Electric Truck Market (By Propulsion: Battery, Hybrid, Plug-in Hybrid, Fuel Cell; By Vehicle Type: Light Duty, Medium Duty, Heavy Duty; By Range: Upto 150 Miles, 151-300 Miles, Above 300 Miles; By End User: Last Mile Delivery, Long Haul Transportation, Refuse Services, Field Services, Distribution services; By Battery Capacity; By Payload Capacity; By Level of Automation) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023 – 2032
The global electric truck market size was valued at USD 2 billion in 2022 and it is expected to surpass around USD 20.25 billion by 2032 with a noteworthy CAGR of 26.10% from 2023 to 2032.
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Key Insights
The Asia Pacific electric truck market size reached USD 0.64 billion in 2022 and it is predicte to be worth around USD 6.58 billion by 2032, growing at a CAGR of 26.30% between 2023 to 2032.
Africa is expected to witness highest CAGR of around 37.7% during 2023-2032.
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.
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 Coverage | Details |
Market Size by 2032 | USD 20.25 Billion |
Growth Rate from 2023 to 2032 |
CAGR of 26.10% |
Largest Market | Asia Pacific |
Fastest Growing Makret | North America |
Base Year | 2022 |
Forecast Period | 2023 to 2032 |
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.
Segments Covered in the Report
By Propulsion
By Vehicle Type
By Range
By End User
By Battery Capacity
By Payload Capacity
By Level of Automation
By Geography
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. Market Dynamics Analysis and Trends
5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition
Chapter 6. Competitive Landscape
6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers
Chapter 7. Global Electric Truck Market, By Propulsion
7.1. Electric Truck Market, by Propulsion, 2023-2032
7.1.1. Battery Electric Truck
7.1.1.1. Market Revenue and Forecast (2020-2032)
7.1.2. Hybrid Electric Truck
7.1.2.1. Market Revenue and Forecast (2020-2032)
7.1.3. Plug-in Hybrid Electric Truck
7.1.3.1. Market Revenue and Forecast (2020-2032)
7.1.4. Fuel Cell Electric Truck
7.1.4.1. Market Revenue and Forecast (2020-2032)
Chapter 8. Global Electric Truck Market, By Vehicle
8.1. Electric Truck Market, by Vehicle, 2023-2032
8.1.1. Light Duty Electric Truck
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Medium Duty Electric Truck
8.1.2.1. Market Revenue and Forecast (2020-2032)
8.1.3. Heavy Duty Electric Truck
8.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Electric Truck Market, By Range
9.1. Electric Truck Market, by Range, 2023-2032
9.1.1. Upto 150 Miles
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. 151-300 Miles
9.1.2.1. Market Revenue and Forecast (2020-2032)
9.1.3. Above 300 Miles
9.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Electric Truck Market, By Battery Capacity
10.1. Electric Truck Market, by Battery Capacity, 2023-2032
10.1.1. Less Than 50kwh
10.1.1.1. Market Revenue and Forecast (2020-2032)
10.1.2. 50-250 Kwh
10.1.2.1. Market Revenue and Forecast (2020-2032)
10.1.3. Above 250 Kwh
10.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 11. Global Electric Truck Market, By End-use
