B&S - Electric Trucks Market - Global Forecast To 2030

Electric Trucks Market - Global Forecast to 2030
ELECTRIC TRUCKS MARKET

GLOBAL FORECAST TO 2030
R E P O R T B R O C H U R E W I T H S A M P L E PAG E S
REPORT CODE: AT 7959

sales@marketsandmarkets.com www.marketsandmarkets.com 1
INTRODUCTION
1.1 STUDY OBJECTIVES

To segment and forecast the size of the global electric trucks market in terms of volume.
• To segment and forecast the size of the global electric trucks market, by volume, based on propulsion type [battery
electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV), and fuel cell electric vehicles (FCEV)]
• To segment and forecast the size of the global electric trucks market, by volume, based on type (light-duty trucks,
medium-duty trucks, and heavy-duty trucks)
• To segment and forecast the size of the global electric trucks market, by volume, based on range (upto 200 miles
and above 200 miles)
• To segment and forecast the size of the global electric trucks market, by volume, based on battery type [lithium-iron-
phosphate (LFP), lithium-nickel-manganese-cobalt oxide (NMC), and others]
• To segment and forecast the size of the global electric trucks market, by volume, based on battery capacity (< 50
kWh, 50−250 kWh, and >250 kWh)
• To segment and forecast the size of the global electric trucks market, by volume, based on the level of automation
(semi-autonomous trucks and autonomous trucks)
• To segment and forecast the size of the global electric trucks market, based on GVWR (upto 10,000 lbs, 10,001 lbs
to 26,000 lbs, and Above 26,000 lbs)
• To segment and forecast the size of the global electric trucks market, by volume, based on end user (last mile
delivery, field services, distribution services, long haul transportation, and refuse services)
• To segment and forecast the market size, by volume, based on region (Asia Pacific, Europe, and North America]
To provide detailed information regarding the major factors influencing the market growth (drivers, challenges, restraints,
and opportunities)
To analyze regional markets for growth trends, prospects, and their contribution to the overall market
To analyze opportunities for stakeholders and provide details of the competitive landscape for market leaders
To strategically shortlist and profile key players and comprehensively analyze their market shares and core competencies
To track and analyze competitive developments such as joint ventures, mergers & acquisitions, new product launches,
expansions, and other activities carried out by key industry participants.
1.2 MARKET SCOPE
THE SCOPE OF THE ELECTRIC TRUCKS MARKET IS AS FOLLOWS:

This market study covers the electric trucks market by range, by propulsion type, by level of automation, by GVWR, by
battery type, by battery capacity, by type, and by end user, which is taken together to arrive at the electric trucks market
size for the period between 2022 and 2030.
The region-wise segmentation has been based on market trends in each of the above-mentioned segments except by
GVWR and by level of automation.
INTRODUCTION
Figure 1 MARKET SEGMENTATION: ELECTRIC TRUCKS MARKET
BY BATTERY TYPE BY PROPULSION TYPE BY END USER

 Lithium-iron-phosphate (LFP)  Battery Electric Vehicles (BEV)  Last Mile Delivery
 Lithium-nickel-manganese–  Plug-in Hybrid Electric  Distribution Services
cobalt Oxide (NMC) Vehicles (PHEV)  Field Services
 Others  Fuel Cell Electric Vehicles  Refuse Services
(FCEV)  Long Haul Transportation
BY VEHICLE TYPE BY BATTERY CAPACITY BY GVWR

 Light-duty Trucks  <50 kWh  Upto 10,000 lbs
 Medium-duty Trucks  50−250 kWh  10,000 to 26,000 lbs
 Heavy-duty Trucks  >250 kWh  Above 26,000 lbs
BY LEVEL OF AUTOMATION BY RANGE BY REGION

 Semi-autonomous Trucks  Upto 200 Miles  North America
 Autonomous Trucks  Above 200 Miles  Europe
 Asia Pacific
Source: Interviews with Experts, Secondary Research, and MarketsandMarkets Analysis
1.2.1 YEARS CONSIDERED
2019-2020 2021 2022 2023-2030
HISTORICAL YEARS BASE YEAR ESTIMATED YEAR PROJECTED YEARS
Source: Interviews with Experts, Secondary Research, and MarketsandMarkets Analysis
1.3 STAKEHOLDERS
Associations, Forums, and Alliances Related to Electric Trucks
Automobile Manufacturers
Automotive Component Manufacturers
Automotive Investors
INTRODUCTION
Automotive Software Manufacturers and Providers
Charging Infrastructure Providers
Charging Service Providers
Companies Operating in Autonomous Vehicle Ecosystem
Electric Pickup Truck Manufacturers
Electric Medium and Heavy-duty Truck Manufacturers
Distributors and retailers
EV Battery Manufacturers
EV Charging Equipment Manufacturers
EV Charging Infrastructure Service Providers
EV Component Manufacturers
EV Distributors and Retailers
Government Agencies and Policy Makers
Original Equipment Manufacturer (OEM)
Raw Material Suppliers for Automotive Software or Components
Transport Authorities
Technology Providers
Vehicle Electronics Manufacturers
Technology Providers
1.4 SUMMARY OF CHANGES

Changes made in the current version of the report include the following:
Changes in Market Scope: The new edition includes updates on the electric trucks market based on secondary
research. The new edition includes 29 companies profiled based on geography and business reach.
The updated forecast for the market size until 2030 for segments is covered in the report.
Risk assessment has been added to the RM chapter.
Macroeconomic indicators, key stakeholders, buying criteria, a detailed list of conferences and events, regulatory
bodies, government organizations, and other organizations for electric trucks have been added to the MO chapter.
Latest Product Portfolios: Tracking product portfolios helps analyze the offerings in the market. The new edition of the
report provides updated product portfolios of the companies profiled in the report.
The impact of the recession on the electric trucks market has been covered.
The new edition of the report includes a detailed list of key startups/SMEs and competitive benchmarking of the key
startups/SMEs operating in the market.
New and Improved Representation of Financial Information: The new edition of the report provides updated financial
information till February 2023 (depending upon availability) for each listed company in the graphical representation
in a single diagram. This would help in the easy analysis of the present status of profiled companies in terms of their
financial strength, profitability, key revenue-generating regions/countries, and business segment focus in terms of the
highest revenue-generating segment/s.
RESEARCH METHODOLOGY
2.1 RESEARCH DATA

The research study involved extensive use of secondary sources, such as company annual reports/presentations, industry
association publications, magazine articles, directories, technical handbooks, World Economic Outlook, trade websites,
technical articles, and databases, to identify and collect information on the electric truck market. Primary interviews
were conducted to obtain and verify critical qualitative and quantitative information as well as to assess the prospects
of the industry. Primary sources mainly include experts from the core and related industries, suppliers, manufacturers,
distributors, service providers, technology developers, and organizations related to various segments of the value chain.
Detailed interviews were conducted with various primary respondents, including key industry participants, subject-matter
experts, C-level executives of key market players, and industry consultants.
Figure 2 ELECTRIC TRUCKS MARKET: RESEARCH DESIGN
COMPANY
CURRENT MARKET MARKET SIZE PREMIUM INSIGHTS
DEVELOPMENTS
INFORMATION
AND DATA COMPETITIVE RECENT
MARKET OVERVIEW
LANDSCAPE DEVELOPMENTS
DRIVERS: RESTRAINTS:
 Reducing cost of EV batteries  High initial investment for
production
 Lower operating cost
INFLUENCING  Lack of EV charging
 Increasing vehicle range
infrastructure
FACTORS  Government initiatives for EVs
(Market Trends  Longer charging time
 Rising demand for electric trucks in logistics and other
and Dynamics)
industries
OPPORTUNITIES: CHALLENGES:
 Development of self-driving truck technology  High cost of existing
 Development of wireless EV charging technology electric trucks
 Rapid development in fuel cell technology  Insufficient

standardization of EV
charging infrastructure
MARKET DYNAMICS INDUSTRY TRENDS
HISTORICAL MARKET SIZE AND

ARRIVE AT
DATA OF FORECAST:
MARKET SIZE,
MARKET  By Type  By Battery Capacity
SHARE, AND
FORECAST  By Level of  By End User CAGR OF
(2022-2030) Automation  By GVWR
HIGH- ELECTRIC
 By Battery Type  By Range TRUCKS
GROWTH
 By Propulsion Type  By Region MARKET
SEGMENTS
Source: Secondary Research and MarketsandMarkets Analysis
2.1.1 SECONDARY DATA

Secondary sources referred for this research study included organizations related to the electric vehicle industry (such
as the World Electric Vehicle Association and the International Energy Agency) and corporate filings (such as annual
reports, investor presentations, and financial statements). Secondary research was mainly used to obtain key information
about the industry insights, the market’s monetary chain, the overall pool of key players, and the market classification and
segmentation according to industry trends to the bottom-most level, regional markets, and key developments from both
market and technology-oriented perspectives.
2.1.1.1 KEY DATA FROM SECONDARY SOURCES
PARAMETER SOURCE
 Company Financials
 Magazines
MARKET SIZE  Journals
(Market Value)  Press Releases
 Paid Databases
 MarketsandMarkets Data Repository
 Annual Reports
 Company Websites
REVENUE OF COMPANIES
 Public Databases
QUALITATIVE INFORMATION  Annual Reports
(Market Dynamics and Trends)  Press Releases
QUANTITATIVE INFORMATION  Annual Reports
(Market Dynamics and Trends)  Press Releases
NEW VEHICLE LAUNCHES
 Industry Association
(Market Dynamics,
 Paid Databases
Market Trends)
Source: MarketsandMarkets Analysis
2.2 MARKET SIZE ESTIMATION

