Zero Emission Trucks Market Segmentation:
Vehicle Type Segment Analysis
The electric heavy-duty trucks segment is predicted to account for more than 59.1% zero emission trucks market share by the end of 2035 owing to high demand for heavy-duty trucks in freight transportation in logistics, mining or construction, rapid adoption of advanced zero-emission technology in these trucks, and rising investments in developing durable and sustainable trucks. In May 2024, Hyundai Motor Company officially launched its NorCAL Zero Project, a unique initiative to bring zero-emission freight transportation to California’s Central Valley and San Francisco Bay Area, using its hydrogen fuel cell technology.
The sales of electric heavy-duty trucks have significantly increased to combat the e-commerce expansion and rising construction activities worldwide. According to the International Energy Agency (IEA), in 2022, about 60,000 medium and heavy-duty trucks were sold overall, accounting for 1.2% of global truck sales.
Application Segment Analysis
Based on the application, the construction segment is expected to register rapid revenue growth during the forecast period owing to rapidly expanding building and construction sector and high adoption of different types of zero-emission trucks in construction activities to reduce carbon emissions and achieve sustainability goals. The segment growth can also be attributed to stringent emission reduction targets set by governments and the need for less noisy vehicles in non-sensitive areas like cities. To cater to this, companies including, Volvo Trucks develop a wide range of heavy-duty electric trucks and dump trucks, especially for the construction sector. These trucks come with simple chassis and a variety of bodies such as mixers, cranes, and tippers.
Our in-depth analysis of the zero emission trucks market includes the following segments:
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