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Global Electric Truck Market: By Propulsion: Battery Electric Truck, Hybrid Electric Truck, Plug-in Hybrid Electric Truck, Fuel Cell Electric Truck; By Vehicle Type: Light Duty, Medium Duty, Heavy Duty; By Range; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Competitive Landscape; Industry Events and Developments
Global Electric Truck Market Outlook
The global electric truck market attained a value of about USD 379.7 million in 2020. The market is further expected to grow in the forecast period of 2023-2028 at a CAGR of 29% to reach nearly USD 1749.6 million by 2026.
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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.
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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.
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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.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| 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, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| 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 |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Electric Truck Market Analysis
8.1 Key Industry Highlights
8.2 Global Electric Truck Historical Market (2018-2022)
8.3 Global Electric Truck Market Forecast (2023-2028)
8.4 Global Electric Truck Market by Propulsion
8.4.1 Battery Electric Truck
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Hybrid Electric Truck
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 Plug-in Hybrid Electric Truck
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.4.4 Fuel Cell Electric Truck
8.4.4.1 Market Share
8.4.4.2 Historical Trend (2018-2022)
8.4.4.3 Forecast Trend (2023-2028)
8.5 Global Electric Truck Market by Vehicle Type
8.5.1 Light Duty
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Medium Duty
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.3 Heavy Duty
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2022)
8.5.3.3 Forecast Trend (2023-2028)
8.6 Global Electric Truck Market by Range
8.6.1 0-150 Miles
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 151-300 Miles
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 Above 300 Miles
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2022)
8.6.3.3 Forecast Trend (2023-2028)
8.6.4 Others
8.7 Global Electric Truck Market by Region
8.7.1 North America
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2022)
8.7.1.3 Forecast Trend (2023-2028)
8.7.2 Europe
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2022)
8.7.2.3 Forecast Trend (2023-2028)
8.7.3 Asia Pacific
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2022)
8.7.3.3 Forecast Trend (2023-2028)
8.7.4 Latin America
8.7.4.1 Market Share
8.7.4.2 Historical Trend (2018-2022)
8.7.4.3 Forecast Trend (2023-2028)
8.7.5 Middle East and Africa
8.7.5.1 Market Share
8.7.5.2 Historical Trend (2018-2022)
8.7.5.3 Forecast Trend (2023-2028)
9 North America Electric Truck Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 Europe Electric Truck Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Electric Truck Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2022)
11.5.3 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Electric Truck Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Electric Truck Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 AB Volvo
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Daimler AG
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Dongfeng Motor Corporation
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Scania CV AB
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Paccar Company
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Electric Truck Market: Key Industry Highlights, 2018 and 2028
2. Global Electric Truck Historical Market: Breakup by Propulsion (USD Million), 2018-2022
3. Global Electric Truck Market Forecast: Breakup by Propulsion (USD Million), 2023-2028
4. Global Electric Truck Historical Market: Breakup by Vehicle Type (USD Million), 2018-2022
5. Global Electric Truck Market Forecast: Breakup by Vehicle Type (USD Million), 2023-2028
6. Global Electric Truck Historical Market: Breakup by Range (USD Million), 2018-2022
7. Global Electric Truck Market Forecast: Breakup by Range (USD Million), 2023-2028
8. Global Electric Truck Historical Market: Breakup by Region (USD Million), 2018-2022
9. Global Electric Truck Market Forecast: Breakup by Region (USD Million), 2023-2028
10. North America Electric Truck Historical Market: Breakup by Country (USD Million), 2018-2022
11. North America Electric Truck Market Forecast: Breakup by Country (USD Million), 2023-2028
12. Europe Electric Truck Historical Market: Breakup by Country (USD Million), 2018-2022
13. Europe Electric Truck Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Asia Pacific Electric Truck Historical Market: Breakup by Country (USD Million), 2018-2022
15. Asia Pacific Electric Truck Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Latin America Electric Truck Historical Market: Breakup by Country (USD Million), 2018-2022
17. Latin America Electric Truck Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Middle East and Africa Electric Truck Historical Market: Breakup by Country (USD Million), 2018-2022
19. Middle East and Africa Electric Truck Market Forecast: Breakup by Country (USD Million), 2023-2028
20. Global Electric Truck Market Structure
Key Questions Answered in the Report
In 2020, the global electric truck market attained a value of nearly USD 379.7 million.
The market is projected to grow at a CAGR of 29% between 2021 and 2026.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach about USD 1749.6 million by 2026.
The industry is being aided by the rapid electrification of vehicles, the introduction of various favourable government initiatives, and rising research and development (R&D) activities.
The market is expected to be driven by the rising demand for electric vehicles, the development of charging infrastructure, and new and innovative product launches.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The various propulsions of electric truck are battery electric truck, hybrid electric truck, plug-in hybrid electric truck, and fuel cell electric truck.
The major vehicle types of electric truck in the industry are light duty, medium duty, and heavy duty.
The significant ranges of electric truck are 0-150 miles, 151-300 miles, and above 300 miles, among others.
The major players in the industry are AB Volvo, Daimler AG, Dongfeng Motor Corporation, Scania CV AB, and Paccar Company, among others.
Analyst Review
The global electric truck market attained a value of nearly USD 379.7 million in 2020, driven by the introduction of various favourable initiatives to reduce carbon emissions. Aided by the development of charging infrastructure, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 29%. The market is projected to reach about USD 1749.6 million by 2026.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. By propulsion, the market is categorised into battery electric truck, hybrid electric truck, plug-in hybrid electric truck, and fuel cell electric truck. Based on its vehicle types, the electric truck industry can be segmented into light duty, medium duty, and heavy duty. On the basis of ranges, the industry is divided into 0-150 miles, 151-300 miles, and above 300 miles, among others. The major regional markets for electric truck are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include AB Volvo, Daimler AG, Dongfeng Motor Corporation, Scania CV AB, and Paccar Company, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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