A detailed market estimation approach was followed to estimate and validate the volume of the electric trucks market.
Key players in the electric trucks market were identified through secondary research, and their global market shares were
determined through primary and secondary research. The research methodology included the study of the annual and
quarterly financial reports and regulatory filings of major market players, as well as interviews with industry experts for
detailed market insights. All major penetration rates, percentage shares, splits, and breakdowns for the electric trucks
market were determined using secondary sources, model mapping, and verified through primary sources. All key macro
indicators affecting the revenue growth of the market segments and subsegments were accounted for, viewed in extensive
detail, verified through primary research, and analyzed to get the validated and verified quantitative and qualitative data.
The gathered market data was consolidated and added with detailed inputs, analyzed, and presented in this report.
2.2.1 RECESSION IMPACT ANALYSIS

The automobile industry is among the sectors that have been hit most by the recession. Demand for automobiles fell
sharply, accentuating the difficulties of excess production capacity already faced before the crisis and deepening the
economic downturn in major vehicle-producing countries. The automotive industry contributes to the global economy.
Automobile production and sales decline substantially during the recession, adversely affecting the electric trucks market.
If the economy shrinks for two consecutive quarters, it is said to have gone into recession. In general, this is determined
by an indicator called the gross domestic product (GDP). A chain of events in the economy, such as disruptions to the
supply chain, a financial crisis, or a world event, causes a recession. A recession can also be triggered after an inflationary
period. When inflation increases, central banks raise interest rates to slow the economy to bring down inflation. With
higher interest rates, the probability of a recession increases, leading to layoffs, fewer jobs, and decreased consumer and
corporate spending, among other effects of a slowing economy. Hence, the decreased consumer spending also affects
the automotive industry, often leading to slow sales of vehicles which lowers the market growth of electric trucks.
In 2023, the leading economies of the world, especially the ones in Europe and North America, are expected to slide into
recession as the global energy and inflation crises sparked by the Russia-Ukraine war. A dependency on expensive gas
for heavy industry and home heating will plunge Germany, Italy, and UK into a long period of recession. The war in Ukraine,
lockdowns in China, supply-chain disruptions, and the risk of recession are expected to reduce growth in the automotive
industry, which will impact the electric trucks market. Reduced growth rates will likely persist for a long time because of
weak investment across the world. With inflation now running at multi-decade highs in many countries and supply expected
to grow slowly, there is a risk that inflation will remain higher for longer.
2.2.2 BOTTOM-UP APPROACH

The bottom-up approach has been used to estimate and validate the size of the electric trucks market by battery capacity,
battery type, propulsion type, and range. The electric trucks market size, by vehicle type, in terms of volume, was derived
by collecting country-level sales of electric trucks in units. Electric truck sales were mapped through government websites
and paid databases. The summation of all country-level numbers led to the regional-level market in terms of volume.
Figure 3 MARKET SIZE ESTIMATION METHODOLOGY FOR ELECTRIC TRUCKS MARKET: BOTTOM-UP
APPROACH
∑Regional-level Market = Total Market Size (Units) for Electric Trucks Market
Model Mapping to Derive Regional Market Size for Battery Type and Range Segment
of Electric Trucks Market
Adding Country-level Sales Data to Derive Regional-level Market

for Each Vehicle Type for Electric Trucks Market
Collecting Country-level Sales of Electric Pickup Trucks, Medium-duty, and Heavy-

BOTTOM-UP
duty Trucks (Units) from Secondary Sources, Paid Databases, and Validating APPROACH
Numbers from Primary Interviews
2.2.3 TOP-DOWN APPROACH

The top-down methodology was followed for the electric trucks market by level of automation, type, and end user segment.
The total volume of the electric trucks market was multiplied by the penetration percentage of end user subsegments for
deriving the market for electric trucks by end user in terms of volume. This gives the electric trucks market by end user in
terms of volume. A similar approach was used for calculating the electric trucks market by type and level of automation
segments.
Figure 4 MARKET SIZE ESTIMATION METHODOLOGY FOR ELECTRIC TRUCKS MARKET: TOP-DOWN
APPROACH
Global-level Electric Trucks Market Size Split at Regional Level By End User, Level of
Automation, and Type (Derived through Secondary Research and Validated through
Multiple Primary Interviews) (A)
For Deriving Electric Trucks Market, By End User, Total Volume of Electric Truck
Market Multiplied by Penetration Percentage of Segments at Regional Level (B) TOP-DOWN
APPROACH
Multiplication of A*B Gives Regional-level Electric Truck Market, By End User,
In Terms of Volume
Similar Approach Followed to Find Market Volume for Other Segments
Total Market Size Derived by Summation of Each Segment Market Size (Volume Units)
2.3 DATA TRIANGULATION

All percentage shares, splits, and breakdowns were determined using secondary sources and verified by primary sources.
All parameters that affect the markets covered in this research study were accounted for, viewed in extensive detail, and
analyzed to obtain the final quantitative and qualitative data. This data was consolidated, enhanced with detailed inputs
and analysis from MarketsandMarkets, and presented in the report. The following figure is an illustrative representation of
the overall market size estimation process employed for this study.
Figure 5 DATA TRIANGULATION
PRIMARY SOURCES SECONDARY SOURCES
INTERVIEWS WITH:
 Logistics Companies  National Highway Traffic Safety
 Automotive Embedded Administration (NHTSA)
System Providers  Environmental Protection
DEMAND SIDE
 Country-level Government Agency (EPA)

Associations  IEA (International Energy Agency)
 Associations and Other  EAFO (European Alternative Fuels
Industry Experts Related MnM KNOW* Observatory)
to Automotive OEMs, such  Society of Indian Automobile
as BYD, AB Volvo, Scania Manufacturers (SIAM)
AB, and VDL Groep  SAE International
DATA
 Organization for Economic
PRIMARY TRIANGULATION
SOURCE
Co-Operation and Development
(OECD)
SECONDARY  Global Electric Truck Magazines
INTERVIEWS WITH: SOURCE  Automotive Software Consortiums
 Electric Truck
Manufacturers
SUPPLY SIDE
 Automotive Technology
Providers and
Manufacturers Annual Reports, Presentations,
 Battery Manufacturers Websites,
Manufacturers (OKAYA, And Press Releases of Top Players,
Tata Green, Exide, and News Articles, Journals, and Paid
Others) Databases
INFORMATION SOURCED
Opportunities/
Key Players Competitive Landscape Market Overview
Challenges
Company Profiles Market Sizing Regional Analysis
*MnM KNOW stands for MarketsandMarkets’ 'Knowledge Asset Management' framework. In this context, it stands for existing market research
knowledge repository of over 5,000 granular markets, our flagship competitive intelligence and market research platform Knowledge Store,
subject matter experts, and independent consultants. MnM KNOW acts as an independent source that helps us validate information gathered
from primary and secondary sources.
Source: Industry Experts, Secondary Literature, and MarketsandMarkets Analysis
2.4 RESEARCH ASSUMPTIONS
SEGMENT COVERED
Sales Electric truck sales have been provided in units.
Recession Impact Economic slowdown is considered in the global market from 2022 to 2024
There will be no major changes in government regulations that will have a significant
Government Regulations
market impact during the study period.
Currency Value and Fluctuations in exchanges rate are assumed not to be extreme enough to affect the
Exchange Rate market forecast significantly.
The market size for the electric truck market and subsegments has been provided in
Market Size (Volume)
terms of volume only
Retrofit Retrofit has not been considered under the scope of the study.
A positive economic climate has been assumed to continue/prevail in North America

Economy Economic
and Asia Pacific countries till the end of 2030.
Stability
The global economic condition is expected to be favorable until 2030.
Most countries covered have been assumed to have political stability. The instability
prevailing in some countries is not expected to affect economic growth during the
Political Stability
forecast period negatively.
A stable political environment has been assumed to prevail in the key countries.
Exchange rate fluctuations have been assumed not to be significant enough to affect
Exchange Rate
the market forecast.
Inflation Inflation has been assumed not to have a significant impact on the market forecast.
2.5 RISK ASSESSMENT
PARAMETER LIMITATION RISK
Market Size Physical services for the repair and maintenance of assets have not
Low
and Estimation been considered
COVID-19 Extensions of lockdowns in different parts of the world post-2021 have

Moderate
Impact not been considered.
Quantitative information for some market segments is kept confidential

Primary
by industry experts. Hence, qualitative insights gathered during the
Interviews, By Low to Moderate
course of the study were used to arrive at the market sizes of these
Key Players
segments.
The growth rates for each segment, namely, by type, by range, by

end user, by propulsion type, by level of autonomy, by battery type,
Growth
by battery capacity, and by GVWR are based on the forecasts for the Moderate
Forecasts
demand for the electric trucks market available through secondary
research.
Source: Secondary Literature, Interviews with Experts, and MarketsandMarkets Analysis
2.6 RESEARCH LIMITATIONS

