Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global Electric Truck Market Outlook

The global electric truck market attained a value of about USD 815.10 million in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 29% to reach nearly USD 8062.64 million by 2032.

Global Electric Truck Market

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Rising Concerns Regarding Carbon Emission and Rapid Electrification of Vehicles to Augment the Market Growth

The rapid electrification of transportation to mitigate greenhouse gas emissions and surge cost-effectiveness is aiding the market growth. The increasing demand for fuel-efficient vehicles is surging the use of electric trucks, hence propelling the market growth. The rising adoption of heavy-duty electric vehicles to increase profitability and reduce carbon footprint is further augmenting the market growth of electric trucks. The increasing production of electric vehicle and hybrid electric vehicle segments by OEM manufacturers is propelling the market growth. Moreover, the rising demand for efficient trucks to reduce operational costs is significantly contributing to the market growth. Advancements in battery technology are surging the feasibility and economic competitiveness of electric trucks, which is augmenting the industry growth.

Europe to Hold a Significant Share of the Market for Electric Truck

Europe holds a significant share of the electric truck industry due to the rapid adoption of electric vehicles in the region. The expanding infrastructure required for electric vehicles is increasing the use of electric trucks. Furthermore, the rapid electrification of transportation fuelled by various favourable government initiatives is aiding the growth of the electric truck industry. The Europe Commission plans to achieve green and digital transformation by increasing the adoption of electric vehicles. Moreover, the government in the region is providing incentives to augment the transition to electric trucks. For instance, the German transport ministry launched a program to promote old trucks to sustainable ones to reduce carbon emissions. In addition, the presence of the leading companies in the region is further propelling the regional market growth, hence contributing to the overall market growth.

Electric Truck: Market Segmentation

Electric trucks are electric vehicles that use electricity as their source of energy for logistics and transportations. The trucks are typically powered by batteries which are then recharged. Short-haul electric trucks are used increasingly as it requires less power and reduces carbon footprints.

Global Electric Truck Market by Segment

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The major propulsions of electric trucks are:

  • Battery Electric Truck
  • Hybrid Electric Truck
  • Plug-in Hybrid Electric Truck
  • Fuel Cell Electric Truck

The market can be broadly categorised on the basis of its vehicle types into:

  • Light Duty
  • Medium Duty
  • Heavy Duty

Based on range, the market is divided into:

  • 0-150 Miles
  • 151-300 Miles
  • Above 300 Miles
  • Others

The EMR report looks into the regional markets of electric truck like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Global Electric Truck Market by Region

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Rising Demand for Transportation Using Renewable Energy to Bolster the Electric Truck Industry

The rising demand to eliminate the use of fossil fuels as an energy source in transportation is driving the growth of the electric truck industry. New and innovative product launches by the leading companies are further accelerating the market growth. The reducing price of batteries owing to technological advancements is also expected to propel the industry growth. This is further decreasing the total cost of ownership (TCO) of electric trucks. Moreover, the scarcity of professional drivers, as well as the low profit margin of traditional trucks, is accelerating the transition to electric trucks. The trend of logistics efficiency is surging the use of electric trucks, therefore augmenting the market growth.

The development of charging infrastructure, which is a prerequisite for the functioning of an electric truck, is expected to aid the market growth. For instance, Volvo Group, Daimler Truck, and Volkswagen’s AG heavy truck line entered into an agreement to build various high-performance public charging stations for electric heavy-duty trucks and buses around Europe in July 2021. In addition, the rapid development of prototypes of diverse electric trucks by manufacturers is anticipated to fuel the market growth. Increasing investments in renewable energy and energy efficiency are leading to the production of innovative electric trucks, which is projected to significantly contribute to the industry growth.

Key Industry Players in the Global Electric Truck Market

The report presents a detailed analysis of the following key players in the global electric truck market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

  • AB Volvo
  • Daimler AG
  • Dongfeng Motor Corporation
  • Scania CV AB
  • Paccar Company
  • Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Propulsion
  • Vehicle Type
  • Range
  • Region
Breakup by Propulsion
  • Battery Electric Truck
  • Hybrid Electric Truck
  • Plug-in Hybrid Electric Truck
  • Fuel Cell Electric Truck
Breakup by Vehicle Type
  • Light Duty
  • Medium Duty
  • Heavy Duty
Breakup by Range
  • 0-150 Miles
  • 151-300 Miles
  • Above 300 Miles
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • AB Volvo
  • Daimler AG
  • Dongfeng Motor Corporation
  • Scania CV AB
  • Paccar Company
  • Others
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

In 2023, the global electric truck market attained a value of nearly USD 815.10 million.

The market is projected to grow at a CAGR of 29% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 8062.64 million by 2032.

The rapid electrification of vehicles, the introduction of various favourable government initiatives, and rising research and development (R&D) activities are the major market drivers.

The key trends guiding the market include the rising demand for electric vehicles, the development of charging infrastructure, and new and innovative product launches.

The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The major electric truck market segments based on propulsion are battery electric truck, hybrid electric truck, plug-in hybrid electric truck, and fuel cell electric truck.

The different vehicle types considered in the market report are light duty, medium duty, and heavy duty.

0-150 miles, 151-300 miles, and above 300 miles, among others, are the various segments based on the range of electric trucks.

The major players in the market are AB Volvo, Daimler AG, Dongfeng Motor Corporation, Scania CV AB, and Paccar Company, among others.

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