The global electric truck market size was valued at USD 2.4 billion in 2022 and it is expected to surpass around USD 15.6 billion by 2030 with a noteworthy CAGR of 26.39% from 2022 to 2030.
The electric trucks are latest model of vehicles that run without fuel or gasoline. The depletion of fuel has resulted into huge adoption of electric vehicle in the market. Due to stringent regulations and norms related to pollution, global warming, and greenhouse gas emissions, the growth of the global electric truck market is expected in the near future.
The growing awareness regarding electric vehicles is contributing towards the growth of the global electric truck market. In addition, the government of developed and developing regions are constantly motivating people for the acceptance and adoption of electric vehicles. Moreover, the government is also providing tax benefits to those people who are willing to buy electric vehicles. The government is also striving to create sustainable electric vehicle charging infrastructure. This will help people to use electric truck in an efficient manner. All of these steps and initiatives taken by government are boosting the growth of the global electric truck market over the projected period.
The rising costs of gasoline, fuel, diesel, and petrol is creating lucrative opportunities for the growth of the global electric truck market. Additionally, the major market players are taking help of renewable energy sources for the manufacturing of electric trucks in the global market. The concept of solar powered vehicles and charging stations is gaining traction in the electric truck market. The solar powered chargers’ cost is low as compared to battery chargers. This factors also save money for end users of electric trucks.
Report Scope of the Electric Truck Market
|Market Size by 2030||USD 23.6 Billion|
|Growth Rate from 2022 to 2030||
CAGR of 12.15%
|Largest Market||Asia Pacific|
|Fastest Growing Makret||North America|
|Forecast Period||2023 to 2030|
|Segments Covered||Propulsion, Vehicle Type, Range, End User, Battery Capacity, Payload Capacity, Level of Automation, Geography|
|Companies Mentioned||AB Volvo, Workhorse, BYD Company Ltd., Tata Motors, Daimler AG, Scania, Dongfeng Motor Company, Paccar Inc., Geely Automobiles Holdings Ltd., Man SE|
On the other hand, the factors such as insufficient charging infrastructure for electric vehicles and high cost of electric trucks is hindering the growth of the global electric truck market over the forecast period. In addition, the operating and maintenance costs of electric truck are quite high as compared to traditional vehicles and trucks. This factor is restricting the growth of the global electric truck market.
Due to rapid industrialization and urbanization, the demand for electric truck is expanding at a rapid pace. The electric truck is cost effective in nature and helps to save time at a same time. That’s the reason the original equipment manufacturers (OEMs) have started manufacturing electric vehicles on a large scale. This is supporting the expansion and development of the global electric truck market. Furthermore, the technological advancements in the development of batteries are also opening new ways for the development of the market for electric truck.
Another factor that is boosting the growth of the worldwide electric truck market is the growing investments in research and development activities by key market players. The government agencies are constantly working with market players for the promotion of electric truck in the global market. In addition, these market players are adopting some unique strategies such as agreements, joint ventures, acquisitions, partnerships, and business expansions. All of these strategies are helping market players to increase their consumer reach and create significant position in the electric truck market all over the globe.
The battery electric trucks segment dominated the electric truck market in 2022. The electric trucks that run with the help of batteries are categorized as battery electric trucks. The batteries used in the electric trucks are ultracapacitors, lithium-ion battery, lead-acid, and nickel-metal hydride. Due to growing importance for clean energy, the government is emphasizing on the usage of electric vehicles that run on battery. This saves fuel on a large scale. In addition, technological developments are also paving way for the development of battery electric vehicles. Thus, this is driving the growth of the segment during the forecast period.
The hybrid trucks segment is fastest growing segment of the electric truck market in 2022. The hybrid electric trucks use two types of propulsion that is traditional combustion engine powertrain and electric powertrain. The hybrid electric trucks are very efficient in nature. Within 35 minutes, the vehicle is charged about 80% of capacity. This means that the hybrid electric trucks have long duration of batteries that can drive the truck for long period of time. In addition, the application of hybrid electric trucks is helping in reduction of greenhouse gases emissions.
Asia-Pacific dominated the electric truck market in 2022. The China dominates the electric truck market in Asia-Pacific region. Due to rapid industrialization and urbanization, the market for electric truck is growing at a rapid pace. The other factors such as strict government laws and norms against pollution and global warming, high investments in research and development by government and key market players, and growing awareness among the people are driving the growth of the electric truck market in the Asia-Pacific region. In addition, the government is providing subsidies and incentives to the market players. This factor is also driving the growth and expansion of the Asia-Pacific electric truck market.
North America is expected to develop at the fastest rate during the forecast period. The factors such as technological advancements and adoption of innovative technologies are driving the growth of the electric truck market in the region. The fuel-based vehicles emit lot of toxic gases a result into increase in pollution levels. To curb the negative impact of fuel-based vehicles and trucks, the government is imposing stringent regulations and guidelines. These factors are propelling the growth of the electric truck market in the North America region.
Africa is expected to witness highest CAGR of around 37.7% during 2022-2030.
Some of the prominent players in the global electric truck market include:
Segments Covered in the Report
By Vehicle Type
By End User
By Battery Capacity
By Payload Capacity
By Level of Automation
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