Electric Truck Market Size

The electric truck market is experiencing significant growth, driven by the increasing demand for sustainable transportation solutions and the global shift towards vehicle electrification. This expansion is supported by advancements in electric vehicle technology, declining battery costs, and stricter environmental regulations. Government policies, such as EV purchase incentives and investments in charging infrastructure, are accelerating the adoption of electric trucks, as businesses align with environmental goals and consumer expectations for greener supply chains. The market's robust growth is further fueled by substantial investments from manufacturers in developing efficient and long-range electric trucks, as well as the establishment of low-emission zones and zero-emission logistics targets. The APAC region, led by China's market presence and supportive policies, is at the forefront, while Europe emphasizes stringent emissions regulations and sustainability. North America is gradually growing through regulatory initiatives and consumer preference shifts, and South America is beginning to adopt electric trucks, building on previous electrification efforts.

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Market Size of electric truck Industry

Electric Truck Market Summary
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svg icon Study Period 2017 - 2030
svg icon Market Size (2024) USD 65.23 Billion
svg icon Market Size (2030) USD 287.5 Billion
svg icon Largest Share by Fuel Category BEV
svg icon CAGR (2024 - 2030) 28.05 %
svg icon Largest Share by Region Asia-Pacific

Major Players

Electric Truck Market Major Players

*Disclaimer: Major Players sorted in no particular order

Key Players

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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

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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

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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

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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

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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

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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.
Electric Truck Market

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 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.
Vehicle Configuration
Trucks
Heavy-duty Commercial Trucks
Medium-duty Commercial Trucks
Fuel Category
BEV
FCEV
HEV
PHEV
Region
Africa
South Africa
Asia-Pacific
China
India
Japan
South Korea
Europe
France
Germany
Italy
Spain
Rest-of-Europe
Middle East
Rest-of-Middle East
North America
Canada
Mexico
US
South America
Brazil
Rest-of-South America
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Electric Truck Market Size Summary

The global electric truck market is experiencing significant growth, driven by the increasing demand for sustainable freight and logistics solutions. This expansion is largely due to the urgent need to reduce transportation emissions and the global push towards vehicle electrification. The market is expected to maintain its growth trajectory, supported by advancements in electric vehicle technology, decreasing battery costs, and stricter environmental regulations that promote cleaner commercial transportation. Government policies worldwide, including EV purchase incentives and investments in charging infrastructure, are further accelerating the adoption of electric trucks. Businesses are increasingly aligning their operations with environmental goals, responding to consumer expectations for greener supply chains.

Regionally, the electric truck market is witnessing varied growth patterns. The Asia-Pacific region, led by China, is at the forefront due to its ambitious environmental policies and substantial investments in EV technology and infrastructure. The European market is characterized by stringent emissions regulations and a strong focus on sustainability, with the European Union's Green Deal playing a pivotal role in promoting electric truck adoption. In North America, the market is gradually expanding, driven by regulatory initiatives and technological advancements. Meanwhile, the South American market is in its nascent stages, with countries like Brazil and Chile leading efforts despite economic and infrastructural challenges. The market remains fragmented, with major players such as BYD Auto Co. Ltd., Daimler Truck Holding AG, Dongfeng Motor Corporation, Groupe Renault, and Volvo Group playing significant roles in shaping its future.

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Electric Truck Market Size - Table of Contents

  1. 1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)

    1. 1.1 Vehicle Configuration

      1. 1.1.1 Trucks

        1. 1.1.1.1 Heavy-duty Commercial Trucks

        2. 1.1.1.2 Medium-duty Commercial Trucks

    2. 1.2 Fuel Category

      1. 1.2.1 BEV

      2. 1.2.2 FCEV

      3. 1.2.3 HEV

      4. 1.2.4 PHEV

    3. 1.3 Region

      1. 1.3.1 Africa

        1. 1.3.1.1 South Africa

      2. 1.3.2 Asia-Pacific

        1. 1.3.2.1 China

        2. 1.3.2.2 India

        3. 1.3.2.3 Japan

        4. 1.3.2.4 South Korea

      3. 1.3.3 Europe

        1. 1.3.3.1 France

        2. 1.3.3.2 Germany

        3. 1.3.3.3 Italy

        4. 1.3.3.4 Spain

        5. 1.3.3.5 Rest-of-Europe

      4. 1.3.4 Middle East

        1. 1.3.4.1 Rest-of-Middle East

      5. 1.3.5 North America

        1. 1.3.5.1 Canada

        2. 1.3.5.2 Mexico

        3. 1.3.5.3 US

      6. 1.3.6 South America

        1. 1.3.6.1 Brazil

        2. 1.3.6.2 Rest-of-South America

Electric Truck Market Size FAQs

The Electric Truck Market size is expected to reach USD 65.23 billion in 2024 and grow at a CAGR of 28.05% to reach USD 287.52 billion by 2030.

In 2024, the Electric Truck Market size is expected to reach USD 65.23 billion.

Electric Truck Market Report Snapshots

Electric Truck Market Size - Industry Report on Share, Growth Trends & Forecasts Analysis (2024 - 2029)