Electric Truck Market Size - By Vehicle Type (Light-duty, Medium-duty, Heavy-duty), Battery Technology (Battery Electric Trucks, Hybrid Electric Trucks, Plug-in Hybrid Electric Trucks, Fuel Cell Electric Trucks), Battery Capacity, Application & Forecast, 2023 - 2032

Electric Truck Market Size

Electric Truck Market size reached USD 17.8 billion in 2022 and is anticipated to grow at 14% CAGR from 2023 to 2032 attributed to various factors such as growing environmental concerns that have led governments & organizations worldwide to prioritize sustainable transportation, stricter regulations on emissions, and a focus on reducing carbon footprints.
 

Moreover, advancements in battery technology have significantly improved the driving range and charging capabilities of electric trucks, making them more viable for long-haul operations. The battery costs are declining, and the performance of electric trucks is improving, increasing the adoption of electric trucks compared to traditional diesel trucks. Electric trucks are low-maintenance vehicles, which is another factor driving their espousal across various industries.

The establishment of a robust and dependable charging network becomes essential with the increasing electric truck market demand. Private enterprises and government entities are actively investing in the expansion of the charging infrastructure to facilitate smooth operations of electric truck fleets. The main objective is to create an extensive network of strategically located charging stations to cater to the needs of these vehicles.
 

Government incentives and regulations further bolster the market growth by encouraging the transition to electric vehicles. The future of electric trucks appears promising with major truck manufacturers announcing electrification roadmaps and forming partnerships across the industry. As technology continues to advance, new trends and drivers are likely to emerge, shaping the business landscape.
 

COVID-19 Impact

The COVID-19 pandemic had significant impacts on various industries including the electric truck market. The outbreak disrupted global supply chains, slowed down manufacturing activities, and caused economic uncertainties. As a result, the industry experienced both challenges and opportunities during this period. The pandemic initially caused a slowdown for market as many manufacturing facilities faced temporary closures and supply chain disruptions. The reduced production capacity and logistical challenges affected the availability of electric truck models and components. Additionally, the economic downturn led to cautious spending among businesses, potentially impacting their investment decisions in electric trucks.
 

Electric Truck Market Trends

The integration of autonomous technology into electric trucks is rapidly gaining traction, creating massive potential to revolutionize the logistics and transportation sectors. Electric trucks, equipped with autonomous capabilities, bring forth a multitude of advantages, including enhanced efficiency, reduced operational expenses, and heightened safety standards. These benefits are made possible through the integration of cutting-edge technologies such as sensors, artificial intelligence, and advanced control systems. By leveraging these innovations, electric trucks can autonomously traverse roads, optimize routes, and undertake diverse tasks with minimal human involvement. The advent of autonomous electric trucks holds great promise, poised to reshape the electric truck market and stimulate heightened productivity and streamlined operations.
 

Electric Truck Market Analysis

The heavy-duty trucks segment held a market share of around 6% in 2022 and is expected to grow at a lucrative pace by 2032. These vehicles are gaining significant traction due to a confluence of factors driving their adoption. Firstly, environmental concerns and the need for sustainable transportation solutions have spurred interest in electric heavy-duty trucks. With their zero tailpipe emissions, these vehicles offer viable alternatives to traditional diesel-powered trucks, reducing greenhouse gas emissions and air pollution. This environmental advantage aligns with the growing corporate focus on sustainability and the commitment of fleet operators to greener practices.
 

The logistics & delivery segment cross USD 6 billion revenues of electric truck market in 2022. The rise of e-commerce and last-mile deliveries has created a demand for vehicles that can navigate urban environments efficiently. Electric trucks are well-suited for these tasks due to their maneuverability and quiet operations. They can access congested city streets and make deliveries in noise-sensitive areas without causing disruptions. As e-commerce continues to grow, the need for these trucks in logistics and delivery is expected to expand further.
 

The fuel cell electric industry held an industry share of 1% in 2022 and is expected to grow at a highest growth rate of 18% by 2032. The increasing demand for zero-emission transportation solutions is accelerating market growth. These trucks offer viable alternatives to conventional diesel trucks as they produce no harmful emissions during the operation. This characteristic aligns with environmental regulations and sustainability goals set by governments and businesses worldwide. The reduction of greenhouse gas emissions and air pollution associated with fuel cell electric trucks makes them an attractive option for industries seeking cleaner & greener transportation solutions.
 

Europe electric truck market dominated 10% share in 2022 due to the region’s increasing focus on sustainability and environmental consciousness. Governments, regulatory bodies, and consumers in Europe are focusing on reducing carbon emissions and transitioning toward cleaner transportation options. Electric trucks, with their zero-emission nature, align with these sustainability goals and are seen as crucial components in combating climate change and improving air quality. As a result, there is a push for the requirement of electric trucks as a means to reduce the carbon footprint of the transportation sector in the region.
 

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Electric Truck Market Share

Some major players operating in the electric truck industry are

• Arrival
• Bollinger Motors
• BYD
• Chanje
• Daimler Trucks
• Ford
• General Motors
• GreenPower Motor Company
• Hino Motors
• Lion Electric
• Mitsubishi Fuso Truck and Bus Corporation
• Nikola Corporation
• NIO
• PACCAR (Peterbilt, Kenworth)
• Proterra
• Rivian
• Volvo Group
• Workhorse Group
• Xpeng

These players focus on strategic partnerships and new product launches for market expansion. They are heavily investing in research to introduce innovative products and garner maximum revenue in the market.
 

Electric Truck Industry News:

• In April 2023, Einride made an announcement regarding its expansion in the UK. With a comprehensive range of products including the innovative Einride Saga intelligent platform, electric & autonomous fleets, charging infrastructure, and connectivity networks, Einride aims to introduce a fresh & sustainable end-to-end road freight solution in the UK.
   
• In March 2022, Maersk announced an expansion of its electric truck fleet in North America. Maersk has added a total of 300 vehicles to its network. The electric trucks will be gradually delivered between 2023 and 2025 and primarily utilized by Maersk's North American warehousing, distribution, and transportation subsidiary, Performance Team - A Maersk Company.
   

This electric truck market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million and shipment in units from 2018 to 2032, for the following segments:

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Market, By Vehicle

• Light-duty truck
• Medium-duty truck
• Heavy-duty truck

Market, By Application

• Logistics & delivery
• Construction
• Waste management
• Others 

Market, By Battery Technology

• Battery electric truck
• Hybrid electric truck
• Plug-in hybrid electric truck
• Fuel cell electric truck

Market, By Battery Capacity

• Below 100 kWh
• 100-300 kWh
• Above 300 kWh

Market, By GVWR

• Below 6 tons
• 6 – 14 tons
• Above 14 tons

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Norway
  • Netherlands
  • Belgium
  • Denmark
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea 
• Latin America
  • Brazil
  • Mexico 
• MEA
  • Saudi Arabia
  • UAE
  • South Africa