Heavy Duty Truck Electrification Market to Grow at a CAGR of 14.3% to reach US$ 25.5 Bn from 2018 to 2027

Heavy Duty Truck Electrification Market to 2027 - Global Analysis and Forecast by Components (Electric Pumps, Electric Power Steering, Liquid Heater PTC, Electric Air Conditioner Compressor, Actuator, Alternator, Others); Powertrain Type (Fully Electric, Hybrid, Fuel Cell, Internal Combustion Engine (ICE))

Publication Month : Jan 2020

  • Report Code : TIPRE00007926
  • Category : Automotive and Transportation
  • Status : Published
  • No. of Pages : 147
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The heavy duty truck electrification market accounted to US$ 8.28 Bn in 2018 and is expected to grow at a CAGR of 14.3% during the forecast period 2019 – 2027, to account to US$ 25.5 Bn by 2027.

Geographically, the heavy duty truck electrification market is segmented into North America, APAC, Europe, MEA, and SAM. Asia Pacific led the heavy duty truck electrification market in 2018 with a significant market share and is anticipated to continue its dominance in the coming years to during the forecast period. The government bodies of India and China has implemented a proposal wherein they would catalyze the company costs on the production of electric vehicles, which reduces the emission substantially. The government is offering to invest hugely to scale up EV production and sales.

North America is the second-largest market in the heavy duty truck electrification market. Apart from APAC and North America, Europe remains at the third-largest geographic segment in the heavy duty truck electrification market. Some of the major truck manufacturers in Europe have been testing electric delivery trucks that would be commercialized in the coming years. These electric delivery trucks are driven with better driver comfort, the lower total cost of ownership, tightening CO2 regulations, and better air quality action in cities. The implementations of electric vehicles have witnessed at a rapid pace in the European region.

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Heavy Duty Truck Electrification Market: Strategic Insights

heavy-duty-trucks-electrification-market
Market Size Value inUS$ 8.28 Billion in 2018
Market Size Value byUS$ 25.5 Billion by 2027
Growth rateCAGR of 14.3% from 2019-2027
Forecast Period2019-2027
Base Year2019
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Lucrative Regional Heavy Duty Truck Electrification Market

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Market Insights

Less penetration of electric powertrain in HCVs is experiencing the growth for the diesel powertrain

in relation to charging infrastructure, it is anticipated that early adopters of electric trucks will mostly charge their trucks overnight at their own warehouses or depots. Thus, reducing the dependence on public charging infrastructure. Bigger battery sizes would be demanded to meet the daily range of truck travel. Once electric trucks become common in the near-decade, the roll-out of charging infrastructure is expected along the highways and distribution centers to help aid at refueling during the long haul. This factor is subsequently anticipated to encourage the heavy duty truck electrification market growth during the forecast period.


The emergence of fully electric truck

Introduction of fully electric trucks might help the truck manufacturers to produce more electric components. Electric and hybrid axles are becoming more important is also contributing to the growth of the development of fully electric trucks. Many Indian companies have commenced research activities for the development of fully electric trucks to benefit logistics, transportation, agriculture arenas. The emergence of a fully electric truck is anticipated to play a major role in boosting the growth of heavy duty truck electrification market.


Component Insights

The global heavy duty truck electrification market by component is segmented into electric pumps, electric power steering, liquid heater, electric air conditioner compressor, actuator, alternator, and others. The electric power steering segment dominated the heavy duty truck electrification market heavily and is projected to continue its dominance throughout the forecast period from 2019 – 2027.


Powertrain Type Insights

The heavy duty truck electrification market by powertrain type is further segmented into fully electric, hybrid, fuel cell, ICE, and CNG. The ICE segment of the heavy duty truck electrification market dominated the powertrain type segment and is anticipated to continue its dominance throughout the forecast period from 2019 – 2027.

