Electric Trucks Market Size & Share, by Type (Medium, Light, Heavy-Duty Trucks); Range (Upto 200 Miles, Above 200 Miles); Propulsion Type (Battery, Plug-in Hybrid, Hybrid, Fuel Cell Electric Truck) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4777
  • Published Date: Apr 03, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Electric Trucks Market size is anticipated to reach USD 713 billion by the end of 2035, growing at a CAGR of 42.70% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of electric trucks was over USD 1 billion. The growth of the market can be attributed to the growing concern related to the environmental issues. There has been a rise in the emission of carbon dioxide from traditional trucks, as they depend on the fossil fuels such as petrol. Hence, it is expected to rise the growth of the global market. As per the estimates, delivery trucks and tractor trailers are responsible for nearly 6 percent of the greenhouse gas emissions in the United States, as of 2020.

In addition to these, factors that are believed to fuel the electric trucks market growth of electric trucks include the benefits associated with the electric truck such as low maintenance cost, and zero noise pollution. Furthermore, the government is taking initiatives to promote electric vehicles among the people, that would also reduce the cost that the countries are paying for purchasing oil from other countries. This is one of the major reasons that are leading the countries towards fiscal deficits. Hence, it is predicted to drive the growth of the market in the upcoming years.


Electric Trucks Market
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Electric Trucks Market: Growth Drivers and Challenges

Growth Drivers

  • Growing Adoption of Electric Trucks for the Logistics Sector– According to the data, more than 70 percent of the domestic freight demand is carried by road transport, as of now. Road transportation plays an important role in connecting last-mile deliveries. Moreover, the trucks bridge the gap between the retailers, and manufacturers. As a result, it is expected to rise the growth of the global electric trucks market in the upcoming years.
  • Rising Development of Self-Driving Electric Truck– An increasing effort in the research and development of electric trucks will change the world of transportation. Moreover, automation is one of the developments in electric trucks, and it is anticipated to increase the market’s growth over the forecast period.  Furthermore, the autonomous vehicles are more efficient than traditional transportation, and reduce the risk of serious accidents. As per the World Health Organization data, nearly 1.3 million people die every year owing to road accidents.
  • Increasing Growth of the E-Commerce Industry – According to the most recent data, global e-commerce sites around the globe account for nearly 12 million to 25 million in the year 2022. There has been a rise in the number of e-commerce sites, worldwide, which is increasing the need for trucks. Moreover, the additional cost that is added to the cost of the goods owing to transportation can also be reduced with the help of electric trucks. Hence, it is predicted to rise the growth of the market by the end of 2035.
  • Rising Investment in EV Infrastructure- As per the International Energy Agency, under the Infrastructure Investment and Jobs Act, nearly USD 7.5 Billion was allocated in order to build a neatwork of 500,000 electric vehicle chargers nationwide. The increasing investment in the electric vehicle charging station infrastructure is projected to rise the growth of the global electric trucks market.
  • Surging Popularity of Electric Vehicles– The electric medium- and heavy- duty truck sales have increased to more than 14, 200 across the globe in the year 2021. There has been a growing popularity of electric vehicles in the form of light, medium, and heavy duty trucks among the people, that is further expected to increase the growth of the market over the forecast period.
  • Strict Emission Regulations Imposed by the Government – The strict emission regulations for the commercial as well as passenger vehicles has been stated by the governments in different countries as per their environment conditions. For instance, the current standards for diesel trucks, and new registrations is Euro 6 in Europe. Moreover, the permitted emissions of NOx had reduced from 180 mg/km to 80 mg/km.

Challenges

  • Lack of Electric Vehicle Charging Infrastructure- The developing countries, such as India, are still facing problems with the installation of electric vehicle charging infrastructure. Moreover, the charging station should be allocated after a few points of location, such as the petrol pumps, that is still a concern for the electric vehicles. Hence, it is anticipated to restrain the growth of the global electric trucks market in the upcoming years.
  • Limited Driving Range
  • High Cost of the Electric Trucks

Electric Trucks Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~42.70%

Base Year Market Size (2022)

~ USD 1 Billion

Forecast Year Market Size (2035)

~ USD 713.0 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Electric Trucks Segmentation

Type (Medium, Light, Heavy-Duty Trucks)

The global electric trucks market is also segmented and analyzed for demand and supply by type into medium, light, and heavy-duty trucks. Among these, the heavy-duty trucks segment is predicted to hold the significant share over the forecast period. This can be attributed to the rising sale of heavy-duty trucks across the globe, as they are more commonly used for long-haul transportation. Moreover, they are adopted by industries for the transportation of raw materials such as cars, cement, and others. As per the reported data by the International Energy Agency, there were 66,000 electric heavy duty truck stocks around the world in the year 2021. Moreover, the heavy-duty trucks are highly durable, and provide better performance, as compared to the other electric truck type, which in turn is anticipated to boost the segment growth in the market.

