Electric Trucks Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Propulsion, Vehicle Type, Range, Level of Automation

List of Tables

The electric trucks market is expected to grow from US$ 4,592.55 million in 2021 to US$ 26,542.90 million by 2028; it is estimated to grow at a CAGR of 29.4% from 2022 to 2028

The electric trucks market in North America and Europe is expanding significantly. The market growth in these regions is ascribed to ongoing developments in battery materials and the rising focus on green mobility. As the sales of heavy battery-electric trucks begin to pick up, the international trucking sector is migrating toward more sustainable transportation, with Europe leading the way. Europe has an increasingly large number of heavy all-electric vehicles in commercial fleets on the road.

China is the largest contributor to the APAC electric trucks market. In other countries of APAC, manufacturers are being encouraged to use electrical technology with the rising stringency of pollution limits in several nations. South Korea and Japan are expected to make significant investments in EV infrastructure, including charging stations. Asia-Pacific is expected to register the highest CAGR in the electric trucks market during the forecast period.

In Europe, the number of commercial vehicles empowered with electric propulsion (2.0%) lagged behind the number of electrically powered passenger automobiles (5.9%) in 2020. The development of electrified commercial vehicles has been a priority for European manufacturers. However, the subsidies focus more on passenger cars.

Several South American countries are leading the way in the electric truck sector. Owing to the public-private partnerships, Chile is predicted to be one of the most competitive and attractive hybrid and electric vehicle markets during 2020-2025. Brazil is a developing market with conducive conditions for the development of flex-hybrid technology, among others. Mexico and Brazil are predicted to be the largest EV markets in terms of actual market volume, while Colombia and Chile are expected to be the fastest-growing markets in South America. Uruguay and Ecuador have announced incentives and financial plans to encourage the adoption of electric buses in local fleets, and thus, they have significant hybrid technology penetration rates.

The key companies operating in the electric trucks market include Daimler AG; AB Volvo; Tesla; BYD Company Ltd; Navistar Inc; FAW Group Co. Ltd; PACCAR Inc; Rivian; Scania; and Proterra Inc.

The current government and regulatory policies in North America fuel the production and sales of electric trucks in the region. For instance, the South Coast Air Quality Management District (South Coast AQMD) is engaged with the California Air Resources Board (CARB) and the California Energy Commission (CEC) for the deployment of 100 battery-electric regional haul and drayage trucks across California, through a partnership with NFI Industries (NFI) and Schneider. This partnership and related development is supported under the Joint Electric Truck Scaling Initiative (JETSI). Being the largest initiative for the commercial deployment of battery-electric trucks in North America to date, the JETSI aims to increase the number of zero-emission heavy-duty trucks for the movement of goods. The Federal Government of the US has set a goal: by 2030, half of all new passenger cars and light trucks sold should be ZEVs, a category including both battery-electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) that can be charged with electricity, as well as hydrogen-powered fuel-cell electric vehicles (FCEVs).

The need for electric trucks was prevalent during the pre-COVID-19 period due to the growing urban population. The sluggish demand for electric trucks largely impacted global and regional sales, which has disrupted material and component supplies, production schedules, and sales dynamics (thereby boosting online sales). Confinement measures for COVID-19 control were a major reason for the drop in automotive manufacturing in the first half of 2020. Since China is one of the world's leading manufacturers of automobile parts, most traditional vehicle components are procured or manufactured domestically in the country. In China, domestic production of traditional vehicle components, such as electric motors, quickly recovered after the lockdown was lifted; however, production of special EV components, such as power batteries, lagged, due to supply pressure from upstream raw materials, as well as due to lowered demand in downstream markets.

The overall electric trucks market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast of the electric trucks market analysis with respect to all the segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. Participants of this process include VPs, business development managers, market intelligence managers, national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the electric trucks market.

