Electric Truck Global Market Insights 2025, Analysis and Forecast to 2030, by Manufacturers, Regions, Technology, Product Type

Electric Truck Market Overview

The global electric truck market is poised for significant growth, driven by increasing environmental concerns, stringent emission regulations, and advancements in battery technology. Electric trucks are gaining traction as a sustainable alternative to traditional diesel-powered vehicles, particularly in urban logistics, waste management, and freight transportation. The market is expected to grow at a compound annual growth rate (CAGR) of 25.5% from 2022 to 2025, reaching a market size of $14.5 billion by 2025.

Market Size and Growth

The electric truck market was valued at $6.5 billion in 2021 and is projected to expand to $14.5 billion by 2025. This growth is attributed to the increasing adoption of electric vehicles (EVs) in commercial fleets, government incentives, and the declining cost of lithium-ion batteries. The market is expected to witness a CAGR of 25.5% during the forecast period.

Market Share & Trends Analysis

By Product Type

• Class 5: Class 5 electric trucks are expected to hold a market share of 15%-20% by 2025. These trucks are primarily used for medium-duty applications such as delivery services and utility operations.
• Class 6: Class 6 electric trucks are projected to account for 20%-25% of the market share. They are widely used in urban logistics and waste management.
• Class 7: Class 7 electric trucks are anticipated to capture 25%-30% of the market share. These trucks are suitable for heavy-duty applications, including freight transportation.
• Class 8: Class 8 electric trucks are expected to dominate the market with a share of 30%-35%. They are primarily used for long-haul freight and heavy-duty applications.
• Others: Other classes of electric trucks, including specialized vehicles, are expected to hold a market share of 5%-10%.

By Key Players

• Navistar: Navistar is a leading player in the electric truck market, with a focus on Class 6 and Class 7 trucks. The company is investing heavily in R&D to develop advanced electric powertrains.
• Daimler: Daimler is a major player in the electric truck segment, offering a range of electric trucks under its Freightliner brand. The company is targeting a market share of 20%-25% by 2025.
• Volvo: Volvo is a key player in the electric truck market, with a strong presence in Europe and North America. The company is focusing on Class 8 electric trucks for long-haul applications.
• PACCAR: PACCAR, through its brands Kenworth and Peterbilt, is a significant player in the electric truck market. The company is expected to capture a market share of 15%-20% by 2025.
• Tesla: Tesla is a disruptive player in the electric truck market, with its Semi truck expected to revolutionize long-haul freight. The company is targeting a market share of 10%-15% by 2025.
• Nikola: Nikola is focusing on hydrogen fuel cell electric trucks, with a market share target of 5%-10% by 2025.
• BYD: BYD is a leading Chinese manufacturer of electric trucks, with a strong presence in the Asia-Pacific region. The company is expected to hold a market share of 10%-15% by 2025.
• Workhorse: Workhorse is a U.S.-based company specializing in electric delivery trucks. The company is targeting a market share of 5%-10% by 2025.
• Lion Electric: Lion Electric is a Canadian company focusing on electric school buses and medium-duty trucks. The company is expected to capture a market share of 5%-10% by 2025.

By Process

The electric truck market is segmented by process into battery electric vehicles (BEVs) and hybrid electric vehicles (HEVs). BEVs are expected to dominate the market with a share of 70%-75%, driven by advancements in battery technology and declining costs. HEVs are projected to hold a market share of 25%-30%, primarily due to their ability to operate in regions with limited charging infrastructure.

By Application

The electric truck market is segmented by application into logistics, construction, waste management, and others. Logistics is expected to be the largest application segment, accounting for 40%-45% of the market share. Construction and waste management are projected to hold shares of 20%-25% and 15%-20%, respectively.

By End-Use

The electric truck market is segmented by end-use into commercial fleets and government fleets. Commercial fleets are expected to dominate the market with a share of 70%-75%, driven by the increasing adoption of electric trucks in logistics and freight transportation. Government fleets are projected to hold a market share of 25%-30%, primarily due to the adoption of electric trucks in public transportation and waste management.

By Region

• North America: North America is expected to hold a market share of 30%-35% by 2025, driven by stringent emission regulations and government incentives.
• Europe: Europe is projected to account for 25%-30% of the market share, with countries like Germany, France, and the UK leading the adoption of electric trucks.
• Asia-Pacific: The Asia-Pacific region is expected to witness the highest growth, with a market share of 30%-35% by 2025. China is the largest market in the region, driven by government policies and the presence of key players like BYD.
• Latin America: Latin America is projected to hold a market share of 5%-10%, with Brazil and Mexico being the key markets.
• Middle East & Africa: The Middle East & Africa region is expected to account for 5%-10% of the market share, with limited adoption due to infrastructure challenges.

Market News on Policy and Companies

Governments worldwide are implementing policies to promote the adoption of electric trucks. In the U.S., the Biden administration has announced a target of 50% electric vehicle sales by 2030, including electric trucks. In Europe, the European Union has set a target of reducing CO2 emissions from heavy-duty vehicles by 30% by 2030. In China, the government is offering subsidies and tax incentives for the purchase of electric trucks.

Key players in the market are also making significant investments in R&D and partnerships. Tesla has announced plans to ramp up production of its Semi truck, with deliveries expected to begin in 2025. Daimler has partnered with CATL to develop advanced battery technology for its electric trucks. Volvo has announced a joint venture with Daimler to develop hydrogen fuel cell technology for heavy-duty trucks.

Segment Forecasts, 2025 - 2030

The electric truck market is expected to continue its rapid growth beyond 2025, with a projected CAGR of 20%-25% from 2025 to 2030. The market size is expected to reach $30 billion by 2030, driven by advancements in battery technology, increasing adoption in emerging markets, and continued government support.

Class 8 electric trucks are expected to remain the largest segment, with a projected market share of 35%-40% by 2030. The logistics sector is expected to continue dominating the application segment, with a projected share of 45%-50%. North America and Asia-Pacific are expected to remain the largest regional markets, with projected shares of 30%-35% and 35%-40%, respectively.

Conclusion

The electric truck market is set for exponential growth, driven by environmental concerns, government policies, and technological advancements. With a projected market size of $14.5 billion by 2025 and $30 billion by 2030, the market offers significant opportunities for key players and new entrants. The adoption of electric trucks in commercial fleets, particularly in logistics and freight transportation, is expected to be a major driver of growth. As battery technology continues to improve and charging infrastructure expands, the electric truck market is poised to revolutionize the transportation industry.