5 Europe: Electric Trucks Market, By Level of Automation
11.3.6 Europe: Electric Trucks Market, by Key Country
11.3.6.1 Germany: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
11.3.6.1.1 Germany: Electric Trucks Market, By Propulsion Type
11.3.6.1.2 Germany: Electric Trucks Market, By Vehicle Type
11.3.6.1.3 Germany: Electric Trucks Market, By Range
11.3.6.1.4 Germany: Electric Trucks Market, By Level of Automation
11.3.6.2 France: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
11.3.6.2.1 France: Electric Trucks Market, By Propulsion Type
11.3.6.2.2 France: Electric Trucks Market, By Vehicle Type
11.3.6.2.3 France: Electric Trucks Market, By Range
11.3.6.2.4 France: Electric Trucks Market, By Level of Automation
11.3.6.3 Italy: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
11.3.6.3.1 Italy: Electric Trucks Market, By Propulsion Type
11.3.6.3.2 Italy: Electric Trucks Market, By Vehicle Type
11.3.6.3.3 Italy: Electric Trucks Market, By Range
11.3.6.3.4 Italy: Electric Trucks Market, By Level of Automation
11.3.6.4 UK: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
11.3.6.4.1 UK: Electric Trucks Market, By Propulsion Type
11.3.6.4.2 UK: Electric Trucks Market, By Vehicle Type
11.3.6.4.3 UK: Electric Trucks Market, By Range
11.3.6.4.4 UK: Electric Trucks Market, By Level of Automation
11.3.6.5 Russia: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
11.3.6.5.1 Russia: Electric Trucks Market, By Propulsion Type
11.3.6.5.2 Russia: Electric Trucks Market, By Vehicle Type
11.3.6.5.3 Russia: Electric Trucks Market, By Range
11.3.6.5.4 Russia: Electric Trucks Market, By Level of Automation
11.3.6.6 Rest of Europe: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
11.3.6.6.1 Rest of Europe: Electric Trucks Market, By Propulsion Type
11.3.6.6.2 Rest of Europe: Electric Trucks Market, By Vehicle Type
11.3.6.6.3 Rest of Europe: Electric Trucks Market, By Range
11.3.6.6.4 Rest of Europe: Electric Trucks Market, By Level of Automation
11.4 APAC: Electric Trucks Market
11.4.1 APAC: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
11.4.2 APAC: Electric Trucks Market, By Propulsion Type
11.4.3 APAC: Electric Trucks Market, By Vehicle Type
11.4.4 APAC: Electric Trucks Market, By Range
11.4.5 APAC: Electric Trucks Market, By Level of Automation
11.4.6 APAC: Electric Trucks Market, by Key Country
11.4.6.1 Australia: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
11.4.6.1.1 Australia: Electric Trucks Market, By Propulsion Type
11.4.6.1.2 Australia: Electric Trucks Market, By Vehicle Type
11.4.6.1.3 Australia: Electric Trucks Market, By Range
11.4.6.1.4 Australia: Electric Trucks Market, By Level of Automation
11.4.6.2 China: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
11.4.6.2.1 China: Electric Trucks Market, By Propulsion Type
11.4.6.2.2 China: Electric Trucks Market, By Vehicle Type
11.4.6.2.3 China: Electric Trucks Market, By Range
11.4.6.2.4 China: Electric Trucks Market, By Level of Automation
11.4.6.3 India: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
11.4.6.3.1 India: Electric Trucks Market, By Propulsion Type
11.4.6.3.2 India: Electric Trucks Market, By Vehicle Type
11.4.6.3.3 India: Electric Trucks Market, By Range
11.4.6.3.4 India: Electric Trucks Market, By Level of Automation
11.4.6.4 Japan: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
11.4.6.4.1 Japan: Electric Trucks Market, By Propulsion Type
11.4.6.4.2 Japan: Electric Trucks Market, By Vehicle Type
11.4.6.4.3 Japan: Electric Trucks Market, By Range
11.4.6.4.4 Japan: Electric Trucks Market, By Level of Automation
11.4.6.5 South Korea: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
11.4.6.5.1 South Korea: Electric Trucks Market, By Propulsion Type
11.4.6.5.2 South Korea: Electric Trucks Market, By Vehicle Type
11.4.6.5.3 South Korea: Electric Trucks Market, By Range
11.4.6.5.4 South Korea: Electric Trucks Market, By Level of Automation
11.4.6.6 Rest of APAC: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
11.4.6.6.1 Rest of APAC: Electric Trucks Market, By Propulsion Type
11.4.6.6.2 Rest of APAC: Electric Trucks Market, By Vehicle Type
11.4.6.6.3 Rest of APAC: Electric Trucks Market, By Range
11.4.6.6.4 Rest of APAC: Electric Trucks Market, By Level of Automation
11.5 MEA: Electric Trucks Market
11.5.1 MEA: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
11.5.2 MEA: Electric Trucks Market, By Propulsion Type
11.5.3 MEA: Electric Trucks Market, By Vehicle Type
11.5.4 MEA: Electric Trucks Market, By Range
11.5.5 MEA: Electric Trucks Market, By Level of Automation
11.5.6 MEA: Electric Trucks Market, by Key Country
11.5.6.1 South Africa: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
11.5.6.1.1 South Africa: Electric Trucks Market, By Propulsion Type
11.5.6.1.2 South Africa: Electric Trucks Market, By Vehicle Type
