Global Electric Truck Market

Global Electric Truck Market Size, Share, Growth Analysis, By Vehicle Type(Battery Electric Trucks, and Hybrid Trucks) - Industry Forecast 2024-2031

Report ID: SQMIG20V2008 | Region: Global | Published Date: April, 2024
Pages: 202 | Tables: 35 | Figures: 74

Global Electric Truck Market News

  • 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.
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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).

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'

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 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.

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