Electric Truck Market Size, Share, Analysis, Trends, Growth Report, 2032

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.

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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.

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Electric Truck Market: Report Scope

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