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

Electric trucks are a type of commercial vehicle that get their propulsion from electricity rather than the conventional internal combustion engines used in other trucks, which run on fossil fuels like gasoline or diesel. These vehicles get their propulsion power from electric motors and batteries rather than traditional gas or diesel engines. Electric trucks provide a number of benefits, including a reduction in pollutants, a quieter operation, and the potential for decreased operational expenses as a result of the cheaper cost of electricity in comparison to the cost of conventional fuels. They are becoming increasingly popular as an eco-friendly and sustainable alternative to traditional vehicles, contributing to efforts to reduce air pollution and fight climate change.

Growing demand for smart transport and increased charging infrastructure across the globe is expected to further boost up the market growth for the electric trucks and provide new opportunities for the players in the market. 

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.

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. 

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, and General Motors among others.