Electric Truck Market size was valued at USD 20 Billion in 2023 and is predicted to cross USD 96 Billion by the end of 2036, expanding at more than 14% CAGR during the forecast period i.e., between 2024-2036.
The market demand is being driven by growing concern over pollution and growing knowledge of the implications of climate change. In addition, governments throughout the world are pushing for the usage of electric cars in an effort to lower greenhouse gas emissions. The AGGI reached 1.49 in 2022, meaning that the warming effect of greenhouse gases has increased by 49% since 1990.
In addition to these, factors that are believed to fuel the market growth of electric truck is due to growing technological developments in batteries will present profitable prospects in the worldwide electric truck market. In order to maximize the efficiency of electric trucks in long-haul operations, market participants are investing more in the innovation of battery technology to improve the driving range and charging capacities of electric trucks.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
14% |
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Base Year Market Size (2023) |
USD 20 Billion |
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Forecast Year Market Size (2036) |
USD 96 Billion |
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Regional Scope |
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Type (Light-Duty Trucks, Medium-Duty Trucks, Heavy-Duty Trucks)
Heavy-duty trucks segment is projected to dominate around 45% electric truck market share by the end of 2036. The segment growth can be attributed to the number of variables coming together to drive the adoption of these vehicles, which is gaining substantial traction. The market size is growing because interest in electric heavy-duty vehicles has grown as a result of environmental concerns and the demand for sustainable transportation options.
These cars provide practical substitutes for conventional diesel-powered trucks, cutting down on air pollution and greenhouse gas emissions. Also, they also have zero tailpipe emissions. This environmental benefit is consistent with fleet operators' commitment to more environmentally friendly operations and the growing corporate focus on sustainability. Diesel or electric, have 66–75% lower carbon emissions than other vehicles.
Propulsion Type (BEV, PHEV, FCEV)
By 2036, FCEV segment is likely to hold more than 35% electric truck market share. The market is growing faster due to the growing demand for zero-emission transportation options. These vehicles are a good substitute for traditional diesel trucks because they don't emit any harmful emissions while in use.
This quality is in line with sustainability objectives and environmental laws that are established by governments and corporations globally. Fuel cell electric trucks are an appealing alternative for enterprises looking for cleaner and greener transportation solutions because of their lower greenhouse gas emissions and air pollution.
Application (Logistics & Delivery, Construction, Waste Management)
In electric truck market, logistics & delivery segment is expected to account for more than 35% revenue share by the end of 2036. The emergence of last-mile deliveries and e-commerce has increased demand for automobiles that can maneuver through metropolitan areas with ease. Because they are quiet and agile, electric trucks are ideal for these kinds of jobs. They can deliver goods in noise-sensitive zones and navigate crowded metropolitan streets without creating any disturbances. The necessity for these vehicles in logistics and delivery is anticipated to increase as e-commerce keeps growing.
Our in-depth analysis of the market includes the following segments:
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Propulsion Type |
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Type |
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End User |
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Range |
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Battery Capacity |
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GVWR |
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Level of Automation |
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Battery Type |
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Application |
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North America Market Statistics
North America region in electric truck market is predicted to capture over 34% revenue share by 2036. The market growth in the region is also expected on account of substantial R&D efforts and a large number of industry rivals will drive the North American market. For instance, Ford is investing over USD 6 billion to construct the F-150 hybrid car at a Michigan, USA plant. The growing demand for zero-emission commercial vehicles is expected to drive major investment into the market in North America. In addition, the market is expanding because regional government bodies are funding the construction of high-power charging stations along important thoroughfares in the form of charging networks.
European Market Analysis
The European region will also encounter enormous growth for the electric truck market during the forecast period and will hold the second position owing to the European governments and environmental organizations are responding by enacting rigorous laws and regulations pertaining to emissions, which is increasing demand for commercial electric vehicles in this region. For instance, according to UNFCC, the European Union (EU) is committed to achieving its 2020 target of 20% reduction in greenhouse gas emissions during the second phase of the Kyoto Protocol. The EU wants to completely phase out greenhouse gas emissions by the year 2050.
Author Credits: Richa Gupta
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