There are a limited number of industry experts available in emerging markets. In such cases, the regional market size
was derived based on weightages assigned to these markets based on qualitative insights from global industry experts.
Key countries with significant growth in all regions were considered while calculating the market size.
The market numbers in this report were rounded off. Hence country, regional, or other segment totals may vary in this
report.
The sum of the numbers may vary by decimal due to rounding off.
The electric trucks market is diverse. Hence, all the developments of key players in the market cannot be included.
However, recent developments have been included in the report.
Certain company figures, such as plant operating factors and revenue, were not accessible due to restrictions placed
by companies. In such cases, the figures were estimated based on regional trends, company product portfolios, and
secondary and primary sources.
The scope of the market is limited to electric trucks only.
The electric trucks market by type, range, battery capacity, battery type, propulsion, and end user segment is covered
at the regional level, and no country-level market size is under the scope of the study.
The electric trucks market segment, by GVWR, is covered qualitatively only.
The electric trucks market segment, by level of automation, is covered at the global level, and no regional level market
size is covered under the scope of the study.
The electric truck market size by value is covered only at the global level, and no regional or country-level market size
is covered under the scope of the study.
TABLE OF CONTENTS
1 INTRODUCTION(PAGE NO. 22) 2.6 Risk Assessment

2.7 Research Limitations
1.1 Study Objectives
1.2 Market Definition 3 EXECUTIVE SUMMARY(PAGE NO. 41)
1.2.1 Electric Trucks Market Definition, By Type
1.2.2 Electric Trucks Market Definition, By End User 4 PREMIUM INSIGHTS(PAGE NO. 45)
1.2.3 Electric Trucks Market Definition, By Battery Type 4.1 Attractive Opportunities in Electric Trucks Market
1.2.4 Electric Trucks Market Definition, 4.2 Electric Trucks Market, By Region
By Propulsion Type 4.3 Electric Trucks Market, By Battery Cappacity
1.2.5 Electric Trucks Market Definition, 4.4 Electric Trucks Market, By Battery Type
By Level of Automation
4.5 Electric Trucks Market, By End User
1.3 Electric Trucks Market: Inclusions and Exclusions
4.6 Electric Trucks Market, By Range
1.3.1 Inclusions and Exclusions
4.7 Electric Trucks Market, By Propulsion Type
1.4 Market Scope
4.8 Electric Trucks Market, By Level of Automation
1.4.1 Years Considered
4.9 Electric Trucks Market, By Type
1.5 Currency Considered
1.6 Stakeholders 5 MARKET OVERVIEW(PAGE NO. 50)
1.7 Summary of Changes 5.1 Introduction
5.2 Market Dynamics
2 RESEARCH METHODOLOGY(PAGE NO. 29)
5.2.1 Drivers
2.1 Research Data 5.2.1.1 Reducing Cost of EV Batteries
2.1.1 Secondary Data 5.2.1.2 Lower Operating Cost
2.1.1.1 Key Data from Secondary Sources 5.2.1.3 Increasing Vehicle Range
2.1.1.2 List of Secondary Sources 5.2.1.4 Rising Demand for Electric Trucks in
2.1.2 Primary Data Logistics and Other Industries
2.1.2.1 List of Participating Companies for 5.2.1.5 Government Initiatives for EVS
Primary Research 5.2.2 Restraints
2.1.2.2 Key Industry Insights 5.2.2.1 High Initial Investment for Production
2.1.2.3 Breakdown of Primary Interviews 5.2.2.2 Lack of EV Charging Infrastructure
2.2 Market size Estimation 5.2.2.3 Longer Charging Time
2.2.1 Recession Impact Analysis 5.2.3 Opportunities
2.2.2 Bottom-up Approach 5.2.3.1 Development of Self-driving Truck
2.2.3 Top-down Approach Technology
5.2.3.2 Development of Wireless EV Charging
2.3 Factor Analysis
Technology
2.3.1 Recession Impact Analysis
5.2.3.3 Rapid Development in Fuel Cell
2.3.2 Factor Analysis for Market Sizing: Demand- and Technology
Supply-side
5.2.4 Challenges
2.4 Data Triangulation 5.2.4.1 High Cost of Existing Electric Trucks
2.5 Research Assumptions 5.2.4.2 Insufficient Standardization of EV
TABLE OF CONTENTS
Charging Infrastructure 5.11.3 Competitive Market Assessment, By Payload
5.3 Porter’s Five Forces Cappacity
5.3.1 Threat of Substitutes 5.12 Regulatory Overview
5.3.2 Threat of New Entrants 5.12.1 Netherlands
5.3.3 Bargaining Power of Buyers 5.12.2 Germany
5.3.4 Bargaining Power of Suppliers 5.12.3 France
5.3.5 Intensity of Competitive Rivalry 5.12.4 UK
5.4 Macroeconomic Indicators 5.12.5 China
5.4.1 GDP Trends and Forecast for Major Economies 5.12.6 US
5.5 Electric Trucks Market Ecosystem 5.13 Conferences and Events, 2023–2024
5.5.1 EV Charging Providers 5.13.1 Regulatory Bodies, Government Agencies,

and Other Organizations
5.5.2 Raw Material Suppliers
5.14 Patent Analysis
5.5.3 OEMS
5.15 Key Stakeholders and Buying Criteria
5.5.4 Battery Manufacturer/component Manufacturer
5.15.1 Key Stakeholders in Buying Process
5.5.5 Electric Vehicle Startup Ecosystem Analysis
5.15.2 Buying Criteria
5.5.6 EV Roadmap, By Battery Cappacity and Range
5.16 Recession Impact Analysis
5.6 Value Chain Analysis
5.17 Electric Trucks Market, Scenarios (2022–2030)
5.7 Pricing Analysis
5.17.1 Most likely Scenario
5.8 Case Studies
5.17.2 Optimistic Scenario
5.8.1 User Experience of Battery-electric Trucks in Norway
5.17.3 Pessimistic Scenario
5.9 Technology Analysis
5.9.1 Smart Charging System 6 ELECTRIC TRUCKS MARKET, BY BATTERY
5.9.2 Solid-state Batteries (SSB) CAPPACITY(PAGE NO. 99)
5.9.3 IoT in Electric Vehicles 6.1 Introduction
5.9.4 Range Extenders in Electric Trucks 6.1.1 Operational Data
5.9.5 Battery Technology Analysis, By Battery Chemistry 6.1.2 Assumptions
5.9.6 Battery Technology Analysis, By Battery size in 6.1.3 Research Methodology
Asia Pacific
6.2 <50 Kwh
5.9.7 Cell to Pack Technology
6.2.1 High Adoption Rate in Electric Pickup Trucks
5.9.8 Megawatt Charging System for Heavy-duty Trucks
6.3 50–250 Kwh
5.9.9 Wireless Road Charging for EVS
6.3.1 Increased use in Light Commercial Vehicles in North
5.10 Bill of Material America
5.11 OEMS Sourcing Strategies 6.4 Above 250 Kwh
5.11.1 Future Intended Sourcing Strategies of OEMS in 6.4.1 Used for Transportation of Heavy Logistics
Electric Trucks Market
6.5 Key Industry Insights
5.11.2 OEMS Motor Rating Analysis, By Range
TABLE OF CONTENTS
7 ELECTRIC TRUCKS MARKET, 9.3 10,001–26,000 Lbs

BY BATTERY TYPE(PAGE NO. 106) 9.3.1 Increased use for Distribution, Construction, and
7.1 Introduction Field Services
7.1.1 Operational Data 9.4 Above 26,000 Lbs
7.1.2 Assumptions 9.4.1 Carries Heavy Goods
7.1.3 Research Methodology 10 ELECTRIC TRUCKS MARKET,

7.2 Lithium-Nickel-Manganese-Cobalt Oxide BY LEVEL OF AUTOMATION(PAGE NO. 123)
7.2.1 Advancements in Battery Technology 10.1 Introduction
7.3 Lithium-iron-phosphate 10.1.1 Assumptions
7.3.1 Lower Prices Than Other Batteries 10.1.2 Research Methodology
7.4 Others 10.2 Level 1
7.4.1 R&d Investments By OEMS to Develop Batteries 10.2.1 Lane Assist Features in Electric Trucks
7.5 Key Industry Insights 10.3 Level 2 & 3
8 ELECTRIC TRUCKS MARKET, 10.3.1 Increasing Investments By OEMS to Promote Level 2

BY END USER(PAGE NO. 114) & 3 Semi-autonomous Trucks
10.4 Level 4
8.1 Introduction
10.4.1 Increasing Subsidies By Governments
8.1.1 Operational Data
10.5 Level 5
8.1.2 Assumptions
10.5.1 Provides Improved Vehicle Safety and Reduced
8.1.3 Research Methodology
Traffic Congestion
8.2 Last Mile Delivery
8.2.1 Increased use in E-commerce Sector
8.3 Field Services 11 ELECTRIC TRUCKS MARKET,
8.3.1 Rising use in Field Maintenance BY PROPULSION TYPE(PAGE NO. 129)
8.4 Distribution Services 11.1 Introduction
8.4.1 Used for Delivery Services 11.1.1 Operational Data
8.5 Long Haul Transportation 11.1.2 Assumptions
8.5.1 Manages Logistics 11.1.3 Research Methodology
8.6 Refuse Services 11.2 BEV
8.6.1 Handles Global Waste Management 11.2.1 Government Incentives and Subsidies Offered
8.7 Key Industry Insights Worldwide
11.3 FCEV
9 ELECTRIC TRUCKS MARKET,
11.3.1 Ongoing Developments By OEMS
BY GVWR(PAGE NO. 120)
11.4 PHEV
9.1 Introduction
11.4.1 Rechargeable Batteries with Less Fuel Consumption
9.2 Upto 10,000 Lbs
9.2.1 Used for Delivery and Refuse Services
TABLE OF CONTENTS
12 ELECTRIC TRUCKS MARKET, 14.2.4 South Korea

BY RANGE(PAGE NO. 136) 14.2.4.1 Increased Investments in Commercial
Electric Vehicles
12.1 Introduction
14.3 Europe
14.3.1 Europe: Recession Impact
12.1.2 Assumptions
14.3.2 France
14.3.2.1 Government Offers Purchase Grants
12.2 Upto 200 Miles
14.3.3 Germany
12.2.1 Affordable and Low-Cost Batteries
14.3.3.1 E-highway Program
12.3 Above 200 Miles
14.3.4 Netherlands
12.3.1 Used for Long Haul Transportation
14.3.4.1 Focus on Greener Vehicles
14.3.5 Norway
13 ELECTRIC TRUCKS MARKET, 14.3.5.1 Tax Incentives for Electric Vehicles
BY TYPE(PAGE NO. 142) 14.3.6 Sweden
14.3.6.1 Presence of Top Oems
13.1 Introduction
14.3.7 UK
14.3.7.1 Investment in Ultra-low Emission Vehicles
13.1.2 Assumptions
14.4 North America
14.4.1 Canada
13.2 Light-duty Trucks
14.4.1.1 Increasing Development in Electric
13.2.1 Used for Commercial Last Mile Delivery Vehicles Infrastructure
13.3 Medium-duty Trucks 14.4.2 US
13.3.1 Manages E-commerce and Intra-state Logistics 14.4.2.1 Increasing Developments in Electric Truck
13.4 Heavy-duty Trucks Technology
13.4.1 Includes Inter-state Delivery and Specialized
15 COMPETITIVE LANDSCAPE(PAGE NO. 170)
Vehicles
13.5 Key Industry Insights 15.1 Overview
15.1.1 OEMS Vehicle Models Launch Plans, 2023–2026
14 ELECTRIC TRUCKS MARKET, B 15.2 Market Share Analysis for Electric Trucks Market
Y REGION(PAGE NO. 149)
15.3 Key Player Strategies
14.1 Introduction 15.4 Revenue Analysis of Top Listed/Public Players
14.2 Asia Pacific 15.5 Competitive Scenario
14.2.1 China 15.5.1 New Product Launches
14.2.1.1 Increased Investments in Charging
15.5.2 Deals
Infrastructure
15.5.3 Others
14.2.2 India
15.6 Company Evaluation Quadrant
14.2.2.1 Government Initiatives for Electric Trucks
15.6.1 Stars
14.2.3 Japan
14.2.3.1 Advancements in Battery Technology 15.6.2 Emerging Leaders
TABLE OF CONTENTS
15.6.3 Pervasive Players 16.2.12 KAIYUN MOTORS
15.6.4 Participants 16.2.13 GEELY AUTOMOBILE HOLDINGS LIMITED
15.7 Startup/SME Evaluation Quadrant 16.2.14 MAN SE
15.7.1 Progressive Companies 16.2.15 ORANGE EV
15.7.2 Responsive Companies 16.2.16 TEVVA MOTORS LIMITED
15.7.3 Dynamic Companies 16.2.17 HINO MOTORS
15.7.4 Starting Blocks
17 RECOMMENDATIONS
16 COMPANY PROFILES(PAGE NO. 185) BY MARKETSANDMARKETS(PAGE NO. 238)
16.1 Key Players 17.1 North America and Asia Pacific to Be Key Markets for Electric
(Business overview, products/services/solutions offered, mnm view, key strengths and right
to win, strategic choices made, weaknesses and competitive threats, recent developments)*
Trucks
17.2 Adoption of Light-duty Electric Trucks
16.1.1 AB VOLVO
17.3 Key Growth Opportunities
16.1.2 BYD
17.3.1 Improvements in EV Battery Technology
16.1.3 RIVIAN
17.3.2 Demand for Higher Range Vehicles
16.1.4 MERCEDES BENZ GROUP AG
17.4 Conclusion
16.1.5 FORD MOTOR COMPANY
16.1.6 PACCAR INC. 18 APPENDIX(PAGE NO. 240)
16.1.7 SCANIA AB
18.1 Insights from Industry Experts
16.1.8 NAVISTAR INC.
18.2 Discussion Guide
16.1.9 DONGFENG MOTOR CORPORATION
18.3 Knowledgestore: MarketsandMarkets’ Subscription Portal
16.1.10 PROTERRA
18.4 Customization Options
16.1.11 VDL GROEP
18.5 Related Reports
16.1.12 TESLA, INC.
*Business Overview, Products/Services/Solutions Offered, MnM View, Key Strengths
18.6 Author Details
and Right to Win, Strategic Choices Made, Weaknesses and Competitive Threats, Recent
Developments Might Not be Captured in Case of Unlisted Companies.
16.2 Other Key Players

TABLES INCLUDED - 185 | FIGURES INCLUDED - 76
16.2.1 TATA MOTORS LIMITED
(For complete list of tables and figures, pl see Appendix
16.2.2 WORKHORSE GROUP
of this Report Brochure)
16.2.3 NIKOLA CORPORATION
READ MORE
16.2.4 ASHOK LEYLAND
16.2.5 ISUZU MOTORS LTD.
16.2.6 IRIZAR GROUP
16.2.7 IVECO
16.2.8 TRITON EV
16.2.9 BOLLINGER MOTORS
16.2.10 XOS TRUCKS, INC.
16.2.11 ATLIS MOTOR VEHICLES
APPENDIX
APPENDIX
SAMPLE PAGES
ELECTRIC TRUCKS MARKET - GLOBAL FORECAST TO 2030
1 EXECUTIVE SUMMARY
Factors such as rising pollution and environmental hazards, stringent government regulations, and stiff
competition have compelled automotive OEMs to make fuel-efficient and environment-friendly vehicles.
Automotive OEMs and component manufacturers are exploring ways to develop and design electric trucks
that can meet the standards of fuel efficiency as well as vehicle emissions. Governments in the European
region are providing huge incentives to promote electric vehicles. The region is home to electric truck
manufacturers such as AB Volvo and Mercedes Benz Group AG. Europe has set a goal of reducing XX% of
CO2 emissions by 2050 and has created a roadmap. In December 2022, AB Volvo announced the launch
of rigid versions of its heavy electric trucks for distribution in urban and rural areas. The new heavy rigid
trucks are designed to carry electric superstructures for a wide range of specialized transport assignments,
including goods distribution, refuse collection, and construction work. In October 2022, PepsiCo
announced the delivery of 100 electric truck Semi to be used in its fleet for delivery purposes.
Governments of various countries in Europe are subsidizing electric infrastructure as well. North America is
a regional hub for many renowned OEMs, which are known for delivering quality and high-performance
vehicles. OEMs in North America, such as Tesla, Inc., Paccar Inc., WorkHorse Group, and GM, focus on the
development of faster, cleaner, and high-performance electric trucks. In 2021, Rivian launched R1T with a
driving range of 300 miles. It also has quick acceleration with 800 horsepower and a towing capacity of
1,100 lbs. In February 2022, BYD launched Q1 for heavy-duty operations 255 kWh lithium iron phosphate
battery. It delivers a range of around 200 km while the top speed is restricted at 85 km/h.
FIGURE 1 ELECTRIC TRUCKS MARKET: MARKET DYNAMICS
MARKET KEY MARKET

FORECAST PLAYERS
▪ The global electric trucks market is expected to ▪ AB Volvo (Sweden), BYD (China), Rivian (US),
grow at a CAGR of XX% during the forecast Mercedes Benz Group AG (Germany), Ford
period. Motor Company (US) are the top global players
▪ Asia Pacific is expected to lead the electric in the market.
trucks market with more than 50% share.
KEY TRENDS DRIVERS
▪ The market for the FCEV segment is expected to ▪ Reducing cost of EV batteries
grow at the highest CAGR during the forecast ▪ Lower operating cost
period. ▪ Increasing vehicle range
▪ The NMC battery segment is expected to be the ▪ Government initiatives for EVs
fastest-growing market by battery type.
▪ Rising demand for electric trucks in logistics
▪ Increasing demand for semi-autonomous and other industries
vehicles would provide opportunities for the
electric trucks market.
In 2022, many countries globally agreed upon common regulations for autonomous vehicles. Due to the
rise in the level of autonomy in vehicles, it is expected that more connected features will be equipped in
vehicles. This is expected to increase the demand for virtual machines, driving the automotive hypervisor
market.
18
FEBRUARY 2023 © MarketsandMarkets™
FIGURE 2 ELECTRIC TRUCKS MARKET, BY BATTERY TYPE, 2022 VS. 2030 (UNITS)
XX
2022
2030
XX
Market Size (Units)
XX
XX
XX
XX
Lithium-iron-phosphate Lithium-nickel-manganese-cobalt Others
Oxide
Source: Secondary Research, Interviews with Experts, and MarketsandMarkets Analysis
The NMC segment is expected to grow at a high rate in the coming years for electric trucks. Most market-
leading OEMs use these batteries in electric trucks for public transport fleets. The demand for LFP is also
expected to rise during the forecast period as the life of LFP batteries is longer than NMC batteries. The
adoption of NMC batteries is expected to rise in the near future in European and American countries.
However, the adoption would be slow due to the high cost of cobalt in NMC batteries.
FIGURE 3 NORTH AMERICA: ELECTRIC TRUCKS MARKET, BY FUEL TYPE,

2022 VS. 2030 (UNITS)
XX 2022
2030
XX
Market Size (Units)
XX
XX
XX
XX
ICE BEV FCEV
North America is one of the prominent regions that will see positive sales for electric trucks in the coming
years owing to the expanding infrastructure and constantly growing need for freight loading.
19
FIGURE 4 ASIA PACIFIC: ELECTRIC TRUCKS MARKET, BY FUEL TYPE,

