Electric Truck Market Size
| Icons | Lable | Value |
|---|---|---|
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Study Period | 2017 - 2030 |
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Market Size (2024) | USD 65.23 Billion |
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Market Size (2030) | USD 287.5 Billion |
|
Largest Share by Fuel Category | BEV |
|
|
CAGR (2024 - 2030) | 28.05 % |
|
Largest Share by Region | Asia-Pacific |
Major Players |
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|
*Disclaimer: Major Players sorted in alphabetical order. |
Electric Truck Market Analysis
The Electric Truck Market size is estimated at 65.23 billion USD in 2024, and is expected to reach 287.5 billion USD by 2030, growing at a CAGR of 28.05% during the forecast period (2024-2030).
65.23 Billion
Market Size in 2024 (USD)
287.5 Billion
Market Size in 2030 (USD)
31.24 %
CAGR (2017-2023)
28.05 %
CAGR (2024-2030)
Largest Segment by Vehicle Body Type
90.33 %
value share, Heavy-duty Commercial Trucks, 2023
Heavy-Duty Commercial Trucks dominate due to their essential role in logistics, high demand for transporting goods over long distances, and industrial growth driving the need for robust vehicles.
Fastest-growing Segment by Vehicle Body Type
38.88 %
Projected CAGR, Medium-duty Commercial Trucks, 2024-2030
Medium-Duty Commercial Trucks are rapidly growing due to increasing demand for efficient urban deliveries, advancements in electric truck technology, and supportive government policies.
Largest Segment by Fuel Category
75.36 %
value share, BEV, 2023
BEVs dominate due to technological advancements, extensive government support, and growing consumer preference for zero-emission trucks.
Largest Country Market
61.45 %
value share, China, 2023
China leads the electric truck market due to its large manufacturing base, significant domestic demand, and extensive investments in electric vehicle technology and infrastructure.
Leading Market Player
8.50 %
market share, Dongfeng Motor Corporation, 2023
Dongfeng dominates with innovative electric trucks, strong manufacturing capabilities, and a commitment to advancing electric vehicle technology.
The global market for electric medium and heavy-duty trucks is poised for significant growth, driven by the imperative for cleaner transportation solutions
- The global electric truck market, covering medium and heavy-duty segments, witnessed significant growth in 2023, reflecting a rising demand for sustainable freight and logistics solutions. This expansion is a direct response to the urgent need to curb transportation emissions and the global push for vehicle electrification. In 2024, the market is poised to sustain its growth momentum, propelled by advancements in electric vehicle (EV) technology, falling battery costs, and stricter environmental regulations emphasizing cleaner commercial transportation.
- The upswing in electric truck adoption is bolstered by government policies worldwide, such as EV purchase incentives, investments in charging infrastructure, and mandates to reduce carbon footprints in logistics and transportation. These measures, coupled with a growing corporate focus on sustainability, are hastening the shift to electric trucks. Businesses are aligning their operations with environmental goals and meeting consumer expectations for greener supply chains.
- In the coming years, the global electric truck market is set for robust growth, fueled by increased investments from vehicle manufacturers in developing more efficient and longer-range electric trucks. Ongoing advancements in EV technology are making electric trucks increasingly viable across a broader range of transport applications. Furthermore, as more cities and countries establish low-emission zones and zero-emission logistics targets, the demand for electric trucks is poised to surge.
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Globally, the electric truck market is experiencing significant growth across all regions, driven by technological advancements, regulatory policies, and shifting market dynamics toward sustainability
- China's dominant market presence, ambitious environmental policies, and significant investments in EV technology and infrastructure are propelling the APAC region to the forefront of the global electric truck market. Japan and South Korea are also key players, emphasizing innovation and supportive policies for electric vehicle adoption. The APAC market benefits from robust government subsidies, rapid technological advancements, and a heightened recognition of the importance of sustainable transportation.
- The European electric truck market stands out for its stringent emissions regulations, strong focus on environmental sustainability, and ambitious targets for reducing carbon footprints in the transport sector. The European Union's Green Deal and its pro-zero-emission vehicle policies have further expedited the adoption of electric trucks across the continent. European manufacturers and logistics firms are swiftly embracing electric trucks to align with these regulations.
- The North American electric truck market is growing gradually, driven by a mix of regulatory initiatives, technological advancements, and evolving consumer preferences. The United States and Canada are intensifying their efforts to curb greenhouse gas emissions from transportation, offering incentives at federal and state levels to promote electric vehicle adoption.
- The South American electric truck market is nascent, with countries like Brazil and Chile spearheading electrification despite challenges such as economic volatility and infrastructure gaps. The introduction of electric buses in these countries has laid the groundwork for the broader adoption of electric commercial vehicles, including trucks.