11.1. Electric Truck Market, by End-use, 2023-2032
11.1.1. Last Mile Delivery
11.1.1.1. Market Revenue and Forecast (2020-2032)
11.1.2. Long Haul Transportation
11.1.2.1. Market Revenue and Forecast (2020-2032)
11.1.3. Refuse Services
11.1.3.1. Market Revenue and Forecast (2020-2032)
11.1.4. Distribution services
11.1.4.1. Market Revenue and Forecast (2020-2032)
11.1.5. Field Services
11.1.5.1. Market Revenue and Forecast (2020-2032)
Chapter 12. Global Electric Truck Market, By Payload Capacity
12.1. Electric Truck Market, by Payload Capacity, 2023-2032
12.1.1. Upto 10,000 lbs
12.1.1.1. Market Revenue and Forecast (2020-2032)
12.1.2. 10,001-26,000 lbs
12.1.2.1. Market Revenue and Forecast (2020-2032)
12.1.3. Above 26,001 lbs
12.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 13. Global Electric Truck Market, By Level of Automation
13.1. Electric Truck Market, by Level of Automation, 2023-2032
13.1.1. Semi-autonomous
13.1.1.1. Market Revenue and Forecast (2020-2032)
13.1.2. Autonomous
13.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 14. Global Electric Truck Market, Regional Estimates and Trend Forecast
14.1. North America
14.1.1. Market Revenue and Forecast, by Propulsion (2020-2032)
14.1.2. Market Revenue and Forecast, by Vehicle (2020-2032)
14.1.3. Market Revenue and Forecast, by Range (2020-2032)
14.1.4. Market Revenue and Forecast, by Battery Capacity (2020-2032)
14.1.5. Market Revenue and Forecast, by End-use (2020-2032)
14.1.6. Market Revenue and Forecast, by Level of Automation (2020-2032)
14.1.7. Market Revenue and Forecast, by Payload Capacity (2020-2032)
14.1.8. U.S.
14.1.8.1. Market Revenue and Forecast, by Propulsion (2020-2032)
14.1.8.2. Market Revenue and Forecast, by Vehicle (2020-2032)
14.1.8.3. Market Revenue and Forecast, by Range (2020-2032)
14.1.8.4. Market Revenue and Forecast, by Battery Capacity (2020-2032)
14.1.8.5. Market Revenue and Forecast, by End-use (2020-2032)
14.1.8.6. Market Revenue and Forecast, by Level of Automation (2020-2032)
14.1.8.7. Market Revenue and Forecast, by Payload Capacity (2020-2032)
14.1.9. Rest of North America
14.1.9.1. Market Revenue and Forecast, by Propulsion (2020-2032)
14.1.9.2. Market Revenue and Forecast, by Vehicle (2020-2032)
14.1.9.3. Market Revenue and Forecast, by Range (2020-2032)
14.1.9.4. Market Revenue and Forecast, by Battery Capacity (2020-2032)
14.1.9.5. Market Revenue and Forecast, by End-use (2020-2032)
14.1.9.6. Market Revenue and Forecast, by Level of Automation (2020-2032)
14.1.9.7. Market Revenue and Forecast, by Payload Capacity (2020-2032)
14.2. Europe
14.2.1. Market Revenue and Forecast, by Propulsion (2020-2032)
14.2.2. Market Revenue and Forecast, by Vehicle (2020-2032)
14.2.3. Market Revenue and Forecast, by Range (2020-2032)
14.2.4. Market Revenue and Forecast, by Battery Capacity (2020-2032)
14.2.5. Market Revenue and Forecast, by End-use (2020-2032)
14.2.6. Market Revenue and Forecast, by Level of Automation (2020-2032)
14.2.7. Market Revenue and Forecast, by Payload Capacity (2020-2032)
14.2.8. UK
14.2.8.1. Market Revenue and Forecast, by Propulsion (2020-2032)
14.2.8.2. Market Revenue and Forecast, by Vehicle (2020-2032)
