USD 4.36 billion
Global Electric Truck Market Size, Share, Growth Analysis, By Vehicle Type(Battery Electric Trucks, and Hybrid Trucks) - Industry Forecast 2023-2030
Report ID:
SQMIG20V2008 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|
Tables:
35 |
Figures:
74
Global Electric Truck Market Insights
Global Electric Truck Market size was valued at around USD 4.36 billion in 2022 and is expected to rise from USD 6.25 billion in 2023 to reach a value of USD 111.10 billion by 2031, at a CAGR of 43.3% during the forecast period (2024–2031).
Increasing demand in the logistics industry, falling fuel and maintenance costs, and financial incentives to switch to zero-emission cars are some of the main reasons propelling the market's expansion. Furthermore, manufacturers will be forced to invest in the production of electric trucks due to the strict pollution standards imposed on commercial vehicles. As a result, manufacturers are expected to make sizable expenditures in order to meet the rising demand and significantly contribute to the expansion of the market. In many industries, including municipal, logistics, and other fields, electric trucks are used. One of the major drivers of GDP growth in every nation is the logistics sector. A logistics provider can be required to supply to far-flung regions as a result of the e-commerce sector's growth. Companies involved in logistics and supply chains are working hard to replace fleets of internal combustion engines with electric vehicles.
For instance, CEVA Logistics, a U.K.-based logistics company, began testing the use of electric trucks to deliver goods in Central London in February 2020. Two Tevva electric lorries will make daily deliveries from Dartford to St Thomas' NHS Foundation Trust and Guys during the course of the following six months. The market for electric trucks is expected to be negatively impacted by a lack of charging infrastructure. The necessity for the charging station to power electric trucks may be hampered by high expenses caused by red tape in the permitting, building code, and regulatory processes. In addition, compared to wealthy nations, adoption of electric trucks is low in emerging economies because of low investments.
The COVID-19 pandemic outbreak is anticipated to have a significant effect on market expansion. The worldwide supply chains and production operations have been interrupted by the lockdowns implemented to stop the disease's spread. Because of the border closures, which caused the logistics firms to close, the demand has significantly decreased. However, once the lockout restrictions are lifted, it is anticipated that the market for electric trucks would pick up. The governments of many economies have set emission reduction goals, which will increase demand after COVID-19.
Market snapshot - 2024–2031
Global Market Size
Largest Segment
Battery Electric Trucks
Fastest Growth
Hybrid Trucks
Growth Rate
43.3% CAGR
Global Electric Truck Market ($ Bn)
Country Share for Asia Pacific Region (%)
Global Electric Truck Market By Vehicle Type ($ Bn)
Global Electric Truck Market By Vehicle Type (%)
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Global Electric Truck Market Segmental Analysis
The global electric truck market is segmented based on vehicle type, propulsion, range, and region. Based on vehicle type, the market is segmented into battery electric trucks, and hybrid trucks. Based on propulsion, the market is segmented into BEV, PHEV, and FCEV. Based on range, the market is segmented into 150 Miles, 151-300 Miles, and Above 300 Miles. Region Wise, the global electric truck market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Global Electric Truck Market Analysis by Vehicle Type
The battery electric vehicle segment accounted for almost 85% of the total sales, and it is anticipated that this dominance would last the entire anticipated year. The sector is predicted to increase at the highest CAGR during the forecast period due to increasing battery life and energy density as well as declining battery prices. Furthermore, the market will rise if government regulations are tightened to make zero-emission vehicles mandatory. For instance, the European Union (EU) has enacted legislation mandating a reduction in emissions of at least 40% by 2030. The EU has also set a target to reduce emissions by over 60% by 2040.
The segment for hybrid trucks had the smallest revenue share in 2019 and is anticipated to lose market share during the projected period. Due to tighter government laws regarding greenhouse gas emissions, the adoption of hybrid trucks is predicted to decline. Additionally, producers of electric trucks are concentrating on creating long-distance fuel-cell electric trucks. Ten XCIENT Fuel Cell trucks will be leased by Hyundai Hydrogen Mobility to logistics and transportation firms on a pay-per-use basis starting.
Global Electric Truck Market Analysis by Propulsion
With the biggest market share, the BEV segment stands out as the leader. This dominance can be due to the mass adoption of BEVs in many countries, including China, the United States, and other European nations, as well as the numerous benefits they provide. The fact that China alone accounted for an amazing 90% of electric truck registrations in 2021 is an instructive figure. The sales performance of BEVs and the most recent developments and innovations in this particular category have a significant impact on the trajectory of growth in the electric truck market.