Electric Truck Market Trends
The rising global demand and government support propel electric vehicle market growth
- Electric vehicles (EVs) have become indispensable in the automotive sector, driven by their potential to enhance energy efficiency and reduce greenhouse gas and pollution emissions. This surge is primarily attributed to growing environmental concerns and supportive government initiatives. Notably, global EV sales witnessed a robust 10.82% growth in 2022 compared to 2021. Projections indicate that annual sales of electric passenger cars will surpass 5 million by the end of 2025, accounting for approximately 15% of total vehicle sales.
- Leading manufacturers and organizations, like the London Metropolitan Police & Fire Service, have been actively pursuing their electric mobility strategies. For instance, they have set a target of a zero-emission fleet by 2025, with a goal of electrifying 40% of their vans by 2030 and achieving full electrification by 2040. Similar trends are expected globally, with the period from 2024 to 2030 witnessing a surge in demand and sales of electric vehicles.
- Asia-Pacific and Europe are poised to dominate electric vehicle production, driven by their advancements in battery technology and vehicle electrification. In a notable move, in May 2020, Kia Motors Europe unveiled its "Plan S," signaling a strategic shift toward electrification. This decision came on the heels of record-breaking sales of Kia's EVs in Europe. Kia has ambitious plans to introduce 11 EV models globally by 2025, spanning various segments like passenger vehicles, SUVs, and MPVs. The company aims to achieve annual global EV sales of 500,000 by 2026.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Africa's demographic evolution demonstrates consistent growth with a notable acceleration in recent years
- Several European countries face population declines, while others grow, indicating a need for targeted policy interventions
- North America's demographic story highlights steady growth and adaptability, with each nation contributing uniquely to the region's vibrant mosaic, underlining North America's continued global significance
- Despite a GDP per capita decline in 2022-2023, Africa shows potential for future economic stability through trade agreements and infrastructure development
- Europe's GDP per capita is on track for steady growth, reflecting resilience and strategic policies
- Despite challenges in 2020, by 2023, the US experienced growth, Mexico displayed a robust recovery, while Canada witnessed a dip
- South Africa's consumer vehicle population shows signs of stabilization
- European countries are experiencing growth in CVP, driven by government incentives for environmentally friendly vehicles
- North America exhibits diverse trends in consumer spending for vehicle purchases (CVP), and Canada experiences a slight decrease, while the US sees an increase, and Mexico shows significant growth
- South Africa, Kenya, and Morocco exhibit declining inflation rates, while Nigeria faces a sharp inflation increase
- The European region is poised for economic stability, with concerted efforts to manage inflation and foster a balanced economic landscape
- From 2017 to 2030, North America, particularly countries like the US and Canada, navigated inflationary spikes, especially post-pandemic in 2022, but projections suggest a trend toward economic stability and controlled inflation for the region by 2030
- Auto interest rates across Africa, Asia-Pacific, and North America showed significant regional diversity, influenced by a combination of economic policies, market dynamics, and global conditions
- Battery pack prices in Africa continued to decline from USD 186 in 2022 to USD 176 in 2023, driven by technological advancements and increased market competition
- Declining battery prices and government initiatives drive demand for electric vehicles in Europe
- Declining prices of lithium-ion batteries drive the demand for electric vehicles in North America
- The global automotive industry will undergo a transformative phase, with a pronounced shift toward electrification from 2023 to 2025, followed by a period of refinement and consolidation in the subsequent years
- The Asia-Pacific region is witnessing a resurgence in the logistics performance index, driven by infrastructural developments and technological advancements
- The Middle East, led by the UAE, Saudi Arabia, and Qatar, invested in logistics infrastructure and technology despite challenges from geopolitical tensions
- South America's diverse landscape and resources pose unique logistics challenges
- The auto industry's production landscape is witnessing a dramatic shift, with electric vehicle manufacturers like BYD Auto and Tesla seeing remarkable growth while traditional giants like GM adapt to changing market demands
- Countries like Australia, India, and Indonesia project a steady upward trajectory in GDP per capita, suggesting robust economic strategies and potential investment in the automotive sectors
- Saudi Arabia and the United Arab Emirates, both pivotal nations in the Middle East, demonstrated population growth from 2017 to 2023. While there were slight dips for both countries in between, the overarching upward trend indicates their significant roles and attractions in the region
- South America's demographic narrative, represented by Brazil and Colombia, showcases a story of consistent growth, with Brazil experiencing a pronounced surge
