WILMINGTON, DE / ACCESSWIRE / March 28, 2023 / Transparency Market Research Inc. - An in-depth sales analysis of electric truck chassis market found that OEMs and electric truck manufacturers are garnering steady revenues from the uptake of sturdy, durable, and lightweight chassis materials. The demand of electric truck chassis market is spurred by commercialization of electric vehicles used for cargo movement. The market is projected to advance at a CAGR of 33.16% from 2022 to 2031.
Key vehicle manufacturers are automotive companies are focused on lowering the CO2 emissions. They are growing their R&D on testing aluminium and carbon fibre composites for meeting the requirements in long-haul electric trucks. Stridently top electric truck chassis companies are focusing on expanding the production capacities in electric trucks especially in North America, with an aim to boost United States electric truck chassis market share.
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Key Findings of Study
- Utilization of Lightweight Materials to Generate Sizable Revenue Streams: Rise in use of lightweight materials in automotive chassis has generated value-grab opportunities. This has helped automotive companies meet latest emission norms on vehicular pollution especially in developed nations. Of note, the demand for chassis used in medium-sized electric trucks is expected to rapidly rise in near future, as they are being widely adopted to transfer cargo over short distances.
- Low-emission Long-Haul Freight Trucking Underpins Incredible Avenues: Rise in demand for lowering the emissions from long-haul freight trucking has spurred the trend of electrification in transportation sector. Long-range freight trucking contributes to a significant pollution, due to which their electrification has evoked enormous interest among industry players. This will also spur widespread phasing out of conventional trucks. The trend will fuel the growth opportunities in the market. Furthermore, advancements in fast-charging and turbocharging infrastructure will considerably boost growth prospects to support electrification.
Key Drivers
- Growing demand for battery operated electric truck in conjunction with the rising use of lightweight materials in these trucks is a key driver of electric truck chassis market.
- Need to lower emission from long-range freight trucking is a key underpinning for growing R&D in electric truck chassis materials. Growing spending on fast-charging and turbocharging infrastructure and introduction of advanced electric vehicle (EV) chargers are extending the canvas for players to invest in the electric truck chassis market.3
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Regional Growth Dynamics
Asia Pacific is poised to account for a major share of electric truck chassis market during the forecast period. The regional market is projected to immensely benefit from massive policy push for electrification of road freight transport. China is a major hub of automobile production in the region and also a prominent auto market globally, which will spur development of battery-powered trucks. The revenues are fueled by the manufacturers aiming at developing and commercializing lightweight electric vehicle chassis.
Europe and North America are lucrative markets. Presence of prominent commercial vehicle manufacturers and the production of electric trucks in the regions is enriching the growth prospects of the regional markets during the forecast period of 2022 to 2031.
Electric Truck Chassis Market: Competition Landscape
Many key players are leveraging the synergies of collaborations, partnerships, and mergers to stay apart from their competitors and gain market shares.
Some of the key players are Ashok Leyland, Ford Motor Company, Nikola Corporation, VDL Groep, China FAW Group Corp., Ltd., Scania AB, PACCAR Inc., Mahindra & Mahindra Ltd. BYD Auto Co., Ltd., Saturn EV Ltd., and Tata Motors Limited.
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Electric Truck Chassis Market Segmentation
-
Consumption
- Domestic
- Sales in Country
- Manufacturing in Country
- International
- Import in Country
- Export from Country
- Number of Axles
- Double-axle Chassis
- Tri-axle Chassis
- Four-axle Chassis
- Others (Five-axle Chassis, etc.)
- Domestic
-
Chassis Material
- Aluminum Alloy
- Mild Steel
- High-speed Steel
- Others (Carbon Fiber Composite, etc.)
-
Chassis Type
- Backbone Chassis
- Ladder Chassis
- Monocoque Chassis
- Modular Chassis
- Others
-
Truck Classification
- Light Duty (Class 1 to Class 2)
- Medium Duty (Class 3 to Class 6)
- Heavy Duty (Class 7 & Class 8)
-
Installation
- Company-fitted
- Retrofitted
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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