Electric Truck market size was valued at $ 3.19 Billion in 2023, and is projected to reach $ 10.28 Billion by 2032, registering a CAGR of 18.2% from 2024 to 2032.
Commercial vehicles with electric propulsion systems that take the place of conventional internal combustion engines are known as electric trucks or e-trucks. In comparison to traditional diesel or gasoline-fueled trucks, these vehicles use electrically operated engines that are powered by batteries, providing a cleaner and more ecologically responsible option. Nowadays, electric cars are starting to play a part in the greater shift in transportation toward sustainability.
As more people gain access to mobile internet, battery, and charging infrastructure advancements continue to remove barriers to electric mobility. As a result, these vehicles continue to advance rapidly. They can be employed in a variety of capacities, including commercial transportation, freight hauling, and product delivery. They also present an eco-friendly replacement for those old dark diesel trucks.
Due to strong demand from logistics organizations worldwide, the electric truck market is anticipated to have solid growth potential over the forecast period. Growing public knowledge of ecologically friendly transportation options is crucial because over 80 percent of emissions come from freight and airline transportation combined. The quality of vehicle exhaust is also improving; by the next year, regulations will have been gradually tightened to the point where new cars will not be allowed to exceed this criterion for more than one calendar year.
Throughout the study period, a lot of attention has been focused on the impact that self-driving technology which is currently undergoing rapid development will have on international markets. Big automakers like Daimler, Vera, Tesla, and Volvo are already preparing to build ways to have autonomous trucks on the road so they can sell them. Its development is also the focus of several groups in the take-off phase. Involvement in autonomous transportation theory will increase market efficiency. Thus, this is probably the direction that electric trucks are going to take in what is now recognized as their growth trajectory.
Global Electric Truck Market, Segmentation
The Electric Truck market is segmented on the basis of Propulsion, Vehicle Type, Range, and region.
Propulsion:
The Propulsion segment is further classified into Battery electric vehicle BEV, Hybrid electric vehicle HEV, Plug-in hybrid electric vehicle PHEV, Fuel cell electric vehicle FCEV. Among these, the Battery Electric Vehicles sub-segment accounted for the highest market share in 2023. The market is expected to be dominated by the battery electric vehicle (BEV) category. This expectation is a result of multiple elements that when taken as a whole highlight the benefits and allure of BEVs in the context of electric trucks. The environmental friendliness of BEVs is innate, as evidenced by their zero tailpipe emissions, which comply with strict global emissions rules.
Vehicle Type:
The Vehicle Type segment is further classified into light-duty electric truck LDET, Medium-duty electric truck MDET, Heavy-duty electric truck HDET. Among these, the Heavy-duty electric truck sub-segment is anticipated to show the fastest growth by 2032. In the market for electric trucks, the heavy-duty electric vehicle category has risen to the top and is holding the most share for several strong reasons. First of all, heavy-duty electric vehicles fill a vital gap in sectors of the economy that mostly depend on reliable long-distance delivery of commodities. Businesses facing increasingly strict emissions rules worldwide find them particularly attractive because of their capacity to deliver big payloads while preserving environmental sustainability through zero-emission operations.
Region:
The Electric Truck market in North America is projected to show the fastest growth by 2032. Because of the extensive presence of key market participants and the expansion of research and development activities, North America is predicted to experience significant development over the next years. North America has a solid infrastructure to support the expansion of electric trucks. Rising gasoline prices and the growing demand for low-carbon commercial vehicles are also projected to promote market growth in the region. The area has a vast network of charging stations, which is essential for promoting the use of electric vehicles by consumers.
Some of the leading Electric Truck market players are
- PACCAR Inc. (United States)
- Navistar International (United States)
- Tesla (United States)
- Rivian (United States)
- Nikola Corporation (United States)
- Bollinger Motors (United States)
- Xos Trucks (United States)
- Workhorse Group (United States)
- Motiv Power Systems (United States)
- Lightning eMotors (United States), and Other Active Players.
Key Industry Developments
- In April 2023, A strategic business collaboration was formed by BYD Company Ltd. and Hino Motors, Ltd. to collaborate on the development of commercial battery electric vehicles, including buses, trucks, and carriages, among other commercial vehicle types.
- In March 2023, Daimler started conducting customer testing for the new medium-duty Freightliner eM2 106 and heavy-duty Freightliner Cascadia electric vehicles in North America.
Key Findings of the Study / Key Industry Developments.
- Internal combustion engine vehicles are replaced by electric trucks, which provide greener and more environmentally responsible modes of transportation.
- Strong development potential fueled by the growing public awareness of sustainable options and the need for environmentally friendly transportation solutions from logistics firms.
- The electric truck market is expected to increase and market efficiency to be improved by the rapid development of self-driving technology.
