Japan Electric Truck Market Size 2023, Revenue, Latest Trends, Industry Demand, Scope, Key Players, Growth Drivers, Business Challenges and Future Opportunities Till 2033: SPER Market Research
A truck that uses electricity as its main power source rather than internal combustion engines that burn fossil fuels is called an electric truck, even though it is still intended to carry loads and carry out duties normally performed by trucks. To combat climate change and cut down on greenhouse gas emissions, there is a wider movement towards electric mobility, which includes these trucks. The wheels of electric trucks are propelled by electric motors and are outfitted with sizable battery packs for energy storage.
According to SPER market research, ‘Japan Electric Truck Market Size – By Vehicle Type, By Propulsion, By Range, By Application – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Japan Electric Truck Market is predicted to reach USD XX billion by 2033 with CAGR of 14.64%.
A number of interrelated variables are driving the market for electric trucks in Japan, which is witnessing unprecedented expansion. Initially, a regional drive for sustainable transportation options has been sparked by environmental concerns. Tighter pollution laws have therefore forced truck makers to investigate electric alternatives, which has fuelled industry expansion. In addition, the development of electric trucks has been greatly aided by technological improvement. For example, advancements in battery technology have greatly increased the vehicles’ performance and range, resolving one of the main worries of potential purchasers. Plus, fleet managers are finding electric trucks increasingly appealing as the advantages of their lower total cost of ownership become more widely known. The cheaper maintenance and fuel costs of electric trucks are the reason for this change in opinion.
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Having a strong infrastructure for charging electric trucks is a major obstacle in the industry. In order to encourage the use of electric trucks, particularly for long-distance driving, charging stations must be widely accessible. For electric trucks to have a longer range and require less time to charge, battery technology must advance. One of the biggest concerns for prospective users is range anxiety, or the worry that the battery will die before arriving at their destination. The payload capacity and overall weight of electric trucks are influenced by the weight of their battery packs. Manufacturers have difficulty striking a balance between battery weight and size. Standardization of communication protocols, battery technology, and charging interfaces is necessary to guarantee interoperability and promote the broad use of electric trucks.
Impact of COVID-19 on Japan Electric Truck Market
Global supply chains have been thrown off balance by the Covid-19 pandemic, which has changed the availability of parts and supplies required to make electric trucks. Businesses’ decisions about what to buy, including whether to deploy electric trucks, may be influenced by the pandemic’s economic uncertainties and obstacles. The electric truck industry may be impacted by government programs and regulations pertaining to environmental sustainability, economic recovery, and support for electric vehicles. The need for electric trucks may fluctuate in response to shifts in customer tastes and behaviour as well as growing environmental consciousness. Electric truck adoption is greatly influenced by the availability and advancement of the charging infrastructure. Investment plans for infrastructure may have been impacted by the pandemic.
Japan Electric Truck Market Key Players
Short- to medium-distance deliveries are frequent in urban arenas, where electric trucks are frequently a good fit. As part of sustainability programs, electric trucks may become more common in metropolitan areas (like Tokyo, Osaka etc.) with tougher pollution regulations. Additionally, some of the market key players are Hino Motors Ltd., Isuzu Motors Limited, Daihatsu Motor Co. Ltd., UD Trucks Corporation, Mitsubishi Fuso Truck and Bus Corporation, SkyDrive, Cocoa Motors, Toyota and various others.
Japan Electric Truck Market Segmentation:
By Vehicle Type: Based on the Vehicle Type, Japan Electric Truck Market is segmented as; Light-duty Truck, Medium-duty Truck, Heavy-duty Truck.
By Propulsion: Based on the Propulsion, Japan Electric Truck Market is segmented as; Battery Electric Truck, Hybrid Electric Truck, Plug-in Hybrid Electric Truck, Fuel Cell Electric Truck.
By Range: Based on the Range, Japan Electric Truck Market is segmented as; 0-150 Miles, 151-300 Miles, Above 300 Miles.
By Application: Based on the Application, Japan Electric Truck Market is segmented as; Logistics, Municipal, Construction, Mining, and Others.
By Region: This research also includes data for Kanto Region, Kinki Region, Central/ Chubu Region, Kyushu-Okinawa Region, Tohoku Region, Chugoku Region, Hokkaido Region, Shikoku Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report
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Japan Used Truck Market Growth
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