14.2.8.3. Market Revenue and Forecast, by Range (2020-2032)
14.2.8.4. Market Revenue and Forecast, by Battery Capacity (2020-2032)
14.2.8.5. Market Revenue and Forecast, by End-use (2020-2032)
14.2.8.6. Market Revenue and Forecast, by Level of Automation (2020-2032)
14.2.8.7. Market Revenue and Forecast, by Payload Capacity (2020-2032)
14.2.9. Germany
14.2.9.1. Market Revenue and Forecast, by Propulsion (2020-2032)
14.2.9.2. Market Revenue and Forecast, by Vehicle (2020-2032)
14.2.9.3. Market Revenue and Forecast, by Range (2020-2032)
14.2.9.4. Market Revenue and Forecast, by Battery Capacity (2020-2032)
14.2.9.5. Market Revenue and Forecast, by End-use (2020-2032)
14.2.9.6. Market Revenue and Forecast, by Level of Automation (2020-2032)
14.2.9.7. Market Revenue and Forecast, by Payload Capacity (2020-2032)
14.2.10. France
14.2.10.1. Market Revenue and Forecast, by Propulsion (2020-2032)
14.2.10.2. Market Revenue and Forecast, by Vehicle (2020-2032)
14.2.10.3. Market Revenue and Forecast, by Range (2020-2032)
14.2.10.4. Market Revenue and Forecast, by Battery Capacity (2020-2032)
14.2.10.5. Market Revenue and Forecast, by End-use (2020-2032)
14.2.10.6. Market Revenue and Forecast, by Level of Automation (2020-2032)
14.2.10.7. Market Revenue and Forecast, by Payload Capacity (2020-2032)
14.2.11. Rest of Europe
14.2.11.1. Market Revenue and Forecast, by Propulsion (2020-2032)
14.2.11.2. Market Revenue and Forecast, by Vehicle (2020-2032)
14.2.11.3. Market Revenue and Forecast, by Range (2020-2032)
14.2.11.4. Market Revenue and Forecast, by Battery Capacity (2020-2032)
14.2.11.5. Market Revenue and Forecast, by End-use (2020-2032)
14.2.11.6. Market Revenue and Forecast, by Level of Automation (2020-2032)
14.2.11.7. Market Revenue and Forecast, by Payload Capacity (2020-2032)
14.3. APAC
14.3.1. Market Revenue and Forecast, by Propulsion (2020-2032)
14.3.2. Market Revenue and Forecast, by Vehicle (2020-2032)
14.3.3. Market Revenue and Forecast, by Range (2020-2032)
14.3.4. Market Revenue and Forecast, by Battery Capacity (2020-2032)
14.3.5. Market Revenue and Forecast, by End-use (2020-2032)
14.3.6. Market Revenue and Forecast, by Level of Automation (2020-2032)
14.3.7. Market Revenue and Forecast, by Payload Capacity (2020-2032)
14.3.8. India
14.3.8.1. Market Revenue and Forecast, by Propulsion (2020-2032)
14.3.8.2. Market Revenue and Forecast, by Vehicle (2020-2032)
14.3.8.3. Market Revenue and Forecast, by Range (2020-2032)
14.3.8.4. Market Revenue and Forecast, by Battery Capacity (2020-2032)
14.3.8.5. Market Revenue and Forecast, by End-use (2020-2032)
14.3.8.6. Market Revenue and Forecast, by Level of Automation (2020-2032)
14.3.8.7. Market Revenue and Forecast, by Payload Capacity (2020-2032)
14.3.9. China
14.3.9.1. Market Revenue and Forecast, by Propulsion (2020-2032)
14.3.9.2. Market Revenue and Forecast, by Vehicle (2020-2032)
14.3.9.3. Market Revenue and Forecast, by Range (2020-2032)
14.3.9.4. Market Revenue and Forecast, by Battery Capacity (2020-2032)
14.3.9.5. Market Revenue and Forecast, by End-use (2020-2032)
14.3.9.6. Market Revenue and Forecast, by Level of Automation (2020-2032)
14.3.9.7. Market Revenue and Forecast, by Payload Capacity (2020-2032)
