Electric Trucks Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Electric Truck Market
The Electric Truck market size was valued at USD 815.3 million in 2023, and the market is now projected to grow from USD 1,091.6 million in 2024 to USD 13,045.4 million by 2032, exhibiting a CAGR of 36.4% during the forecast period of 2024-2032.
In the years 2020 and 2021, the global Electric Truck market growth was greatly affected by COVID-19, resulting in a drop and then rise of truck demand in 2020 and 2021 respectively, alternatively. By 2021, there were more than 170 new electric truck models globally, except in China, due to the push for zero and low-gas emissions support gases in manufacturing automobiles.
A primary factor that is driving the demand for electric trucks is the rise in fuel prices. The attractiveness of electric alternatives are based on their efficiency in terms of cost and sustainability which becomes more appealing as operating costs for the traditional fuel powered trucks increase thus speeding up their adoption rates by consumers in Electric Truck market share.
As Tesla and Volvo continue to dominate the global truck industry, the advent of self-driving science has been a game changer. They are not the only players in this field though, startups like Embark or TuSimple also have ambitions of their own on creating driverless trucks (Smith). All these changes help transport firms move larger quantities of items using less number of staff thereby increasing output levels and at the same time cutting down on expenses.
Comprehensive Analysis of Electric Truck Market
The Electric Truck market and Automotives industry is rising at an exponential rate due to its market segmentation. These segmentations are methodically segregated by Propulsion Analysis, by Vehicle Type Analysis, by Range Analysis. The Propulsion Analysis include, Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), and Fuel Cell Electric Vehicle (FCEV). However, the Vehicle Type Analysis such as light duty trucks, medium duty trucks, and heavy duty trucks. The Range Analysis includes 151-300 miles, 150 miles, and above 300 miles.
The Asia Pacific region lead the Electric Truck market by benefitting a market size of USD 421.8 million in 2023 due to the growth in the sale and registration of commercial electric vehicles.
The top players in the market play a crucial role in the Automotives industry assuring industrial prospectus growth and setting market standards. These players include, Daimler AG (Germany), Tesla Inc (U.S.), Tata Motors (India), BYD Company Ltd. (China), Scania AB (Sweden), AB Volvo (Sweden), Paccar Inc. (U.S.), Navistar International Corp. (U.S.), Workhorse (U.S.), Hino Motors Ltd. (Japan) these market players provide a competitive landscape.
In May 2023, Freightliner has launched Series Production series for pick-ups, deliveries and freight delivery services; this new series is out now and soon to be produced, it will start production later this year. In a bid to examine the real world experiences of its customers Freightliner has introduced their innovative version of medium duty trucks namely eM2.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 36.4% over 2024 to 2032
Unit Value (USD Million)
Segmentation By Propulsion
BEV
PHEV
FCEV
By Vehicle Type
Light Duty Trucks
Medium Duty Trucks
Heavy Duty Trucks
By Range
150 Miles
151-300 Miles
Above 300 Miles
By Geography
North America (By Propulsion, By Vehicle Type, and By Range)
- U.S.
- Canada
Europe (By Propulsion, By Vehicle Type, and By Range)
- U.K.
- Germany
- France
- Rest of Europe
Asia Pacific (By Propulsion, By Vehicle Type, and By Range)
- China
- Japan
- India
- Rest of Asia Pacific
Rest of the World (By Propulsion, By Vehicle Type, and By Range)
- Middle East & Africa
- Latin America
Please Note: It will take 5-6 business days to complete the report upon order confirmation.
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Industry Developments – Mergers, Acquisitions and Partnerships
- 4.2. Porter’s Five Forces Analysis
- 4.3. PESTEL Analysis
- 4.4. Technological Developments
- 4.5. Impact of COVID-19
- 5. Global Electric Truck Market Analysis, Insights and Forecast, 2019-2032
- 5.1. Definition / Key Findings
- 5.2. Market Analysis, Insights and Forecast – By Propulsion
- 5.2.1. BEV
- 5.2.2. PHEV
- 5.2.3. FCEV
- 5.3. Market Analysis, Insights and Forecast – By Vehicle Type
- 5.3.1. Light Duty Trucks
- 5.3.2. Medium Duty Trucks
- 5.3.3. Heavy Duty Trucks
- 5.4. Market Analysis, Insights and Forecast – By Range
- 5.4.1. 150 Miles
- 5.4.2. 150 - 300 Miles
- 5.4.3. Above 300 Miles
- 5.5. Market Analysis, Insights and Forecast – By Region
- 5.5.1. North America
- 5.5.2. Europe
- 5.5.3. Asia pacific
- 5.5.4. Rest of the World
- 6. North America Electric Truck Market Analysis, Insights and Forecast, 2019-2032
- 6.1. Market Analysis, Insights and Forecast – By Propulsion
- 6.1.1. BEV
- 6.1.2. PHEV
- 6.1.3. FCEV
- 6.2. Market Analysis, Insights and Forecast – By Vehicle Type
- 6.2.1. Light Duty Trucks
- 6.2.2. Medium Duty Trucks
- 6.2.3. Heavy Duty Trucks
- 6.3. Market Analysis, Insights and Forecast – By Range
- 6.3.1. 150 Miles
- 6.3.2. 150 - 300 Miles
- 6.3.3. Above 300 Miles
- 6.4. Market Analysis – By Country
- 6.4.1. The U.S.