- Asia-Pacific displays a panorama of economic evolution: from the relentless pursuits of emerging economies to the recalibrations of established ones, painting a picture of resilience, adaptation, and ambition
- Projections for the coming years indicate a steady growth trajectory for both the UAE's diversified sectors and its role as a regional business hub. This growth can be attributed to the country's focus on diversification efforts and strategic partnerships
- During 2017-2030, Brazil and Colombia displayed contrasting economic paths. While both faced downturns around 2020, Brazil's GDP per capita showed recovery by 2023, whereas Colombia witnessed a slight decline
- The Asia-Pacific's diverse consumer spending trends on vehicle purchases not only reflect the region's evolving economic conditions but also highlight the shifting consumer preferences and vehicular market dynamics across countries
- In the short term (2022-2023), Saudi Arabia maintained stable consumer spending for vehicle purchases, while the UAE experienced a slight decline, suggesting differing market dynamics
- Brazil and Colombia are expected to see an increase in consumer spending for vehicle purchases (CVP), indicating a recovering automotive market and growing consumer confidence
- Asia-Pacific’s varied inflation rates reflect the diverse economic challenges and responses of each nation, from battling pandemic-induced fluctuations to aiming for future stability through strategic economic policies
- From 2017 to 2030, the Middle East is expected to display varied inflationary patterns, with countries like Iran facing significant challenges, while others like Saudi Arabia and the UAE will show stability
- Projections indicate a trend toward economic stabilization and controlled inflation in the region, highlighting a concerted push to restore equilibrium and foster growth
- Global efforts to expand and enhance EV infrastructure are signaling a collective push toward electrification
- The demand for EVs in the Asia-Pacific region is fueled by falling battery prices
- The Middle East's battery market: A continuous descent in prices and promising energy trends
- South America’s surging demand for electric vehicle batteries: falling costs and strategic alliances
- Africa's vastness posed logistics challenges, yet hubs like South Africa and Kenya emerged strong. By 2023, initiatives like AfCFTA and infrastructure projects improved connectivity, but challenges remained.
- Europe's advanced logistics, driven by the EU's open trade policies, has faced challenges like Brexit. With a focus on sustainability and technology in 2023, Europe was expected to remain a global logistics leader, poised for further innovation and adaptation
- North America has a diverse terrain that presents unique logistics challenges, but in 2023, the United States, Canada, and Mexico achieved high LPI rankings. The region is set for a transformative logistics future with trade agreements and digital advancements
- For over a year, Russia's invasion of Ukraine disrupted global crude oil and petroleum product markets
Electric Truck Industry Overview
The Electric Truck Market is fragmented, with the top five companies occupying 21.50%. The major players in this market are BYD Auto Co. Ltd., Daimler Truck Holding AG, Dongfeng Motor Corporation, Groupe Renault and Volvo Group (sorted alphabetically).
Electric Truck Market Leaders
BYD Auto Co. Ltd.
Daimler Truck Holding AG
Dongfeng Motor Corporation
Groupe Renault
Volvo Group
Other important companies include Hino Motors Ltd., Isuzu Motors Limited, Navistar International Transportation Corporation, PACCAR Inc., Scania AB.
*Disclaimer: Major Players sorted in alphabetical order.
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Electric Truck Market News
- November 2023: In November 2021, PACCAR entered a partnership with the US Department of Energy for the SuperTruck 3 program at Bellevue, Washington.
- September 2023: IAA 2022: BYD presents eBus Blade Platform On September 19, BYD presented its latest innovations in eMobility for commercial vehicles at IAA Transportation. BYD unveiled its ground-breaking new eBus Blade Platform. Two pure-electric trucks, the ETM6 7.5-ton urban delivery truck and the ETH8 19-ton truck designed for logistics and waste collection, debut at the event, alongside BYD’s new upgraded 12m eBus (electric bus).
- September 2023: The new Volvo BZL Electric chassis was launched with an energy storage capacity of up to 470kWH.
Free with this Report
For the Vehicle Hub report, we provide an extensive collection of over 150 free charts, delivering detailed insights on regional and country-level dynamics within the vehicle industry. This encompasses in-depth analyses of vehicle registrations, usage patterns in both consumer and business segments, and evaluations of various vehicle configurations and body types. The report delves into critical industrial trends such as shifts in vehicle production and distribution centers, changes in vehicle ownership costs, and advancements in automotive technologies. Further, our report offers comprehensive market segmentation by vehicle type, body type, propulsion, and fuel categories, providing a nuanced understanding of the market landscape. It also explores the adoption rate of new technologies, the impact of regulatory changes, and the influence of economic factors on the vehicle market. We include a thorough examination of key industry players, regulatory frameworks, and market size in terms of both revenue and unit sales, leading to strategic projections and forecasts that account for emerging trends and potential shifts in the industry.