2022 VS. 2030 (UNITS)
XX 2022
2030
XX
Market Size (Units)
XX
XX
XX
XX
XX
XX
ICE BEV FCEV
Companies are investing in zero-emission vehicle technologies to gain an early advantage in the
electrification race. Aside from electrification, local players are also working on testing and application of
autonomous commercial vehicles. For instance, in February 2021, Qingling Motors (Group) Co. Ltd
announced that the L3 5G autonomous logistics vehicle, developed jointly with the Chongqing University of
Posts and Telecommunications, was granted Chongqing’s first commercial vehicle license for open
autonomous driving tests.
FIGURE 5 EUROPE: ELECTRIC TRUCKS MARKET, BY FUEL TYPE, 2022 VS. 2030 (UNITS)
XX 2022
2030
XX
Market Size (Units)
XX
XX
XX
XX
XX
ICE BEV FCEV
The growth of this market is attributed to supportive government policies and regulations, rising
environmental concerns, and increasing adoption of electric mobility in Europe. The growing adoption of
autonomous driving vehicles, increasing adoption of electric trucks for delivery, and increasing shared
mobility trends offer lucrative growth opportunities for market growth.
20
2 PREMIUM INSIGHTS
2.1 ATTRACTIVE OPPORTUNITIES IN ELECTRIC TRUCKS MARKET

FIGURE 6 INCREASED FUEL-EFFICIENT VEHICLE OWNERSHIP TO DRIVE DEMAND FOR
ELECTRIC TRUCKS
101,499 UNITS
2022 1,067,985 UNITS
2030
CAGR of The global electric trucks market is projected to reach 1,067,985

units by 2030, growing at a CAGR of 34.2% during the forecast
34.2% period.
The market growth in
Europe can be attributed Favorable government policies Expansions and joint ventures
to rising investments and will support the growth of the are expected to offer lucrative
adoption of electric electric trucks market. opportunities for market
trucks in the region. players during the next five
years.
The European electric trucks The market growth in North

EUROPE
market is projected to reach America is attributed to

170,731 units by 2030, growing government initiatives and
at a CAGR of 112.3% during the investments in commercial
forecast period. electric vehicles.
21
3 MARKET OVERVIEW
3.1 INTRODUCTION
There has been a growing demand for zero-emission alternative fuel vehicles due to the rising emissions
and increasing prices of petroleum, along with its limited availability. This has been a major factor for the
increasing demand for electric trucks in the market for the past few years. Governments of several
countries are taking initiatives to promote clean sources of energy by instituting stringent emission norms
and providing subsidies and tax benefits for the early adoption of EVs and other low-emission vehicles to
help meet these stringent emission regulations. Top OEMs, like BYD, Mercedes Benz Group AG, AB Volvo,
Nikola Corporation, and Volkswagen, have launched electric trucks in recent years. In October 2022, AB
Volvo launched a fully electric truck rear axle. The new axle will allow more batteries on the truck by
integrating the electric motors and the transmission into the rear axle. A major issue with electric trucks
has been their lower range due to limited battery capacity. With improving technology, as better EV
batteries are being produced, the range of these EV trucks has been improving significantly.
3.2 MARKET DYNAMICS

FIGURE 7 ELECTRIC TRUCKS MARKET: MARKET DYNAMICS
▪ Reducing cost of EV batteries
▪ Lower operating cost
▪ Increasing vehicle range
▪ Government initiatives for EVs
DRIVERS
▪ Rising demand for electric trucks in logistics and other industries
▪ High initial investment for production

▪ Lack of EV charging infrastructure
RESTRAINTS ▪ Longer charging time
▪ Development of self-driving truck technology

▪ Development of wireless EV charging technology
▪ Rapid development in fuel cell technology
OPPORTUNITIES
▪ High cost of existing electric trucks

▪ Insufficient standardization of EV charging infrastructure
CHALLENGES
22
4 ELECTRIC TRUCKS MARKET, BY BATTERY CAPACITY
KEY FINDINGS
◼ The number of units of electric trucks with a battery capacity of 50-250 kWh is estimated to be
XX units in 2022 and is expected to reach XX units by 2030.
◼ The number of units of electric trucks with a battery capacity of <50 kWh is estimated to be XX
units in 2022. It is projected to reach XX units by 2030, at a CAGR of XX% during the forecast
periods.
◼ The adoption of electric trucks with a battery capacity of 50-250 kWh is expected to be high, as
most OEMs offer electric truck models with this battery capacity.
◼ Electric trucks with a battery capacity of more than 250 kWh are preferred for transporting
heavy logistics.
◼ Europe is expected to be the fastest-growing market for electric trucks with a battery capacity of
50-250 kWh as OEM investments are higher in the region.
23
4.1 <50 KWH
4.1.1 HIGH ADOPTION RATE IN ELECTRIC PICKUP TRUCKS

Electric trucks with a battery capacity of less than 50 kWh are typically small- and compact electric pickup
trucks. The increasing adoption of zero-emission vehicles with a battery capacity of less than 50 kWh by
the logistics sector drives this segment. The Ford F-150 Lightning is an electric pickup truck having a
battery capacity range of 110-140 kWh. BYD offers T3 light-duty electric trucks with a battery capacity of
43 kWh. The offerings of Workhorse Group include its electric truck W-15 with a battery capacity of 50
kWh. The space, cost, and charging time required for these low-capacity batteries are less. The increasing
consumer awareness toward zero-emission vehicles and subsidies offered by authorities drive the demand
for electric trucks with this battery capacity range. In May 2022, Tata Motors Limited launched its electric
pickup truck Ace EV with a battery capacity of 21.3 kWh.
TABLE 1 <50 KWH: ELECTRIC TRUCKS MARKET, BY REGION, 2019–2021 (UNITS)
CAGR
Region 2019 2020 2021
(2019–2021)
Asia Pacific XX XX XX XX%
Europe XX XX XX XX%
North America XX XX XX XX%
To ta l XX XX XX XX %
Source: Secondary Research, Industry Associations, Interviews with Experts, and MarketsandMarkets Analysis
TABLE 2 <50 KWH: ELECTRIC TRUCKS MARKET, BY REGION, 2022–2030 (UNITS)
CAGR
Region 2022 2024 2026 2028 2030
(2022–2030)
Asia Pacific XX XX XX XX XX XX%
Europe XX XX XX XX XX XX%
North America XX XX XX XX XX XX%
To ta l XX XX XX XX XX XX %
Asia Pacific dominates the market for electric trucks with a battery capacity of <50 kWh due to the
increasing demand for zero-emission vehicles by logistics companies in the region. The low cost of these
batteries is the prime reason OEMs use them in their electric pickup trucks. Government regulations are
also operational in promoting the adoption of electric trucks with a battery capacity of less than 50 kWh.
BYD, Dongfeng Motor Corporation, and Workhorse Group are working towards the development of electric
pickup trucks and electric trucks.
24
5 ELECTRIC TRUCKS MARKET, BY REGION
5.1 ASIA PACIFIC

Governments of economies such as China, Japan, South Korea, and India have recognized the growth
potential of EV and related markets. Hence, the governments have undertaken different initiatives to
attract major OEMs to manufacture electric vehicles in domestic markets. This will lead to a growing
demand for electric trucks in the region. The Indian government plans to make it mandatory for cab-hailing
companies Ola and Uber to have XX% of their fleet as electric vehicles. These policies increased electric
vehicle production volumes over the years, which cater to domestic and overseas demand. Delhi (India) set
up a series of policies for deploying BEVs as XX% of all new vehicles by 2024. In 2021, Maharashtra (India)
has set up incentives to boost the demand for EVs in the state, including EV fleets, including USD XX per
four-wheeler and different schemes for two wheelers and three wheelers. It also set an early shifting
subsidy for changing to EV by December 2021. The growth in per capita income would play a key role in the
growth of the market in Asia Pacific during the forecast period.
FIGURE 8 ASIA PACIFIC: ELECTRIC TRUCKS MARKET SNAPSHOT
ASIA PACIFIC
XX% XX India XX%

