Global Electric Trucks Market - Analysis, Size, Share, Growth, and Forecast to 2028

Global Electric Trucks Market - Analysis, Size, Share, Growth, and Forecast to 2028

The electric truck market has been experiencing substantial growth in recent times. The rising awareness of environmental issues, including air pollution and climate change, has prompted governments, businesses, and consumers worldwide to seek cleaner and more sustainable transportation solutions. As a result, the demand for electric trucks, which produce zero tailpipe emissions, has surged.

Major players in the automotive industry have also shown increasing interest in the electric truck segment, leading to the development and introduction of various electric truck models.

Moreover, governments across different regions have been implementing supportive policies and incentives, such as subsidies, tax credits, and stricter emission regulations, to promote the adoption of electric vehicles, including electric trucks.

Despite this positive trajectory, challenges related to charging infrastructure, range limitations, high upfront costs relative to conventional diesel trucks, and battery technology need to be addressed to ensure the continued expansion and adoption of electric trucks.

Driver

Increasing Policy Support for Electric Heavy-Duty Vehicles

In February 2023, the European Commission unveiled proposed revisions to the regulation on emissions from Heavy-Duty Vehicles (HDVs). According to the estimates provided by the International Council on Clean Transportation (ICCT), these new regulations have the potential to lead to a remarkable reduction of over 75% in sectoral emissions by the year 2050 when compared to the emission levels recorded in 2020.

As a consequence of the proposed revisions to the regulation on HDV emissions and the potential for significant emissions reduction, numerous European Union member countries are intensifying their support for zero-emission heavy transport within their national plans.

One such example is Germany, which has taken a proactive approach by offering some of the highest truck purchase subsidies in Europe. Under this initiative, up to 80% of the additional costs associated with purchasing zero-emission vehicles and/or setting up the required charging infrastructure are covered by the government. This substantial financial support aims to incentivize the adoption of cleaner and more sustainable transportation solutions, furthering the transition towards zero-emission heavy transport in the country.

Ireland's updated Climate Action Plan includes targets of 700 low-emission heavy-duty trucks by 2025 and a 30% share of zero-emission heavy-duty truck sales by 2030. The plan also incorporates provisions specifically aimed at addressing emissions and environmental impacts from heavy-duty vehicles (HDVs).

In the United Kingdom, while support for electric cars has been phased out, HDVs continue to be included in subsidy schemes, ensuring ongoing financial assistance for their adoption and related charging infrastructure.

In the United States, the Investment in Rural America (IRA) initiative allocates USD 1 billion for vehicles and infrastructure, with a specific focus on Heavy-Duty Vehicles (HDVs). This funding includes subsidies to encourage the adoption of cleaner HDVs and investments in infrastructure to support their charging needs.

In California, the state's funding package for charging infrastructure prioritizes HDVs, with 70% of the allocated funds dedicated to charging facilities catering to these vehicles.

Similarly, in Australia, the Future Fuels Program's subsidy scheme provides dedicated funding for HDVs and HDV charging, with a focus on promoting the use of cleaner fuels and technologies in the heavy-duty transportation sector. This funding is distinct from the support available for Light-Duty Vehicles (LDVs), emphasizing the specific attention given to HDVs in the country's efforts to transition to more sustainable transportation options.

Current Status of the Global Electric Truck Market

In 2022, the global electric truck market continued to experience steady growth, with nearly 60,000 medium- and heavy-duty electric trucks sold worldwide. These sales represented approximately 1.2% of total truck sales globally, indicating a modest but notable increase in the adoption of electric trucks in the commercial transportation sector.

Despite the growing interest in electric trucks, their sales shares in most major markets, except China, have remained relatively low. In countries other than China, cumulative sales of electric medium- and heavy-duty trucks have reached only a few hundred units. For instance, across the entire European Union, just under 2,000 electric trucks were sold in the year 2022.

Sales shares of electric trucks generally remain well below 1% in both medium- and heavy-duty segments in these markets. However, there are notable efforts by major shipping logistics companies, which have been conducting demonstrations of electric trucks in regional and long-haul operations. These demonstrations aim to showcase the capabilities of electric trucks and their potential in various transportation applications.

Despite the slow uptake in sales, the industry is hopeful that ongoing advancements in technology, supportive policies, and growing awareness of environmental concerns will gradually lead to a wider adoption of electric trucks in the medium- and heavy-duty sectors in the coming years.

Segment Analysis

By Propulsion Type

In the current state of the global electric truck market, battery electric trucks have emerged as the dominant technology, enjoying widespread adoption and commercial availability. These trucks operate solely on electric power and utilize high-capacity EV batteries to store and deliver energy to their electric drivetrains. The advancements in battery technology, such as increased battery capacity and improved charging capabilities, have significantly contributed to the popularity of battery electric trucks. As a result, various manufacturers have introduced a range of battery electric truck models suitable for different applications, from light-duty trucks to heavy-duty long haul trucks.

On the other hand, fuel cell electric trucks are still in their initial stages of development and deployment. Fuel cell trucks employ hydrogen fuel cells to generate electricity, which then powers the electric drivetrain. While the technology shows great promise for long-range and heavy-duty applications, it is currently in the early phases of commercialization. Many fuel cell electric trucks are deployed on a pilot basis or are undergoing extensive testing to evaluate their performance, efficiency, and real-world viability.

Regional Analysis

China maintained its position as a dominant force in the production and sales of electric trucks. In 2022, approximately 52,000 electric medium- and heavy-duty trucks were sold in China, accounting for an impressive 4% of total truck sales within the country. Moreover, Chinese manufacturers remained at the forefront of the global electric truck market, contributing to approximately 85% of all electric truck sales worldwide.

The influence of Chinese electric truck manufacturers extended beyond their home market. In regions like Latin America, North America, and Europe, many of the electric trucks being sold bore the branding of Chinese manufacturers. This growing trend showcases the global expansion and recognition of Chinese electric truck brands, as they gain market share and compete with established international manufacturers.

Recent Key Developments

In July 2023, the San Francisco-based startup, Ample, announced its expansion into the electric truck market. The company will be integrating its modular electric vehicle battery swapping technology into Mitsubishi Fuso's electric trucks, and this deployment is scheduled to take place in late 2023.

China's Zhejiang Geely Holding Group (Geely Group) has introduced its new electric pickup truck, the Radar GD6, boasting an impressive range of up to 632 kilometers.

In May, Volvo Trucks, a subsidiary of the Volvo Group, achieved a momentous milestone with its largest-ever commercial order for electric trucks. Swiss building solutions provider Holcim has made a significant commitment by ordering 1,000 electric trucks from Volvo Trucks. This substantial order signifies a major step forward in embracing sustainable transportation solutions in the commercial sector.

In July 2023, Tresa Motors, based in Bengaluru, unveiled its inaugural electric truck, the Model V0.1. This innovative electric truck is built on the company's Axial Flux Motor Platform, FLUX350, and is intended for global markets. The concept truck highlights Tresa Motors' unique approach to industrial design, axial flux powertrain, and safe battery packs, specifically tailored for medium and heavy electric trucks.

Tata Motors has introduced its latest lineup of trucks and buses in the alternative fuel segment. The company unveiled a total of 14 new products in the commercial vehicle (CV) segment, encompassing a diverse range of applications. These products span various alternative fuel options, including natural gas, battery electric, fuel-agnostic, hydrogen cell electric, and hydrogen cell internal combustion engine (ICE) categories.

In July 2023, Ashok Leyland, a prominent truck manufacturer in India, made an announcement regarding the launch of two new electric small trucks: the electric Dost and the electric Bada Dost. These upcoming electric small trucks will be produced at Ashok Leyland's LCV (light commercial vehicle) facility within the company's Hosur production complex.