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Product Code: TIPRE00025913

1. Introduction

1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
- 1.3.1 Global Electric Trucks Market - By Propulsion
- 1.3.2 Global Electric Trucks Market - By Vehicle Type
- 1.3.3 Global Electric Trucks Market - By Range
- 1.3.4 Global Electric Trucks Market - By Level of Automation
- 1.3.5 Global Electric Trucks Market - By Geography

2. Key Takeaways

3. Research Methodology

3.1 Coverage
3.2 Secondary Research
3.3 Primary Research

4. Electric Trucks Market Landscape

4.1 Market Overview
4.2 PEST Analysis
- 4.2.1 North America
- 4.2.2 Europe
- 4.2.3 APAC
- 4.2.4 MEA
- 4.2.5 SAM
4.3 Ecosystem Analysis
4.4 Expert Opinion

5. Electric Trucks Market - Key Market Dynamics

5.1 Market Drivers
- 5.1.1 Government Initiatives and Stringent Emission Rules to Boost the Electric Trucks Growth
- 5.1.2 Surge in Global Production and Sales of EVs
5.2 Market Restraints
- 5.2.1 Low Penetration of Electric Powertrain in Heavy Commercial Vehicles (HCV) is Flourishing the Growth for Diesel Powertrain
5.3 Market Opportunities
- 5.3.1 Manufacturing of Self-Driving Truck Technology
5.4 Future Trends
- 5.4.1 Smart Charging and Connected Infrastructure
5.5 Impact Analysis of Drivers and Restraints

6. Electric Trucks Market - Global Market Analysis

6.1 Electric Trucks Market Global Overview
6.2 Global Electric Trucks Market Forecast and Analysis
6.3 Market Positioning- Top Five Players

7. Electric Trucks Market Revenue and Forecast to 2028 - Type

7.1 Overview
7.2 Electric Trucks Market, By Propulsion Type (2021 and 2028)
7.3 BEV
- 7.3.1 Overview
- 7.3.2 BEV: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)
7.4 PHEV
- 7.4.1 Overview
- 7.4.2 PHEV: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)
7.5 FCV
- 7.5.1 Overview
- 7.5.2 FCV: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)

8. Electric Trucks Market - By Vehicle Type

8.1 Overview
8.2 Electric Trucks Market, By Vehicle Type (2021 and 2028)
8.3 LCV
- 8.3.1 Overview
- 8.3.2 LCV: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)
8.4 Medium and HCV
- 8.4.1 Overview
- 8.4.2 Medium and HCV: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)

9. Electric Trucks Market - By Range

9.1 Overview
9.2 Electric Trucks Market, By Range (2021 and 2028)
9.3 Less than 200 miles
- 9.3.1 Overview
- 9.3.2 Less than 200 miles: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)
9.4 More than 200 miles
- 9.4.1 Overview
- 9.4.2 More than 200 miles: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)

10. Electric Trucks Market - By Level of Automation

10.1 Overview
10.2 Electric Trucks Market, By Level of Automation (2021 and 2028)
10.3 Semi-Autonomous
- 10.3.1 Overview
- 10.3.2 Semi-Autonomous: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)
10.4 Fully-Autonomous
- 10.4.1 Overview
- 10.4.2 Fully-Autonomous: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)