The PHEV market category takes the second-largest market share in close succession. PHEVs have acquired a lot of momentum because of their capacity to deliver improved comfort and overall truck performance. Leading businesses in the sector are investing a significant amount of money in the study and development of plug-in hybrid trucks. These purposeful actions are expected to have a favorable and catalytic impact on the PHEV segment's growth prospects.
The FCEV segment, on the other hand, holds the third-largest market share. The inherent benefits of fuel cell electric cars and the concerted development efforts made by major participants in the trucking sector are principally responsible for this segment's growth. The encouraging growth trajectory of the FCEV category is a result of these elements working together.
Global Electric Truck Market Analysis by Range
The market share leader in 2021 was the 151-300 mile segment, which also had the biggest market share. This market has shown strong growth, which is mostly attributable to the growing adoption and sales of electric trucks with ranges between 15 and 300 miles, notably in the Asia Pacific region. Due to a noticeable increase in demand for electric trucks with this particular range capabilities in this region, the 151-300 mile section is now very popular.
The 150-mile sector came in second with the second-largest market share in 2021, closely behind. Significant advancements driven by leading market participants are the main drivers of this segment's growth. The demand for electric trucks with a 150-mile range has increased as a result of these remarkable developments, strengthening the position of the category in the market.
While the above 300 mile segment now holds the third-largest market share, it is likely to overtake it in the near future. The most recent advancements and innovations made by well-known industry titans in this particular sector serve as the foundation for this change. The over 300 miles range is anticipated to become the market leader for electric trucks as these advancements continue to develop and mature.
Global Electric Truck Market By Vehicle Type, 2022 (%)
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Global Electric Truck Market Regional Insights
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 as a result 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 as a result of the expanding model selection, continuing improvements in battery performance, and falling battery prices.
North America is likely to emerge as the fastest growing market during the forecast period. The market is anticipated to grow at the highest CAGR of 59.5% from 2023 to 2030 in the United States. The region is anticipated to increase as a result of rising demand from the logistics industry. Additionally, the Board of the California Air Resources will set sales goals for manufacturers of electric trucks starting in 2024. Around 0.3 million electric trucks (light-duty, medium-duty, and heavy-duty electric trucks) are anticipated to be driven on California roads as a result of the legislation.
Global Electric Truck Market By Region, 2024–2031
- Largest
- Fastest
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Global Electric Truck Market Dynamics
Global Electric Truck Market Drivers
Environmental Regulations
- 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.
Growing need for electric trucks in the logistics sector and other sectors
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In the main EV markets throughout the world, there has been an increase in demand for electric trucks in the logistics industry. Due to the substantially lower cost of charging electric vehicles than other fuels, the market for medium- and heavy-duty trucks is anticipated to expand as EV trucks can increase the long-term profitability of this sector. The US Postal Service placed an order for delivery trucks with Workhorse Group (US) in January 2022. By 2030, there will be a 36% rise in delivery vehicles in inner cities, according to the World Economic Forum (WEF). Other businesses include product transportation (the food and beverage industry), e-commerce enterprises (Amazon and Walmart), and logistics will also see an increase in demand for electric vehicles.
Technology advancement for self-driving trucks
-
The recent trend of self-driving trucks will have an impact on the market for electric vehicles. AI is used by autonomous trucks to automate everything from long-distance deliveries to activities in the shipping yard. Leading OEMs have been working on the development of self-driving electric trucks for the market, including Tesla, Inc., AB Volvo, and Mercedes Benz Group AG. Startups including TuSimple (US), Embark (US), and Einride (Sweden) have also begun to create self-driving electric trucks. A deal to build self-driving trucks was announced by TuSimple and Navistar Inc. (US) in December 2022. Waymo (US) stated in June 2022 that its fleet of driverless semi-trailers would be used to deliver household products for Wayfair (US).
Global Electric Truck Market Restraints
High Cost
- The upfront cost of electric trucks is currently higher than that of traditional diesel trucks, which is a significant barrier to adoption for many companies. While electric trucks have lower operating costs over the lifetime of the vehicle, the high upfront cost can be prohibitive for some companies.
Extended charging period
-
When compared to the filling time for other fuel choices, the EV charging time is significantly longer. Most public charging stations have Level 2 chargers. Vehicles can be charged from 0 to 100% with level 1 and level 2 charging in 8 to 16 hours. An EV can be charged from 0 to 80% with a Level 3 charger in around 60 minutes. Compared to diesel or CNG fueling, which can be completed in under 5 minutes, this is substantially higher. This has been a key factor in the market for electric trucks growing more slowly than expected. Technological advances will shorten charging times in the next few years, but batteries will need to be created for such rapid, high-voltage charging. Government incentives and other factors have accelerated the implementation of public charging stations.
