Electric Truck Market Size & Share 2024 to 2032
Market Size by Vehicle (Light-Duty Trucks, Medium-Duty Trucks, Heavy-Duty Trucks), by Application (Logistics & Delivery, Construction, Waste Management), by Battery Technology, by Battery Capacity, by GVWR & Forecast.
Report ID: GMI5800
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Published Date: April 2024
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Report Format: PDF
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Authors:
Preeti Wadhwani, Aishvarya Ambekar
Electric Truck Market Size
Electric Truck Market size was valued at USD 21.1 billion in 2023 and is estimated to register a CAGR of over 15% between 2024 and 2032. Innovations in electric truck technology are reshaping logistics, prioritizing sustainability, and efficiency. The transportation industry is evolving to become cleaner, quieter, and more economically feasible. This change is fueled by advancements in battery technology and the expansion of fast-charging infrastructure.
Electric Truck Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
For instance, in April 2024, Daimler Truck unveiled its latest brand of electric vehicles, 'RIZON,' during its Canadian premiere of battery-electric trucks at Truck World in Toronto. The company announced that these innovative e-trucks will be accessible to Canadian customers, thereby bolstering the electric truck market by providing environment-friendly and advanced transportation solutions.
Government incentives play a pivotal role in accelerating the adoption of electric trucks by providing financial support and regulatory advantages. Subsidies, tax credits, and grants incentivize fleet operators to invest in electric vehicles, offsetting the higher initial costs. Additionally, regulatory policies such as emission standards and zero-emission zones create a favorable environment for electric truck deployment. These incentives not only lower the total cost of ownership but also align with broader environmental goals, driving the transition toward cleaner transportation solutions.
The limited range and inadequate charging infrastructure pose significant obstacles to the wide adoption of electric trucks. Without sufficient charging stations along transportation routes, electric truck operators face range anxiety and potential disruptions to their operations. Moreover, the time required for recharging compared to refueling conventional trucks may lead to productivity losses. Addressing this challenge necessitates substantial investments in expanding charging infrastructure and advancing battery technology to extend the range of electric trucks.
Electric Truck Market Trends
The expansion of charging infrastructure networks is reshaping the electric truck industry, facilitating the wide adoption of cleaner transportation solutions. As more charging stations are installed along key transportation routes, electric truck operators can reduce range anxiety and speed up the transition to sustainable logistics operations. For instance, in April 2024, Tesla unveiled plans to construct a series of electric truck charging stations spanning from the southern border of Texas to northern California. This strategic move aligns with the larger trend of electrifying heavy-duty trucks, a critical step in combating climate change and reducing air pollution.
The integration of renewable energy sources into electric truck operations marks a notable trend in the industry. Leveraging solar & wind power for charging infrastructure and onboard systems reduces the reliance on the grid, thereby further enhancing the environmental benefits of electric trucks. This trend aligns with the broader shift toward sustainable energy practices, driving innovations in both the transportation and renewable energy sectors. As renewable energy technologies continue to evolve, they offer promising opportunities for enhancing the sustainability of electric truck fleets.
Electric Truck Market Analysis
Based on vehicle, the market is divided into light-duty trucks, medium-duty trucks, and heavy-duty trucks. The light-duty trucks segment accounted for a market share of over 65% in 2023. In the light-duty truck segment, a notable trend is the emergence of compact electric models tailored for urban delivery and personal uses. These vehicles offer nimble maneuverability, reduced emissions, and lower operating costs, catering to the growing demand for sustainable transportation solutions in densely populated areas.
For instance, in January 2024, Mitsubishi Fuso, a subsidiary of Daimler Truck, introduced the latest iteration of the eCanter electric truck in Hong Kong. The eCanter is specifically engineered to tackle urban environmental concerns including noise pollution, exhaust emissions, and carbon dioxide output. This launch reinforces Mitsubishi Fuso's commitment to advancing electric truck technology, particularly in the light-duty segment, thereby bolstering the market for electric trucks.
Based on battery technology, the electric truck market is categorized into battery electric trucks, hybrid electric trucks, plug-in hybrid electric trucks, and fuel cell electric trucks. The hybrid electric trucks segment is expected to hold over USD 40 billion revenue by 2032. Hybrid electric trucks segment is poised for significant growth due to its ability to offer a balance between fuel efficiency and environmental sustainability.
With increasing regulations on emissions and fuel consumption, fleet operators are turning to hybrid electric trucks as a viable solution to reduce their carbon footprint while maintaining operational efficiency. Additionally, advancements in hybrid technology and infrastructure support are driving adoption, making hybrid electric trucks an attractive option for various industries.
Europe dominated the global electric truck market with a major share of over 11% in 2023. In Europe, stringent emissions regulations and ambitious climate targets are driving a surge in electric truck adoption. Government incentives, such as subsidies and tax breaks, coupled with the expansion of charging infrastructure, are accelerating the transition to cleaner transportation solutions, positioning Europe as a leader in the market.
For instance, in January 2024, Mars, a renowned manufacturer of confectionery, food, and pet care items, joined forces with Einride, a freight technology firm, to introduce a fleet of 300 electric and digitally optimized heavy-duty trucks across its European network by 2030.
In North America, the electric truck market is experiencing a shift toward connectivity and data-driven solutions. Fleet operators are increasingly leveraging telematics and onboard sensors to gather real-time data on vehicle performance, driver behavior, and logistics optimization. This trend enables enhanced fleet management, predictive maintenance, and improved operational efficiency, thereby driving the adoption of advanced technologies in the region.
In Asia Pacific, rapid urbanization and growing environmental concerns are fueling the demand for electric trucks. Government initiatives promoting electrification coupled with investments in infrastructure & manufacturing capabilities, are driving the expansion of the market, particularly in densely populated urban centers facing air quality challenges.
Electric Truck Market Share
Daimler AG, Volvo Group, and Ford dominate the electric truck industry holding over 20% due to their extensive expertise, established manufacturing capabilities, and strategic investments in electric vehicle technology. Daimler AG, a global automotive leader, leverages its diverse portfolio of brands and innovative solutions to offer electric trucks tailored to various applications. Volvo Group, renowned for its commitment to sustainability, pioneers electric truck solutions with advanced technology and eco-friendly features.
Ford, a leading player in the automotive industry, brings its legacy of innovation and brand recognition to the electric truck market, offering versatile and efficient electric vehicles. These companies lead the market by developing reliable, high-performance electric trucks that meet the evolving needs of customers while addressing environmental concerns and regulatory requirements. Through continuous research, development, and collaboration, Daimler AG, Volvo Group, and Ford shape the future of transportation with their contributions to the market.
Electric Truck Market Companies
Major companies operating in the electric truck industry are:
Electric Truck Industry News
The electric truck market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Billion) and shipment (Units) from 2021 to 2032, for the following segments:
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Market, By Vehicle
Market, By Application
Market, By Battery Technology
Market, By Battery Capacity
Market, By GVWR
The above information is provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
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2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
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✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
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Verified data sources
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Regulatory filings
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Academic research
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GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
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