Rest of Asia Pacific heavy duty truck electrification market by Powertrain Type

Rest of Asia Pacific heavy duty truck electrification market by Powertrain Type
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Some of the market Initiatives were observed to be the most adopted strategy in the global heavy duty truck electrification market. Few of the recent market initiatives are listed below:

2019:Schaeffler Technologies presented the third generation of its Space Drive technology and improvements made in the Schaeffler Mover. This is a solution developed for autonomous and sustainable mobility in urban spaces.
2019:ZF Friedrichshafen has entered into an agreement to acquire the business of Wabco. Through this agreement, the skills of both companies would create an added value for the commercial vehicle customers of Z Friedrichshafen. And will also support the company to provide automated mobility solutions to the customers.
2018:The FUSO eCanter is the first all-electric light-duty truck in the world. It developed for the customer of the UK. The FUSO eCanter is an alternative for customers functioning in the urban distribution business in and around London, with a range of 100km.
2018:Robert Bosch announced the inauguration of its new R&D center in Suzhou, China. This new R&D center employs around 1,500 associates and focuses majorly on the manufacturing of mobility as well as connected solutions.

GLOBAL HEAVY DUTY TRUCK ELECTRIFICATION MARKET SEGMENTATION

Global Heavy Duty Truck Electrification Market - By Component

  • Electric Pumps
  • Electric Power Steering
  • Liquid Heater PTC
  • Electric Air Conditioner Compressor
  • Actuator
  • Alternator
  • Others

Global Heavy Duty Truck Electrification Market - By Powertrain Type

  • Fully Electric
  • Hybrid
  • Fuel Cell
  • Internal Combustion Engine (ICE)

Global Heavy Duty Truck Electrification Market - By Geography

  • North America

    • U.S.
    • Canada
    • Mexico
  • Europe

    • Italy
    • Russia
    • UK
    • Rest of Europe
  • Asia Pacific (APAC)

    • China
    • India
    • Japan
    • Rest of APAC
  • Middle East and Africa (MEA)

    • South Africa
    • Rest of MEA
  • South America

    • Brazil
    • Rest of South America (SAM)

Global Heavy duty truck electrification Market - Company Profiles

  • Aisin Seiki Co.Ltd.
  • Borgwarner Inc.
  • Continental AG
  • Delphi technologies PLC
  • Denso corporation
  • Magna International Inc
  • Mitsubishi Motors Corporation
  • Robert Bosch GmbH
  • Schaeffler Technologies AG & Co. KG
  • ZF Friedrichshafen AG
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Components ; Powertrain Type )

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Brazil, Canada, China, India, Italy, Japan, Mexico, Russian Federation, South Africa, United Kingdom, United States

Frequently Asked Questions


Which country led the growth of APAC heavy duty truck electrification market?

China led the heavy duty truck electrification market in the APAC region. China is the largest EV manufacturer in the world. Also, China is the global leader in the production of passenger cars and commercial vehicles, as well as electronic product assembly. The presence of a robust manufacturing base is a key factor for the growth of the heavy-duty truck electrification market.

Which market opportunities is beneficial for heavy duty truck electrification?

The high efficiency of electric trucks over conventional diesel and natural gas vehicles is another factor that is expected to drive the growth of this segment in the coming years. Transportation is the primary source of pollution all across the world, and heavy-duty vehicles such as trucks and buses are the major contributors in this category. To address this issue, governments of major countries such as the US, the UK, Germany, Japan, and China are taking initiatives to boost the adoption of electric trucks at a fast rate.

Which powertrain type witnesses high demand in the heavy duty truck electrification market?

Internal combustion engine dominated the heavy duty electrification market in 2018. With respect to the evolution of ICE technologies, need to consider different use of the engine as the electric hybrid architectures are used more frequently.