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Global Electric Truck Market Competitive Landscape
The electric truck market is highly competitive, with a large number of players operating in the market. The market is dominated by established players in the automotive industry, such as Daimler AG, Volvo Group, and PACCAR Inc. However, there are also several new entrants in the market, such as Tesla, Nikola Corporation, and Rivian Automotive LLC, that are disrupting the industry with innovative electric truck designs.
In addition, there are several companies that specialize in electric vehicle technology and components, such as Proterra Inc., that are providing electric powertrains and battery systems to truck manufacturers. Furthermore, there are also several companies that provide charging infrastructure solutions, such as ChargePoint Inc. and Electrify America LLC, that are playing a critical role in the adoption of electric trucks.
Top Player’s Company Profiles in Global Electric Truck Market
- Daimler AG
- Volvo Group
- Tesla
- PACCAR Inc.
- Navistar International Corporation
- BYD Company Limited
- Nikola Corporation
- Rivian Automotive LLC
- Chanje Energy Inc.
- Proterra Inc.
- Lion Electric Company
- Foton Motor Group
- Dongfeng Motor Corporation
- Hino Motors Ltd.
- Isuzu Motors Limited
- Scania AB
- Mitsubishi Fuso Truck and Bus Corporation
- Ashok Leyland Limited
- Mahindra & Mahindra Ltd.
- Tata Motors Limited
Global Electric Truck Market Recent Developments
- In April 2024, BYD, a well-known Chinese electric vehicle (EV) manufacturer, made waves in the automotive industry by introducing its first-ever "new energy" pickup truck. This significant advancement aims to transform the conventional pickup truck market by providing a powerful and eco-friendly alternative to traditional gas-powered models.
- In April 2024, Hyundai Motor Company and Kia Corporation announced a memorandum of understanding (MOU) with Exide Energy Solutions Ltd. for strategic collaboration in India's electric vehicle (EV) market. This partnership with Exide Energy will allow Hyundai Motor and Kia to incorporate locally manufactured LFP batteries into their future EVs for the Indian market. This strategic alliance with Exide Energy signifies the commencement of Hyundai Motor and Kia's venture into India's battery development and production sector.
- In February 2024, KOBA Insurance (KOBA) announced plans to launch a new electric vehicle (EV) insurance product in March 2024, tailored for the growing Australian EV market. This product is designed to meet the specific requirements of EV drivers, providing benefits like the ability to select their own repairer, EV car rental coverage, protection for charging equipment, and battery health assessments.
Global Electric Truck Key Market Trends
- 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.
- Growth in Urban Delivery Applications: Electric trucks are well-suited for urban delivery applications, where their low noise levels and zero emissions make them an attractive option for last-mile delivery. This market segment is expected to grow rapidly, driven by the rise of e-commerce and the increasing demand for sustainable transportation solutions.
- Innovation in Battery Technology: Battery technology is a critical component of electric trucks, and there is significant innovation happening in this space.
- Emergence of New Players: The electric truck market is attracting new players, including startups and established companies from outside the traditional automotive industry. These new players are bringing innovative designs and business models to the market, which is driving competition and pushing established players to innovate.
- Focus on Total Cost of Ownership: The high upfront cost of electric trucks is a significant barrier to adoption, but many companies are focusing on the total cost of ownership (TCO) over the lifetime of the vehicle. Electric trucks have lower operating costs than diesel trucks, and companies are beginning to recognize the financial benefits of investing in electric trucks over the long term.
Global Electric Truck Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our electric truck market analysis, we found that the increasing demand in the logistics industry, falling fuel and maintenance costs, and financial incentives to switch to zero-emission cars are some of the main reasons propelling the market's expansion. Furthermore, manufacturers will be forced to invest in the production of electric trucks due to the strict pollution standards imposed on commercial vehicles. As a result, manufacturers are expected to make sizable expenditures in order to meet the rising demand and significantly contribute to the expansion of the market. In many industries, including municipal, logistics, and other fields, electric trucks are used. One of the major drivers of GDP growth in every nation is the logistics sector. A logistics provider can be required to supply to far-flung regions as a result of the e-commerce sector's growth.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 4.36 billion |
| Market size value in 2031 | USD 111.10 billion |
| Growth Rate | 43.3% |
| Base year | 2022 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Electric Truck Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Electric Truck Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global 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 Global 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Electric Truck Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Electric Truck Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Electric Truck Market Report Snapshots
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