Electric Truck Market Report - Table of Contents
EXECUTIVE SUMMARY & KEY FINDINGS
REPORT OFFERS
1. INTRODUCTION
1.1. Study Assumptions & Market Definition
1.2. Scope of the Study
1.3. Research Methodology
2. KEY INDUSTRY TRENDS
2.1. Population
2.1.1. Africa
2.1.2. Asia-Pacific
2.1.3. Europe
2.1.4. Middle East
2.1.5. North America
2.1.6. South America
2.2. GDP Per Capita
2.2.1. Africa
2.2.2. Asia-Pacific
2.2.3. Europe
2.2.4. Middle East
2.2.5. North America
2.2.6. South America
2.3. Consumer Spending For Vehicle Purchase (cvp)
2.3.1. Africa
2.3.2. Asia-Pacific
2.3.3. Europe
2.3.4. Middle East
2.3.5. North America
2.3.6. South America
2.4. Inflation
2.4.1. Africa
2.4.2. Asia-Pacific
2.4.3. Europe
2.4.4. Middle East
2.4.5. North America
2.4.6. South America
2.5. Interest Rate For Auto Loans
2.6. Impact Of Electrification
2.7. EV Charging Station
2.8. Battery Pack Price
2.8.1. Africa
2.8.2. Asia-Pacific
2.8.3. Europe
2.8.4. Middle East
2.8.5. North America
2.8.6. South America
2.9. New Xev Models Announced
2.10. Logistics Performance Index
2.10.1. Africa
2.10.2. Asia-Pacific
2.10.3. Europe
2.10.4. Middle East
2.10.5. North America
2.10.6. South America
2.11. Fuel Price
2.12. Oem-wise Production Statistics
2.13. Regulatory Framework
2.14. Value Chain & Distribution Channel Analysis
3. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
3.1. Vehicle Configuration
3.1.1. Trucks
3.1.1.1. Heavy-duty Commercial Trucks
3.1.1.2. Medium-duty Commercial Trucks
3.2. Fuel Category
3.2.1. BEV
3.2.2. FCEV
3.2.3. HEV
3.2.4. PHEV
3.3. Region
3.3.1. Africa
3.3.1.1. South Africa
3.3.2. Asia-Pacific
3.3.2.1. China
3.3.2.2. India
3.3.2.3. Japan
3.3.2.4. South Korea
3.3.3. Europe
3.3.3.1. France
3.3.3.2. Germany
3.3.3.3. Italy
3.3.3.4. Spain
3.3.3.5. Rest-of-Europe
3.3.4. Middle East
3.3.4.1. Rest-of-Middle East
3.3.5. North America
3.3.5.1. Canada
3.3.5.2. Mexico
3.3.5.3. US
3.3.6. South America
3.3.6.1. Brazil
3.3.6.2. Rest-of-South America
4. COMPETITIVE LANDSCAPE
4.1. Key Strategic Moves
4.2. Market Share Analysis
4.3. Company Landscape
4.4. Company Profiles
4.4.1. BYD Auto Co. Ltd.
4.4.2. Daimler Truck Holding AG
4.4.3. Dongfeng Motor Corporation
4.4.4. Groupe Renault
4.4.5. Hino Motors Ltd.
4.4.6. Isuzu Motors Limited
4.4.7. Navistar International Transportation Corporation
4.4.8. PACCAR Inc.
4.4.9. Scania AB
4.4.10. Volvo Group
5. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS
6. APPENDIX
6.1. Global Overview
6.1.1. Overview
6.1.2. Porter’s Five Forces Framework
6.1.3. Global Value Chain Analysis
6.1.4. Market Dynamics (DROs)
6.2. Sources & References
6.3. List of Tables & Figures
6.4. Primary Insights
6.5. Data Pack
6.6. Glossary of Terms
List of Tables & Figures
- Figure 1:
- ELECTRIC TRUCK MARKET, POPULATION YOY GROWTH RATE, UNITS, 2017 - 2030
- Figure 2:
- ELECTRIC TRUCK MARKET, POPULATION YOY GROWTH RATE, UNITS, 2017 - 2030
- Figure 3:
- ELECTRIC TRUCK MARKET, POPULATION YOY GROWTH RATE, UNITS, 2017 - 2030
- Figure 4:
- ELECTRIC TRUCK MARKET, POPULATION YOY GROWTH RATE, UNITS, 2017 - 2030
- Figure 5:
- ELECTRIC TRUCK MARKET, POPULATION YOY GROWTH RATE, UNITS, 2017 - 2030
- Figure 6:
- ELECTRIC TRUCK MARKET, POPULATION YOY GROWTH RATE, UNITS, 2017 - 2030
- Figure 7:
- AFRICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 8:
- ASIA-PACIFIC MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 9:
- EUROPE MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 10:
- MIDDLE EAST MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 11:
- NORTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 12:
- SOUTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 13:
- AFRICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 14:
- ASIA-PACIFIC MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 15:
- EUROPE MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 16:
- MIDDLE EAST MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 17:
- NORTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 18:
- SOUTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 19:
- AFRICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 20:
- ASIA-PACIFIC MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 21:
- EUROPE MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 22:
- MIDDLE EAST MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 23:
- NORTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 24:
- ELECTRIC TRUCK MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENTAGE, 2017 - 2022
- Figure 25:
- GLOBAL MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 26:
- GLOBAL MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 27:
- AFRICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 28:
- ASIA-PACIFIC MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 29:
- EUROPE MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 30:
- MIDDLE EAST MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 31:
- NORTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 32:
- SOUTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 33:
- ELECTRIC TRUCK MARKET, NEW XEV MODELS ANNOUNCED, VOLUME, YOY GROWTH RATE, UNITS, 2023 - 2027
- Figure 34:
- ELECTRIC TRUCK MARKET, LPI YOY GROWTH RATE, 2017 - 2030
- Figure 35:
- ELECTRIC TRUCK MARKET, LPI YOY GROWTH RATE, 2017 - 2030
- Figure 36:
- ELECTRIC TRUCK MARKET, LPI YOY GROWTH RATE, 2017 - 2030
- Figure 37:
- ELECTRIC TRUCK MARKET, LPI YOY GROWTH RATE, 2017 - 2030
- Figure 38:
- ELECTRIC TRUCK MARKET, LPI YOY GROWTH RATE, 2017 - 2030
- Figure 39:
- ELECTRIC TRUCK MARKET, LPI YOY GROWTH RATE, 2017 - 2030
- Figure 40:
- GLOBAL MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 41:
- ELECTRIC TRUCK MARKET, VOLUME IN UNITS, 2017 - 2030
- Figure 42:
- ELECTRIC TRUCK MARKET, VALUE IN USD, 2017 - 2030
- Figure 43:
- ELECTRIC TRUCK MARKET, BY VEHICLE BODY TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 44:
- ELECTRIC TRUCK MARKET, BY VEHICLE BODY TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 45:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 46:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 47:
- ELECTRIC TRUCK MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 48:
- ELECTRIC TRUCK MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 49:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY REGION, 2017 - 2030
- Figure 50:
- ELECTRIC TRUCK MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 51:
- ELECTRIC TRUCK MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 52:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY REGION, 2017 - 2030
- Figure 53:
- ELECTRIC TRUCK MARKET, BY FUEL CATEGORY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 54:
- ELECTRIC TRUCK MARKET, BY FUEL CATEGORY, BY VALUE IN USD, 2017 - 2030
- Figure 55:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 56:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 57:
- ELECTRIC TRUCK MARKET, BY BEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 58:
- ELECTRIC TRUCK MARKET, BY BEV, BY VALUE IN USD, 2017 - 2030
- Figure 59:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 60:
- ELECTRIC TRUCK MARKET, BY FCEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 61:
- ELECTRIC TRUCK MARKET, BY FCEV, BY VALUE IN USD, 2017 - 2030
- Figure 62:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 63:
- ELECTRIC TRUCK MARKET, BY HEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 64:
- ELECTRIC TRUCK MARKET, BY HEV, BY VALUE IN USD, 2017 - 2030
- Figure 65:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 66:
- ELECTRIC TRUCK MARKET, BY PHEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 67:
- ELECTRIC TRUCK MARKET, BY PHEV, BY VALUE IN USD, 2017 - 2030
- Figure 68:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 69:
- ELECTRIC TRUCK MARKET, BY REGION, BY VOLUME IN UNITS, 2017 - 2030
- Figure 70:
- ELECTRIC TRUCK MARKET, BY REGION, BY VALUE IN USD, 2017 - 2030
- Figure 71:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY REGION, 2017 - 2030
- Figure 72:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY REGION, 2017 - 2030
- Figure 73:
- ELECTRIC TRUCK MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 74:
- ELECTRIC TRUCK MARKET, BY COUNTRY, BY VALUE IN USD, 2017 - 2030
- Figure 75:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 76:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 77:
- ELECTRIC TRUCK MARKET, BY AUSTRALIA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 78:
- ELECTRIC TRUCK MARKET, BY AUSTRALIA, BY VALUE IN USD, 2017 - 2030
- Figure 79:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 80:
- ELECTRIC TRUCK MARKET, BY CHINA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 81:
- ELECTRIC TRUCK MARKET, BY CHINA, BY VALUE IN USD, 2017 - 2030
- Figure 82:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 83:
- ELECTRIC TRUCK MARKET, BY INDIA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 84:
- ELECTRIC TRUCK MARKET, BY INDIA, BY VALUE IN USD, 2017 - 2030
- Figure 85:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 86:
- ELECTRIC TRUCK MARKET, BY INDONESIA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 87:
- ELECTRIC TRUCK MARKET, BY INDONESIA, BY VALUE IN USD, 2017 - 2030
- Figure 88:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 89:
- ELECTRIC TRUCK MARKET, BY JAPAN, BY VOLUME IN UNITS, 2017 - 2030
- Figure 90:
- ELECTRIC TRUCK MARKET, BY JAPAN, BY VALUE IN USD, 2017 - 2030
- Figure 91:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 92:
- ELECTRIC TRUCK MARKET, BY MALAYSIA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 93:
- ELECTRIC TRUCK MARKET, BY MALAYSIA, BY VALUE IN USD, 2017 - 2030
- Figure 94:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 95:
- ELECTRIC TRUCK MARKET, BY SOUTH KOREA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 96:
- ELECTRIC TRUCK MARKET, BY SOUTH KOREA, BY VALUE IN USD, 2017 - 2030
- Figure 97:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 98:
- ELECTRIC TRUCK MARKET, BY THAILAND, BY VOLUME IN UNITS, 2017 - 2030
- Figure 99:
- ELECTRIC TRUCK MARKET, BY THAILAND, BY VALUE IN USD, 2017 - 2030
- Figure 100:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 101:
- ELECTRIC TRUCK MARKET, BY REST-OF-APAC, BY VOLUME IN UNITS, 2017 - 2030
- Figure 102:
- ELECTRIC TRUCK MARKET, BY REST-OF-APAC, BY VALUE IN USD, 2017 - 2030
- Figure 103:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 104:
- ELECTRIC TRUCK MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 105:
- ELECTRIC TRUCK MARKET, BY COUNTRY, BY VALUE IN USD, 2017 - 2030
- Figure 106:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 107:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 108:
- ELECTRIC TRUCK MARKET, BY AUSTRIA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 109:
- ELECTRIC TRUCK MARKET, BY AUSTRIA, BY VALUE IN USD, 2017 - 2030
- Figure 110:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 111:
- ELECTRIC TRUCK MARKET, BY BELGIUM, BY VOLUME IN UNITS, 2017 - 2030
- Figure 112:
- ELECTRIC TRUCK MARKET, BY BELGIUM, BY VALUE IN USD, 2017 - 2030
- Figure 113:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 114:
- ELECTRIC TRUCK MARKET, BY CZECH REPUBLIC, BY VOLUME IN UNITS, 2017 - 2030
- Figure 115:
- ELECTRIC TRUCK MARKET, BY CZECH REPUBLIC, BY VALUE IN USD, 2017 - 2030
- Figure 116:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 117:
- ELECTRIC TRUCK MARKET, BY DENMARK, BY VOLUME IN UNITS, 2017 - 2030
- Figure 118:
- ELECTRIC TRUCK MARKET, BY DENMARK, BY VALUE IN USD, 2017 - 2030
- Figure 119:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 120:
- ELECTRIC TRUCK MARKET, BY ESTONIA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 121:
- ELECTRIC TRUCK MARKET, BY ESTONIA, BY VALUE IN USD, 2017 - 2030
- Figure 122:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 123:
- ELECTRIC TRUCK MARKET, BY FRANCE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 124:
- ELECTRIC TRUCK MARKET, BY FRANCE, BY VALUE IN USD, 2017 - 2030
- Figure 125:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 126:
- ELECTRIC TRUCK MARKET, BY GERMANY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 127:
- ELECTRIC TRUCK MARKET, BY GERMANY, BY VALUE IN USD, 2017 - 2030
- Figure 128:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
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- ELECTRIC TRUCK MARKET, BY IRELAND, BY VOLUME IN UNITS, 2017 - 2030
- Figure 130:
- ELECTRIC TRUCK MARKET, BY IRELAND, BY VALUE IN USD, 2017 - 2030
- Figure 131:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 132:
- ELECTRIC TRUCK MARKET, BY ITALY, BY VOLUME IN UNITS, 2017 - 2030
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- ELECTRIC TRUCK MARKET, BY ITALY, BY VALUE IN USD, 2017 - 2030
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- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
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- ELECTRIC TRUCK MARKET, BY LATVIA, BY VOLUME IN UNITS, 2017 - 2030
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- ELECTRIC TRUCK MARKET, BY LATVIA, BY VALUE IN USD, 2017 - 2030
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- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
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- ELECTRIC TRUCK MARKET, BY LITHUANIA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 139:
- ELECTRIC TRUCK MARKET, BY LITHUANIA, BY VALUE IN USD, 2017 - 2030
- Figure 140:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
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- ELECTRIC TRUCK MARKET, BY NORWAY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 142:
- ELECTRIC TRUCK MARKET, BY NORWAY, BY VALUE IN USD, 2017 - 2030
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- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
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- ELECTRIC TRUCK MARKET, BY POLAND, BY VOLUME IN UNITS, 2017 - 2030
- Figure 145:
- ELECTRIC TRUCK MARKET, BY POLAND, BY VALUE IN USD, 2017 - 2030
- Figure 146:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 147:
- ELECTRIC TRUCK MARKET, BY RUSSIA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 148:
