Electric Truck Market Updates

Electric Truck Market size was valued at USD 6.25 Billion in 2023 and is poised to grow from USD 8.96 Billion in 2024 to USD 159.21 Billion by 2032, growing at a CAGR of 43.3% during the forecast period (2025-2032).

'Daimler AG (Germany) ', 'Volvo Group (Sweden) ', 'Tesla (US) ', 'PACCAR Inc. (US) ', 'BYD Company Limited (China) ', 'Nikola Corporation (US) ', 'Rivian Automotive LLC (US) ', 'Chanje Energy Inc. (US) ', 'Proterra Inc. (US) ', 'Lion Electric Company (Canada) ', 'Foton Motor Group (China) ', 'Dongfeng Motor Corporation (China) ', 'Hino Motors Ltd. (Japan) ', 'Isuzu Motors Limited (Japan) ', 'Scania AB (Sweden) ', 'Mitsubishi Fuso Truck and Bus Corporation (Japan) ', 'Ashok Leyland Limited (India) ', 'Mahindra & Mahindra Ltd. (India) ', 'Tata Motors Limited (India) ', 'Ford Motor Company (US) ', 'General Motors (US) '

One of the primary drivers of the electric truck market is the increasing pressure on companies to reduce their carbon emissions and comply with environmental regulations. Electric trucks produce zero tailpipe emissions, making them an attractive option for companies looking to reduce their carbon footprint.

Increasing Adoption: The electric truck market is seeing increasing adoption, driven by factors such as government regulations, environmental concerns, and technological advancements. This trend is expected to continue as the cost of electric vehicles decreases and the charging infrastructure expands.

Asia Pacific dominated the market and is further projected to continue dominating the market during the forecast period. China generated more than 80% of all global GDP and is further predicted to have a sizable revenue share during the projection period. This is due to the presence of prominent companies like Dongfeng Motor Corporation, BYD Auto Co. Ltd., Daimler AG, and FAW Group Co., Ltd. Additionally, the region has the highest adoption of electric trucks because of the central government of China lifting heavier weight restrictions on truck and LCV subsidies. Higher volume sales of electric trucks are anticipated in China because of the expanding model selection, continuing improvements in battery performance, and falling battery prices.