1. Introduction

1.1 Scope of the Study

1.2 The Insight Partners Research Report Guidance

1.3 Market Segmentation

2. Key Takeaways

3. Research Methodology

3.1 Coverage

3.2 Secondary Research

3.3 Primary Research

4. Automotive Heavy-Duty Truck Electrification - Market Landscape

4.1 Market Overview

4.2 Ecosystem Analysis

4.3 Porter’s Five Forces Analysis

4.3.1 Bargaining Power of Buyers

4.3.2 Bargaining Power of Suppliers

4.3.3 Threats of Substitutes

4.3.4 Threats of New Entrants

4.3.5 Competitive Rivalry

5. Premium Insights

5.1 Overview

5.2 Transition Trends from ICE to Alternate Prolusion Engine (Electric and Fuel Cell)

5.2.1 Trucks

5.2.1.1 Transition to electric powertrain is happening now and at a faster pace

5.2.1.2 Electric Truck Production Trend

5.2.2 Busses

5.2.2.1 Electric bus transition momentum worldwide

5.2.3 Off-Highway Vehicle

5.2.3.1 Mining Industry

5.2.3.2 Agriculture

5.3 Competitive Landscape of Transition from ICE to Alternate Propulsion System (Battery Powered and Fuel Cell)

5.3.1 OEM Initiatives

5.4 Vehicle Unit Volume and Sales of Trucks and Buses

5.4.1 Trucks

5.5 Buses

5.6 Charging Infrastructure Development Analysis

5.6.1 Worldwide Governmental Initiatives are Boosting the EV Charging Infrastructure Market

5.6.2 Growing Concern Toward Environmental Pollution

5.7 Battery Price Analysis

5.7.1 Lithium-Ion battery price analysis

6. Automotive Heavy-Duty Truck Electrification Market – Key Market Dynamics

6.1 Key Market Drivers

6.1.1 Government initiatives and stringent emission rules to boost the growth

6.1.2 Low penetration of electric powertrain in Heavy Commercial Vehicles (HCV) is flourishing the growth for diesel powertrain

