Electric Truck Market

Market Definition

The Electric Truck Market size was valued at USD 566.9 million in 2022, and is predicted to reach USD 6,092.7 million by 2030, with a CAGR of 34.8% from 2023 to 2030. The electric truck market involves the production and sale of vehicles powered by electricity instead of traditional internal combustion engines. These trucks are designed for various purposes, including transportation, delivery, and logistics. One of the most significant advantages of electric trucks is their positive impact on the environment.

As the batteries of these trucks are charged using electricity from the power grid or renewable sources of energy including wind or solar, it makes them an environment-friendly option. Electric trucks tend to be quieter than their internal combustion engine counterparts, leading to reduced noise pollution.

Market Dynamics and Trends

The electric truck market is significantly growing, due to the increasing awareness about electric vehicles. The governments of countries worldwide are encouraging people to adopt electric vehicles, and they are also providing tax incentives to the buyers of electric vehicles along with the development of sustainable charging infrastructure for electric vehicles. This factor is driving the growth of the electric truck market during the forecast period.

Also, due to rising environmental concerns, the government and environmental organizations are executing stringent norms and regulations to reduce pollution and global warming. Since electric trucks do not create tailpipe pollution, it makes them an environment-friendly option.

Moreover, the increasing availability of high-range electric trucks that can travel up to 300–500 kilometers in a single charge is driving the growth of the market. For instance, in January 2022, Volvo introduced an enhanced version of its Volvo VNR electric truck with an increased range of 440 kilometers.

However, longer charging time is restraining the electric truck market growth. Most public charging stations have Level1 or Level 2 charging points, which can take up to 8–16 hours to fully charge, wasting time for the consigners and transporters. On the other hand, the development of self-driving electronic vehicles will positively impact the growth of the electric truck market in the coming years. Original equipment manufacturing companies such as AB Volvo and Mercedes Benz are already developing and testing technologies for their self-driving vehicles.

Market Segmentations and Scope of the Study

The electric truck market is segmented based on propulsion, type, range, battery capacity, level of automation, and region. Based on propulsion, the market is divided into battery electric truck (BET), plug-in hybrid electric truck (PHEV), fuel cell electric truck (FCET), and hybrid electric truck (HET). Based on type, the market is divided into heavy duty truck, medium duty truck, and light duty truck. Based on performance, the market is classified into up to 200 miles and above 200 miles. Based on battery capacity, the market is divided into less than 250 KWH, 250–500 KWH, and above 500 KWH. Based on level of automation, the market is categorized into semi-autonomous and autonomous. Regional breakdown and analysis of each of the aforesaid segments includes regions, such as North America, Europe, Asia-Pacific, and the Rest of the World (RoW).

Geographical Analysis

Asia-Pacific region holds the dominant share in the electric truck market. This is due to factors such as the increasing demand for electric commercial vehicles in the region and the growing adoption of sustainable and eco-friendly transportation solutions. According to the International Energy Agency, China remains at the forefront of electric (including fuel cell) truck and bus production and sales. For instance, in 2022, China registered the sales of around 52,000 electric medium- and heavy-duty trucks across the country.

Also, government initiative towards promoting eco-friendly alternatives for the well-being of the environment is leading to the growth of the market in the region. For instance, in June 2023, the Government of China is preparing to extend the incentives for the purchase of electric vehicles as part of its initiative under the New Energy Vehicle (NEV) policy to revive its economy after a slow post-pandemic period.

On the other hand, North America is expected to witness the highest growth in the region, owing to the increasing development of electric trucks by regional players in countries, such as the U.S. and Canada. For instance, in June 2022, Orange EV introduced a third-generation industry-leading yard truck named e-TRIEVERTM. These are suitable for transportation of heavy-duty goods. Moreover, in May 2023, Diamler Truck North America LLC revealed the eM2 series for pick-up and delivery trucks. The truck was named eM2, a medium-duty truck with advanced learning features. Such initiatives led to more investments and the expansion of the product portfolio in the regional market.

