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Electric Truck Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

The global electric truck market size reached US$ 426.7 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 1923.2 Million by 2027, exhibiting a CAGR of 30.15% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

An electric truck functions on rechargeable batteries for transporting specialized payloads and cargos. It is equipped with automatic start and stop facilities, an electric motor, and regenerative braking systems. It minimizes carbon emissions and vehicular noise and is more cost-effective and reliable than fuel-based alternatives. Nowadays, its hybrid variants are available in the market, which ismanufactured using lightweight materials and can function on both fuel-gas and battery-operated engines.

 

 
 

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Electric Truck Market Trends:

Increasing preferences for hybrid and electric vehicles (H/EV) across the globe represents one of the key factors positively influencing the market. Apart from this, governing authorities of various countries are implementing stringent regulations to minimize dependency on fossil fuels and reduce greenhouse gas (GHG) emissions. This, in confluence with the inflating prices of petrol and diesel worldwide, is contributing to the market growth. In addition, improving electronic charging infrastructure and the integration of magnetic resonance for wireless vehicle charging are stimulating the market growth. The launch of self-driving electric trucks, along with the growing traction of automated vehicles, is creating a favorable outlook for the market. Furthermore, the expansion of the e-commerce industryis promoting the adoption of electric trucks in the freight sector.Besides this, due to the growing environmental consciousness, logistics companies are focusing on upgradingtheir fleet to electric powertrains, thereby creating lucrative growth opportunities for manufacturers operating in the industry. Moreover, increasing investments by leading players in extensive research and development (R&D) activities to develop advanced electric trucks with compact battery size, improved fuel efficiency, and enhanced mileage are anticipated to propel the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global electric truck market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based onvehicle type, propulsion, range,and application

Breakup by Vehicle Type:

 

 
 

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


Presently, light-duty electric trucks dominate the market on account of their lower daily mileage and convenient charging features.

Breakup by Propulsion:

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


Hybrid electric trucks exhibit a clear dominance in the market as they are cost-effective and provide extra mileage.

Breakup by Range:

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


Electric trucks with a range between 0-150miles account for the majority of the market share as they save on energy consumption and battery and operational costs.

Breakup by Application:

  • Logistics
  • Municipal
  • Construction
  • Mining
  • Others


Presently, the logistics segment holds the majority of the market share on account of the expansion of e-commerce channels worldwide.

Breakup by Region:

 

 
 

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  • 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


North America currently represents the leading market due to expanding logistics sector and the easy availability of established electronic charging infrastructure.

Competitive Landscape:

The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players areVolvoGroup, 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., and Tevva Motors Limited.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Million
Segment Coverage Vehicle Type, Propulsion, Range, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered AB Volvo, BYD Company Ltd., Daimler AG, FAW Group Co. Ltd., Isuzu Motors Ltd, Navistar Inc., PACCAR Inc., Rivian Automotive Inc., Scania AB (Volkswagen AG), Tata Motors Limited, Tesla Inc. and Tevva Motors Limited
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