6.2 Market Restraints

6.2.1 Rise of natural gas powertrain in heavy duty trucks might hinder the market growth

6.3 Opportunities

6.3.1 Upsurge in the demand for electric trucks is projected to soar in future

6.4 Future Trends

6.4.1 Emergence of fully electric trucks

6.5 Impact Analysis of Drivers and Restraints

7. Heavy-Duty Trucks Electrification Market – Global Market Analysis

7.1 Overview

7.2 Global Heavy-Duty Trucks Electrification Market Revenue and Forecast to 2027 (US$ Mn)

8. Heavy-Duty Truck Electrification Market Analysis – By Component

8.1 Overview

8.2 Heavy-Duty Truck Electrification Market Breakdown, By Component, 2018 & 2027

8.3 Electric Pumps

8.3.1 Overview

8.3.2 Electric Pumps Market Revenue and Forecasts to 2027 (US$ Mn)

8.4 Electric Power Steering

8.4.1 Overview

8.4.2 Electric Power Steering Market Revenue and Forecasts to 2027 (US$ Mn)

8.5 Liquid Heater PTC

8.5.1 Overview

8.5.2 Liquid Heater PTC Market Revenue and Forecasts to 2027 (US$ Mn)

8.6 Electric Air Conditioner Compressor

8.6.1 Overview

8.6.2 Electric Air Conditioner Compressor Market Revenue and Forecasts to 2027 (US$ Mn)

8.7 Actuator

8.7.1 Overview

8.7.2 Actuator Market Revenue and Forecasts to 2027 (US$ Mn)

8.8 Alternator

8.8.1 Overview

8.8.2 Alternator Market Revenue and Forecasts to 2027 (US$ Mn)

8.9 Others

8.9.1 Overview

8.9.2 Others Market Revenue and Forecasts to 2027 (US$ Mn)

9. Heavy-Duty Truck Electrification Market Analysis – By Powertrain Type

9.1 Overview

9.2 Heavy-Duty Truck Electrification Market Breakdown, By Powertrain Type, 2018 & 2027

9.3 Fully Electric

9.3.1 Overview

9.3.2 Fully Electric Market Revenue and Forecasts to 2027 (US$ Mn)

9.4 Hybrid

9.4.1 Overview

9.4.2 Hybrid Market Revenue and Forecasts to 2027 (US$ Mn)

9.5 Fuel Cell

9.5.1 Overview

9.5.2 Fuel Cell Market Revenue and Forecasts to 2027 (US$ Mn)

9.6 Internal Combustion Engine (ICE)

9.6.1 Overview

9.6.2 ICE Market Revenue and Forecasts to 2027 (US$ Mn)

9.7 Compressed Natural Gas (CNG)

9.7.1 Overview

9.7.2 CNG Market Revenue and Forecasts to 2027 (US$ Mn)

10. Global Heavy-duty Truck Electrification Market – Geographic Analysis

10.1 Overview

10.2 North America Heavy-duty Truck Electrification Market Revenue and Forecast To 2027

10.2.1 Overview

10.2.2 North America Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 (US$ Mn)

10.2.3 North America Heavy-duty Truck Electrification Market Breakdown, By Component

10.2.4 North America Heavy-duty Truck Electrification Market Breakdown, By Powertrain Type

10.2.5 North America Heavy-duty Truck Electrification Market Breakdown, By Country

10.2.5.1 US Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 (US$ Mn)

10.2.5.1.1 US Heavy-duty Truck Electrification Market Breakdown, By Component

10.2.5.1.2 US Heavy-duty Truck Electrification Market Breakdown, By Powertrain Type

10.2.5.2 Canada Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 (US$ Mn)

10.2.5.2.1 Canada Heavy-duty Truck Electrification Market Breakdown, By Component

10.2.5.2.2 Canada Heavy-duty Truck Electrification Market Breakdown, By Powertrain Type

10.2.5.3 Mexico Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 (US$ Mn)

10.2.5.3.1 Mexico Heavy-duty Truck Electrification Market Breakdown, By Component

10.2.5.3.2 Mexico Heavy-duty Truck Electrification Market Breakdown, By Powertrain Type

10.3 Europe Heavy-duty Truck Electrification Market Revenue and Forecast To 2027

10.3.1 Overview

10.3.2 Europe Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 (US$ Mn)

10.3.3 Europe Heavy-duty Truck Electrification Market Breakdown, By Component

10.3.4 Europe Heavy-duty Truck Electrification Market Breakdown, By Powertrain Type

10.3.5 Europe Heavy-duty Truck Electrification Market Breakdown, By Country

10.3.5.1 UK Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 (US$ Mn)

10.3.5.1.1 UK Heavy-duty Truck Electrification Market Breakdown, By Component

10.3.5.1.2 UK Heavy-duty Truck Electrification Market Breakdown, By Powertrain Type

10.3.5.2 Italy Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 (US$ Mn)

10.3.5.2.1 Italy Heavy-duty Truck Electrification Market Breakdown, By Component

10.3.5.2.2 Italy Heavy-duty Truck Electrification Market Breakdown, By Powertrain Type