In addition, the rising government initiatives in North America to introduce vehicles with low-carbon emissions to protect the environment and human health boosts the demand for electric trucks in the country. For instance, in March 2022, the U.S. State of Washington approved a bill, which mentioned that all the vehicles sold, purchased, or registered in Washington from 2030 should be electric vehicles.

Competitive Landscape

Various market players operating in the electric truck market are BYD Co., Ltd., AB Volvo Group, Nicola Corporation, Volkswagen, PACCAR, Inc., Mercedes Benz Group, Einride AB, Ford Motor Company, Rivian, Inc., Toyota Motors, and others. These market players are adopting various strategies, such as business expansion and product launches, to remain dominant in the market.

For instance, in April 2023, Einride AB announced the expansion of its operations into the U.K. through its products, such as Einride Saga, along with the company’s advanced charging infrastructure. This expansion will impact the electric truck market by increasing the regional demand. Also, the company aims to provide a new and sustainable end-to-end road freight solution through its product range on the land.

Moreover, in September 2022, Mercedes-Benz Group revealed its longest-range electric truck, eActros LongHaul. The company is claiming a range of around 500 kilometers in a single charge for this new electric truck, which will come with a 600-kWh battery pack and two electric motors. Such advancement aims to create lucrative opportunities for the market expansion. In May 2022, Volkswagen announced that the company aims to launch a new all-electric pick-up truck in the U.S. This new product will come under its brand name, Scout, and the production will begin in 2026, aiming to provide sustainable transportation solution to the consumers.

KEY BENEFITS

• The electric truck market report provides a quantitative analysis of the current market and estimations from 2023 to 2030. This analysis assists in identifying the prevailing market opportunities to capitalize on.

• The study comprises an extensive analysis of the electric truck market trends, including the current and future trends to depict prevalent investment pockets in the market.

• The information related to key drivers, restraints, and opportunities and their impact on the electric truck market is provided in the report. 

• The competitive analysis of the market players along with their market share is provided in the report.

• The SWOT analysis and Porter's Five Forces model are elaborated in the study.

• The value chain analysis in the market study provides a clear picture of the roles of stakeholders.

KEY MARKET SEGMENTS

By Propulsion

• Battery Electric Truck (BET)

• Plug-In Hybrid Electric Trucks (PHEV)

• Fuel Cell Electric Truck (FCET) 

• Hybrid Electric Truck (HET)

By Type

• Heavy Duty Truck

• Medium Duty Truck

• Lite Duty Truck

By Performance Range

• Up to 200 Miles

• Above 200 Miles 

By Battery Capacity

• Less Than 250 KWH

• 250–500 KWH 

• Above 500 KWH 

By Automation

• Autonomous 

• Semi-autonomous

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The U.K.

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden        

  • Norway        

  • Russia

  • Rest of Europe

• Asia-Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific 

• Rest of the World (RoW)

  • Latin America

  • Middle East 

  • Africa

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Market Size in 2022	USD 566.9 Million
Revenue Forecast in 2030	USD 6092.7 Million
Growth Rate	CAGR of 34.8% from 2023 to 2030
Analysis Period	2022–2030
Base Year Considered	2022
Forecast Period	2023–2030
Market Size Estimation	Million (USD)
Growth Factors	Growing awareness about electric vehicles Stringent norms imposed by the government and environmental organizations due to rising environmental concerns The increasing availability of high-range electric trucks
Countries Covered	28
Companies Profiled	10
Market Share	Available for 10 companies
Customization Scope	Free customization (equivalent to up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.

KEY PLAYERS

• BYD Co., Ltd.

• AB Volvo Group

• Nikola Corporation

• Volkswagen AG

• PACCAR, Inc.

• Mercedes-Benz Group (Part of Daimler AG)

• Einride AB

• Ford Motor Company

• Rivian Automotive, Inc.

• Toyota Motor Corporation