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Global Electric Truck Market Size, Share & Trends Analysis Report, by Propulsion (BEV, PHEV & FCEV), Type (Light-Duty Trucks, Medium-Duty Trucks & Heavy-Duty Trucks), Range, Battery Type, Battery Capacity, Level of Automation, End User, By Region (North America, Europe, APAC, and Others), and Segment Forecasts, 2024 – 2032
  • Published Date: Jan, 2024
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  • Pages: 200
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  • Format: PDF
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  • Report Summary
  • Table of Contents
  • Segmentation
  • Methodology
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Global Electric Truck Market was valued at US $ 2 billion in 2023 and is expected to reach US $ 20.25 billion by 2032 growing at a CAGR of 26.10% during the forecast period 2024 – 2032.

Increasing from an estimated 101,499 vehicles sold this year to reach If the government's attention given to emission-free vehicles and policies increases from here, it could create an boom in electric tractors within logistics or ecommerce. Moreover, it will give OEMs the chance to expand their geographic and revenue presence in electric commercial vehicles.

Demand from logistics and other industries for electric vehicles fuels the effort.

Across the globe in leading EV markets, logistics is seeing an upward trend of electric vehicle demand. With a much cheaper electric recharge than other fuels, the expansion of EV use in medium and heavy-duty transport is expected to improve long term the profitability prospects for the whole industry. In January 2022, the United States Postal Service placed an order with Workhorse Group (US) for delivery vehicles. As calculated by the World Economic Forum, inner-city delivery vehicles will increase 36 % in use by 2030. In addition, other sectors seeing an increase in demand are state services (post office vehicles,

The Electric Truck Market Trend Analysis

Because EV batteries are the costliest part of electric vehicles, their price has dropped. For example, an electric vehicle battery cost around US$ 1,100 per kilowatt-hour in 2015. China's price per kWh is as low as USD 100, but it figures to fall further--to around US $ 137 by the end of this decade. It is estimated that by 2030 the price per kilowatt hour of EV batteries will have fallen to between $40 and $65, such as this point electric vehicles should be equal in cost with a conventional ICE vehicle. Furthermore, the development of the EV battery industry helps swell electric truck sales.

Government programs and incentives are expected to drive the electric truck market. At present, governments around the world are taking actions such as formulating innovative policies and incentive measures aimed at promoting electric vehicles throughout all market sectors including bicycles, cars & driverless commercial transporters. For instance, the Indian government introduced a PLI (production-linked incentive) program and an amendment to FAME II as tools for turning 80 % of two-wheelers and three wheelers into electric vehicles by 2030 where currently it is only less than both private used cars (only around Thus, the recent CAGR of the global market can be credited to such expanding government policies.

Segmentation Analysis of the Electric Truck Market

Electric Truck Propulsion Type Insights

The electric truck market is divided according to propulsion type, with BEVs, PHEVs and FCEV's all among candidates. It is expected that battery electric trucks will continue to enjoy category leadership throughout the whole year. Declining battery prices, coupled with improvements in both life and energy density for batteries mean that this segment is set to log the fastest CAGR over our forecast period.

  • In March 2020, BYD Motors Inc. revealed the groundbreaking Blade Battery for electric vehicles. The construction of the battery cell is up by more than fifty percent when compared to conventional lithium iron phosphate batteries. It also greatly enhances battery safety. In the electric tractor sector, this innovation has increased possibilities for growth.

Moreover, last year saw explosive growth for the PHEV. The plug-in hybrid lorry gets propulsion from the electric vehicle motor and internal combustion engines working together. Electric cars can now be refueled while on the move thanks to a new charging infrastructure set up by industry chiefs.

Electric Truck Type Insights

On the basis of truck type, the electric truck market is divided into three categories: light-duty, medium duty and heavy-duty. Despite this, electric vehicles were dominated by the light-duty electric truck sector, which made up most of the market. Electric-vehicle manufacturers have introduced a new line of models with outstanding towing capacities which is why the light-duty truck market is expected grow.

