Electric Truck Market Size to Hit USD 20.25 Bn by 2032

The global electric truck market size was estimated at USD 2.51 billion in 2023 and is projected to hit around USD 20.25 billion by 2032 with a noteworthy CAGR of 26.10% from 2023 to 2032.

Key Points

By vehicle type, the battery electric trucks segment has held revenue share of 86% in 2022.
China has accounted for revenue share of 81% in 2022
The U.S. electric trucks market is expanding at a CAGR of 59.9% from 2023 to 2032.

The electric truck market is an emerging sector within the automotive industry that focuses on the production and distribution of trucks powered by electric propulsion systems. These trucks range from light-duty delivery vehicles to heavy-duty long-haul trucks. The growing concern over carbon emissions and environmental impact has accelerated the adoption of electric trucks across the world. Electric trucks are seen as a viable solution for reducing greenhouse gas emissions and combating climate change.

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Growth Factors

Several factors are driving the growth of the electric truck market. These include increased environmental awareness, government regulations on emissions, and incentives for electric vehicle (EV) adoption. Additionally, advancements in battery technology and reductions in battery costs have made electric trucks more accessible and affordable. The rise in e-commerce and the need for efficient urban logistics also contribute to the demand for electric delivery trucks.

Regional Insights:

The electric truck market is seeing different levels of adoption across various regions. In North America, the United States and Canada are leading the way due to supportive policies and infrastructure development for electric vehicles. In Europe, countries such as Norway, Germany, and the Netherlands are key markets for electric trucks, driven by strict emissions regulations and a focus on sustainability. In the Asia-Pacific region, China is a major player due to its significant investments in EV infrastructure and its ambition to lead the EV market.

Report Scope of the Electric Truck Market

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

Drivers:

Key drivers of the electric truck market include government incentives such as tax breaks, subsidies, and grants for electric vehicles. The expansion of charging infrastructure is another driver, making it easier for truck operators to transition to electric fleets. Companies are also recognizing the long-term cost savings of electric trucks, particularly in terms of fuel and maintenance expenses.

Opportunities:

The electric truck market presents numerous opportunities for growth and innovation. As battery technology continues to improve, electric trucks can achieve longer ranges and faster charging times, making them more competitive with traditional diesel trucks. The potential for autonomous electric trucks could revolutionize the transportation industry, offering safer and more efficient delivery solutions. Additionally, the demand for green logistics and last-mile delivery services creates opportunities for electric trucks in urban areas.

Challenges:

Despite the potential for growth, the electric truck market faces several challenges. The initial cost of electric trucks remains higher than that of conventional trucks, which can deter some buyers. Charging infrastructure, while expanding, still requires significant development to support large electric truck fleets. Range anxiety, or the fear of running out of battery power, is another hurdle that needs to be addressed. Furthermore, the limited availability of electric truck models can constrain market growth.

Recent Developments

DEX Heavy Duty Parts LLC, an AB Volvo company and a prominent supplier of recycled and restored medium and heavy-duty truck parts, inaugurated a new factory in the U.S. in February 2019. DEX, which now has a shop in North Carolina helps truck owners bring new life into their vehicles by providing restored or recycled parts.
The Actros L, which has a GCWR of 82,000 lbs. and will be available in June 2021, is Daimler AG’s longest range commercial battery electric vehicle in North America. It has a 250-mile range and can be charged to 80% in ninety minutes.
Toyota Motor and Kenworth partnered in March 2020 to manufacture10 zero emission Kenworth T680 trucks. Under steady state operation, the vehicles will have a range of over 300 miles.
RIVIAN, an electric vehicle and SUV manufacturer has scheduled a capacity expansion in its manufacturing plant for February 2022. The company plans to establish its second manufacturing plant in East Atlanta, with a capacity of 400,000 automobiles per year.

Electric Truck Market Companies

AB Volvo
Workhorse
BYD Company Ltd.
Tata Motors
Daimler AG
Scania
Dongfeng Motor Company
Paccar Inc.
Geely Automobiles Holdings Ltd.
Man SE

Segments Covered in the Report

By Propulsion

Battery Electric Truck
Hybrid Electric Truck
Plug-in Hybrid Electric Truck
Fuel Cell Electric Truck

By Vehicle Type

Light Duty Electric Truck
Medium Duty Electric Truck
Heavy Duty Electric Truck

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

Less Than 50kwh
50-250 Kwh
Above 250 Kwh

By Payload Capacity

Upto 10,000 lbs
10,001-26,000 lbs
Above 26,001 lbs

By Level of Automation

Semi-autonomous
Autonomous

By Geography

North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
Asia-Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Philippines
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of the Middle East & Africa