Electric Truck Market
Report ID: SQMIG25C2202
Report ID: SQMIG25C2202
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Report ID:
SQMIG25C2202 |
Region:
Global |
Published Date: August, 2025
Pages:
188
|Tables:
35
|Figures:
74
Global Electric Truck Market size was valued at USD 27.45 billion in 2024 and is poised to grow from USD 34.72 billion in 2025 to USD 227.7 billion by 2033, growing at a CAGR of 26.5% during the forecast period (2026-2033).
Launch of stringent emission regulations, declining battery costs, expansion of charging infrastructure, and boom in e-commerce industry are helping promote sales of electric trucks.
Governments worldwide are implementing strict emission regulations to reduce greenhouse gas emissions and combat climate change. Electric trucks produce no tailpipe emissions, making them essential for regulatory compliance and meeting corporate sustainability targets. Advances in lithium-ion chemistry, energy density, and battery management systems have improved range, charging speed, and lifecycle, which is supporting electric truck market growth. Electric trucks have fewer moving parts than internal combustion engine (ICE) vehicles, resulting in lower maintenance costs and longer service intervals. Corporations are aligning with Environmental, Social, and Governance (ESG) goals, pushing for cleaner and more sustainable logistics solutions. Adopting electric trucks helps meet emission reduction targets and enhances brand image.
On the contrary, high initial purchase costs, limited driving range, absence of developed charging infrastructure for heavy-duty trucks, and battery recycling challenges are predicted to hamper the global electric truck market penetration in the long run.
How Telematics and Smart Technologies are Influencing Electric Truck Demand?
Electric trucks are increasingly integrated with advanced telematics and fleet management systems to optimize energy usage, route planning, and charging schedules. Real-time data analytics help monitor battery health, regenerative braking efficiency, and driver behavior. This digital integration supports predictive maintenance, reducing operational downtime and costs. Fleet managers use AI-driven dashboards to align charging with grid efficiency and delivery timelines. Companies like Rivian, BYD, and Volvo offer connected services with over-the-air updates. This trend enhances operational efficiency and supports sustainability reporting, making electric fleets smarter, more reliable, and better suited to evolving urban logistics and supply chain demands.
Market snapshot - 2026-2033
Global Market Size
USD 24.25 billion
Largest Segment
BEV
Fastest Growth
PHEV
Growth Rate
26.3% CAGR
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Global Electric Truck Market is segmented by Vehicle Type, Propulsion Type, Range, Application, Payload Capacity and region. Based on Vehicle Type, the market is segmented into Light-Duty Electric Trucks, Medium-Duty Electric Trucks and Heavy-Duty Electric Trucks. Based on Propulsion Type, the market is segmented into Battery Electric Trucks (BEV), Hybrid Electric Trucks (HEV), Plug-in Hybrid Electric Trucks (PHEV) and Fuel Cell Electric Trucks (FCEV). Based on Range, the market is segmented into Up to 150 Miles, 151–300 Miles and Above 300 Miles. Based on Application, the market is segmented into Logistics and Last-Mile Delivery, Long-Haul Freight Transportation, Municipal Services, Construction & Mining, Industrial and Commercial Applications and Refrigerated Transport. Based on Payload Capacity, the market is segmented into Up to 4.5 Tons, 4.5–12 Tons and Above 12 Tons. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Which Type of Propulsion is Used Extensively in Most Electric Trucks?
The battery electric vehicle (BEV) segment is forecasted to lead the global electric truck market revenue going forward. Growing regulatory support for fully electric vehicles and emphasis on maximum emission reduction are helping this segment hold sway over others. Advancements in battery technologies and the decreasing costs of batteries are also expected to bolster the popularity of battery-powered electric trucks.
Meanwhile, the demand for plug-in hybrid electric vehicles (PHEVs) is slated to rise at an impressive CAGR going forward. Dual powertrain of PHEVs allows for extended range and reduced fuel consumption, appealing to fleet operators concerned with range anxiety and charging availability.
Where are Most Electric Trucks Being Used?
The logistics & delivery segment is slated to hold the highest electric truck market share in the future. Boom in e-commerce industry and emphasis on electrification of logistics fleets are helping this segment hold sway over others. High investments in procurement of electric trucks by logistics companies such as FedEx, Amazon, and DHL is also expected to boost revenue generation capabilities of this segment.