Electric Truck Range Insights

On the basis of range, the electric truck market is divided into two segments: those with the maximum range of 200 miles and others whose ranges exceeded that. Up to 200 miles accounted for the largest share of the market by far. The improved efficiency and reduced running costs of these vehicles make them ideal for short-distance applications. According to the latest developments reported recently by major market players, it is estimated that the segment greater than 200 miles--which was formerly second in share of market--will now take over as number one.

Electric Truck End-Use Insights

End-use has been used to segment the Electric Truck Market data into the following categories: distribution services, long-haul transportation service; waste disposal and other field operations. The last mile sector dominated the market. There has been a huge expansion and transformation of last mile delivery services. Because of the social distancing and other rules accompanying Covid, consumers have become much more reliant on doorstep last mile delivery. By contrast, in 2021 the field service experienced its fastest rate of growth. Electric vehicles require regular maintenance by field service technicians to ensure smooth road operations and stable power supply. This is a world of new possibilities for the enterprising

Electric Truck Battery Capacity Insights

The market for electric trucks is segmented according to battery capacity as follows: the drinker at or below 50 kilowatt-hours, between 50 and 250 kilowatt-hours, and more than his friends throw sugar up against life. Estimates are that the largest market segment is 50-250 KWh. Its cost-effective, rapid charging (50 to 250 kWh) and high energy efficiency are all major advantages. Thus developments in technology combined with falling battery prices are expected to make worldwide adoption of more than 250kwh inevitable.

Regional Analysis of the Electric Truck Market 

The market study includes regional insights for Europe, North America, Asia-Pacific and the Rest of World. The electric truck market in North America is expected to see rapid growth during the analysis period, expanding at a significant CAGR of 43.2 percent over its USD 3.9 billion mark in 2017 (USD Million). The electric truck market in North America will be spurred by both a host of industry rivals and considerable R&D contributions. For example, Ford has invested more than US $ 6 billion in a Michigan facility to build the F-150 hybrid. A hybrid electric truck version of the F-150, combined with an all new one, was expected for 2020. Rising demand for zero-emission commercial vehicles also means a great deal of investment will go into this market, which should serve to fuel further growth in electric trucks on both sides of the North American border.

After the U.S., Canada, Germany, France, the United Kingdom and Italy are all analysed as important countries in this market report.

Top Key Players

  • AB Volvo
  • Daimler AG
  • PACCAR Inc.
  • Volkswagen AG
  • BYD Company Limited

Key Industry Developments in the Electric Truck Market 

  • Commercial Japan Partnership Technologies Corporation (CJPT), Isuzu Motors Limited (Isuzu), DENSO Corp. (DENSO), Toyota Motor Co., Ltd. and Hino Motors, Inc.'s cross-sectional research project on hydrogen engines for heavy duty commercial vehicles has just begun preliminary research and planning work. In the beginning, companies planned to introduce internal combustion engines as a way of achieving carbon neutrality.
  • In January 2022, therefore the last phase of joint-venture between Volvo Group, Daimler Trucks and TRATON GROUP to build electrical charging infrastructure in Europe was successfully concluded which had been announced before. The aim of the joint venture is to build and operate at least 1,700 high-quality green energy electric car charging stations near European roads and traffic centers.