14.3.10. Japan
14.3.10.1. Market Revenue and Forecast, by Propulsion (2020-2032)
14.3.10.2. Market Revenue and Forecast, by Vehicle (2020-2032)
14.3.10.3. Market Revenue and Forecast, by Range (2020-2032)
14.3.10.4. Market Revenue and Forecast, by Battery Capacity (2020-2032)
14.3.10.5. Market Revenue and Forecast, by End-use (2020-2032)
14.3.10.6. Market Revenue and Forecast, by Level of Automation (2020-2032)
14.3.10.7. Market Revenue and Forecast, by Payload Capacity (2020-2032)
14.3.11. Rest of APAC
14.3.11.1. Market Revenue and Forecast, by Propulsion (2020-2032)
14.3.11.2. Market Revenue and Forecast, by Vehicle (2020-2032)
14.3.11.3. Market Revenue and Forecast, by Range (2020-2032)
14.3.11.4. Market Revenue and Forecast, by Battery Capacity (2020-2032)
14.3.11.5. Market Revenue and Forecast, by End-use (2020-2032)
14.3.11.6. Market Revenue and Forecast, by Level of Automation (2020-2032)
14.3.11.7. Market Revenue and Forecast, by Payload Capacity (2020-2032)
14.4. MEA
14.4.1. Market Revenue and Forecast, by Propulsion (2020-2032)
14.4.2. Market Revenue and Forecast, by Vehicle (2020-2032)
14.4.3. Market Revenue and Forecast, by Range (2020-2032)
14.4.4. Market Revenue and Forecast, by Battery Capacity (2020-2032)
14.4.5. Market Revenue and Forecast, by End-use (2020-2032)
14.4.6. Market Revenue and Forecast, by Level of Automation (2020-2032)
14.4.7. Market Revenue and Forecast, by Payload Capacity (2020-2032)
14.4.8. GCC
14.4.8.1. Market Revenue and Forecast, by Propulsion (2020-2032)
14.4.8.2. Market Revenue and Forecast, by Vehicle (2020-2032)
14.4.8.3. Market Revenue and Forecast, by Range (2020-2032)
14.4.8.4. Market Revenue and Forecast, by Battery Capacity (2020-2032)
14.4.8.5. Market Revenue and Forecast, by End-use (2020-2032)
14.4.8.6. Market Revenue and Forecast, by Level of Automation (2020-2032)
14.4.8.7. Market Revenue and Forecast, by Payload Capacity (2020-2032)
14.4.9. North Africa
14.4.9.1. Market Revenue and Forecast, by Propulsion (2020-2032)
14.4.9.2. Market Revenue and Forecast, by Vehicle (2020-2032)
14.4.9.3. Market Revenue and Forecast, by Range (2020-2032)
14.4.9.4. Market Revenue and Forecast, by Battery Capacity (2020-2032)
14.4.9.5. Market Revenue and Forecast, by End-use (2020-2032)
14.4.9.6. Market Revenue and Forecast, by Level of Automation (2020-2032)
14.4.9.7. Market Revenue and Forecast, by Payload Capacity (2020-2032)
14.4.10. South Africa
14.4.10.1. Market Revenue and Forecast, by Propulsion (2020-2032)
14.4.10.2. Market Revenue and Forecast, by Vehicle (2020-2032)
14.4.10.3. Market Revenue and Forecast, by Range (2020-2032)
14.4.10.4. Market Revenue and Forecast, by Battery Capacity (2020-2032)
14.4.10.5. Market Revenue and Forecast, by End-use (2020-2032)
14.4.10.6. Market Revenue and Forecast, by Level of Automation (2020-2032)
14.4.10.7. Market Revenue and Forecast, by Payload Capacity (2020-2032)
14.4.11. Rest of MEA
14.4.11.1. Market Revenue and Forecast, by Propulsion (2020-2032)
14.4.11.2. Market Revenue and Forecast, by Vehicle (2020-2032)
14.4.11.3. Market Revenue and Forecast, by Range (2020-2032)
14.4.11.4. Market Revenue and Forecast, by Battery Capacity (2020-2032)
14.4.11.5. Market Revenue and Forecast, by End-use (2020-2032)
14.4.11.6. Market Revenue and Forecast, by Level of Automation (2020-2032)
14.4.11.7. Market Revenue and Forecast, by Payload Capacity (2020-2032)
14.5. Latin America
14.5.1. Market Revenue and Forecast, by Propulsion (2020-2032)
14.5.2. Market Revenue and Forecast, by Vehicle (2020-2032)
14.5.3. Market Revenue and Forecast, by Range (2020-2032)
14.5.4. Market Revenue and Forecast, by Battery Capacity (2020-2032)
14.5.5. Market Revenue and Forecast, by End-use (2020-2032)
14.5.6. Market Revenue and Forecast, by Level of Automation (2020-2032)
14.5.7. Market Revenue and Forecast, by Payload Capacity (2020-2032)
14.5.8. Brazil
14.5.8.1. Market Revenue and Forecast, by Propulsion (2020-2032)
14.5.8.2. Market Revenue and Forecast, by Vehicle (2020-2032)
14.5.8.3. Market Revenue and Forecast, by Range (2020-2032)
14.5.8.4. Market Revenue and Forecast, by Battery Capacity (2020-2032)
14.5.8.5. Market Revenue and Forecast, by End-use (2020-2032)
14.5.8.6. Market Revenue and Forecast, by Level of Automation (2020-2032)
14.5.8.7. Market Revenue and Forecast, by Payload Capacity (2020-2032)
14.5.9. Rest of LATAM
14.5.9.1. Market Revenue and Forecast, by Propulsion (2020-2032)
14.5.9.2. Market Revenue and Forecast, by Vehicle (2020-2032)
14.5.9.3. Market Revenue and Forecast, by Range (2020-2032)
14.5.9.4. Market Revenue and Forecast, by Battery Capacity (2020-2032)
14.5.9.5. Market Revenue and Forecast, by End-use (2020-2032)
14.5.9.6. Market Revenue and Forecast, by Level of Automation (2020-2032)
14.5.9.7. Market Revenue and Forecast, by Payload Capacity (2020-2032)
Chapter 15. Company Profiles
15.1. AB Volvo
15.1.1. Company Overview
15.1.2. Product Offerings
15.1.3. Financial Performance
15.1.4. Recent Initiatives
15.2. Workhorse
15.2.1. Company Overview
15.2.2. Product Offerings
15.2.3. Financial Performance
15.2.4. Recent Initiatives
15.3. BYD Company Ltd.
15.3.1. Company Overview
15.3.2. Product Offerings
15.3.3. Financial Performance
15.3.4. Recent Initiatives
15.4. Tata Motors
15.4.1. Company Overview
15.4.2. Product Offerings
15.4.3. Financial Performance
15.4.4. Recent Initiatives
15.5. Daimler AG
15.5.1. Company Overview
15.5.2. Product Offerings
15.5.3. Financial Performance
15.5.4. Recent Initiatives
15.6. Scania
15.6.1. Company Overview
15.6.2. Product Offerings
15.6.3. Financial Performance
15.6.4. Recent Initiatives
15.7. Dongfeng Motor Company
15.7.1. Company Overview
15.7.2. Product Offerings
15.7.3. Financial Performance
15.7.4. Recent Initiatives
15.8. Paccar Inc.
15.8.1. Company Overview
15.8.2. Product Offerings
15.8.3. Financial Performance
15.8.4. Recent Initiatives
15.9. Geely Automobiles Holdings Ltd.
15.9.1. Company Overview
15.9.2. Product Offerings
15.9.3. Financial Performance
15.9.4. Recent Initiatives
15.10. Man SE
15.10.1. Company Overview
15.10.2. Product Offerings
15.10.3. Financial Performance
15.10.4. Recent Initiatives
Chapter 16. Research Methodology
16.1. Primary Research
16.2. Secondary Research
16.3. Assumptions
Chapter 17. Appendix
17.1. About Us
17.2. Glossary of Terms
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