Electric Truck Market Size to Reach $1,893.1 million by 2027 | CAGR 25.8%
According to a recent report published by Report Ocean, titled, "Electric Truck Market by Propulsion, Vehicle Type, and Range: Opportunity Analysis and Industry Forecast, 2020-2027," the global electric truck market size was valued at $422.5 million in 2019, and is projected to reach $1,893.1 million by 2027, registering a CAGR of 25.8% from 2020 to 2027.
The logistics sector is a major contributor in country's growth rate. Growth of the e-commerce sector and increase in internet accessibility are the key contributors in boosting the share of logistic industry in overall country's GDP. Logistic companies and supply chain players are actively contributing to replace their fleet with energy-efficient and green vehicles. Also, government initiatives coupled with increasing demand for green transportation are backing the clean environment initiatives.