Europe Electric Truck Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 to 2032

Europe Electric Truck Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 to 2032

Europe Electric Truck Market was worth USD 1.4 billion in 2023 and will expand at 50% CAGR throughout 2024-2032, propelled by urbanization and the rising demand for last-mile delivery. As cities expand and e-commerce flourishes, the need for efficient, environmentally friendly delivery solutions becomes crucial. Electric trucks are ideal for urban logistics, offering lower emissions and noise levels. Additionally, increased investment in electric vehicle technology enhances battery performance and charging infrastructure, making electric trucks more viable for businesses. This combination of urban growth and technological advancements positions the electric truck industry for substantial expansion in Europe.

The Europe electric truck market is classified based on vehicle, axle, application, propulsion, superstructure, battery capacity, range capacity, and region.

The heavy duty truck segment captured USD 1 billion in 2023, driven by the increasing demand for efficient and sustainable logistics solutions. Heavy-duty electric trucks are essential for long-haul transportation, as they offer significant reductions in greenhouse gas emissions compared to traditional diesel trucks. As regulatory pressures intensify and companies prioritize sustainability, the adoption of heavy-duty electric trucks becomes more favorable. Also, advancements in battery technology improve range and performance, making these trucks an attractive option for fleet operators in the region.

The PHEV segment achieved a 64% share in 2023 due to its versatility and range capabilities. PHEVs combine traditional internal combustion engines with electric propulsion, offering the flexibility of using both electric and gasoline or diesel power. This dual capability makes them particularly appealing for fleet operators seeking to balance environmental concerns with operational efficiency. As businesses aim to reduce emissions while maintaining performance, the adoption of PHEVs in commercial applications will grow, solidifying their dominant market position.

Germany accumulated a 20% share in 2023, attributed to its robust automotive industry and strong commitment to sustainability. As a leading manufacturer of commercial vehicles, Germany is at the forefront of electric truck innovation and production. The country’s stringent emissions regulations and supportive government policies, including subsidies and incentives for electric vehicle adoption, further promote market growth. Besides, the expansion of charging infrastructure enhances the viability of electric trucks, making Germany a central contributor to the overall Europe electric truck industry.