Electric Truck Market Size to Hit USD 20.25 Bn by 2032

The global electric truck market was estimated at US$ 2 billion in 2022 and is projected to be worth around US$ 20.25 billion by 2032, growing at a CAGR of 26.10% from 2023 to 2032.

Key Insights

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

Rising gasoline, fuel, diesel, and petrol prices are offering attractive chances for the worldwide electric truck market to flourish. Furthermore, prominent market participants are utilizing renewable energy sources in the production of electric vehicles on a global scale. In the electric truck sector, the concept of solar-powered trucks and recharge stations is gaining traction. When compared to battery chargers, solar powered chargers are less expensive. End users of electric trucks will save money as a result of these considerations.

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The increasing investments in research and development efforts by key market players are another factor driving the global electric truck market forward. Government organizations are continually collaborating with industry players to promote electric trucks all over the globe.

Report Highlights

The battery electric truck, plug-in hybrid electric truck, hybrid electric truck, and fuel cell electric truck are the different types of electric truck. Due to the factors such as rising depletion of energy and fuel combined with the growing government initiatives for charging infrastructure and stations, the battery electric truck segment held the highest share in 2020. This segment is expected to expand and develop in the coming years.

Regional Snapshot

North America region is the fastest growing region in the electric truck market. The factors and drivers such as growing adoption and acceptance of electric vehicles among people, stringent government regulations to curb the adverse effects of fuel and gasoline-based vehicles, and rising demand for sustainable solutions is driving the growth of the electric truck market in the North America region.

Asia-Pacific is the largest segment for electric truck market in terms of region. The electric truck market in Asia-Pacific region is being driven by the factors such as growing population, rising disposable income, rapid industrialization and urbanization, and new product launches in the electric truck 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
Companies Mentioned	AB Volvo, Workhorse, BYD Company Ltd., Tata Motors, Daimler AG, Scania, Dongfeng Motor Company, Paccar Inc., Geely Automobiles Holdings Ltd., Man SE

Market Dynamics

Drivers

Growing demand for self-driving electric trucks

The new trend of self-driving vehicles is gaining traction in the global market. The self-driving electric trucks help drivers to drive vehicles with ease without any risk. The key market players are launching self-driving electric trucks on a large scale. The demand for self-driving electric trucks with advanced technology and features are driving the growth of the electric trucks in the market. As a result, the growing demand for self-driving electric trucks is driving the growth of the global electric truck market during the forecast period.

Restraints

High cost of electric trucks

The electric trucks cannot be afforded by each and every individual. The market players invest huge amount of money on research and development activities for the development of electric truck. This increases the cost of final products that is electric truck. In addition, the manufacturers use lithium-ion batteries in the manufacturing of electric trucks. The cost of electric trucks varies according to product specifications. The high range of electric trucks are high in cost and considered as premium product. Thus, the high cost of electric trucks is restricting the growth of the electric truck market.

Opportunities

Decline in the cost of electric vehicle batteries

The battery electric vehicle or trucks offer variety of advantages such as low cost of maintenance and good efficiency in terms of operation. The batteries costs are low as compared to gasoline and fuel. The technological advancements and innovative products are making growth possibilities for the electric truck market. In addition, the manufacturing costs of batteries are low in nature. As a result, the decline in the cost of electric vehicle batteries is creating lucrative opportunities for the growth of the global electric truck market over the forecast period.

Challenges

High initial costs

The capital investments for the manufacturing of electric trucks are quite high. The costs of technology and parts of machinery are costly in nature. All of these costs are added during the production of the electric truck. Thus, the cost of fuel-based vehicle or traditional vehicle is low as compared to electric vehicle. As a result, high initial costs are a biggest challenge for the growth of the electric truck market.

Recent Developments

Scania’s first two battery electric truck was launched in February 2020 for a development program with Norwegian wholesaler ASKO. These city distribution trucks are equipped with 165 kWh battery power packs and have a baseline range of up to 75 miles.
Toyota Motor Corporation and Hino Motors Ltd signed a deal in March 2020 to collaborate on the development of a heavy-duty fuel cell truck as well as to go on with measures toward its practical usage through tests and other ways.
In July 2019, Dongfeng Motor Corporation declared the launch of the Dongfeng Rich 6 Electric Vehicle, an electric pickup truck developed in collaboration with Nissan. It is driven by a single electric motor with 160 horsepower and 420 Nm of torque.

Some of the prominent players in the global electric truck market include: