Electric Truck Market Regional Analysis:
North America Market Insights
North America region in electric truck market is predicted to capture over 34% revenue share by 2035. The market growth in the region is also expected on account of substantial R&D efforts and a large number of industry rivals will drive the North American market. For instance, Ford is investing over USD 6 billion to construct the F-150 hybrid car at a Michigan, USA plant. The growing demand for zero-emission commercial vehicles is expected to drive major investment into the market in North America. In addition, the market is expanding because regional government bodies are funding the construction of high-power charging stations along important thoroughfares in the form of charging networks.
European Market Insights
The European region will also encounter enormous growth for the electric truck market during the forecast period and will hold the second position owing to the European governments and environmental organizations are responding by enacting rigorous laws and regulations pertaining to emissions, which is increasing demand for commercial electric vehicles in this region. For instance, according to UNFCC, the European Union (EU) is committed to achieving its 2020 target of 20% reduction in greenhouse gas emissions during the second phase of the Kyoto Protocol. The EU wants to completely phase out greenhouse gas emissions by the year 2050.