11. Electric Trucks Market - Geographic Analysis

11.1 Overview
11.2 North America: Electric Trucks Market
- 11.2.1 North America: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)
- 11.2.2 North America: Electric Trucks Market, By Propulsion Type
- 11.2.3 North America: Electric Trucks Market, By Vehicle Type
- 11.2.4 North America: Electric Trucks Market, By Range
- 11.2.5 North America: Electric Trucks Market, By Level of Automation
- 11.2.6 North America: Electric Trucks Market, by Key Country
  - 11.2.6.1 US: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)
    - 11.2.6.1.1 US: Electric Trucks Market, By Propulsion Type
    - 11.2.6.1.2 US: Electric Trucks Market, By Vehicle Type
    - 11.2.6.1.3 US: Electric Trucks Market, By Level of Automation
  - 11.2.6.2 Canada: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)
    - 11.2.6.2.1 Canada: Electric Trucks Market, By Propulsion Type
    - 11.2.6.2.2 Canada: Electric Trucks Market, By Vehicle Type
    - 11.2.6.2.3 Canada: Electric Trucks Market, By Level of Automation
  - 11.2.6.3 Mexico: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)
    - 11.2.6.3.1 Mexico: Electric Trucks Market, By Propulsion Type
    - 11.2.6.3.2 Mexico: Electric Trucks Market, By Vehicle Type
    - 11.2.6.3.3 Mexico: Electric Trucks Market, By Range
    - 11.2.6.3.4 Mexico: Electric Trucks Market, By Level of Automation
11.3 Europe: Electric Trucks Market
- 11.3.1 Europe: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)
- 11.3.2 Europe: Electric Trucks Market, By Propulsion Type
- 11.3.3 Europe: Electric Trucks Market, By Vehicle Type
- 11.3.4 Europe: Electric Trucks Market, By Range
- 11.3.5 Europe: Electric Trucks Market, By Level of Automation
- 11.3.6 Europe: Electric Trucks Market, by Key Country
  - 11.3.6.1 Germany: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)
    - 11.3.6.1.1 Germany: Electric Trucks Market, By Propulsion Type
    - 11.3.6.1.2 Germany: Electric Trucks Market, By Vehicle Type
    - 11.3.6.1.3 Germany: Electric Trucks Market, By Range
    - 11.3.6.1.4 Germany: Electric Trucks Market, By Level of Automation
  - 11.3.6.2 France: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)
    - 11.3.6.2.1 France: Electric Trucks Market, By Propulsion Type
    - 11.3.6.2.2 France: Electric Trucks Market, By Vehicle Type
    - 11.3.6.2.3 France: Electric Trucks Market, By Range
    - 11.3.6.2.4 France: Electric Trucks Market, By Level of Automation
  - 11.3.6.3 Italy: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)
    - 11.3.6.3.1 Italy: Electric Trucks Market, By Propulsion Type
    - 11.3.6.3.2 Italy: Electric Trucks Market, By Vehicle Type
    - 11.3.6.3.3 Italy: Electric Trucks Market, By Range
    - 11.3.6.3.4 Italy: Electric Trucks Market, By Level of Automation
  - 11.3.6.4 UK: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)
    - 11.3.6.4.1 UK: Electric Trucks Market, By Propulsion Type
    - 11.3.6.4.2 UK: Electric Trucks Market, By Vehicle Type
    - 11.3.6.4.3 UK: Electric Trucks Market, By Range
    - 11.3.6.4.4 UK: Electric Trucks Market, By Level of Automation
  - 11.3.6.5 Russia: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)
    - 11.3.6.5.1 Russia: Electric Trucks Market, By Propulsion Type
    - 11.3.6.5.2 Russia: Electric Trucks Market, By Vehicle Type
    - 11.3.6.5.3 Russia: Electric Trucks Market, By Range
    - 11.3.6.5.4 Russia: Electric Trucks Market, By Level of Automation
  - 11.3.6.6 Rest of Europe: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)
    - 11.3.6.6.1 Rest of Europe: Electric Trucks Market, By Propulsion Type
    - 11.3.6.6.2 Rest of Europe: Electric Trucks Market, By Vehicle Type
    - 11.3.6.6.3 Rest of Europe: Electric Trucks Market, By Range
    - 11.3.6.6.4 Rest of Europe: Electric Trucks Market, By Level of Automation
11.4 APAC: Electric Trucks Market
- 11.4.1 APAC: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)
- 11.4.2 APAC: Electric Trucks Market, By Propulsion Type
- 11.4.3 APAC: Electric Trucks Market, By Vehicle Type
- 11.4.4 APAC: Electric Trucks Market, By Range
- 11.4.5 APAC: Electric Trucks Market, By Level of Automation
- 11.4.6 APAC: Electric Trucks Market, by Key Country
  - 11.4.6.1 Australia: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)
    - 11.4.6.1.1 Australia: Electric Trucks Market, By Propulsion Type
    - 11.4.6.1.2 Australia: Electric Trucks Market, By Vehicle Type
    - 11.4.6.1.3 Australia: Electric Trucks Market, By Range
    - 11.4.6.1.4 Australia: Electric Trucks Market, By Level of Automation
  - 11.4.6.2 China: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)
    - 11.4.6.2.1 China: Electric Trucks Market, By Propulsion Type
    - 11.4.6.2.2 China: Electric Trucks Market, By Vehicle Type
