Market Size of electric truck Industry
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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 |
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Largest Share by Fuel Category | BEV |
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CAGR (2024 - 2030) | 28.05 % |
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Largest Share by Region | Asia-Pacific |
Major Players |
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*Disclaimer: Major Players sorted in no particular 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.
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.
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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.
Electric Truck Market Size - Table of Contents
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1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
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1.1 Vehicle Configuration
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1.1.1 Trucks
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1.1.1.1 Heavy-duty Commercial Trucks
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1.1.1.2 Medium-duty Commercial Trucks
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1.2 Fuel Category
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1.2.1 BEV
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1.2.2 FCEV
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1.2.3 HEV
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1.2.4 PHEV
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1.3 Region
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1.3.1 Africa
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1.3.1.1 South Africa
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1.3.2 Asia-Pacific
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1.3.2.1 China
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1.3.2.2 India
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1.3.2.3 Japan
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1.3.2.4 South Korea
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1.3.3 Europe
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1.3.3.1 France
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1.3.3.2 Germany
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1.3.3.3 Italy
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1.3.3.4 Spain
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1.3.3.5 Rest-of-Europe
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1.3.4 Middle East
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1.3.4.1 Rest-of-Middle East
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1.3.5 North America
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1.3.5.1 Canada
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1.3.5.2 Mexico
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1.3.5.3 US
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1.3.6 South America
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1.3.6.1 Brazil
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1.3.6.2 Rest-of-South America
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Electric Truck Market Size FAQs
How big is the Electric Truck Market?
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.
What is the current Electric Truck Market size?
In 2024, the Electric Truck Market size is expected to reach USD 65.23 billion.