11.5.6.1.3 South Africa: Electric Trucks Market, By Range
11.5.6.1.4 South Africa: Electric Trucks Market, By Level of Automation
11.5.6.2 Saudi Arabia: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
11.5.6.2.1 Saudi Arabia: Electric Trucks Market, By Propulsion Type
11.5.6.2.2 Saudi Arabia: Electric Trucks Market, By Vehicle Type
11.5.6.2.3 Saudi Arabia: Electric Trucks Market, By Range
11.5.6.2.4 Saudi Arabia: Electric Trucks Market, By Level of Automation
11.5.6.3 UAE: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
11.5.6.3.1 UAE: Electric Trucks Market, By Propulsion Type
11.5.6.3.2 UAE: Electric Trucks Market, By Vehicle Type
11.5.6.3.3 UAE: Electric Trucks Market, By Range
11.5.6.3.4 UAE: Electric Trucks Market, By Level of Automation
11.5.6.4 Rest of MEA: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
11.5.6.4.1 Rest of MEA: Electric Trucks Market, By Propulsion Type
11.5.6.4.2 Rest of MEA: Electric Trucks Market, By Vehicle Type
11.5.6.4.3 Rest of MEA: Electric Trucks Market, By Range
11.5.6.4.4 Rest of MEA: Electric Trucks Market, By Level of Automation
11.6 SAM: Electric Trucks Market
11.6.1 SAM: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
11.6.2 SAM: Electric Trucks Market, By Propulsion Type
11.6.3 SAM: Electric Trucks Market, By Vehicle Type
11.6.4 SAM: Electric Trucks Market, By Range
11.6.5 SAM: Electric Trucks Market, By Level of Automation
11.6.6 SAM: Electric Trucks Market, by Key Country
11.6.6.1 Brazil: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
11.6.6.1.1 Brazil: Electric Trucks Market, By Propulsion Type
11.6.6.1.2 Brazil: Electric Trucks Market, By Vehicle Type
11.6.6.1.3 Brazil: Electric Trucks Market, By Range
11.6.6.1.4 Brazil: Electric Trucks Market, By Level of Automation
11.6.6.2 Argentina: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
11.6.6.2.1 Argentina: Electric Trucks Market, By Propulsion Type
11.6.6.2.2 Argentina: Electric Trucks Market, By Vehicle Type
11.6.6.2.3 Argentina: Electric Trucks Market, By Range
11.6.6.2.4 Argentina: Electric Trucks Market, By Level of Automation
11.6.6.3 Rest of SAM: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
11.6.6.3.1 Rest of SAM: Electric Trucks Market, By Propulsion Type
11.6.6.3.2 Rest of SAM: Electric Trucks Market, By Vehicle Type
11.6.6.3.3 Rest of SAM: Electric Trucks Market, By Range
11.6.6.3.4 Rest of SAM: Electric Trucks Market, By Level of Automation
12. Impact of COVID-19 Pandemic on Electric Trucks Market
12.1 Overview
12.2 North America: Impact Assessment of COVID-19 Pandemic
12.3 Europe: Impact Assessment of COVID-19 Pandemic
12.4 APAC: Impact Assessment of COVID-19 Pandemic
12.5 MEA: Impact Assessment of COVID-19 Pandemic
12.6 SAM: Impact Assessment of COVID-19 Pandemic
13. Industry Landscape
13.1 Market Initiative
13.2 New Development
14. Company Profile
14.1 AB Volvo
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
14.2 BYD Company Ltd
14.2.1 Key Facts
14.2.2 Business Description
14.2.3 Products and Services
14.2.4 Financial Overview
14.2.5 SWOT Analysis
14.2.6 Key Developments
14.3 Daimler AG
14.3.1 Key Facts
14.3.2 Business Description
14.3.3 Products and Services
14.3.4 Financial Overview
14.3.5 SWOT Analysis
14.3.6 Key Developments
14.4 FAW Group Co.,Ltd.
14.4.1 Key Facts
14.4.2 Business Description
14.4.3 Products and Services
14.4.4 Financial Overview
14.4.5 SWOT Analysis
14.4.6 Key Developments
14.5 Navistar, Inc.
14.5.1 Key Facts
14.5.2 Business Description
14.5.3 Products and Services
14.5.4 Financial Overview
14.5.5 SWOT Analysis
14.5.6 Key Developments
14.6 PACCAR Inc.
14.6.1 Key Facts
14.6.2 Business Description
14.6.3 Products and Services
14.6.4 Financial Overview
14.6.5 SWOT Analysis
14.6.6 Key Developments
14.7 Proterra Inc.
14.7.1 Key Facts
14.7.2 Business Description
14.7.3 Products and Services
14.7.4 Financial Overview
14.7.5 SWOT Analysis
14.7.6 Key Developments
14.8 Rivian
14.8.1 Key Facts
14.8.2 Business Description
14.8.3 Products and Services
14.8.4 Financial Overview
14.8.5 SWOT Analysis
14.8.6 Key Developments
14.9 Scania
14.9.1 Key Facts
14.9.2 Business Description
14.9.3 Products and Services
14.9.4 Financial Overview
14.9.5 SWOT Analysis
14.9.6 Key Developments
14.10 Tesla, Inc.
14.10.1 Key Facts
14.10.2 Business Description
14.10.3 Products and Services
14.10.4 Financial Overview
14.10.5 SWOT Analysis
14.10.6 Key Developments
15. Appendix
15.1 About The Insight Partners
15.2 Glossary
LIST OF TABLES
Table 1. Global Electric Trucks Market, Revenue and Forecast, 2019–2028 (US$ Million)
Table 2. North America: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)
Table 3. North America: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 4. North America: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)
Table 5. North America: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)