    - 11.4.6.2.3 China: Electric Trucks Market, By Range
    - 11.4.6.2.4 China: Electric Trucks Market, By Level of Automation
  - 11.4.6.3 India: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)
    - 11.4.6.3.1 India: Electric Trucks Market, By Propulsion Type
    - 11.4.6.3.2 India: Electric Trucks Market, By Vehicle Type
    - 11.4.6.3.3 India: Electric Trucks Market, By Range
    - 11.4.6.3.4 India: Electric Trucks Market, By Level of Automation
  - 11.4.6.4 Japan: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)
    - 11.4.6.4.1 Japan: Electric Trucks Market, By Propulsion Type
    - 11.4.6.4.2 Japan: Electric Trucks Market, By Vehicle Type
    - 11.4.6.4.3 Japan: Electric Trucks Market, By Range
    - 11.4.6.4.4 Japan: Electric Trucks Market, By Level of Automation
  - 11.4.6.5 South Korea: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)
    - 11.4.6.5.1 South Korea: Electric Trucks Market, By Propulsion Type
    - 11.4.6.5.2 South Korea: Electric Trucks Market, By Vehicle Type
    - 11.4.6.5.3 South Korea: Electric Trucks Market, By Range
    - 11.4.6.5.4 South Korea: Electric Trucks Market, By Level of Automation
  - 11.4.6.6 Rest of APAC: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)
    - 11.4.6.6.1 Rest of APAC: Electric Trucks Market, By Propulsion Type
    - 11.4.6.6.2 Rest of APAC: Electric Trucks Market, By Vehicle Type
    - 11.4.6.6.3 Rest of APAC: Electric Trucks Market, By Range
    - 11.4.6.6.4 Rest of APAC: Electric Trucks Market, By Level of Automation
11.5 MEA: Electric Trucks Market
- 11.5.1 MEA: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)
- 11.5.2 MEA: Electric Trucks Market, By Propulsion Type
- 11.5.3 MEA: Electric Trucks Market, By Vehicle Type
- 11.5.4 MEA: Electric Trucks Market, By Range
- 11.5.5 MEA: Electric Trucks Market, By Level of Automation
- 11.5.6 MEA: Electric Trucks Market, by Key Country
  - 11.5.6.1 South Africa: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)
    - 11.5.6.1.1 South Africa: Electric Trucks Market, By Propulsion Type
    - 11.5.6.1.2 South Africa: Electric Trucks Market, By Vehicle Type
    - 11.5.6.1.3 South Africa: Electric Trucks Market, By Range
    - 11.5.6.1.4 South Africa: Electric Trucks Market, By Level of Automation
  - 11.5.6.2 Saudi Arabia: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)
    - 11.5.6.2.1 Saudi Arabia: Electric Trucks Market, By Propulsion Type
    - 11.5.6.2.2 Saudi Arabia: Electric Trucks Market, By Vehicle Type
    - 11.5.6.2.3 Saudi Arabia: Electric Trucks Market, By Range
    - 11.5.6.2.4 Saudi Arabia: Electric Trucks Market, By Level of Automation
  - 11.5.6.3 UAE: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)
    - 11.5.6.3.1 UAE: Electric Trucks Market, By Propulsion Type
    - 11.5.6.3.2 UAE: Electric Trucks Market, By Vehicle Type
    - 11.5.6.3.3 UAE: Electric Trucks Market, By Range
    - 11.5.6.3.4 UAE: Electric Trucks Market, By Level of Automation
  - 11.5.6.4 Rest of MEA: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)
    - 11.5.6.4.1 Rest of MEA: Electric Trucks Market, By Propulsion Type
    - 11.5.6.4.2 Rest of MEA: Electric Trucks Market, By Vehicle Type
    - 11.5.6.4.3 Rest of MEA: Electric Trucks Market, By Range
    - 11.5.6.4.4 Rest of MEA: Electric Trucks Market, By Level of Automation
11.6 SAM: Electric Trucks Market
- 11.6.1 SAM: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)
- 11.6.2 SAM: Electric Trucks Market, By Propulsion Type
- 11.6.3 SAM: Electric Trucks Market, By Vehicle Type
- 11.6.4 SAM: Electric Trucks Market, By Range
- 11.6.5 SAM: Electric Trucks Market, By Level of Automation
- 11.6.6 SAM: Electric Trucks Market, by Key Country
  - 11.6.6.1 Brazil: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)
    - 11.6.6.1.1 Brazil: Electric Trucks Market, By Propulsion Type
    - 11.6.6.1.2 Brazil: Electric Trucks Market, By Vehicle Type
    - 11.6.6.1.3 Brazil: Electric Trucks Market, By Range
    - 11.6.6.1.4 Brazil: Electric Trucks Market, By Level of Automation
  - 11.6.6.2 Argentina: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)
    - 11.6.6.2.1 Argentina: Electric Trucks Market, By Propulsion Type
    - 11.6.6.2.2 Argentina: Electric Trucks Market, By Vehicle Type
    - 11.6.6.2.3 Argentina: Electric Trucks Market, By Range
    - 11.6.6.2.4 Argentina: Electric Trucks Market, By Level of Automation
  - 11.6.6.3 Rest of SAM: Electric Trucks Market - Revenue and Forecast to 2028 (US$ Million)
    - 11.6.6.3.1 Rest of SAM: Electric Trucks Market, By Propulsion Type
    - 11.6.6.3.2 Rest of SAM: Electric Trucks Market, By Vehicle Type
    - 11.6.6.3.3 Rest of SAM: Electric Trucks Market, By Range
    - 11.6.6.3.4 Rest of SAM: Electric Trucks Market, By Level of Automation

