Global Electric Truck Market Size, Share, Growth Analysis, By Vehicle Type(Battery Electric Trucks, and Hybrid Trucks) - Industry Forecast 2024-2031

Global electric truck market size was valued at around 4.36 billion in 2022 and is expected to rise from USD 6.25 billion in 2023 to reach a value of USD 111.10 billion by 2031, at a CAGR of 43.3% during the forecast period (2024-2031).

The expansion of the electric truck market is driven by several factors, including increased demand in the logistics industry, reduced fuel and maintenance costs, and financial incentives for zero-emission vehicles. Additionally, stringent pollution standards for commercial vehicles are prompting manufacturers to invest in electric truck production, further fueling market growth. Electric trucks find applications across various industries, including municipal and logistics sectors, contributing significantly to GDP growth worldwide. For instance, CEVA Logistics, a U.K.-based company, initiated trials of electric trucks for deliveries in Central London in February 2020. These trials demonstrated the feasibility of electric trucks for urban logistics, highlighting their potential to replace traditional combustion engine fleets. However, the lack of charging infrastructure poses a challenge to the market's growth, as high costs and regulatory hurdles hinder the establishment of charging stations. Moreover, adoption rates of electric trucks remain low in emerging economies due to limited investments compared to developed nations. The COVID-19 pandemic has temporarily impacted market expansion, with disruptions in global supply chains and production operations due to lockdown measures. Reduced demand during lockdowns led to a slowdown in the adoption of electric trucks. Nevertheless, as economies reopen and governments prioritize emission reduction goals, demand for electric trucks is expected to rebound post-pandemic, driving market growth in the long term.

Top-down and bottom-up approaches were used to estimate and validate the size of the global electric truck market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Electric Truck Market Segmental Analysis

The global electric truck market is segmented based on vehicle type, propulsion, range, and region. By vehicle type, the market is segmented into battery electric trucks, and hybrid trucks. By propulsion, the market is segmented into BEV, PHEV, and FCEV. By range, the market is segmented into 150 Miles, 151-300 Miles, and Above 300 Miles. By region, the market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Drivers of the Global Electric Truck Market

The growing emphasis on reducing carbon emissions and meeting environmental regulations is a key driver of the electric truck market. With zero tailpipe emissions, electric trucks offer companies an environmentally friendly option to lower their carbon footprint and align with sustainability goals.

Restraints in the Global Electric Truck Market

The initial investment required for electric trucks is currently higher compared to traditional diesel trucks, posing a notable obstacle for adoption among many companies. Despite lower operating costs throughout the vehicle's lifespan, the substantial upfront expense may deter some companies from transitioning to electric trucks.

Market Trends of the Global Electric Truck Market

The electric truck market is experiencing growing acceptance, propelled by various factors including governmental regulations, environmental considerations, and advancements in technology. This trajectory is foreseen to persist as the price of electric vehicles declines and the charging infrastructure expands.