Electric Truck Market Size, Share, and Trends 2024 to 2034

Electric Truck Market Size to Reach USD 20.25 Bn by 2032

The global electric truck market size was valued at USD 2 billion in 2022 and it is expected to surpass around USD 20.25 billion by 2032 with a noteworthy CAGR of 26.10% from 2023 to 2032.

Key Insights

• By vehicle type, the battery electric trucks segment has held revenue share of 86% in 2022.
• China has accounted for revenue share of 81% in 2022
• The U.S. electric trucks market is expanding at a CAGR of 59.9% from 2023 to 2032.

Electric Truck Market in Asia Pacific 2023 To 2032

The Asia Pacific electric truck market size reached USD 0.64 billion in 2022 and it is predicte to be worth around USD 6.58 billion by 2032, growing at a CAGR of 26.30% between 2023 to 2032.

Africa is expected to witness highest CAGR of around 37.7% during 2023-2032.

Asia-Pacific dominated the electric truck market in 2022. The China dominates the electric truck market in Asia-Pacific region. Due to rapid industrialization and urbanization, the market for electric truck is growing at a rapid pace. The other factors such as strict government laws and norms against pollution and global warming, high investments in research and development by government and key market players, and growing awareness among the people are driving the growth of the electric truck market in the Asia-Pacific region. In addition, the government is providing subsidies and incentives to the market players. This factor is also driving the growth and expansion of the Asia-Pacific electric truck market.

North America is expected to develop at the fastest rate during the forecast period. The factors such as technological advancements and adoption of innovative technologies are driving the growth of the electric truck market in the region. The fuel-based vehicles emit lot of toxic gases a result into increase in pollution levels. To curb the negative impact of fuel-based vehicles and trucks, the government is imposing stringent regulations and guidelines. These factors are propelling the growth of the electric truck market in the North America region.

Growth Factors

The electric trucks are latest model of vehicles that run without fuel or gasoline. The depletion of fuel has resulted into huge adoption of electric vehicle in the market. Due to stringent regulations and norms related to pollution, global warming, and greenhouse gas emissions, the growth of the global electric truck market is expected in the near future.

The growing awareness regarding electric vehicles is contributing towards the growth of the global electric truck market. In addition, the government of developed and developing regions are constantly motivating people for the acceptance and adoption of electric vehicles. Moreover, the government is also providing tax benefits to those people who are willing to buy electric vehicles. The government is also striving to create sustainable electric vehicle charging infrastructure. This will help people to use electric truck in an efficient manner. All of these steps and initiatives taken by government are boosting the growth of the global electric truck market over the projected period.

The rising costs of gasoline, fuel, diesel, and petrol is creating lucrative opportunities for the growth of the global electric truck market. Additionally, the major market players are taking help of renewable energy sources for the manufacturing of electric trucks in the global market. The concept of solar powered vehicles and charging stations is gaining traction in the electric truck market. The solar powered chargers’ cost is low as compared to battery chargers. This factors also save money for end users of electric trucks.

Report Scope of the Electric Truck Market

On the other hand, the factors such as insufficient charging infrastructure for electric vehicles and high cost of electric trucks is hindering the growth of the global electric truck market over the forecast period. In addition, the operating and maintenance costs of electric truck are quite high as compared to traditional vehicles and trucks. This factor is restricting the growth of the global electric truck market.

Due to rapid industrialization and urbanization, the demand for electric truck is expanding at a rapid pace. The electric truck is cost effective in nature and helps to save time at a same time. That’s the reason the original equipment manufacturers (OEMs) have started manufacturing electric vehicles on a large scale. This is supporting the expansion and development of the global electric truck market. Furthermore, the technological advancements in the development of batteries are also opening new ways for the development of the market for electric truck.

Another factor that is boosting the growth of the worldwide electric truck market is the growing investments in research and development activities by key market players. The government agencies are constantly working with market players for the promotion of electric truck in the global market. In addition, these market players are adopting some unique strategies such as agreements, joint ventures, acquisitions, partnerships, and business expansions. All of these strategies are helping market players to increase their consumer reach and create significant position in the electric truck market all over the globe.

Propulsion Insights

The battery electric trucks segment dominated the electric truck market in 2022. The electric trucks that run with the help of batteries are categorized as battery electric trucks. The batteries used in the electric trucks are ultracapacitors, lithium-ion battery, lead-acid, and nickel-metal hydride. Due to growing importance for clean energy, the government is emphasizing on the usage of electric vehicles that run on battery. This saves fuel on a large scale. In addition, technological developments are also paving way for the development of battery electric vehicles. Thus, this is driving the growth of the segment during the forecast period.

The hybrid trucks segment is fastest growing segment of the electric truck market in 2022. The hybrid electric trucks use two types of propulsion that is traditional combustion engine powertrain and electric powertrain. The hybrid electric trucks are very efficient in nature. Within 35 minutes, the vehicle is charged about 80% of capacity. This means that the hybrid electric trucks have long duration of batteries that can drive the truck for long period of time. In addition, the application of hybrid electric trucks is helping in reduction of greenhouse gases emissions.

Recent Developments

• DEX Heavy Duty Parts LLC, an AB Volvo company and a prominent supplier of recycled and restored medium and heavy-duty truck parts, inaugurated a new factory in the U.S. in February 2019. DEX, which now has a shop in North Carolina helps truck owners bring new life into their vehicles by providing restored or recycled parts.
• The Actros L, which has a GCWR of 82,000 lbs. and will be available in June 2021, is Daimler AG’s longest range commercial battery electric vehicle in North America. It has a 250-mile range and can be charged to 80% in ninety minutes.
• Toyota Motor and Kenworth partnered in March 2020 to manufacture10 zero emission Kenworth T680 trucks. Under steady state operation, the vehicles will have a range of over 300 miles.
• RIVIAN, an electric vehicle and SUV manufacturer has scheduled a capacity expansion in its manufacturing plant for February 2022. The company plans to establish its second manufacturing plant in East Atlanta, with a capacity of 400,000 automobiles per year.  

Electric Truck Market Companies 

• AB Volvo
• Workhorse
• BYD Company Ltd.
• Tata Motors
• Daimler AG
• Scania
• Dongfeng Motor Company
• Paccar Inc.
• Geely Automobiles Holdings Ltd.
• Man SE

Segments Covered in the Report

By Propulsion

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

By Vehicle Type

• Light Duty Electric Truck
• Medium Duty Electric Truck
• Heavy Duty Electric Truck

By Range

• Upto 150 Miles
• 151-300 Miles
• Above 300 Miles

By End User

• Last Mile Delivery
• Long Haul Transportation
• Refuse Services
• Field Services
• Distribution services

By Battery Capacity

• Less Than 50kwh
• 50-250 Kwh
• Above 250 Kwh

By Payload Capacity

• Upto 10,000 lbs
• 10,001-26,000 lbs
• Above 26,001 lbs

By Level of Automation

• Semi-autonomous
• Autonomous

By Geography

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Malaysia
• Philippines
• Latin America
• Brazil
• Rest of Latin America
• Middle East & Africa (MEA)
• GCC
• North Africa
• South Africa
• Rest of the Middle East & Africa