Global Electric Truck Market Report and Forecast 2024-2032

Global Electric Truck Market Outlook

The global electric truck market attained a value of about USD 815.10 million in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 29% to reach nearly USD 8062.64 million by 2032.

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Rising Concerns Regarding Carbon Emission and Rapid Electrification of Vehicles to Augment the Market Growth

The rapid electrification of transportation to mitigate greenhouse gas emissions and surge cost-effectiveness is aiding the market growth. The increasing demand for fuel-efficient vehicles is surging the use of electric trucks, hence propelling the market growth. The rising adoption of heavy-duty electric vehicles to increase profitability and reduce carbon footprint is further augmenting the market growth of electric trucks. The increasing production of electric vehicle and hybrid electric vehicle segments by OEM manufacturers is propelling the market growth. Moreover, the rising demand for efficient trucks to reduce operational costs is significantly contributing to the market growth. Advancements in battery technology are surging the feasibility and economic competitiveness of electric trucks, which is augmenting the industry growth.

Europe to Hold a Significant Share of the Market for Electric Truck

Europe holds a significant share of the electric truck industry due to the rapid adoption of electric vehicles in the region. The expanding infrastructure required for electric vehicles is increasing the use of electric trucks. Furthermore, the rapid electrification of transportation fuelled by various favourable government initiatives is aiding the growth of the electric truck industry. The Europe Commission plans to achieve green and digital transformation by increasing the adoption of electric vehicles. Moreover, the government in the region is providing incentives to augment the transition to electric trucks. For instance, the German transport ministry launched a program to promote old trucks to sustainable ones to reduce carbon emissions. In addition, the presence of the leading companies in the region is further propelling the regional market growth, hence contributing to the overall market growth.

Electric Truck: Market Segmentation

Electric trucks are electric vehicles that use electricity as their source of energy for logistics and transportations. The trucks are typically powered by batteries which are then recharged. Short-haul electric trucks are used increasingly as it requires less power and reduces carbon footprints.

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The major propulsions of electric trucks are:

• Battery Electric Truck
• Hybrid Electric Truck
• Plug-in Hybrid Electric Truck
• Fuel Cell Electric Truck

The market can be broadly categorised on the basis of its vehicle types into:

• Light Duty
• Medium Duty
• Heavy Duty

Based on range, the market is divided into:

• 0-150 Miles
• 151-300 Miles
• Above 300 Miles
• Others

The EMR report looks into the regional markets of electric truck like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Rising Demand for Transportation Using Renewable Energy to Bolster the Electric Truck Industry

The rising demand to eliminate the use of fossil fuels as an energy source in transportation is driving the growth of the electric truck industry. New and innovative product launches by the leading companies are further accelerating the market growth. The reducing price of batteries owing to technological advancements is also expected to propel the industry growth. This is further decreasing the total cost of ownership (TCO) of electric trucks. Moreover, the scarcity of professional drivers, as well as the low profit margin of traditional trucks, is accelerating the transition to electric trucks. The trend of logistics efficiency is surging the use of electric trucks, therefore augmenting the market growth.

The development of charging infrastructure, which is a prerequisite for the functioning of an electric truck, is expected to aid the market growth. For instance, Volvo Group, Daimler Truck, and Volkswagen’s AG heavy truck line entered into an agreement to build various high-performance public charging stations for electric heavy-duty trucks and buses around Europe in July 2021. In addition, the rapid development of prototypes of diverse electric trucks by manufacturers is anticipated to fuel the market growth. Increasing investments in renewable energy and energy efficiency are leading to the production of innovative electric trucks, which is projected to significantly contribute to the industry growth.

Key Industry Players in the Global Electric Truck Market

The report presents a detailed analysis of the following key players in the global electric truck market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• AB Volvo
• Daimler AG
• Dongfeng Motor Corporation
• Scania CV AB
• Paccar Company
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report