Electric Truck Market Size, Share, and Trends 2025 to 2034

Electric Truck Market Size and Forecast 2025 to 2034

The global electric truck market size was calculated at USD 1.22 billion in 2024 and is predicted to reach around USD 18.63 billion by 2034, expanding at a CAGR of 31.34% from 2025 to 2034. The rising demand to reduce air pollution, improve air quality and contribute towards greener transportation is encouraging the growth of the electric truck market.

Electric Truck Market Key Takeways

• Asia Pacific dominated the electric truck market in 2024.
• North America is projected to expand at the notable CAGR during the forecast period.
• By propulsion, the battery electric trucks segment dominated the electric truck market in 2024.

How is Artificial Intelligence (AI) Changing Electric Vehicle Industry?

Integration of artificial intelligence into electric trucks brings automation, enhanced safety features, GPS, battery optimization and many more. Overall, AI makes an electric truck be smarter transportation landscape. With the growth expansion, the automobile sector allows enterprises to track operations, optimize business planning, produce autonomous and semi-autonomous vehicles, and improve digital outcomes.

Additionally, data science and machine learning technology support automotive companies to drastically enhance from research to design and manufacturing to everything in between. 

According to an International Energy Agency survey, over 250,000 electric vehicles were sold every week in the last year worldwide. With this continuous progress, it is expected that EVs to account for 40% of car sales by 2030. 

Asia Pacific Electric Truck Market Size and Growth 2025 to 2034

The Asia Pacific electric truck market size was evaluated at USD 560 million in 2024 and is projected to be worth around USD 8,660 million by 2034, growing at a CAGR of 31.50% from 2025 to 2034.

Africa is expected to witness highest CAGR of around 37.7% during 2025-2034. Asia-Pacific dominated the electric truck market in 2024. 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.

Electric Truck Market Growth Factors

• Electric trucks are known to significantly reduce carbon footprint and contribute towards a cleaner and greener environment. Electric vehicles eliminate the exhaust emission of NOx and PM2.5 and reduce particulates from brake wear.
• Electric truck offers a smoother driving experience with the help of better torque and acceleration in comparison to diesel trucks.
• As electric trucks have fewer parts, simpler powertrains and use regenerative braking which ultimately results in requiring less maintenance.
• The government of several regions are greatly taking interest in this particular topic, and offer financial incentives for businesses to adopt electric vehicles such as reduced taxes and lower registration fees.

Market Scope

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 2024. 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 2024. 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

• In January 2025, Aramex a global leader in logistics and transportation solutions, launched a commercial fleet of electric trucks in the UAE. Aiming for a greener future for logistics in the oil and gas industry. This is achieved through the collaboration with UAE-based Admiral Mobility. This initiative is aimed at delivering strategic sustainable logistics solutions and reducing industrial supply chain environmental impacts.
• In January 2025, Montra Electric, a manufacturer of electric three-vehicles and commercial vehicles, plans to launch their e-SCV and Electric 3W supercargo at the Bharat Mobility Global Expo 2025. This launch will bring significant growth to the electric small commercial vehicle spaces and will encourage India’s Mid-mile and last-mile mobility sectors.

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