Market size Fastest-growing Share of region in
CAGR
(Units) in 2022 country in region global market
BY BATTERY CAPACITY, 2022 (UNITS) BY BATTERY CAPACITY, 2030 (UNITS)
<50 kWh XX <50 kWh XX
50-250 kWh XX 50-250 kWh XX
Above 250 kWh XX Above 250 kWh XX
DRIVING FACTORS FOR GROWTH IN ASIA PACIFIC
▪ Rising population and government policies
▪ Cost advantage in terms of labour and raw material
▪ High vehicle production in China and Japan
Source: Press Releases, Investor Presentations, and MarketsandMarkets Analysis
25
TABLE 3 ASIA PACIFIC: ELECTRIC TRUCKS MARKET, BY COUNTRY, 2019–2021 (UNITS)
CAGR
Country 2019 2020 2021-e
(2019–2021)
China XX XX XX XX%
India XX XX XX XX%
Japan XX XX XX XX%
South Korea XX XX XX XX%
To ta l XX XX XX XX %
TABLE 4 ASIA PACIFIC: ELECTRIC TRUCKS MARKET, BY COUNTRY, 2022–2030 (UNITS)
CAGR
Country 2022 2024 2026 2028 2030
(2022–2030)
China XX XX XX XX XX XX%
India XX XX XX XX XX XX%
Japan XX XX XX XX XX XX%
South Korea XX XX XX XX XX XX%
To ta l XX XX XX XX XX XX %
India will be the fastest-growing market during the forecast period. Asia Pacific is home to many OEMs,
such as Tata Motors Limited, Mahindra & Mahindra Ltd., BYD, King Long, Toyota Motor Corporation, and
Nissan Motor Corporation. The rising demand of customers for faster deliveries is the key factor driving the
growth of the last mile delivery market in Asia Pacific. Governments of these countries have encouraged
installing EV charging stations, formulated emission norms, and set deadlines for shifting to full or hybrid
EVs from ICE vehicles. India is also working on increasing its electric trucks in the market. The new vehicle
scrappage policy in which old vehicles can be scrapped off for changing to low emission zones and other
upcoming policies will help the country become a lucrative market for electric trucks in the coming years.
5.1.1 CHINA
5.1.1.1 Increased investments in charging infrastructure
Automakers in China have shifted focus toward electric vehicles to combat the rising vehicle emission in
the country. The Chinese government is providing subsidies for the electrification of vehicles, which in turn
has increased the sales of electric vehicles in China. In a recent development, China has scaled back
subsidies on electric vehicles to encourage local manufacturers to rely on innovation rather than
government assistance as the industry matures and costs fall. In 2022, Tesla, Inc. announced an
investment of USD XX million to expand production capacity in Shanghai, China. China is the leading
electric trucks market due to government subsidies for EVs. Favorable business environment policies such
as Made in China 2025 are also helping startup companies to enter the EV market in China. In June 2022,
Scania AB announced the expansion of its business in China by building a new production base. The
company will produce vehicles for both the Chinese and Asian export markets. In March 2022, according to
Hindustan Times, China announced the launch of 50,000 fuel cell electric vehicles by 2025. Hence, the
market for fuel cell electric trucks will grow in China during the forecast period.
26
6 COMPETITIVE LANDSCAPE
6.1 COMPANY EVALUATION QUADRANT
FIGURE 9 ELECTRIC TRUCKS MARKET: COMPANY EVALUATION QUADRANT, 2023

EMERGING LEADERS STARS
Workhorse Group
XX XX
XX XX
XX
XX XX
Ford Motor Company
Scania AB
XX
XX
XX XX
MARKET SHARE/RANK
PARTICIPANTS PERVASIVE PLAYERS
PRODUCT FOOTPRINT
27
7 COMPANY PROFILES
7.1 KEY PLAYERS
7.1.1 AB VOLVO
7.1.1.1 Business overview
AB Volvo functions under the following business segments: trucks, buses, Volvo Penta, financial services,
construction equipment, and group functions & others, and eliminations. The trucks segment includes the
production, development, and logistics for powertrain and parts. The company has a wide regional
presence, with 52 manufacturing plants and subsidiaries in 18 countries. Its global sales network covered
190 countries across the globe as of 2022.
AB Volvo offers electric truck models such as Volvo FH Electric, Volvo FM Electric, Volvo FMX Electric, Volvo
FE Electric, Volvo FL Electric, and Volvo VNR Electric. Its trucks also transport furniture, clothing, sanitary
products, and computers. In 2022, the company had manufacturing facilities in 18 countries. It owns
brands, including Renault Trucks (France), Volvo Penta (Sweden), Nova Bus (Canada), Prevost (Canada),
and Arquus (France). Volvo trucks are exported to and sold by more than 1,800 dealers in 75 countries.
The company had around 95,000 employees in 2022.
TABLE 5 AB VOLVO: BUSINESS OVERVIEW
AB VOLVO
Founding Year 1927
Headquarters Country Sweden
Headquarters City Gothenburg
Ownership Type Public
Source: Company Website
28
FIGURE 10 AB VOLVO: COMPANY SNAPSHOT
RECENT FINANCIALS
50.0 6.0%
40.0 5.0% 4.9% 5.0%
Revenue (USD Billion)

4.3%
4.0%
R&D (%)
30.0
3.0%
20.0
2.0%
10.0 1.0%
45.7 39.7 40.5
0.0 0.0%
2019 2020 2021
BUSINESS REVENUE MIX GEOGRAPHIC REVENUE MIX
4.0% 1.0% Trucks