10.3.5.3 Russia Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 (US$ Mn)

10.3.5.3.1 Russia Heavy-duty Truck Electrification Market Breakdown, By Component

10.3.5.3.2 Russia Heavy-duty Truck Electrification Market Breakdown, By Powertrain Type

10.3.5.4 Rest of Europe Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 (US$ Mn)

10.3.5.4.1 Rest of Europe Heavy-duty Truck Electrification Market Breakdown, By Component

10.3.5.4.2 Rest of Europe Heavy-duty Truck Electrification Market Breakdown, By Powertrain Type

10.4 APAC Heavy-duty Truck Electrification Market, Revenue and Forecast To 2027

10.4.1 Overview

10.4.2 APAC Heavy-duty Truck Electrification Market, Revenue and Forecast To 2027 (US$ Mn)

10.4.3 APAC Heavy-duty Truck Electrification Market Breakdown, By Component

10.4.4 APAC Heavy-duty Truck Electrification Market Breakdown, By Powertrain Type

10.4.5 APAC Heavy-duty Truck Electrification Market Breakdown, By Country

10.4.5.1 China Heavy-duty Truck Electrification Market, Revenue and Forecast To 2027 (US$ Mn)

10.4.5.1.1 China Heavy-duty Truck Electrification Market Breakdown, By Component

10.4.5.1.2 China Heavy-duty Truck Electrification Market Breakdown, By Powertrain Type

10.4.5.2 Japan Heavy-duty Truck Electrification Market, Revenue and Forecast To 2027 (US$ Mn)

10.4.5.2.1 Japan Heavy-duty Truck Electrification Market Breakdown, By Component

10.4.5.2.2 Japan Heavy-duty Truck Electrification Market Breakdown, By Powertrain Type

10.4.5.3 India Heavy-duty Truck Electrification Market, Revenue and Forecast To 2027 (US$ Mn)

10.4.5.3.1 India Heavy-duty Truck Electrification Market Breakdown, By Component

10.4.5.3.2 India Heavy-duty Truck Electrification Market Breakdown, By Powertrain Type

10.4.5.4 Rest of APAC Heavy-duty Truck Electrification Market, Revenue and Forecast To 2027 (US$ Mn)

10.4.5.4.1 Rest of APAC Heavy-duty Truck Electrification Market Breakdown, By Component

10.4.5.4.2 Rest of APAC Heavy-duty Truck Electrification Market Breakdown, By Powertrain Type

10.5 MEA Heavy-duty Truck Electrification Market Revenue and Forecast To 2027

10.5.1 Overview

10.5.2 MEA Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 (US$ Mn)

10.5.3 MEA Heavy-duty Truck Electrification Market Breakdown, By Component

10.5.4 MEA Heavy-duty Truck Electrification Market Breakdown, By Powertrain Type

10.5.5 MEA Heavy-duty Truck Electrification Market Breakdown, By Country

10.5.5.1 South Africa Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 (US$ Mn)

10.5.5.1.1 South Africa Heavy-duty Truck Electrification Market Breakdown, By Component

10.5.5.1.2 South Africa Heavy-duty Truck Electrification Market Breakdown, By Powertrain Type

10.5.5.2 Rest of MEA Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 (US$ Mn)

10.5.5.2.1 Rest of MEA Heavy-duty Truck Electrification Market Breakdown, By Component

10.5.5.2.2 Rest of MEA Heavy-duty Truck Electrification Market Breakdown, By Powertrain Type

10.6 SAM Heavy-duty Truck Electrification Market Revenue and Forecast To 2027

10.6.1 Overview

10.6.2 SAM Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 (US$ Mn)

10.6.3 SAM Heavy-duty Truck Electrification Market Breakdown, By Component

10.6.4 SAM Heavy-duty Truck Electrification Market Breakdown, By Powertrain Type

10.6.5 SAM Heavy-duty Truck Electrification Market Breakdown, By Country

10.6.5.1 Brazil Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 (US$ Mn)

10.6.5.1.1 Brazil Heavy-duty Truck Electrification Market Breakdown, By Component

10.6.5.1.2 Brazil Heavy-duty Truck Electrification Market Breakdown, By Powertrain Type

10.6.5.2 Rest of SAM Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 (US$ Mn)

10.6.5.2.1 Rest of SAM Heavy-duty Truck Electrification Market Breakdown, By Component

10.6.5.2.2 Rest of SAM Heavy-duty Truck Electrification Market Breakdown, By Powertrain Type

11. Industry Landscape

11.1 Market Initiative

11.2 New Development

11.3 Merger & Acquisition

12. Company Profiles

12.1 Continental AG

12.1.1 Key Facts

12.1.2 Business Description

12.1.3 Products and Services

12.1.4 Financial Overview

12.1.5 SWOT Analysis

12.1.6 Key Developments

12.2 BorgWarner Inc.

12.2.1 Key Facts