On the other hand, the demand for electric trucks in construction is slated to rise at a robust pace as per this electric truck market forecast. Launch of zero-emission mandates for urban construction zones and adoption of green construction practices are boosting the sales of electric trucks.
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Why are Electric truck Providers Actively Investing in Asia Pacific?
Presence of top electric vehicle manufacturers, robust government support for electrification of vehicles, and emphasis on emission reduction are helping Asia Pacific lead global electric truck sales. China is expected account for a substantial chunk of electric truck demand in this region. Growing investments in EV roadmaps, green hydrogen, and battery manufacturing in countries such as Japan, India, and South Korea are also helping cement the dominance of Asia Pacific. Low cost manufacturing and booming e-commerce industry are also forecasted to help boost sales of electric trucks in this region.
Electric Truck Market in Japan
The Japanese government’s Green Growth Strategy and Roadmap for Carbon Neutrality by 2050 are primarily driving electric truck demand in Japan. Launch of small- and medium-duty electric trucks by companies such as Isuzu, Mitsubishi Fuso, and Hino is also creating new business scope. Government subsidies, low-emission zones in major cities, and investments in EV infrastructure position the country as a lucrative market for the future.
Electric Truck Market in South Korea
Government-led incentives and robust investments in battery innovation are helping South Korea come up as an attractive market for electric truck providers. The Korean New Deal includes funding for electric commercial vehicles, with up to 60% subsidies for eco-friendly trucks. Hyundai and Kia are expected to be the top companies shaping electric truck sales. Urban delivery fleets and logistics hubs are adopting small electric trucks, especially in Seoul. Government mandates and innovation make South Korea a fast-developing electric truck market.
Will Investing in Europe Offer Good Returns for Market Players?
Aggressive climate policies, high fuel taxes, and strong regulatory frameworks like the EU Green Deal and CO₂ emission standards for heavy vehicles make Europe the second-largest market for electric truck companies. Robust investments in scaling of electric truck manufacturing by companies such as Daimler, Volvo, and Renault is also helping boost revenue generation going forward. Public-private partnerships and urban zero-emission zones further accelerate demand, positioning Europe as a lucrative region for electric truck adoption and innovation.
Electric Truck Market in United Kingdom
Emphasis of the United Kingdom government to achieve net-zero emissions by 2050 are primarily shaping electric truck adoption. Domestic electric truck manufacturing is controlled by companies such as Tevva and Arrival. The Zero Emission Road Freight Demonstrator (ZERFD) program of the country is also boosting investments in the development of electric vehicle charging infrastructure thereby boosting electric truck sales as well.
Electric Truck Market in Germany
Climate targets, emission regulations, and funding initiatives like the KsNI subsidy program position Germany as a frontrunner in terms of electric truck demand in Europe. Robust investments in electric truck R&D and innovation by companies such as Daimler, MAN, and Volkswagen are also creating new opportunities. Low-emission zones and toll exemptions further boost adoption. Germany’s engineering leadership, manufacturing scale, and pro-EV policies position it as a key driver of Europe’s medium- and heavy-duty electric truck transformation.
Electric Truck Market in France
Mobility Orientation Law and National Low-Carbon Strategy programs are expected to influence the adoption of electric trucks in France. Light and medium-duty e-truck production for urban use is led by companies such as Renault Trucks and Stellantis. High demand for cleaner last-mile delivery solutions driven by enforcement of low-emission zone in cities like Paris are also supporting electric truck demand. Surge in demand for green logistics from the private sector is also driving up the sales of electric trucks in France.
How are Sales of Electric trucks Expected to Perform in North America?
Launch of EV tax credits and growing emphasis on adoption of clean mobility solutions are helping drive the adoption of electric trucks in North America. Private fleet electrification, e-commerce growth, and major investments in charging infrastructure expansion are also predicted to expand the application scope of electric truck in this region. Strong corporate ESG pressure and a growing green logistics movement are also playing a crucial role in augmenting electric truck sales in this region.
Electric Truck Market in United States
Federal and state incentives are playing a crucial role in governing the sales of electric trucks in the United States. The Inflation Reduction Act provides commercial EV tax credits up to $40,000 per vehicle thereby boosting electric truck demand. Development and launch of new electric trucks by manufacturers such as Tesla, Rivian, Freightliner, and Ford are helping this country emerge as a leader in North America. Sustainability goals, falling battery prices, and regulatory pressure ensure sustained demand in the future.