1   Preface
2   Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3   Executive Summary
4   Introduction

    4.1    Overview
    4.2    Key Industry Trends
5   Global Electric Truck Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6   Market Breakup by Vehicle Type
    6.1    Light-duty Truck
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Medium-duty Truck
        6.2.1 Market Trends
        6.2.2 Market Forecast
    6.3    Heavy-duty Truck
        6.3.1 Market Trends
        6.3.2 Market Forecast
7   Market Breakup by Propulsion
    7.1    Battery Electric Truck
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Hybrid Electric Truck
        7.2.1 Market Trends
        7.2.2 Market Forecast
    7.3    Plug-in Hybrid Electric Truck
        7.3.1 Market Trends
        7.3.2 Market Forecast
    7.4    Fuel Cell Electric Truck
        7.4.1 Market Trends
        7.4.2 Market Forecast
8   Market Breakup by Range
    8.1    0-150 Miles
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    151-300 Miles
        8.2.1 Market Trends
        8.2.2 Market Forecast
    8.3    Above 300 Miles
        8.3.1 Market Trends
        8.3.2 Market Forecast
9   Market Breakup by Application
    9.1    Logistics
        9.1.1 Market Trends
        9.1.2 Market Forecast
    9.2    Municipal
        9.2.1 Market Trends
        9.2.2 Market Forecast
    9.3    Construction
        9.3.1 Market Trends
        9.3.2 Market Forecast
    9.4    Mining
        9.4.1 Market Trends
        9.4.2 Market Forecast
    9.5    Others
        9.5.1 Market Trends
        9.5.2 Market Forecast
10  Market Breakup by Region
    10.1    North America
        10.1.1 United States
           10.1.1.1 Market Trends
           10.1.1.2 Market Forecast
        10.1.2 Canada
           10.1.2.1 Market Trends
           10.1.2.2 Market Forecast
    10.2    Asia-Pacific
        10.2.1 China
           10.2.1.1 Market Trends
           10.2.1.2 Market Forecast
        10.2.2 Japan
           10.2.2.1 Market Trends
           10.2.2.2 Market Forecast
        10.2.3 India
           10.2.3.1 Market Trends
           10.2.3.2 Market Forecast
        10.2.4 South Korea
           10.2.4.1 Market Trends
           10.2.4.2 Market Forecast
        10.2.5 Australia
           10.2.5.1 Market Trends
           10.2.5.2 Market Forecast
        10.2.6 Indonesia
           10.2.6.1 Market Trends
           10.2.6.2 Market Forecast
        10.2.7 Others
           10.2.7.1 Market Trends
           10.2.7.2 Market Forecast
    10.3    Europe
        10.3.1 Germany
           10.3.1.1 Market Trends
           10.3.1.2 Market Forecast
        10.3.2 France
           10.3.2.1 Market Trends
           10.3.2.2 Market Forecast
        10.3.3 United Kingdom
           10.3.3.1 Market Trends
           10.3.3.2 Market Forecast
        10.3.4 Italy
           10.3.4.1 Market Trends
           10.3.4.2 Market Forecast
        10.3.5 Spain
           10.3.5.1 Market Trends
           10.3.5.2 Market Forecast
        10.3.6 Russia
           10.3.6.1 Market Trends
           10.3.6.2 Market Forecast
        10.3.7 Others
           10.3.7.1 Market Trends
           10.3.7.2 Market Forecast
    10.4    Latin America
        10.4.1 Brazil
           10.4.1.1 Market Trends
           10.4.1.2 Market Forecast
        10.4.2 Mexico
           10.4.2.1 Market Trends
           10.4.2.2 Market Forecast
        10.4.3 Others
           10.4.3.1 Market Trends
           10.4.3.2 Market Forecast
    10.5    Middle East and Africa
        10.5.1 Market Trends
        10.5.2 Market Breakup by Country
        10.5.3 Market Forecast
11  SWOT Analysis
    11.1    Overview
    11.2    Strengths
    11.3    Weaknesses
    11.4    Opportunities
    11.5    Threats
12  Value Chain Analysis
13  Porters Five Forces Analysis

    13.1    Overview
    13.2    Bargaining Power of Buyers
    13.3    Bargaining Power of Suppliers
    13.4    Degree of Competition
    13.5    Threat of New Entrants
    13.6    Threat of Substitutes
14  Price Analysis
15  Competitive Landscape

    15.1    Market Structure
    15.2    Key Players
    15.3    Profiles of Key Players
        15.3.1    AB Volvo
           15.3.1.1 Company Overview
           15.3.1.2 Product Portfolio
           15.3.1.3 Financials
           15.3.1.4 SWOT Analysis
        15.3.2    BYD Company Ltd.
           15.3.2.1 Company Overview
           15.3.2.2 Product Portfolio
           15.3.2.3 Financials
           15.3.2.4 SWOT Analysis
        15.3.3    Daimler AG
           15.3.3.1 Company Overview
           15.3.3.2 Product Portfolio
           15.3.3.3 Financials
           15.3.3.4 SWOT Analysis
        15.3.4    FAW Group Co. Ltd.
           15.3.4.1 Company Overview
           15.3.4.2 Product Portfolio
        15.3.5    Isuzu Motors Ltd
           15.3.5.1 Company Overview
           15.3.5.2 Product Portfolio
           15.3.5.3 Financials
           15.3.5.4 SWOT Analysis
        15.3.6    Navistar Inc.
           15.3.6.1 Company Overview
           15.3.6.2 Product Portfolio
           15.3.6.3 Financials
           15.3.6.4 SWOT Analysis
        15.3.7    PACCAR Inc.
           15.3.7.1 Company Overview
           15.3.7.2 Product Portfolio
           15.3.7.3 Financials
           15.3.7.4 SWOT Analysis
        15.3.8    Rivian Automotive Inc.
           15.3.8.1 Company Overview
           15.3.8.2 Product Portfolio
        15.3.9    Scania AB (Volkswagen AG)
           15.3.9.1 Company Overview
           15.3.9.2 Product Portfolio
           15.3.9.3 SWOT Analysis
        15.3.10    Tata Motors Limited
           15.3.10.1 Company Overview
           15.3.10.2 Product Portfolio
           15.3.10.3 Financials
           15.3.10.4 SWOT Analysis
        15.3.11    Tesla Inc.
           15.3.11.1 Company Overview
           15.3.11.2 Product Portfolio
           15.3.11.3 Financials
           15.3.11.4 SWOT Analysis
        15.3.12    Tevva Motors Limited
           15.3.12.1 Company Overview
           15.3.12.2 Product Portfolio

