China Electric Truck Market Report by Vehicle Type (Light-duty Truck, Medium-duty Truck, Heavy-duty Truck), Propulsion (Battery Electric Truck, Hybrid Electric Truck, Plug-in Hybrid Electric Truck, Fuel Cell Electric Truck), Range (0-150 Miles, 151-300 Miles, Above 300 Miles), Application (Logistics, Municipal, Construction, Mining, and Others), and Region 2024-2032
The China electric truck market size reached US$ 2.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 15.6 Billion by 2032, exhibiting a growth rate (CAGR) of 23.26% during 2024-2032.
Market Size in 2023
US$ 2.4 Billion
Market Forecast in 2032
US$ 15.6 Billion
Market Growth Rate 2024-2032
An electric truck is a heavy-duty commercial vehicle with an energy storage system, power converter, and propulsion motor and related controllers powered by rechargeable batteries. It comprises ambulances, containers, city or municipal buses, local delivery vans, utility terrain vehicles (UTVs), and dump, fire, food, garbage, forklift, light-duty cargo, mail, mining, pickup, and tow trucks. It does not emit greenhouse gases and pollute the environment with spilled fuel or toxic residues. In addition, it incurs lower operating and maintenance costs compared to internal combustion engines (ICEs). At present, there is a rise in the demand for electric trucks in China due to rising environmental concerns among the masses.
China Electric Truck Market Trends:
The growing development of sustainable transportation systems in China to reduce carbon dioxide (CO2) emissions and improve air quality in cities represents one of the key factors driving the market. Moreover, there is an increase in the number of electric vehicle (EV) manufacturing companies in the country. This, along with the rising development of charging infrastructure, is propelling the growth of the market. In addition, governing authorities are focusing on reducing dependence on oil imports. They are also giving tax exemptions on buying electric vehicles (EVs), which is positively influencing the market. Besides this, key market players are extensively investing in research and development (R&D) activities to introduce enhanced electric trucks that are cost-effective. In line with this, they are focusing on innovative marketing strategies to expand their customer base in the country. Furthermore, the increasing employment of electric trucks to transport cargo or passengers in highly congested areas, such as crowded tourist areas, busy shipping ports, transit centers, warehouses, and hospitals, is expected to bolster the growth of the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the China electric truck market report, along with forecasts at the country and regional level from 2024-2032. Our report has categorized the market based on vehicle type, propulsion, range and application.
Breakup by Vehicle Type:
Breakup by Propulsion:
Battery Electric Truck
Hybrid Electric Truck
Plug-in Hybrid Electric Truck
Fuel Cell Electric Truck
Breakup by Range:
Above 300 Miles
Breakup by Application:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Base Year of the Analysis
Vehicle Type, Propulsion, Range, Application, Region
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Key Questions Answered in This Report
We expect the China electric truck market to exhibit a CAGR of 23.26% during 2024-2032.
The rising consumer environmental concerns, along with the increasing demand for electric trucks, owing to their minimal carbon emissions, reduced vehicular noise, and advanced driving features, are primarily driving the China electric truck market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across the nation, resulting in the temporary closure of numerous manufacturing units for electric trucks.
Based on the vehicle type, the China electric truck market has been divided into light-duty truck, medium-duty truck, and heavy-duty truck. Among these, light-duty truck currently exhibits a clear dominance in the market.
Based on the propulsion, the China electric truck market can be categorized into battery electric truck, hybrid electric truck, plug-in hybrid electric truck, and fuel cell electric truck. Currently, hybrid electric truck accounts for the majority of the total market share.
Based on the range, the China electric truck market has been segregated into 0-150 miles, 151-300 miles, and above 300 miles. Among these, 0-150 miles currently exhibit a clear dominance in the market.
Based on the application, the China electric truck market can be bifurcated into logistics, municipal, construction, mining, and others. Currently, the logistics sector holds the largest market share.
On a regional level, the market has been classified into Guangdong, Jiangsu, Shandong, Zhejiang, Henan, and others, where Guangdong currently dominates the China electric truck market.
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