Table 6. North America: Electric Trucks Market, by Country – Revenue and Forecast to 2028 (US$ Million)
Table 7. US: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)
Table 8. US: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 9. US: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)
Table 10. US: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)
Table 11. Canada: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)
Table 12. Canada: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 13. Canada: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)
Table 14. Canada: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)
Table 15. Mexico: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)
Table 16. Mexico: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 17. Mexico: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)
Table 18. Mexico: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)
Table 19. Europe: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)
Table 20. Europe: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 21. Europe: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)
Table 22. Europe: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)
Table 23. Europe: Electric Trucks Market, by Country – Revenue and Forecast to 2028 (US$ Million)
Table 24. Germany: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)
Table 25. Germany: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 26. Germany: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)
Table 27. Germany: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)
Table 28. France: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)
Table 29. France: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 30. France: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)
Table 31. France: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)
Table 32. Italy: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)
Table 33. Italy: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 34. Italy: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)
Table 35. Italy: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)
Table 36. UK: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)
Table 37. UK: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 38. UK: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)
Table 39. UK: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)
Table 40. Russia: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)
Table 41. Russia: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 42. Russia: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)
Table 43. Russia: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)
Table 44. Rest of Europe: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)
Table 45. Rest of Europe: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 46. Rest of Europe: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)
Table 47. Rest of Europe: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)
Table 48. APAC: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)
Table 49. APAC: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 50. APAC: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)
Table 51. APAC: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)
Table 52. APAC: Electric Trucks Market, by Country – Revenue and Forecast to 2028 (US$ Million)
Table 53. Australia: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)
Table 54. Australia: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 55. Australia: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)
Table 56. Australia: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)
Table 57. China: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)
Table 58. China: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 59. China: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)
Table 60. China: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)
Table 61. India: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)
Table 62. India: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 63. India: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)
Table 64. India: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)
Table 65. Japan: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)
Table 66. Japan: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 67. Japan: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)
Table 68. Japan: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)
Table 69. South Korea: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)
Table 70. South Korea: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 71. South Korea: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)
Table 72. South Korea: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)