12. Impact of COVID-19 Pandemic on Electric Trucks Market

12.1 Overview
12.2 North America: Impact Assessment of COVID-19 Pandemic
12.3 Europe: Impact Assessment of COVID-19 Pandemic
12.4 APAC: Impact Assessment of COVID-19 Pandemic
12.5 MEA: Impact Assessment of COVID-19 Pandemic
12.6 SAM: Impact Assessment of COVID-19 Pandemic

13. Industry Landscape

13.1 Market Initiative
13.2 New Development

14. Company Profile

14.1 AB Volvo
- 14.1.1 Key Facts
- 14.1.2 Business Description
- 14.1.3 Products and Services
- 14.1.4 Financial Overview
- 14.1.5 SWOT Analysis
- 14.1.6 Key Developments
14.2 BYD Company Ltd
- 14.2.1 Key Facts
- 14.2.2 Business Description
- 14.2.3 Products and Services
- 14.2.4 Financial Overview
- 14.2.5 SWOT Analysis
- 14.2.6 Key Developments
14.3 Daimler AG
- 14.3.1 Key Facts
- 14.3.2 Business Description
- 14.3.3 Products and Services
- 14.3.4 Financial Overview
- 14.3.5 SWOT Analysis
- 14.3.6 Key Developments
14.4 FAW Group Co.,Ltd.
- 14.4.1 Key Facts
- 14.4.2 Business Description
- 14.4.3 Products and Services
- 14.4.4 Financial Overview
- 14.4.5 SWOT Analysis
- 14.4.6 Key Developments
14.5 Navistar, Inc.
- 14.5.1 Key Facts
- 14.5.2 Business Description
- 14.5.3 Products and Services
- 14.5.4 Financial Overview
- 14.5.5 SWOT Analysis
- 14.5.6 Key Developments
14.6 PACCAR Inc.
- 14.6.1 Key Facts
- 14.6.2 Business Description
- 14.6.3 Products and Services
- 14.6.4 Financial Overview
- 14.6.5 SWOT Analysis
- 14.6.6 Key Developments
14.7 Proterra Inc.
- 14.7.1 Key Facts
- 14.7.2 Business Description
- 14.7.3 Products and Services
- 14.7.4 Financial Overview
- 14.7.5 SWOT Analysis
- 14.7.6 Key Developments
14.8 Rivian
- 14.8.1 Key Facts
- 14.8.2 Business Description
- 14.8.3 Products and Services
- 14.8.4 Financial Overview
- 14.8.5 SWOT Analysis
- 14.8.6 Key Developments
14.9 Scania
- 14.9.1 Key Facts
- 14.9.2 Business Description
- 14.9.3 Products and Services
- 14.9.4 Financial Overview
- 14.9.5 SWOT Analysis
- 14.9.6 Key Developments
14.10 Tesla, Inc.
- 14.10.1 Key Facts
- 14.10.2 Business Description
- 14.10.3 Products and Services
- 14.10.4 Financial Overview
- 14.10.5 SWOT Analysis
- 14.10.6 Key Developments

15. Appendix

15.1 About The Insight Partners
15.2 Glossary