What is the global market size of Electric Truck Market?

Electric Truck Market size was valued at USD 3.04 billion in 2021 and is poised to grow from USD 4.36 billion in 2022 to USD 77.46 billion by 2030, at a CAGR of 43.3% during the forecast period (2023-2030).

Who are the key vendors in the Global Electric Truck Market?

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. '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'

What is the key driver of Global Electric Truck Market?

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.

What is the key market trend for Global Electric Truck Market?

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.

Which region accounted for the largest share in Global Electric Truck Market?

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.

Electric Truck Market Companies

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

FAQs

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?

Top Electric Truck Companies

Electric Truck Market Competitive Landscape

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Top Electric Truck Companies

Electric Truck Market Competitive Landscape

FAQs

What is the global market size of Electric Truck Market?

Who are the key vendors in the Electric Truck Market?

What is the key driver of Electric Truck Market?

What is the key market trend for Electric Truck Market?

Which region accounted for the largest share in Electric Truck Market?

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