Table 73. Rest of APAC: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)
Table 74. Rest of APAC: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 75. Rest of APAC: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)
Table 76. Rest of APAC: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)
Table 77. MEA: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)
Table 78. MEA: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 79. MEA: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)
Table 80. MEA: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)
Table 81. MEA: Electric Trucks Market, by Country – Revenue and Forecast to 2028 (US$ Million)
Table 82. South Africa: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)
Table 83. South Africa: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 84. South Africa: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)
Table 85. South Africa: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)
Table 86. Saudi Arabia: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)
Table 87. Saudi Arabia: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 88. Saudi Arabia: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)
Table 89. Saudi Arabia: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)
Table 90. UAE: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)
Table 91. UAE: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 92. UAE: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)
Table 93. UAE: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)
Table 94. Rest of MEA: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)
Table 95. Rest of MEA: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 96. Rest of MEA: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)
Table 97. Rest of MEA: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)
Table 98. SAM: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)
Table 99. SAM: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 100. SAM: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)
Table 101. SAM: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)
Table 102. SAM: Electric Trucks Market, by Country – Revenue and Forecast to 2028 (US$ Million)
Table 103. Brazil: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)
Table 104. Brazil: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 105. Brazil: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)
Table 106. Brazil: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)
Table 107. Argentina: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)
Table 108. Argentina: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 109. Argentina: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)
Table 110. Argentina: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)
Table 111. Rest of SAM: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)
Table 112. Rest of SAM: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 113. Rest of SAM: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)
Table 114. Rest of SAM: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)
Table 115. Glossary of Terms, Electric Trucks Market
LIST OF FIGURES
Figure 1. Electric Trucks Market Segmentation
Figure 2. Electric Trucks Market Segmentation – Geography
Figure 3. Electric Trucks Market Overview
Figure 4. Electric Trucks Market, By Propulsion
Figure 5. Electric Trucks Market, By Vehicle Type
Figure 6. Electric Trucks Market, By Range
Figure 7. Electric Trucks Market, By Level of Automation
Figure 8. Electric Trucks Market, By Region
Figure 9. North America: PEST Analysis
Figure 10. Europe: PEST Analysis
Figure 11. APAC: PEST Analysis
Figure 12. MEA: PEST Analysis
Figure 13. SAM: PEST Analysis
Figure 14. Electric Trucks Market Ecosystem Analysis
Figure 15. Expert Opinion
Figure 16. Electric Trucks Market: Impact Analysis of Drivers and Restraints
Figure 17. Geographic Overview of Electric Trucks Market
Figure 18. Global Electric Trucks Market, Forecast and Analysis (US$ Million)
Figure 19. Market Positioning- Top Five Players
Figure 20. Electric Trucks Market Revenue Share, By Propulsion Type (2021 and 2028)
Figure 21. BEV: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. PHEV: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. FCV: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. Electric Trucks Market Revenue Share, By Vehicle Type (2021 and 2028)
Figure 25. LCV: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. Medium and HCV: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 27. Electric Trucks Market Revenue Share, By Range (2021 and 2028)
Figure 28. Less than 200 miles: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 29. More than 200 miles: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 30. Electric Trucks Market Revenue Share, By Level of Automation (2021 and 2028)