Propulsion Type (Battery, Plug-in Hybrid, Hybrid, Fuel Cell Electric Truck)

The global electric trucks market is segmented and analyzed for demand and supply by propulsion type into battery, plug-in hybrid, hybrid, and fuel cell electric truck. Out of these, the battery electric truck segment is expected to hold the largest share with a share of 60 percent by the end of 2035. This can be attributed to the decline in the price of batteries, followed by government initiatives to make them affordable for different classes of people. Moreover, there have been government restrictions related to zero emission vehicles, that is further anticipated to boost the growth of the segment in the market.

Our in-depth analysis of the global electric trucks market includes the following segments:

       By Type

  • Medium
  • Light
  • Heavy-Duty Trucks

       By Range

  • Upto 200 Miles
  • Above 200 Miles

      By Propulsion Type

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

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Electric Trucks Market - Regional Synopsis

APAC Market Statistics

The electric trucks market in Asia Pacific is projected to be the largest with a share of about ~41% by the end of 2035. The growth of the market can be attributed majorly to the government initiatives for the manufacturers to produce electric trucks at a lower cost. Furthermore, there has been an increase in the sale volume of electric vehicle, such as trucks in countries such as China, that is further anticipated to rise the growth of the market in the region. Moreover, the increasing restrictions related to carbon dioxide emissions, and the surging investments in research and development in order to improve the efficiencies of the electric trucks, are the factors that are projected to extend the market in the region. In the year 2021, China registered more than 75,000 battery electric trucks ahead of Europe, which registered more than 50,000 battery electric trucks.

North American Market Forecast

The North America electric trucks market is estimated to be the second largest, registering a share of about ~20% by the end of 2035. The growth of the market can be attributed majorly to the growing e-commerce sector in the region. Moreover, there has been growing environmental concern in the countries such as the United States, and Canada, that is further expected to boost the growth of the market in the region. In addition, they are countries that have an advanced infrastructure for electric vehicles, that is one of the major factors that is expected to contribute to the growth of the market in the region.

Europe Market Forecast

Further, the electric trucks market in the European, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the presence of large automobile manufacturers such as Volkswagen, Daimler AG, and others. Furthermore, there has been a presence of high efficiency batteries at a lower cost if purchase, that is further predicted to expand the market’s growth in the Europe region.

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Electric Trucks Market Size
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Companies Dominating the Electric Trucks Market

top-features-companies
    • AB Volvo
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis 
    • BYD Company Ltd
    • Tata Motors Ltd.
    • Ford Motor Company
    • PACCAR Inc.
    • Mercedes-Benz Group AG
    • Rivian, LLC
    • Dongfeng Motor Corporation
    • ISUZU Motors Limited
    • Workhorse Group Incorporated

In-the-news

In The News

  • Workhorse Group Incorporated announced the launch of its new Certified Dealer Program, an initiative to create an official network of verified dealers who have passed the protocols required to safely repair and maintain the Company's vehicles. Moreover, Kingsburg Truck Center in California, has been appointed as Workhorse's first certified electric vehicle ("EV") dealer in California.

  • BYD Company Ltd announced the first delivery of battery electric 8TT truck to the Port of Oakland. Moreover, the truck belongs to Class 8 was granted funds by the CARB and used for the three year feasibility study in order to detect whether the zero-emission trucks will be able to replace the diesel trucks.

Author Credits:  Rushikesh, Richa Gupta


  • Report ID: 4777
  • Published Date: Apr 03, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Growing adoption of electric trucks for logistics sector, strict emission regulations imposed by the government, and surging popularity of electric vehicles are the major factors driving the market growth.

The market size of electric trucks is anticipated to attain a CAGR of ~42.70% over the forecast period, i.e., 2023-2035.

Limited driving range, and high cost of the electric trucks are estimated to be the growth hindering factors for the market expansion.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are BYD Company Ltd, Tata Motors Ltd., Ford Motor Company, PACCAR Inc., Mercedes-Benz Group AG, Rivian, LLC, Dongfeng Motor Corporation, ISUZU Motors Limited, Workhorse Group Incorporated, AB Volvo, and others.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by type, range, propulsion type, and by region.

The heavy-duty trucks segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Electric Trucks Market Report Scope
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