Report Components Details
Base Year 2022
Forecast Period 2023-2030
Quantitative Units Revenue in US $
Segments Covered Electric Truck Propulsion Type: BEV, PHEV, FCEV Electric Truck Type, Light Duty Trucks, Medium Duty Trucks, Heavy Duty Trucks Electric Truck; End User: Last-Mile Delivery, Long Haul Transportation, Refuse Services, Field Services, Distribution Services Electric Truck Range, Up to 200 Miles, Above 200 Miles Electric Truck Battery Capacity, Less Than 50kwh, 50-250 Kwh, Above 250 Kwh
Countries Covered U.S. and Canada in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the APAC, Others include Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA), Brazil, Argentina, Mexico, and Rest of South America as part of South America
Market Players Covered AB Volvo, Daimler AG, PACCAR Inc., Volkswagen AG, BYD Company Limited

Table of Contents

  1. Introduction Of Global Electric Truck Market
    1. Overview of the Market
    2. Scope of Report
    3. Assumptions
  2. Executive Summary
  3. Research Methodology
    1. Data Mining
    2. Validation
    3. Primary Interviews
    4. List of Data Sources
  4. Global Electric Truck Market Outlook
    1. Overview
    2. Market Dynamics
      1. Drivers
      2. Restraints
      3. Opportunities
    3. Porters Five Force Model
      1. Bargaining Power of Suppliers
      2. Threat of New Entrants
      3. Threat of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power among Buyers
    4. Value Chain Analysis
  5. Global Electric Truck Market, By Propulsion Type
    1. Overview
    2. BEV
    3. PHEV
    4. FCEV
  6. Global Electric Truck Market, By Type
    1. Overview
    2. Light Duty Trucks
    3. Medium Duty Trucks
    4. Heavy Duty Trucks
  7. Global Electric Truck Market, By End User
    1. Overview
    2. Last-Mile Delivery
    3. Long Haul Transportation
    4. Refuse Services
    5. Field Services
    6. Distribution Services
  8. Global Electric Truck Market, By Range
    1. Overview
    2. Up to 200 Miles
    3. Above 200 Miles
  9. Global Electric Truck Market, By Battery Capacity
    1. Overview
    2. Less Than 50kwh
    3. 50-250 Kwh
    4. Above 250 Kwh
  10. Global Electric Truck Market, By Region
    1. North America
      1. U.S.
      2. Canada
    2. Europe
      1. Germany
      2. U.K.
      3. France
      4. Rest of Europe
    3. Asia Pacific
      1. China
      2. Japan
      3. India
      4. South Korea
      5. Singapore
      6. Malaysia
      7. Australia
      8. Thailand
      9. Indonesia
      10. Philippines
      11. Rest of Asia Pacific
    4. Others
      1. Saudi Arabia
      2. U.A.E.
      3. South Africa
      4. Egypt
      5. Israel
      6. Rest of Middle East and Africa (MEA)
      7. Brazil
      8. Argentina
      9. Mexico
      10. Rest of South America
  11. Company Profiles
    1. AB Volvo
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    2. Daimler AG
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    3. PACCAR Inc.
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    4. Volkswagen AG
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    5. BYD Company Limited
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    6. Others
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News

Global Electric Truck Market Segmentation

Electric Truck by Type: Market Size & Forecast 2024-2032

  • BEV
  • PHEV
  • FCEV

Electric Truck by Truck Type: Market Size & Forecast 2024-2032

  • Light Duty Trucks
  • Medium Duty Trucks
  • Heavy Duty Trucks

Electric Truck by End User: Market Size & Forecast 2024-2032

  • Last-Mile Delivery
  • Long Haul Transportation
  • Refuse Services
  • Field Services
  • Distribution Services

Electric Truck by Truck Range: Market Size & Forecast 2024-2032

  • Up to 200 Miles
  • Above 200 Miles

Electric Truck by Battery Capacity: Market Size & Forecast 2024-2032

  • Less Than 50kwh
  • 50-250 Kwh
  • Above 250 Kwh

Electric Truck by Geography: Market Size & Forecast 2024-2032

  • North America (USA, Canada, Mexico)
  • Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
  • Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
  • South America (Brazil, Argentina, Columbia, Rest of South America)
  • Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)

Major Players:

  • AB Volvo
  • Daimler AG
  • PACCAR Inc.
  • Volkswagen AG
  • BYD Company Limited

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