Figure 31. Semi-Autonomous: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 32. Fully-Autonomous: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 33. Global Electric Trucks Market Revenue Share, By Region (2021 & 2028)
Figure 34. North America: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 35. North America: Electric Trucks Market Revenue Share, By Propulsion Type (2021 & 2028)
Figure 36. North America: Electric Trucks Market Revenue Share, By Vehicle Type (2021 & 2028)
Figure 37. North America: Electric Trucks Market Revenue Share, By Range (2021 & 2028)
Figure 38. North America: Electric Trucks Market Revenue Share, By Level of Automation (2021 & 2028)
Figure 39. North America: Electric Trucks Market Revenue Share, by Key Country (2021 & 2028)
Figure 40. US: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 41. Canada: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 42. Mexico: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 43. Europe: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 44. Europe: Electric Trucks Market Revenue Share, By Propulsion Type (2021 & 2028)
Figure 45. Europe: Electric Trucks Market Revenue Share, By Vehicle Type (2021 & 2028)
Figure 46. Europe: Electric Trucks Market Revenue Share, By Range (2021 & 2028)
Figure 47. Europe: Electric Trucks Market Revenue Share, By Level of Automation (2021 & 2028)
Figure 48. Europe: Electric Trucks Market Revenue Share, by Key Country (2021 & 2028)
Figure 49. Germany: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 50. France: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 51. Italy: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 52. UK: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 53. Russia: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 54. Rest of Europe: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 55. APAC: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 56. APAC: Electric Trucks Market Revenue Share, By Propulsion Type (2021 & 2028)
Figure 57. APAC: Electric Trucks Market Revenue Share, By Vehicle Type (2021 & 2028)
Figure 58. APAC: Electric Trucks Market Revenue Share, By Range (2021 & 2028)
Figure 59. APAC: Electric Trucks Market Revenue Share, By Level of Automation (2021 & 2028)
Figure 60. APAC: Electric Trucks Market Revenue Share, by Key Country (2021 & 2028)
Figure 61. Australia: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 62. China: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 63. India: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 64. Japan: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 65. South Korea: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 66. Rest of APAC: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 67. MEA: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 68. MEA: Electric Trucks Market Revenue Share, By Propulsion Type (2021 & 2028)
Figure 69. MEA: Electric Trucks Market Revenue Share, By Vehicle Type (2021 & 2028)
Figure 70. MEA: Electric Trucks Market Revenue Share, By Range (2021 & 2028)
Figure 71. MEA: Electric Trucks Market Revenue Share, By Level of Automation (2021 & 2028)
Figure 72. MEA: Electric Trucks Market Revenue Share, by Key Country (2021 & 2028)
Figure 73. South Africa: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 74. Saudi Arabia: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 75. UAE: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 76. Rest of MEA: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 77. SAM: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 78. SAM: Electric Trucks Market Revenue Share, By Propulsion Type (2021 & 2028)
Figure 79. SAM: Electric Trucks Market Revenue Share, By Vehicle Type (2021 & 2028)
Figure 80. SAM: Electric Trucks Market Revenue Share, By Range (2021 & 2028)
Figure 81. SAM: Electric Trucks Market Revenue Share, By Level of Automation (2021 & 2028)
Figure 82. SAM: Electric Trucks Market Revenue Share, by Key Country (2021 & 2028)
Figure 83. Brazil: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 84. Argentina: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 85. Rest of SAM: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 86. Impact of COVID-19 Pandemic on North American Country Markets
Figure 87. Impact of COVID-19 Pandemic on European Country Markets
Figure 88. Impact of COVID-19 Pandemic on APAC Country Markets
Figure 89. Impact of COVID-19 Pandemic on MEA Country Markets
Figure 90. Impact of COVID-19 Pandemic on SAM Country Markets
The List of Companies - Electric Trucks Market
- AB Volvo
- BYD Company Ltd
- Daimler AG
- FAW Group Co.,Ltd.
- Navistar, Inc.
- PACCAR Inc.
- Proterra Inc.
- Rivian
- Scania
- Tesla, Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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