12.2.2 Business Description

12.2.3 Products and Services

12.2.4 Financial Overview

12.2.5 SWOT Analysis

12.2.6 Key Developments

12.3 Denso Corporation

12.3.1 Key Facts

12.3.2 Business Description

12.3.3 Products and Services

12.3.4 Financial Overview

12.3.5 SWOT Analysis

12.3.6 Key Developments

12.4 Magna International Inc.

12.4.1 Key Facts

12.4.2 Business Description

12.4.3 Products and Services

12.4.4 Financial Overview

12.4.5 SWOT Analysis

12.4.6 Key Developments

12.5 Robert Bosch GmbH

12.5.1 Key Facts

12.5.2 Business Description

12.5.3 Products and Services

12.5.4 Financial Overview

12.5.5 SWOT Analysis

12.5.6 Key Developments

12.6 ZF Friedrichshafen AG

12.6.1 Key Facts

12.6.2 Business Description

12.6.3 Products and Services

12.6.4 Financial Overview

12.6.5 SWOT Analysis

12.6.6 Key Developments

12.7 AISIN SEIKI Co. Ltd.

12.7.1 Key Facts

12.7.2 Business Description

12.7.3 Products and Services

12.7.4 Financial Overview

12.7.5 SWOT Analysis

12.7.6 Key Developments

12.8 Delphi Technologies Plc.

12.8.1 Key Facts

12.8.2 Business Description

12.8.3 Products and Services

12.8.4 Financial Overview

12.8.5 SWOT Analysis

12.8.6 Key Developments

12.9 Mitsubishi Motors Corporation

12.9.1 Key Facts

12.9.2 Business Description

12.9.3 Products and Services

12.9.4 Financial Overview

12.9.5 SWOT Analysis

12.9.6 Key Developments

12.10 Schaeffler Technologies AG & Co. KG

12.10.1 Key Facts

12.10.2 Business Description

12.10.3 Products and Services

12.10.4 Financial Overview

12.10.5 SWOT Analysis

12.10.6 Key Developments

LIST OF TABLES

Table 1. Initiatives taken by suppliers for transition to Electric Drivetrain

Table 2. Restraints and opportunities of alternate powertrain

Table 3. North America Electric Truck Sales Volume (Units)

Table 4. Europe Electric Truck Sales Volume (Units)

Table 5. China Electric Truck Sales Volume (Units)

Table 6. North America Electric Buses Sales Volume

Table 7. Europe Electric Buses Sales Volume

Table 8. China Electric Buses Sales Volume

Table 9. Global Heavy-Duty Trucks Electrification Market Revenue and Forecast to 2027 (US$ Mn)

Table 10. Global Heavy-duty Truck Electrification Market Revenue and Forecast To 2027, By Geography (US$ Mn)

Table 11. North America Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Component (US$ Mn)

Table 12. North America Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Powertrain Type (US$ Mn)

Table 13. North America Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Country (US$ Mn)

Table 14. US Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Component (US$ Mn)

Table 15. US Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Powertrain Type Transport (US$ Mn)

Table 16. Canada Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Component (US$ Mn)

Table 17. Canada Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Powertrain Type (US$ Mn)

Table 18. Mexico Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Component (US$ Mn)

Table 19. Mexico Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Powertrain Type (US$ Mn)

Table 20. Europe Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Component (US$ Mn)

Table 21. Europe Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Powertrain Type Transport (US$ Mn)

Table 22. UK Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Component (US$ Mn)

Table 23. UK Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Powertrain Type (US$ Mn)

Table 24. Italy Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Component (US$ Mn)

Table 25. Italy Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Powertrain Type (US$ Mn)

Table 26. Russia Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Component (US$ Mn)

Table 27. Russia Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Powertrain Type (US$ Mn)

Table 28. Rest of Europe Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Component (US$ Mn)

Table 29. Rest of Europe Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Powertrain Type (US$ Mn)

Table 30. APAC Heavy-duty Truck Electrification Market, Revenue and Forecast To 2027 – By Component (US$ Mn)

Table 31. APAC Heavy-duty Truck Electrification Market, Revenue and Forecast To 2027 – By Powertrain Type (US$ Mn)