- ELECTRIC TRUCK MARKET, BY RUSSIA, BY VALUE IN USD, 2017 - 2030
- Figure 149:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 150:
- ELECTRIC TRUCK MARKET, BY SPAIN, BY VOLUME IN UNITS, 2017 - 2030
- Figure 151:
- ELECTRIC TRUCK MARKET, BY SPAIN, BY VALUE IN USD, 2017 - 2030
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- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 153:
- ELECTRIC TRUCK MARKET, BY SWEDEN, BY VOLUME IN UNITS, 2017 - 2030
- Figure 154:
- ELECTRIC TRUCK MARKET, BY SWEDEN, BY VALUE IN USD, 2017 - 2030
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- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 156:
- ELECTRIC TRUCK MARKET, BY UK, BY VOLUME IN UNITS, 2017 - 2030
- Figure 157:
- ELECTRIC TRUCK MARKET, BY UK, BY VALUE IN USD, 2017 - 2030
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- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
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- ELECTRIC TRUCK MARKET, BY REST-OF-EUROPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 160:
- ELECTRIC TRUCK MARKET, BY REST-OF-EUROPE, BY VALUE IN USD, 2017 - 2030
- Figure 161:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
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- ELECTRIC TRUCK MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 163:
- ELECTRIC TRUCK MARKET, BY COUNTRY, BY VALUE IN USD, 2017 - 2030
- Figure 164:
- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
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- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
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- ELECTRIC TRUCK MARKET, BY CANADA, BY VOLUME IN UNITS, 2017 - 2030
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- ELECTRIC TRUCK MARKET, BY CANADA, BY VALUE IN USD, 2017 - 2030
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- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 169:
- ELECTRIC TRUCK MARKET, BY MEXICO, BY VOLUME IN UNITS, 2017 - 2030
- Figure 170:
- ELECTRIC TRUCK MARKET, BY MEXICO, BY VALUE IN USD, 2017 - 2030
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- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
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- ELECTRIC TRUCK MARKET, BY US, BY VOLUME IN UNITS, 2017 - 2030
- Figure 173:
- ELECTRIC TRUCK MARKET, BY US, BY VALUE IN USD, 2017 - 2030
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- ELECTRIC TRUCK MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 175:
- ELECTRIC TRUCK MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2017 - 2030
- Figure 176:
- ELECTRIC TRUCK MARKET, MOST ADOPTED STRATEGIES, 2017 - 2030
- Figure 177:
- ELECTRIC TRUCK MARKET SHARE(%), BY MAJOR PLAYERS, 2021
Electric Truck Industry Segmentation
Trucks are covered as segments by Vehicle Configuration. BEV, FCEV, HEV, PHEV are covered as segments by Fuel Category. Africa, Asia-Pacific, Europe, Middle East, North America, South America are covered as segments by Region.
- The global electric truck market, covering medium and heavy-duty segments, witnessed significant growth in 2023, reflecting a rising demand for sustainable freight and logistics solutions. This expansion is a direct response to the urgent need to curb transportation emissions and the global push for vehicle electrification. In 2024, the market is poised to sustain its growth momentum, propelled by advancements in electric vehicle (EV) technology, falling battery costs, and stricter environmental regulations emphasizing cleaner commercial transportation.
- The upswing in electric truck adoption is bolstered by government policies worldwide, such as EV purchase incentives, investments in charging infrastructure, and mandates to reduce carbon footprints in logistics and transportation. These measures, coupled with a growing corporate focus on sustainability, are hastening the shift to electric trucks. Businesses are aligning their operations with environmental goals and meeting consumer expectations for greener supply chains.
- In the coming years, the global electric truck market is set for robust growth, fueled by increased investments from vehicle manufacturers in developing more efficient and longer-range electric trucks. Ongoing advancements in EV technology are making electric trucks increasingly viable across a broader range of transport applications. Furthermore, as more cities and countries establish low-emission zones and zero-emission logistics targets, the demand for electric trucks is poised to surge.
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| FCEV | |
| HEV | |
| PHEV |
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Market Definition
- Vehicle Type - The category covers truck category.