Electric Truck Market in Canada
The demand for electric trucks is slated to rise at a steady pace across the study period in Canada backed by federal programs like the Incentives for Medium- and Heavy-Duty Zero-Emission Vehicles (iMHZEV). Favorable climate policies and incentives allow British Columbia and Quebec to spearhead electric truck sales in Canada. Growing collaboration between utilities, logistics providers, and vehicle manufacturers, along with abundant renewable energy, positions Canada as a promising market for medium-duty and last-mile electric truck deployment.
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Electric Truck Market Drivers
Boom in E-Commerce and Urban Delivery Demand
Expansion of Charging Infrastructure
Electric Truck Market Restraints
High Initial Purchase Cost
Battery Recycling and End-of-Life Challenges
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Electric truck providers should invest in R&D to stay ahead of competition. Targeting countries with favorable autonomous regulations is slated to boost revenue generation for electric truck providers. Collaborating with ridesharing and ride-hailing companies is also a key opportunity for companies looking to boost their revenue as per this global electric truck market analysis.
There are multiple startups innovating the electric truck technology space, which makes this a highly rewarding market for new companies. Here are some startups that are expected to influence the sales of electric trucks in the long run.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, rising emphasis on emission reduction and advancements in battery technologies are projected to bolster electric truck market growth. However, high initial costs of purchase and battery recycling concerns are estimated to hamper electric truck demand outlook in the future. Government support for vehicle electrification and presence of key electric truck providers are helping Asia Pacific lead the global electric truck demand outlook. Emphasis on battery circularity and development of megawatt charging systems are slated to create new opportunities for market players in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2024 | USD 27.45 billion |
| Market size value in 2033 | USD 227.7 billion |
| Growth Rate | 26.5% |
| Base year | 2024 |
| Forecast period | 2026-2033 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Electric Truck Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Electric Truck Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Electric Truck Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Electric Truck Market for additional countries.
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Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
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Global Electric Truck Market size valued at USD 27.45 Billion in 2024 and is poised to grow from USD 34.72 Billion in 2025 to USD 227.7 Billion by 2033, growing at a CAGR of 26.5% during the forecast period (2026–2033).
Electric truck providers should invest in R&D to stay ahead of competition. Targeting countries with favorable autonomous regulations is slated to boost revenue generation for electric truck providers. Collaborating with ridesharing and ride-hailing companies is also a key opportunity for companies looking to boost their revenue as per this global electric truck market analysis. 'Volvo Trucks (Sweden)', 'BYD (China) ', 'Daimler Truck AG (Germany) ', 'Tesla, Inc. (USA) ', 'Rivian (USA) ', 'Ford Motor Company (USA) ', 'Tata Motors (India) ', 'Ashok Leyland (India) ', 'Mahindra & Mahindra (India) ', 'Omega Seiki Mobility (India) ', 'PACCAR Inc. (USA) ', 'Scania AB (Sweden) ', 'Navistar, Inc. (USA) ', 'Dongfeng Motor Corporation (China) ', 'Proterra (USA) ', 'VDL Groep (Netherlands) ', 'Workhorse Group (USA) ', 'Nikola Corporation (USA) ', 'Isuzu Motors Ltd. (Japan) ', 'Eicher Motors Limited (India)'
Rapid expansion of the e-commerce industry around the world has led to increased expectations of same-day delivery. Restriction of diesel trucks in cities to reduce pollution and comply with stringent regulations are expected to bolster the adoption of electric trucks for last-mile delivery operations. Companies like Amazon, FedEx, and UPS are rapidly transitioning their fleets to electric models to meet sustainability goals and regulatory requirements. This transition towards sustainability is slated to benefit the global electric truck market outlook in the long run.
Emergence of Megawatt Charging Systems (MCS): Megawatt Charging Systems (MCS) capable of delivering 1,000 kW or more are gaining traction for long-haul electric trucking as they offer reduced charging times. CharIN, Tesla, and ABB are developing and standardizing these systems for interstate freight corridors. Emphasis on making electric trucks more viable for high-mileage, long-haul freight applications across global logistics networks is expected to help bolster the popularity of this electric truck industry trend in the future.
Why are Electric truck Providers Actively Investing in Asia Pacific?
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