Electric Truck Market Size, Share, Analysis, Trends, Growth Report, 2032
Electric Truck Market by Technology (Battery Electric Vehicle, Hybrid Electric Vehicle, and Plug-in Hybrid Electric Vehicle) by Product (General Trucks, Pickup Trucks, Garbage Trucks, and Others) by Application (Logistics, Government, and Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2024 - 2032
| Market Size in 2023 | Market Forecast in 2032 | CAGR (in %) | Base Year |
|---|---|---|---|
| USD 28.48 Billion | USD 185.92 Billion | 23.18% | 2023 |
Electric Truck Industry Perspective:
The global electric truck market size was evaluated at $28.48 Billion in 2023 and is slated to hit $185.92 Billion by the end of 2032 with a CAGR of nearly 23.18% between 2024 and 2032.
The report analyzes the global electric truck market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the electric truck industry.
Electric Truck Market: Growth Factors
Electric trucks use one or more electric motors for driving the vehicle. The vehicles contain a battery instead of a fuel tank and an electric motor instead of a combustion engine. Electric vehicles have a wide range of power sources but are not limited to nuclear power, solar power, tidal power, and wind power. The major advantage of electric vehicles is their ability to convert energy generated by the braking system into to recharge the battery. This is called regenerative braking.
Electric trucks are of two types, namely hybrid electric vehicles and pure electric vehicles. Hybrid electric vehicles run on both, fuel and electricity. Pure electric vehicles do not have a fuel tank and run only on electricity. Battery electric vehicles (BEVs) do not have a fuel engine and are powered by electricity. Plug-in hybrid electric vehicles (PHEVs) run on both, fuel and electricity. Their battery can be recharged by plugging into an external source.
Electric Truck Market: Segmentation
All the segments of the electric truck market have been analyzed based on past, present, and future trends. The market is estimated from 2024 to 2032. Based on technology, the global electric truck market is further divided into hybrid electric vehicles, battery electric vehicles, and plug-in hybrid electric vehicles. The hybrid electric vehicle is anticipated to hold a notable chunk of the electric truck market over the forecast period owing to the various advantages over battery electric vehicles & plug-in hybrid electric vehicles.
The product segment is bifurcated into general trucks, pickup trucks, garbage trucks, and others. The application segment includes logistics, government, and others. The government segment is projected to hold a considerable share over the coming years considering the initiatives taken by governments of various countries to promote the usage of electric vehicles.
Electric Truck Market: Report Scope
| Report Attributes | Report Details |
|---|---|
| Report Name | Electric Truck Market Research Report |
| Market Size in 2023 | USD 28.48 Billion |
| Market Forecast in 2032 | USD 185.92 Billion |
| Growth Rate | CAGR of 23.18% |
| Number of Pages | 220 |
| Forecast Units | Value (USD Billion), and Volume (Units) |
| Key Companies Covered | Daimler AG, Bayerische Motoren Werke AG, Toyota Motor Corporation, Volvo Group, Hino Motors Ltd., BYD Auto Co., Ltd., Nikola Motor Company, Isuzu Motors Limited, and General Motors among others. |
| Segments Covered | By Propulsion, By Vehicle Type, By Mode of Application, By Vehicle Type, By Region |
| Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East and Africa (MEA) |
| Base Year | 2023 |
| Historical Year | 2018 to 2022 |
| Forecast Year | 2024 - 2032 |
| Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
The regional segmentation consists of the past, present, and estimated demand for the Middle East & Africa, North America, Asia Pacific, Latin America, and Europe. The regional segment is further divided into the U.S., Mexico, Canada, UK, Germany, France, China, India, Japan, South Korea, Brazil, and Argentina among others. The European region is expected to hold a substantial share due to the presence of various electric vehicle manufacturers such as Bayerische Motoren Werke AG and Daimler AG.
Asia Pacific region is anticipated to grow at a notable rate owing to the initiatives taken by the governments of China and India. In 2017, the government of India announced its plan for the full usage of electric vehicles by 2013. Further, in 2019, it was estimated that around 500 electric vehicle manufacturers had registered to manufacture electric vehicles in China with a total manufacturing capacity of up to 3.9 million vehicles annually.
Electric Truck Market: Competitive Space
Detailed analysis of the major players in the global electric truck market includes their financial overview, business strategies, recent developments, and the product offered by them in the market. Key competitors included in this report are
- Daimler AG
- Bayerische Motoren Werke AG
- Toyota Motor Corporation
- Volvo Group
- Hino Motors Ltd. BYD Auto Co. Ltd.
- Nikola Motor Company
- Isuzu Motors Limited
- General Motors
- among others
This report segments the global electric trucks market as follows:
By Propulsion Segment Analysis
- BEV
- HEV
- PHEV
- FCEV
By Vehicle Type Segment Analysis
- Light-duty truck
- Medium-duty truck
- Heavy-duty truck
By Mode of Application Segment Analysis
- Logistic
- Municipal
- Other
Global Electric Trucks Market: Regional Segment Analysis
- North America
- U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- Middle East and Africa
Table Of Content
Methodology
FrequentlyAsked Questions
Electric trucks are a type of commercial vehicle that get their propulsion from electricity rather than the conventional internal combustion engines used in other trucks, which run on fossil fuels like gasoline or diesel. These vehicles get their propulsion power from electric motors and batteries rather than traditional gas or diesel engines. Electric trucks provide a number of benefits, including a reduction in pollutants, a quieter operation, and the potential for decreased operational expenses as a result of the cheaper cost of electricity in comparison to the cost of conventional fuels. They are becoming increasingly popular as an eco-friendly and sustainable alternative to traditional vehicles, contributing to efforts to reduce air pollution and fight climate change.
Growing demand for smart transport and increased charging infrastructure across the globe is expected to further boost up the market growth for the electric trucks and provide new opportunities for the players in the market.
The global electric truck market size was evaluated at $28.48 Billion in 2023 and is slated to hit $185.92 Billion by the end of 2032.
The European region is expected to hold a substantial share due to the presence of various electric vehicle manufacturers such as Bayerische Motoren Werke AG and Daimler AG. Asia Pacific region is anticipated to grow at a notable rate owing to the initiatives taken by the governments of China and India.
Key competitors included in this report are Daimler AG, Bayerische Motoren Werke AG, Toyota Motor Corporation, Volvo Group, Hino Motors Ltd., BYD Auto Co., Ltd., Nikola Motor Company, Isuzu Motors Limited, and General Motors among others.
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