- Vehicle Body Type - This includes Medium-duty Commercial Trucks and Heavy-duty Commercial Trucks
- Fuel Category - The category includes various fuel types such as Gasoline, Diesel, LPG (Liquefied Petroleum Gas), CNG (Compressed Natural Gas), HEV (Hybrid Electric Vehicles), PHEV (Plug-in Hybrid Electric Vehicles), BEV (Battery Electric Vehicles), and FCEV (Fuel Cell Electric Vehicles)
| Keyword | Definition |
|---|---|
| Electric Vehicle (EV) | A vehicle which uses one or more electric motors for propulsion. Includes cars, buses, and trucks. This term includes all-electric vehicles or battery electric vehicles and plug-in hybrid electric vehicles. |
| BEV | A BEV relies completely on a battery and a motor for propulsion. The battery in the vehicle must be charged by plugging it into an outlet or public charging station. BEVs do not have an ICE and hence are pollution-free. They have a low cost of operation and reduced engine noise as compared to conventional fuel engines. However, they have a shorter range and higher prices than their equivalent gasoline models. |
| PEV | A plug-in electric vehicle is an electric vehicle that can be externally charged and generally includes all-electric vehicles as well as plug-in hybrids. |
| Plug-in Hybrid EV | A vehicle that can be powered either by an ICE or an electric motor. In contrast to normal hybrid EVs, they can be charged externally. |
| Internal combustion engine | An engine in which the burning of fuels occurs in a confined space called a combustion chamber. Usually run with gasoline/petrol or diesel. |
| Hybrid EV | A vehicle powered by an ICE in combination with one or more electric motors that use energy stored in batteries. These are continually recharged with power from the ICE and regenerative braking. |
| Commercial Vehicles | Commercial vehicles are motorized road vehicles designed for transporting people or goods. The category includes light commercial vehicles (LCVs) and medium and heavy-duty vehicles (M&HCV). |
| Passenger Vehicles | Passenger cars are electric motor– or engine-driven vehicles with at least four wheels. These vehicles are used for the transport of passengers and comprise no more than eight seats in addition to the driver’s seat. |
| Light Commercial Vehicles | Commercial vehicles that weigh less than 6,000 lb (Class 1) and in the range of 6,001–10,000 lb (Class 2) are covered under this category. |
| M&HDT | Commercial vehicles that weigh in the range of 10,001–14,000 lb (Class 3), 14,001–16,000 lb (Class 4), 16,001–19,500 lb (Class 5), 19,501–26,000 lb (Class 6), 26,001–33,000 lb (Class 7) and above 33,001 lb (Class 8) are covered under this category. |
| Bus | A mode of transportation that typically refers to a large vehicle designed to carry passengers over long distances. This includes transit bus, school bus, shuttle bus, and trolleybuses. |
| Diesel | It includes vehicles that use diesel as their primary fuel. A diesel engine vehicle have a compression-ignited injection system rather than the spark-ignited system used by most gasoline vehicles. In such vehicles, fuel is injected into the combustion chamber and ignited by the high temperature achieved when gas is greatly compressed. |
| Gasoline | It includes vehicles that use gas/petrol as their primary fuel. A gasoline car typically uses a spark-ignited internal combustion engine. In such vehicles, fuel is injected into either the intake manifold or the combustion chamber, where it is combined with air, and the air/fuel mixture is ignited by the spark from a spark plug. |
| LPG | It includes vehicles that use LPG as their primary fuel. Both dedicated and bi-fuel LPG vehicles are considered under the scope of the study. |
| CNG | It includes vehicles that use CNG as their primary fuel. These are vehicles that operate like gasoline-powered vehicles with spark-ignited internal combustion engines. |
| HEV | All the electric vehicles that use batteries and an internal combustion engine (ICE) as their primary source for propulsion are considered under this category. HEVs generally use a diesel-electric powertrain and are also known as hybrid diesel-electric vehicles. An HEV converts the vehicle momentum (kinetic energy) into electricity that recharges the battery when the vehicle slows down or stops. The battery of HEV cannot be charged using plug-in devices. |
| PHEV | PHEVs are powered by a battery as well as an ICE. The battery can be charged through either regenerative breaking using the ICE or by plugging into some external charging source. PHEVs have a better range than BEVs but are comparatively less eco-friendly. |
| Hatchback | These are compact-sized cars with a hatch-type door provided at the rear end. |
| Sedan | These are usually two- or four-door passenger cars, with a separate area provided at the rear end for luggage. |
| SUV | Popularly known as SUVs, these cars come with four-wheel drive, and usually have high ground clearance. These cars can also be used as off-road vehicles. |
| MPV | These are multi-purpose vehicles (also called minivans) designed to carry a larger number of passengers. They carry between five and seven people and have room for luggage too. They are usually taller than the average family saloon car, to provide greater headroom and ease of access, and they are usually front-wheel drive. |
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Research Methodology
Mordor Intelligence follows a four-step methodology in all its reports.
- Step-1: Identify Key Variables: To build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built based on these variables.
- Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. Market revenue is calculated by multiplying the sales volume with their respective average selling price (ASP). While estimating ASP factors like average inflation, market demand shift, manufacturing cost, technological advancement, and varying consumer preference, among others have been taken into account.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables, and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms.
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