Table 32. China Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Component (US$ Mn)

Table 33. China Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Powertrain Type (US$ Mn)

Table 34. Japan Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Component (US$ Mn)

Table 35. Japan Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Powertrain Type (US$ Mn)

Table 36. India Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Component (US$ Mn)

Table 37. India Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Powertrain Type (US$ Mn)

Table 38. Rest of APAC Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Component (US$ Mn)

Table 39. Rest of APAC Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Powertrain Type (US$ Mn)

Table 40. MEA Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Component (US$ Mn)

Table 41. MEA Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Powertrain Type (US$ Mn)

Table 42. South Africa Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Component (US$ Mn)

Table 43. South Africa Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Powertrain Type (US$ Mn)

Table 44. Rest of MEA Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Component (US$ Mn)

Table 45. Rest of MEA Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Powertrain Type (US$ Mn)

Table 46. SAM Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Component (US$ Mn)

Table 47. SAM Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Powertrain Type (US$ Mn)

Table 48. Brazil Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Power Consumption (US$ Mn)

Table 49. Brazil Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Powertrain Type (US$ Mn)

Table 50. Rest of SAM Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Component (US$ Mn)

Table 51. Rest of SAM Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 – By Powertrain Type (US$ Mn)

LIST OF FIGURES

Figure 1. Heavy-Duty Trucks Electrification Market Segmentation

Figure 2. Heavy-Duty Trucks Electrification Market Segmentation – By Geography

Figure 3. Asia pacific to hold the Prime market share of the market

Figure 4. Heavy-Duty Truck Electrification Market Overview

Figure 5. Electric Power Steering held the largest market share by component

Figure 6. Internal Combustion Engine held the largest market share by powertrain type

Figure 7. Heavy-Duty Trucks Electrification Market Ecosystem Analysis

Figure 8. Heavy-Duty Trucks Electrification Market - Porter’s Five Forces

Figure 9. TCO Breakeven Point by Truck class and Application

Figure 10. TCO Breakeven Point of Busses by Application

Figure 11. Initiatives taken by major OEMs in Trucks Market

Figure 12. Major Developments across major commercial vehicle classes

Figure 13. Battery Pack Price ($/kWh)

Figure 14. Impact Analysis of Drivers and Restraints – Heavy Duty Truck Electrification Market

Figure 15. Global Heavy-Duty Trucks Electrification Market

Figure 16. Global Heavy-Duty Trucks Electrification Market Revenue and Forecast To 2027 (US$ Mn)

Figure 17. Heavy-Duty Truck Electrification Market Breakdown, By Component, 2018 & 2027 (%)

Figure 18. Global Electric Pumps Market Revenue and Forecasts to 2027 (US$ Mn)

Figure 19. Global Electric Power Steering Market Revenue and Forecasts to 2027 (US$ Mn)

Figure 20. Global Liquid Heater PTC Market Revenue and Forecasts to 2027 (US$ Mn)

Figure 21. Global Electric Air Conditioner Compressor Market Revenue and Forecasts to 2027 (US$ Mn)

Figure 22. Global Actuator Market Revenue and Forecasts to 2027 (US$ Mn)

Figure 23. Global Alternator Market Revenue and Forecasts to 2027 (US$ Mn)

Figure 24. Global Others Market Revenue and Forecasts to 2027 (US$ Mn)

Figure 25. Heavy-Duty Truck Electrification Market Breakdown, By Powertrain Type, 2018 & 2027 (%)

Figure 26. Global Fully Electric Market Revenue and Forecasts to 2027 (US$ Mn)

Figure 27. Global Hybrid Market Revenue and Forecasts to 2027 (US$ Mn)

Figure 28. Global Fuel Cell Market Revenue and Forecasts to 2027 (US$ Mn)

Figure 29. Global ICE Market Revenue and Forecasts to 2027 (US$ Mn)

Figure 30. Global CNG Market Revenue and Forecasts to 2027 (US$ Mn)

Figure 31. Global Heavy-Duty Truck Electrification Market Breakdown, By Region, 2018 and 2027 (%)

Figure 32. North America Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 (US$ Mn)

Figure 33. North America Heavy-duty Truck Electrification Market Breakdown, By Component, 2018 and 2027 (%)

Figure 34. North America Heavy-duty Truck Electrification Market Breakdown, By Powertrain Type, 2018 and 2027 (%)

Figure 35. North America Heavy-duty Truck Electrification Market Breakdown, By Country, 2018 and 2027(%)

Figure 36. US Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 (US$ Mn)

Figure 37. Canada Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 (US$ Mn)

Figure 38. Mexico Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 (US$ Mn)

Figure 39. Europe Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 (US$ Mn)

Figure 40. Europe Heavy-duty Truck Electrification Market Breakdown, By Component, 2018 & 2027 (%)

Figure 41. Europe Heavy-duty Truck Electrification Market Breakdown, By Powertrain Type, 2018 & 2027 (%)

Figure 42. Europe Heavy-duty Truck Electrification Market Breakdown, By Country, 2018 & 2027(%)

Figure 43. UK Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 (US$ Mn)

Figure 44. Italy Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 (US$ Mn)

Figure 45. Russia Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 (US$ Mn)

Figure 46. Rest of Europe Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 (US$ Mn)

Figure 47. APAC Heavy-duty Truck Electrification Market, Revenue and Forecast To 2027 (US$ Mn)

Figure 48. APAC Heavy-duty Truck Electrification Market Breakdown, By Component, 2018 & 2027 (%)

Figure 49. APAC Heavy-duty Truck Electrification Market Breakdown, By Powertrain Type, 2018 & 2027 (%)

Figure 50. APAC Heavy-duty Truck Electrification Market Breakdown, By Country, 2018 & 2027(%)

Figure 51. China Heavy-duty Truck Electrification Market, Revenue and Forecast To 2027 (US$ Mn)

Figure 52. Japan Heavy-duty Truck Electrification Market, Revenue and Forecast To 2027 (US$ Mn)

Figure 53. India Heavy-duty Truck Electrification Market, Revenue and Forecast To 2027 (US$ Mn)

Figure 54. Rest of APAC Heavy-duty Truck Electrification Market, Revenue and Forecast To 2027 (US$ Mn)

Figure 55. MEA Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 (US$ Mn)

Figure 56. MEA Heavy-duty Truck Electrification Market Breakdown, By Component, 2018 & 2027 (%)

Figure 57. MEA Heavy-duty Truck Electrification Market Breakdown, By Powertrain Type, 2018 & 2027 (%)

Figure 58. MEA Heavy-duty Truck Electrification Market Breakdown, By Country, 2018 & 2027(%)

Figure 59. South Africa Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 (US$ Mn)

Figure 60. Rest of MEA Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 (US$ Mn)

Figure 61. SAM Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 (US$ Mn)

Figure 62. SAM Heavy-duty Truck Electrification Market Breakdown, By Component, 2018 and 2027 (%)

Figure 63. SAM Heavy-duty Truck Electrification Market Breakdown, By Powertrain Type, 2018 and 2027 (%)

Figure 64. SAM Heavy-duty Truck Electrification Market Breakdown, By Country, 2018 and 2027(%)

Figure 65. Brazil Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 (US$ Mn)

Figure 66. Rest of SAM Heavy-duty Truck Electrification Market Revenue and Forecast To 2027 (US$ Mn)

The List of Companies - Heavy Duty Truck Electrification Market

  1. Aisin Seiki Co.Ltd.
  2. Borgwarner Inc.
  3. Continental AG
  4. Delphi technologies PLC
  5. Denso corporation
  6. Magna International Inc
  7. Mitsubishi Motors Corporation
  8. Robert Bosch GmbH
  9. Schaeffler Technologies AG & Co. KG
  10. ZF Friedrichshafen AG

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. 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.

  1. 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:

Research Methodology

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.

  1. 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.

  1. 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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