Europe
4.0% Cunstruction Equipment 6.0%
4.0% 8.0%
North America
Financial Services
16.0% 43.0%
25.0% Volvo Penta Asia
62.0%
Buses South America
27.0%
Group Functions & Others,
and Eliminations
Africa and Oceania
Source: Company Website and Annual Reports
29
APPENDIX
APPENDIX
APPENDIX
APPENDIX
LIST OF TABLES
TABLE 1 Currency Exchange Rates (per USD) TABLE 49 Lithium-nickel-manganese-cobalt Oxide: Electric Trucks Market, By Region,
TABLE 2 Electric Trucks Market: Impact of Market Dynamics 2022–2030 (Units)
TABLE 3 Average Gasoline Prices in US (2016-2022) TABLE 50 Lithium-iron-phosphate: Electric Trucks Market, By Region, 2019–2021 (Units)
TABLE 4 Average Diesel Prices in US (2016–2022) TABLE 51 Lithium-iron-phosphate: Electric Trucks Market, By Region, 2022–2030 (Units)
TABLE 5 New EV Truck Models, By Range, By Battery Cappacity, and Average Price (2022) TABLE 52 Others: Electric Trucks Market, By Region, 2019–2021 (Units)
TABLE 6 Major Purchase Order/Supply Contract for Electric Trucks TABLE 53 Others: Electric Trucks Market, By Region, 2022–2030 (Units)
TABLE 7 Government Programs for Promotion of Electric Commercial Vehicle Sales TABLE 54 Electric Trucks Market, By End User, 2019–2021 (Units)
TABLE 8 Electric Trucks Market: Impact of Porters 5 Forces TABLE 55 Electric Trucks Market, By End User, 2022–2030 (Units)
TABLE 9 GDP Trends and Forecast, By Major Economies, 2019–2026 (USD Billion) TABLE 56 Electric Trucks: By End User
TABLE 10 Diesel/petrol Trucks: Average Price Comparison (2022) TABLE 57 Operational Data: Electric Trucks Data Based on Gvwr
TABLE 11 Electric Trucks: Average Price Comparison TABLE 58 Electric Trucks Market, By Level of Automation, 2019–2021 (Units)
TABLE 12 Netherlands: Incentives for Electric Vehicles TABLE 59 Electric Trucks Market, By Level of Automation, 2022–2030 (Units)
TABLE 13 Netherlands: Electric Vehicle Charging Station Incentives TABLE 60 Electric Trucks Market, By Propulsion Type, 2019–2021 (Units)
TABLE 14 Germany: Electric Vehicle Incentives TABLE 61 Electric Trucks Market, By Propulsion Type, 2022–2030 (Units)
TABLE 15 Germany: Electric Vehicle Charging Station Incentives TABLE 62 Electric Trucks: By Propulsion Type
TABLE 16 France: Electric Vehicle Incentives TABLE 63 Bev: Electric Trucks Market, By Region, 2019–2021 (Units)
TABLE 17 France: Electric Vehicle Charging Station Incentives TABLE 64 Bev: Electric Trucks Market, By Region, 2022–2030 (Units)
TABLE 18 UK: Electric Vehicle Incentives TABLE 65 Fcev: Electric Trucks Market, By Region, 2019–2021 (Units)
TABLE 19 UK: Electric Vehicle Charging Station Incentives TABLE 66 Fcev: Electric Trucks Market, By Region, 2022–2030 (Units)
TABLE 20 China: Electric Vehicle Incentives TABLE 67 Phev: Electric Trucks Market, By Region, 2019–2021 (Units)
TABLE 21 China: Electric Vehicle Charging Station Incentives TABLE 68 Phev: Electric Trucks Market, By Region, 2022–2030 (Units)
TABLE 22 US: Electric Vehicle Incentives TABLE 69 Electric Trucks Market, By Range, 2019–2021 (Units)
TABLE 23 US: Electric Vehicle Charging Station Incentives TABLE 70 Electric Trucks Market, By Range, 2022–2030 (Units)
TABLE 24 Electric Trucks Market: Conferences and Events, 2023–2024 TABLE 71 Electric Trucks: By Range
TABLE 25 Asia Pacific: Regulatory Bodies, Government Agencies, and Other Organizations TABLE 72 Upto 200 Miles: Electric Trucks Market, By Region, 2019–2021 (Units)
TABLE 26 North America: Regulatory Bodies, Government Agencies, and Other TABLE 73 Upto 200 Miles: Electric Trucks Market, By Region, 2022–2030 (Units)
Organizations TABLE 74 Above 200 Miles: Electric Trucks Market, By Region, 2019–2021 (Units)
TABLE 27 Europe: Regulatory Bodies, Government Agencies, and Other Organizations TABLE 75 Above 200 Miles: Electric Trucks Market, By Region, 2022–2030 (Units)
TABLE 28 Rest of the World: Regulatory Bodies, Government Agencies, and Other TABLE 76 Electric Trucks Market, By Type, 2019–2021 (Units)
Organizations TABLE 77 Electric Trucks Market, By Type, 2022–2030 (Units)
TABLE 29 Important Patent Registrations Related to Electric Trucks Market TABLE 78 Electric Trucks: By Type
TABLE 30 Electric Trucks Market: Patented Documents Analysis, By Published, Filed, and TABLE 79 Light-duty Trucks: Electric Trucks Market, By Region, 2019–2021 (Units)
Granted (2016–2021)
TABLE 80 Light-duty Truck: Electric Trucks Market, By Region, 2022–2030 (Units)
TABLE 31 Influence of Institutional Buyers for Purchase of Electric Trucks
TABLE 81 Medium-duty Trucks: Electric Trucks Market, By Region, 2019–2021 (Units)
TABLE 32 Influence of Recession on Sales of Electric Trucks
TABLE 82 Medium-duty Trucks: Electric Trucks Market, By Region, 2022–2030 (Units)
TABLE 33 Electric Trucks Market (most likely), By Region, 2022–2030 (Units)
TABLE 83 Heavy-duty Trucks: Electric Trucks Market, By Region, 2019–2021 (Units)
TABLE 34 Electric Trucks Market (optimistic), By Region, 2022–2030 (Units)
TABLE 84 Heavy-duty Trucks: Electric Trucks Market, By Region, 2022–2030 (Units)
TABLE 35 Electric Trucks Market (pessimistic), By Region, 2022–2030 (Units)
TABLE 85 Electric Trucks Market, By Region, 2019–2021 (Units)
TABLE 36 Electric Trucks Market, By Battery Cappacity, 2019–2021 (Units)
TABLE 86 Electric Trucks Market, By Region, 2022–2030 (Units)
TABLE 37 Electric Trucks Market, By Battery Cappacity, 2022–2030 (Units)
TABLE 87 Electric Trucks Market, By Region, 2019–2021 (USD Million)
TABLE 38 Electric Trucks: By Battery Cappacity
TABLE 88 Electric Trucks Market, By Region, 2022–2030 (USD Million)
TABLE 39 <50 Kwh: Electric Trucks Market, By Region, 2019–2021 (Units)
TABLE 89 Asia Pacific: Electric Trucks Market, By Country, 2019–2021 (Units)
TABLE 40 <50 Kwh: Electric Trucks Market, By Region, 2022–2030 (Units)
TABLE 90 Asia Pacific: Electric Trucks Market, By Country, 2022–2030 (Units)
TABLE 41 50–250 Kwh: Electric Truck Market, By Region, 2019–2021 (Units)
TABLE 91 China: Electric Trucks Market, By Type, 2019–2021 (Units)
TABLE 42 50–250 Kwh: Electric Truck Market, By Region, 2022–2030 (Units)
TABLE 92 China: Electric Trucks Market, By Type, 2022–2030 (Units)
TABLE 43 Above 250 Kwh: Electric Truck Market, By Region, 2019–2021 (Units)
TABLE 93 India: Electric Trucks Market, By Type, 2019–2021 (Units)
TABLE 44 Above 250 Kwh: Electric Trucks Market, By Region, 2022–2030 (Units)
TABLE 94 India: Electric Trucks Market, By Type, 2022–2030 (Units)
TABLE 45 Electric Trucks Market, By Battery Type, 2019–2021 (Units)
TABLE 95 Japan: Electric Trucks Market, By Type, 2019–2021 (Units)
TABLE 46 Electric Trucks Market, By Battery Type, 2022–2030 (Units)
TABLE 96 Japan: Electric Trucks Market, By Type, 2022–2030 (Units)
TABLE 47 Electric Trucks: By Battery Type
TABLE 97 South Korea: Electric Trucks Market, By Type, 2019–2021 (Units)
TABLE 48 Lithium-nickel-manganese-cobalt Oxide: Electric Trucks Market,
TABLE 98 South Korea: Electric Trucks Market, By Type, 2022–2030 (Units)
By Region, 2019–2021 (Units)
TABLE 99 Europe: Electric Trucks Market, By Country, 2019–2021 (Units)
APPENDIX
LIST OF TABLES
TABLE 100 Europe: Electric Trucks Market, By Country, 2022–2030 (Units) TABLE 152 FORD MOTOR COMPANY: Deals
TABLE 101 France: Electric Trucks Market, By Type, 2019–2021 (Units) TABLE 153 FORD MOTOR COMPANY: Others
TABLE 102 France: Electric Trucks Market, By Type, 2022–2030 (Units) TABLE 154 PACCAR INC.: Business Overview
TABLE 103 Germany: Electric Trucks Market, By Type, 2019–2021 (Units) TABLE 155 PACCAR INC.: Products Offered
TABLE 104 Germany: Electric Trucks Market, By Type, 2022–2030 (Units) TABLE 156 PACCAR INC.: New Product Developments
TABLE 105 Netherlands: Electric Trucks Market, By Type, 2019–2021 (Units) TABLE 157 PACCAR INC.: Deals
TABLE 106 Netherlands: Electric Trucks Market, By Type, 2022–2030 (Units) TABLE 158 PACCAR INC.: Others
TABLE 107 Norway: Electric Trucks Market, By Type, 2019–2021 (Units) TABLE 159 SCANIA AB: Business Overview
TABLE 108 Norway: Electric Trucks Market, By Type, 2022–2030 (Units) TABLE 160 SCANIA AB: Products Offered
TABLE 109 Sweden: Electric Trucks Market, By Type, 2019–2021 (Units) TABLE 161 SCANIA AB: New Product Developments
TABLE 110 Sweden: Electric Trucks Market, By Type, 2022–2030 (Units) TABLE 162 SCANIA AB: Deals
TABLE 111 UK: Electric Trucks Market, By Type, 2019–2021 (Units) TABLE 163 SCANIA AB: Others
TABLE 112 UK: Electric Trucks Market, By Type, 2022–2030 (Units) TABLE 164 NAVISTAR INC.: Business Overview
TABLE 113 North America: Electric Trucks Market, By Country, 2019–2021 (Units) TABLE 165 NAVISTAR INC.: Products Offered
TABLE 114 North America: Electric Trucks Market, By Country, 2022–2030 (Units) TABLE 166 NAVISTAR INC.: New Product Developments
TABLE 115 Canada: Electric Truck Market, By Type, 2019–2021 (Units) TABLE 167 NAVISTAR INC.: Deals
TABLE 116 Canada: Electric Truck Market, By Type, 2022–2030 (Units) TABLE 168 NAVISTAR INC.: Others
TABLE 117 US: Electric Trucks Market, By Type, 2019–2021 (Units) TABLE 169 DONGFENG MOTOR CORPORATION: Business Overview
TABLE 118 US: Electric Trucks Market, By Type, 2022–2030 (Units) TABLE 170 DONGFENG MOTOR CORPORATION: Products Offered
TABLE 119 Market Share Analysis, 2022 TABLE 171 DONGFENG MOTOR CORPORATION: Deals
TABLE 120 Overview of Strategies Adopted By Players in Electric Trucks Market TABLE 172 DONGFENG MOTOR CORPORATION: Others
TABLE 121 New Product Launches, 2020–2023 TABLE 173 PROTERRA: Business Overview
TABLE 122 Deals, 2020–2023 TABLE 174 PROTERRA: Products Offered
TABLE 123 Others, 2020–2023 TABLE 175 PROTERRA: Deals
TABLE 124 Electric Trucks Market: Company Footprint, 2023 TABLE 176 PROTERRA: Others
TABLE 125 Electric Trucks Market: Product Footprint, 2022 TABLE 177 VDL GROEP: Business Overview
TABLE 126 Electric Trucks Market: Regional Footprint, 2022 TABLE 178 VDL GROEP: Products Offered
TABLE 127 Electric Trucks Market: Detailed List of Key Startups/smes TABLE 179 VDL GROEP: Deals
TABLE 128 Electric Trucks Market: Competitive Benchmarking of Key Players [startups/smes] TABLE 180 VDL GROEP: Others
TABLE 129 AB VOLVO: Business Overview TABLE 181 TESLA, INC.: Business Overview
TABLE 130 AB VOLVO: Products Offered TABLE 182 TESLA, INC.: Products Offered
TABLE 131 AB VOLVO: New Product Developments TABLE 183 TESLA, INC.: New Product Developments
TABLE 132 AB VOLVO: Deals TABLE 184 TESLA, INC: Deals
TABLE 133 AB VOLVO: Others TABLE 185 TESLA, INC: Others
TABLE 134 BYD: Business Overview
TABLE 135 BYD: Products Offered
TABLE 136 BYD: New Product Developments
TABLE 137 BYD: Deals
TABLE 138 BYD: Others
TABLE 139 RIVIAN: Business Overview
TABLE 140 RIVIAN: Products Offered
TABLE 141 RIVIAN: New Product Developments
TABLE 142 RIVIAN: Deals
TABLE 143 RIVIAN: Others
TABLE 144 MERCEDES BENZ GROUP AG: Business Overview
TABLE 145 MERCEDES BENZ GROUP AG: Products Offered
TABLE 146 MERCEDES BENZ GROUP AG: New Product Developments
TABLE 147 MERCEDES BENZ GROUP AG: Deals
TABLE 148 MERCEDES BENZ GROUP AG: Others
TABLE 149 FORD MOTOR COMPANY: Business Overview
TABLE 150 FORD MOTOR COMPANY: Products Offered
TABLE 151 FORD MOTOR COMPANY: New Product Developments
APPENDIX
LIST OF FIGURES
FIGURE 1 Market Segmentation: Electric Trucks Market FIGURE 47 Electric Trucks Competitive Assessment, By Payload Cappacity
FIGURE 2 Electric Trucks Market: Research Design FIGURE 48 Electric Trucks Cargo Delivery Vs. Payload Cappacity
FIGURE 3 Breakdown of Primary Interviews, By Company, Designation, and Region FIGURE 49 50–250 Kwh Segment to Dominate Electric Trucks Market, 2022–2030 (Units)
FIGURE 4 Market size Estimation Methodology for Electric Trucks Market: FIGURE 50 Electric Trucks Market, By Battery Type, 2022–2030 (Units)
Bottom-up Approach FIGURE 51 Electric Trucks Market, By End User, 2022–2030 (Units)
FIGURE 5 Market size Estimation Methodology for Electric Trucks Market: FIGURE 52 Electric Trucks Market, By Level of Automation, 2022–2030 (Units)
Top-down Approach
FIGURE 53 Electric Trucks Market, By Propulsion Type, 2022–2030 (Units)
FIGURE 6 North America: Electric Trucks Market, By Medium and Heavy-duty Truck Type,
FIGURE 54 Electric Trucks Market, By Range, 2022–2030 (Units)
2022 Vs. 2030 (Units)
FIGURE 55 Electric Trucks Market, By Type, 2022–2030 (Units)
FIGURE 7 Europe: Electric Trucks Market, By Medium and Heavy-duty Truck Type,
2022 Vs. 2030 (Units) FIGURE 56 Electric Trucks Market, By Region, 2022 Vs. 2030 (Units)
FIGURE 8 Asia Pacific: Electric Trucks Market, By Medium and Heavy-duty Truck Type, FIGURE 57 Asia Pacific: Electric Trucks Market Snapshot
2022 Vs. 2030 (Units) FIGURE 58 Europe: Electric Trucks Market Snapshot, 2022 Vs. 2030 (Units)
FIGURE 9 Data Triangulation FIGURE 59 North America: Electric Trucks Market Snapshot
FIGURE 10 Electric Trucks Market: Market Dynamics FIGURE 60 Electric Trucks Market: Oems Vehicle Model Launch Plans
FIGURE 11 Electric Trucks Market, By Region, 2022 Vs. 2030 (Units) FIGURE 61 Market Share Analysis, 2022
FIGURE 12 Electric Trucks Market, By Battery Type, 2022 Vs. 2030 (Units) FIGURE 62 Top Public/listed Players Dominating Electric Trucks Market During
FIGURE 13 North America: Electric Trucks Market, By Fuel Type, 2022 Vs. 2030 (Units) Last Five Years
FIGURE 14 Asia Pacific: Electric Trucks Market, By Fuel Type, 2022 Vs. 2030 (Units) FIGURE 63 Electric Trucks Market: Company Evaluation Quadrant, 2023
FIGURE 15 Europe: Electric Trucks Market, By Fuel Type, 2022 Vs. 2030 (Units) FIGURE 64 Electric Trucks Market: Startup/SME Evaluation Quadrant, 2023
FIGURE 16 Increased Fuel-efficient Vehicle Ownership to Drive Demand for Electric Trucks FIGURE 65 AB VOLVO: Company Snapshot
FIGURE 17 Asia Pacific Accounted for Largest Market Share in 2022 FIGURE 66 AB VOLVO: Sales, By Revenue (2021)
FIGURE 18 50-250 Kwh Projected to be Largest Market (2022–2030) (Units) FIGURE 67 BYD: Company Snapshot
FIGURE 19 Lithium-iron-phosphate Segment to be Dominant Segment During Forecast FIGURE 68 MERCEDES BENZ GROUP AG: Company Snapshot
Period (Units) FIGURE 69 FORD MOTOR COMPANY: Company Snapshot
FIGURE 20 Last Mile Delivery to be Larger Segment During Forecast Period FIGURE 70 PACCAR INC.: Company Snapshot
FIGURE 21 Upto 200 Miles Segment to Witness Higher Growth (2022– 2030) FIGURE 71 SCANIA AB: Company Snapshot
FIGURE 22 FCEV Segment to have Higher Growth During Forecast Period FIGURE 72 NAVISTAR INC.: Company Snapshot
FIGURE 23 Semi-autonomous Trucks Segment to Register Highest Growth During Forecast FIGURE 73 DONGFENG MOTOR CORPORATION: Company Snapshot
Period FIGURE 74 PROTERRA: Company Snapshot
FIGURE 24 Light-duty Trucks to have High Growth During from 2022 to 2030 (Units) FIGURE 75 VDL GROEP: Company Snapshot
FIGURE 25 Electric Trucks Market: Market Dynamics FIGURE 76 TESLA, INC.: Company Snapshot
FIGURE 26 EV Battery Pricing Analysis
FIGURE 27 Operating Cost: Electric Trucks Vs. Ice Trucks (2022)
FIGURE 28 Electrification Target, By Country
FIGURE 29 Regulatory Comparison for EVS Worldwide
FIGURE 30 EV Charger Density Comparison (2021)
FIGURE 31 Private, Semi-Public, and Public Charging
FIGURE 32 Charging Time Required Using Different Types
FIGURE 33 EV Chargers used Globally
FIGURE 34 Porter’s Five Forces: Electric Trucks Market
FIGURE 35 Electric Trucks Market: Ecosystem Analysis
FIGURE 36 EV Startup Ecosystem Analysis
FIGURE 37 EV Roadmap, By Battery Cappacity and Range
FIGURE 38 Value Chain Analysis
FIGURE 39 Trends and Disruptions in Electric Trucks Market
FIGURE 40 Smart EV Charging System
FIGURE 41 Battery Manufacturer Roadmap, By Battery Chemistry WRT Battery Type
FIGURE 42 Average Battery size in Top LCVS in Asia Pacific
FIGURE 43 Electric Trucks Market: Bill of Materials for LCV
FIGURE 44 Electric Trucks Market Bill of Material, Battery Vs. Non-battery
FIGURE 45 Electric Trucks Market: Future Strategies
FIGURE 46 Electric Trucks Market: By Range
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Electric Trucks Market - Global Forecast to 2030