The Port of Long Beach has partnered with WattEV, a commercial-truck charging infrastructure developer, to open the nation's largest charging station for electric heavy-duty trucks. Located adjacent to the port's Pier-A terminal, this depot can simultaneously charge 26 trucks. It will support heavy-duty electric trucks with routes connecting to various inland destinations across Southern California.

The new report from Blackridge Research on the Global Electric Truck Market comprehensively analyses the hydrogen fuel cell truck Market and provides deep insight into the current and future state of the industry.

The study examines the drivers, restraints, and regional trends influencing Global Electric Truck Market demand and growth.

The report also addresses present and future market opportunities, market trends and developments, the impact of COVID-19 on the Global Electric Truck Market, important commercial developments, trends, regions, and segments poised for the fastest growth, and the competitive landscape, and the market share of key players.

Further, the report will also provide global electric truck market size, demand forecast, and growth rates.

What Do We Cover in the Report?

Global Electric Truck Market Drivers & Restraints

The study covers all the major underlying forces that help the market develop and grow and the factors that constrain growth.

The report includes a meticulous analysis of each factor, explaining the relevant qualitative information with supporting data.

Each factor's respective impact in the near, medium, and long term will be covered using Harvey balls for visual communication of qualitative information and functions as a guide for you to analyze the degree of impact.

Global Electric Truck Market Analysis

This report discusses an overview of the market, the latest updates, important commercial developments and structural trends, and government policies and regulations.

This section provides an assessment of COVID-19's impact on global electric trucks market demand.

Global Electric Truck Market Size and Demand Forecast

The report provides global market size and demand forecasts until 2028, including year-on-year (YoY) growth rates and CAGR.

Global Electric Truck Market Industry Analysis

The report examines the critical elements of the global electric truck industry supply chain, its structure, and the participants.

Using Porter's five forces framework, the report covers the assessment of the global electric truck industry's state of competition and profitability.

Global Electric Truck Market Segmentation and Forecast

The report dissects the Global Electric Truck Market into segments based on vehicle type (light duty trucks, medium duty trucks, heavy duty trucks) and propulsion type (battery electric truck, fuel cell electric truck, hybrid electric truck). A detailed summary of the current scenario, recent developments, and market outlook will be provided for each segment.

Further, market size and demand forecasts will be presented, along with various drivers and barriers for individual market segments.

Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth. Contact us for "bespoke" market segmentation to better align the research report with your requirements.

Regional Market Analysis

The report covers detailed profiles of major countries across the world. Each country's analysis covers the current market scenario, market drivers, government policies and regulations, and market outlook.

In addition, market size, demand forecasts, and growth rates will be provided for all regions.

Following are the notable countries covered under each region:

North America: United States, Canada, Mexico, and the Rest of North America

South America: Argentina, Chile, and the Rest of South America

Europe: Germany, France, the United Kingdom (UK), Russia, and the Rest of Europe

Asia-Pacific: China, India, Japan, South Korea, Australia, and the Rest of APAC

Middle-East & Africa: Saudi Arabia, Brazil, Nigeria, South Africa, and other countries

Key Company Profiles

This report presents detailed profiles of key companies in the global electric truck industry, such as Paccar Inc., Dongfeng Motor Corporation, AB Volvo, Daimler AG, etc.

Generally, each company profile includes - an overview of the company, relevant products and services, a financial overview, and recent developments.

Competitive Landscape

The report provides a comprehensive list of notable companies in the market, including mergers and acquisitions (M&As), joint ventures (JVs), partnerships, collaborations, and other business agreements.

The study also discusses the strategies adopted by leading players in the industry.

Executive Summary

The executive summary will be jam-packed with charts, infographics, and forecasts. This chapter summarizes the findings of the report crisply and clearly.

The report begins with an executive summary chapter and ends with Conclusions and Recommendations.

Also, check out our latest regional reports on:

United States Hydrogen Fuel Cell Truck (FCT) Market

China Hydrogen Fuel Cell Truck (FCT) Market

Europe Hydrogen Fuel Cell Truck (FCT) Market
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