Electric Truck Market

Market Overview:

The global electric truck market size reached US$ 515.1 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,556.1 Million by 2028, exhibiting a growth rate (CAGR) of 32.2% during 2023-2028. The expansion of online distribution channels, rising environmental concerns, and stringent government regulations about the emission of greenhouse gases (GHGs), represent some of the key factors driving the market.

An electric truck refers to a commercial vehicle powered by one or more electric motors instead of an internal combustion engine (ICE) that runs on fossil fuels, such as diesel and gasoline. It is charged through an external power source and capable of handling heavy-duty tasks. It produces zero emissions from tailpipes and results in a significant reduction in greenhouse gas (GHG) emissions and air pollution. It also offers instant torque and facilitates better acceleration and performance in urban driving conditions. Moreover, it operates more quietly as compared to traditional ICE trucks. As an electric truck is energy efficient, environment-friendly, and cheaper to maintain,  it is gaining traction in the logistics, municipal, construction, and mining industries across the globe.

Electric Truck Market Trends:

At present, the expansion of the e-commerce sector and increasing focus on last-mile delivery, especially in the urban areas, represent one of the key factors positively influencing the market across the globe. In addition, governments of various countries are implementing stringent regulations to reduce carbon dioxide (CO₂) emissions from heavy-duty vehicles. This, in confluence with the expansion of charging infrastructure and development of testing facilities for analyzing electric motors, controllers, and battery chargers, is offering lucrative growth opportunities to key market players operating worldwide. In line with this, inflating disposable incomes, increasing awareness among people about the benefits of adopting electric-powered trucks, and favorable initiatives by governing agencies in the form of loans and subsidies on the purchase of electric vehicles (EVs) are strengthening the market growth around the world. Apart from this, key market players are focusing on improving the motor efficiency of electric trucks. They are also collaborating with the public and private sectors to develop, demonstrate and deploy technologies that enhance the performance of electric drive vehicles, which is fueling the market growth. Additionally, increasing prices of petroleum products and the easy availability of electric trucks are contributing to the market growth. Furthermore, increasing investments in research and development (R&D) activities to increase energy storage of batteries are stimulating the growth of the market across the globe. 

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global electric truck market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based onvehicle type, propulsion, range, and application

Vehicle Type Insights:

• Light-duty Truck
• Medium-duty Truck
• Heavy-duty Truck
   

The report has provided a detailed breakup and analysis of the electric truck market based on the vehicle type. This includes light-duty truck, medium-duty truck, and heavy-duty truck. According to the report, light-duty truck represented the largest segment.

Propulsion Insights:

• Battery Electric Truck
• Hybrid Electric Truck
• Plug-in Hybrid Electric Truck
• Fuel Cell Electric Truck
   

A detailed breakup and analysis of the electric truck market based on the propulsion has also been provided in the report. This includes battery electric truck, hybrid electric truck, plug-in hybrid electric truck, and fuel cell electric truck. According to the report, hybrid electric truck accounted for the largest market share.

Range Insights:

• 0-150 Miles
• 151-300 Miles
• Above 300 Miles
   

A detailed breakup and analysis of the electric truck market based on the range has also been provided in the report. This includes 0-150 miles, 151-300 miles, and above 300 miles. According to the report, 0-150 miles accounted for the largest market share.

Application Insights:

• Logistics
• Municipal
• Construction
• Mining
• Others
   

A detailed breakup and analysis of the electric truck market based on the application has also been provided in the report. This includes logistics, municipal, construction, mining, and others. According to the report, logistics accounted for the largest market share.

Regional Insights:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for electric truck. Some of the factors driving the North America electric truck market included the high disposable incomes of individuals, significant expansion of e-commerce sector, developed supply chain, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global electric truck market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include VolvoGroup, BYD Company Ltd., Mercedes-Benz Group AG, China FAW Group Co. Ltd., Isuzu Motors Ltd, Navistar Inc., PACCAR Inc., Rivian Automotive, Inc., Volkswagen AG, Tata Motors Limited, Tesla, Inc., Tevva Motors Limited., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the electric truck market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global electric truck market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the electric truck industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.