Electric Truck Market Size - By Vehicle Type (Light-duty, Medium-duty, Heavy-duty), Battery Technology (Battery Electric Trucks, Hybrid Electric Trucks, Plug-in Hybrid Electric Trucks, Fuel Cell Electric Trucks), Battery Capacity, Application & Forecast,

Electric Truck Market Size - By Vehicle Type (Light-duty, Medium-duty, Heavy-duty), Battery Technology (Battery Electric Trucks, Hybrid Electric Trucks, Plug-in Hybrid Electric Trucks, Fuel Cell Electric Trucks), Battery Capacity, Application & Forecast, 2023 - 2032

Global Electric Truck Market size will expand substantially through 2032. Rising fuel costs and the volatility of fossil fuels are shaping the industry landscape. Electric trucks offer lower operating costs compared to their diesel or gasoline counterparts. As prices of fossil fuels continue to rise, the cost of electricity for charging electric trucks remains relatively stable. This predictable and often lower cost of electricity contributes to significant savings in fuel expenses, making electric trucks an attractive option for businesses seeking to reduce their operating costs.

The overall electric truck market is categorized based on vehicle, application, battery technology, battery capacity, GVWR, and region.

Based on vehicle, electric medium-duty trucks market share will grow at a considerable CAGR from 2023 to 2032. Medium-duty electric trucks offer better energy efficiency and regenerative braking capabilities, which can help recover energy during deceleration and improve overall efficiency. Additionally, these trucks have a significantly lower environmental impact compared to heavy-duty trucks. They can be easily integrated into existing fleets and operations, allowing businesses to gradually transition to electric vehicles without disrupting their entire logistics and infrastructure.

Based on application, the industry size from the construction segment reached over USD 5 billion in 2022. Growing awareness about environmental sustainability has increased the demand for electric trucks in the construction sector. Additionally, these trucks operate quietly compared to their diesel counterparts, significantly reducing noise pollution. This feature allows construction companies to minimize disturbances to nearby residents and maintain better relationships with the local community. Moreover, expanding construction industry is further creating abundant opportunities for segment growth.

Based on battery capacity, industry value from the below 100 kWh segment will amass lucrative gains through 2032. Low upfront cost and improved maneuverability of electric trucks with a capacity below 100 kWh have favored their adoption. These vehicles are well suited for short-distance applications and have a fast charging time. Additionally, they can be employed in a wide range of industries, including local deliveries, urban distribution, last-mile logistics, and small-scale transportation.

Regionally, the North America electric truck market size reached over USD 1 billion in 2022. Growing investment by the government in electric vehicle infrastructure will present lucrative opportunities for regional growth. In May 2023, the U.S. government announced an investment of around USD 51 million in America’s EV charging network. Moreover, North America is also home to major automobile giants such as Ford, General Motors, and others emphasizing product innovations to expand their presence, which will expedite regional market growth through 2032.