- 6.4.2. Canada
- 7. Europe Electric Truck Market Analysis, Insights and Forecast, 2019-2032
- 7.1. Market Analysis, Insights and Forecast – By Propulsion
- 7.1.1. BEV
- 7.1.2. PHEV
- 7.1.3. FCEV
- 7.2. Market Analysis, Insights and Forecast – By Vehicle Type
- 7.2.1. Light Duty Trucks
- 7.2.2. Medium Duty Trucks
- 7.2.3. Heavy Duty Trucks
- 7.3. Market Analysis, Insights and Forecast – By Range
- 7.3.1. 150 Miles
- 7.3.2. 150 - 300 Miles
- 7.3.3. Above 300 Miles
- 7.4. Market Analysis – By Country
- 7.4.1. The U.K.
- 7.4.2. Germany
- 7.4.3. France
- 7.4.4. Rest of Europe
- 8. Asia pacific Electric Truck Market Analysis, Insights and Forecast, 2019-2032
- 8.1. Market Analysis, Insights and Forecast – By Propulsion
- 8.1.1. BEV
- 8.1.2. PHEV
- 8.1.3. FCEV
- 8.2. Market Analysis, Insights and Forecast – By Vehicle Type
- 8.2.1. Light Duty Trucks
- 8.2.2. Medium Duty Trucks
- 8.2.3. Heavy Duty Trucks
- 8.3. Market Analysis, Insights and Forecast – By Range
- 8.3.1. 150 Miles
- 8.3.2. 150 - 300 Miles
- 8.3.3. Above 300 Miles
- 8.4. Market Analysis – By Country
- 8.4.1. China
- 8.4.2. India
- 8.4.3. Japan
- 8.4.4. Rest of Asia Pacific
- 9. Rest of the World Electric Truck Market Analysis, Insights and Forecast, 2019-2032
- 9.1. Market Analysis, Insights and Forecast – By Propulsion
- 9.1.1. BEV
- 9.1.2. PHEV
- 9.1.3. FCEV
- 9.2. Market Analysis, Insights and Forecast – By Vehicle Type
- 9.2.1. Light Duty Trucks
- 9.2.2. Medium Duty Trucks
- 9.2.3. Heavy Duty Trucks
- 9.3. Market Analysis, Insights and Forecast – By Range
- 9.3.1. 150 Miles
- 9.3.2. 150 - 300 Miles
- 9.3.3. Above 300 Miles
- 9.4. Market Analysis – By Sub Region
- 9.4.1. Latin America
- 9.4.2. The Middle East & Africa
- 10. Competitive Analysis
- 10.1. Competitive Analysis
- 10.2. Key Industry Developments
- 10.3. Global Market Ranking Analysis (2023)
- 10.4. Competition Dashboard
- 10.5. Comparative Analysis – Major Players
- 10.6. Company Profiles
- 10.6.1. Tesla Inc.
- 10.6.1.1. Overview
- 10.6.1.2. Products & Services
- 10.6.1.3. SWOT Analysis
- 10.6.1.4. Recent Developments
- 10.6.1.5. Strategies
- 10.6.1.6. Financials (Based on Availability)
- 10.6.2. Daimler AG
- 10.6.2.1. Overview
- 10.6.2.2. Products & Services
- 10.6.2.3. SWOT Analysis
- 10.6.2.4. Recent Developments
- 10.6.2.5. Strategies
- 10.6.2.6. Financials (Based on Availability)
- 10.6.3. BYD Company Ltd.
- 10.6.3.1. Overview
- 10.6.3.2. Products & Services
- 10.6.3.3. SWOT Analysis
- 10.6.3.4. Recent Developments
- 10.6.3.5. Strategies
- 10.6.3.6. Financials (Based on Availability)
- 10.6.4. TATA Motors
- 10.6.4.1. Overview
- 10.6.4.2. Products & Services
- 10.6.4.3. SWOT Analysis
- 10.6.4.4. Recent Developments
- 10.6.4.5. Strategies
- 10.6.4.6. Financials (Based on Availability)
- 10.6.5. AB Volvo
- 10.6.5.1. Overview
- 10.6.5.2. Products & Services
- 10.6.5.3. SWOT Analysis
- 10.6.5.4. Recent Developments
- 10.6.5.5. Strategies
- 10.6.5.6. Financials (Based on Availability)
- 10.6.6. Scania Group
- 10.6.6.1. Overview
- 10.6.6.2. Products & Services
- 10.6.6.3. SWOT Analysis
- 10.6.6.4. Recent Developments
- 10.6.6.5. Strategies
- 10.6.6.6. Financials (Based on Availability)
- 10.6.7. Paccar
- 10.6.7.1. Overview
- 10.6.7.2. Products & Services
- 10.6.7.3. SWOT Analysis
- 10.6.7.4. Recent Developments
- 10.6.7.5. Strategies
- 10.6.7.6. Financials (Based on Availability)
- 10.6.8. Workhorse
- 10.6.8.1. Overview
- 10.6.8.2. Products & Services
- 10.6.8.3. SWOT Analysis
- 10.6.8.4. Recent Developments
- 10.6.8.5. Strategies
- 10.6.8.6. Financials (Based on Availability)
- 10.6.9. Navistar International Corp.
- 10.6.9.1. Overview
- 10.6.9.2. Products & Services
- 10.6.9.3. SWOT Analysis
- 10.6.9.4. Recent Developments
- 10.6.9.5. Strategies
- 10.6.9.6. Financials (Based on Availability)
- 10.6.10. Hino Motors Ltd.
- 10.6.10.1. Overview
- 10.6.10.2. Products & Services
- 10.6.10.3. SWOT Analysis
- 10.6.10.4. Recent Developments
- 10.6.10.5. Strategies
- 10.6.10.6. Financials (Based on Availability)
Research Assistance
Download our eBook: How to Succeed Using Market Research
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook