Global Electric Truck Market Size, Share & Trends Analysis Report, by Propulsion, Type, Range, Battery Type, Battery Capacity, Level of Automation, End User, By Region Forecasts, 2024 – 2032

Global Electric Truck Market Size, Share & Trends Analysis Report, by Propulsion, Type, Range, Battery Type, Battery Capacity, Level of Automation, End User, By Region Forecasts, 2024 – 2032

Global Electric Truck Market was valued at US $ 2 billion in 2023 and is expected to reach US $ 20.25 billion by 2032 growing at a CAGR of 26.10% during the forecast period 2024 – 2032.

The market push is fuelled by the need for electric vehicles from the logistics sector and other businesses. Logistics is witnessing an increasing trend in the demand for electric vehicles in top EV markets throughout the world. The growth of electric vehicles (EVs) in medium- and heavy-duty transportation is anticipated to enhance the industry's long-term profitability prospects, as EVs are significantly less expensive to recharge than alternative fuels. The US Postal Service placed an order for delivery vehicles with Workhorse Group (US) in January 2022. The World Economic Forum predicts that by 2030, the number of inner-city delivery trucks would rise to 36%.

The market for electric trucks is also anticipated to be driven by government initiatives and incentives. Governments all throughout the world are currently encouraging electric vehicles in all market sectors, including bicycles, cars, and driverless commercial carriers, by creating creative regulations and incentive programmes. For example, the Indian government changed FAME II and launched the PLI (production-linked incentive) programme as instruments to convert 80% of two- and three-wheelers into electric vehicles by 2030, but the present percentage is only slightly higher than both private used automobiles (only about Thus, such growing government policies may be credited with contributing to the recent CAGR of the global market.

“Battery electric trucks segment, by propulsion type, to be dominating market from 2023 to 2030.”

It's anticipated that battery electric trucks will lead their category for the forecast year. This market is expected to grow at the quickest rate during our forecast period because to falling battery prices and advancements in battery life and energy density. BYD Motors Inc. unveiled the innovative Blade Battery for electric cars in March 2020. Comparing the battery cell to traditional lithium iron phosphate batteries, the construction is up by over fifty percent. It also improves battery safety significantly. The electric tractor industry offers more growth opportunities because to this breakthrough.

“Light-duty electric trucks segment, by type, to be dominating market from 2023 to 2030.”

The majority of the market for electric vehicles was accounted for by the light-duty electric truck segment. Light-duty truck sales are anticipated to increase as a result of the introduction of a new line of electric vehicle models with exceptional towing capacity by automakers.

“Up to 200 miles segment, by range, to be dominating market from 2023 to 2030.”

Up to 200 miles accounted for the largest share of the market. Short-distance applications benefit greatly from these vehicles' increased efficiency and lower operating costs. The segment more than 200 miles, which was previously second in market share, is predicted to take over as number one based on the most recent developments recently disclosed by significant industry players.

“Last mile delivery segment, by end use, to be dominating market from 2023 to 2030.”

The market was dominated by the last mile industry. The last mile delivery services have seen a significant revolution and development. The social alienation and other regulations that come with Covid have made consumers much more dependent on doorstep last-mile delivery. On the other hand, the field service grew at its strongest rate in 2023. Field service personnel must perform routine maintenance on electric cars to provide steady power supplies and smooth road operations.

“50-250 KWh segment, by battery capacity, to be dominating market from 2023 to 2030.”

Its excellent energy efficiency, quick charging (50 to 250 kWh), and affordability are all significant benefits. Therefore, it is anticipated that global adoption of more than 250kwh will be unavoidable due to technological advancements and declining battery prices.

“Europe to be fastest growing region in electric truck market.”

Europe includes countries such as the United Kingdom, France, Germany, and Norway. Large incentives are being offered by the governments of this region, which has already established stringent pollution regulatory rules, to promote the usage of electric vehicles. As a result, the need for electric cars has increased dramatically throughout the area. Well-known producers of electric trucks in this area include Mercedes Benz Group AG, Scania AB, and AB Volvo. Several European governments are providing subsidies for electric infrastructure, and for the time being, the emphasis will continue to be on electric automobiles. The market for electric lorries in Europe will therefore grow within the coming years. A large-scale battery cell manufacturing facility will be built, according to AB Volvo, in response to the growing demand for zero-emission vehicles in February 2022. Commercial vehicles like buses and lorries will use the batteries. They will also look into other electric drivelines and construction equipment.

Electric truck Competitive Landscape

The competitive landscape of the Electric truck market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Electric truck technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Electric truck market is highly competitive, with numerous companies vying for market share. Prominent companies in the Electric truck Market include:

AB Volvo, PACCAR Inc., Daimler AG, BYD Company Limited, Volkswagen AG, and others.

Recent Developments:

The cross-sectional research project on hydrogen engines for heavy duty commercial vehicles, which is being carried out by Commercial Japan Partnership Technologies Corporation (CJPT), Isuzu Motors Limited (Isuzu), DENSO Corp. (DENSO), Toyota Motor Co., Ltd., and Hino Motors, Inc., has just started its preliminary research and planning stages. Initially, businesses intended to achieve carbon neutrality by introducing internal combustion engines.

The final stage of the joint venture between Volvo Group, Daimler Trucks, and TRATON GROUP to construct electrical charging infrastructure throughout Europe was effectively completed in January 2022, as previously promised. The joint venture's objective is to construct and run a minimum of 1,700 superior green energy electric vehicle charging stations close to European highways and traffic hubs.