ELECTRIC TRUCKS MARKET

REPORT CODE: AT 7959

1.1 STUDY OBJECTIVES

1.2 MARKET SCOPE

THE SCOPE OF THE ELECTRIC TRUCKS MARKET IS AS FOLLOWS:

Figure 1 MARKET SEGMENTATION: ELECTRIC TRUCKS MARKET

ELECTRIC TRUCKS MARKET

BY BATTERY TYPE BY PROPULSION TYPE BY END USER

BY VEHICLE TYPE BY BATTERY CAPACITY BY GVWR

BY LEVEL OF AUTOMATION BY RANGE BY REGION

Source: Interviews with Experts, Secondary Research, and MarketsandMarkets Analysis

1.2.1 YEARS CONSIDERED

2019-2020 2021 2022 2023-2030

HISTORICAL YEARS BASE YEAR ESTIMATED YEAR PROJECTED YEARS

Source: Interviews with Experts, Secondary Research, and MarketsandMarkets Analysis

1.4 SUMMARY OF CHANGES

2.1 RESEARCH DATA

Figure 2 ELECTRIC TRUCKS MARKET: RESEARCH DESIGN

 Rapid development in fuel cell technology  Insufficient

MARKET DYNAMICS INDUSTRY TRENDS

HISTORICAL MARKET SIZE AND

Source: Secondary Research and MarketsandMarkets Analysis

2.1.1 SECONDARY DATA

2.1.1.1 KEY DATA FROM SECONDARY SOURCES

Source: MarketsandMarkets Analysis

2.2 MARKET SIZE ESTIMATION

2.2.1 RECESSION IMPACT ANALYSIS

2.2.2 BOTTOM-UP APPROACH

Adding Country-level Sales Data to Derive Regional-level Market

Collecting Country-level Sales of Electric Pickup Trucks, Medium-duty, and Heavy-

Source: MarketsandMarkets Analysis

2.2.3 TOP-DOWN APPROACH

Similar Approach Followed to Find Market Volume for Other Segments

Source: MarketsandMarkets Analysis

2.3 DATA TRIANGULATION

Figure 5 DATA TRIANGULATION

PRIMARY SOURCES SECONDARY SOURCES

 Country-level Government Agency (EPA)

Company Profiles Market Sizing Regional Analysis

Source: Industry Experts, Secondary Literature, and MarketsandMarkets Analysis

2.4 RESEARCH ASSUMPTIONS

Sales Electric truck sales have been provided in units.

A positive economic climate has been assumed to continue/prevail in North America

Source: MarketsandMarkets Analysis

2.5 RISK ASSESSMENT

PARAMETER LIMITATION RISK

COVID-19 Extensions of lockdowns in different parts of the world post-2021 have

Quantitative information for some market segments is kept confidential

The growth rates for each segment, namely, by type, by range, by

Source: Secondary Literature, Interviews with Experts, and MarketsandMarkets Analysis

2.6 RESEARCH LIMITATIONS

1 INTRODUCTION(PAGE NO. 22) 2.6 Risk Assessment

5.3.1 Threat of Substitutes 5.12 Regulatory Overview

5.3.2 Threat of New Entrants 5.12.1 Netherlands

5.3.3 Bargaining Power of Buyers 5.12.2 Germany

5.3.4 Bargaining Power of Suppliers 5.12.3 France

5.3.5 Intensity of Competitive Rivalry 5.12.4 UK

5.4 Macroeconomic Indicators 5.12.5 China

5.4.1 GDP Trends and Forecast for Major Economies 5.12.6 US

5.5.1 EV Charging Providers 5.13.1 Regulatory Bodies, Government Agencies,

7 ELECTRIC TRUCKS MARKET, 9.3 10,001–26,000 Lbs

7.1.1 Operational Data 9.4 Above 26,000 Lbs