List of Figures

Figure 1: Global: Electric Truck Market: Major Drivers and Challenges
Figure 2: Global: Electric Truck Market: Sales Value (in Million US$), 2016-2021
Figure 3: Global: Electric Truck Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 4: Global: Electric Truck Market: Breakup by Vehicle Type (in %), 2021
Figure 5: Global: Electric Truck Market: Breakup by Propulsion (in %), 2021
Figure 6: Global: Electric Truck Market: Breakup by Range (in %), 2021
Figure 7: Global: Electric Truck Market: Breakup by Application (in %), 2021
Figure 8: Global: Electric Truck Market: Breakup by Region (in %), 2021
Figure 9: Global: Electric Truck (Light-duty Truck) Market: Sales Value (in Million US$), 2016 & 2021
Figure 10: Global: Electric Truck (Light-duty Truck) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 11: Global: Electric Truck (Medium-duty Truck) Market: Sales Value (in Million US$), 2016 & 2021
Figure 12: Global: Electric Truck (Medium-duty Truck) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 13: Global: Electric Truck (Heavy-duty Truck) Market: Sales Value (in Million US$), 2016 & 2021
Figure 14: Global: Electric Truck (Heavy-duty Truck) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 15: Global: Electric Truck (Battery Electric Truck) Market: Sales Value (in Million US$), 2016 & 2021
Figure 16: Global: Electric Truck (Battery Electric Truck) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 17: Global: Electric Truck (Hybrid Electric Truck) Market: Sales Value (in Million US$), 2016 & 2021
Figure 18: Global: Electric Truck (Hybrid Electric Truck) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 19: Global: Electric Truck (Plug-in Hybrid Electric Truck) Market: Sales Value (in Million US$), 2016 & 2021
Figure 20: Global: Electric Truck (Plug-in Hybrid Electric Truck) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 21: Global: Electric Truck (Fuel Cell Electric Truck) Market: Sales Value (in Million US$), 2016 & 2021
Figure 22: Global: Electric Truck (Fuel Cell Electric Truck) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 23: Global: Electric Truck (0-150 Miles) Market: Sales Value (in Million US$), 2016 & 2021
Figure 24: Global: Electric Truck (0-150 Miles) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 25: Global: Electric Truck (151-300 Miles) Market: Sales Value (in Million US$), 2016 & 2021
Figure 26: Global: Electric Truck (151-300 Miles) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 27: Global: Electric Truck (Above 300 Miles) Market: Sales Value (in Million US$), 2016 & 2021
Figure 28: Global: Electric Truck (Above 300 Miles) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 29: Global: Electric Truck (Logistics) Market: Sales Value (in Million US$), 2016 & 2021
Figure 30: Global: Electric Truck (Logistics) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 31: Global: Electric Truck (Municipal) Market: Sales Value (in Million US$), 2016 & 2021
Figure 32: Global: Electric Truck (Municipal) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 33: Global: Electric Truck (Construction) Market: Sales Value (in Million US$), 2016 & 2021
Figure 34: Global: Electric Truck (Construction) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 35: Global: Electric Truck (Mining) Market: Sales Value (in Million US$), 2016 & 2021
Figure 36: Global: Electric Truck (Mining) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 37: Global: Electric Truck (Other Applications) Market: Sales Value (in Million US$), 2016 & 2021
Figure 38: Global: Electric Truck (Other Applications) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 39: North America: Electric Truck Market: Sales Value (in Million US$), 2016 & 2021
Figure 40: North America: Electric Truck Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 41: United States: Electric Truck Market: Sales Value (in Million US$), 2016 & 2021
Figure 42: United States: Electric Truck Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 43: Canada: Electric Truck Market: Sales Value (in Million US$), 2016 & 2021
Figure 44: Canada: Electric Truck Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 45: Asia-Pacific: Electric Truck Market: Sales Value (in Million US$), 2016 & 2021
Figure 46: Asia-Pacific: Electric Truck Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 47: China: Electric Truck Market: Sales Value (in Million US$), 2016 & 2021
Figure 48: China: Electric Truck Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 49: Japan: Electric Truck Market: Sales Value (in Million US$), 2016 & 2021
Figure 50: Japan: Electric Truck Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 51: India: Electric Truck Market: Sales Value (in Million US$), 2016 & 2021
Figure 52: India: Electric Truck Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 53: South Korea: Electric Truck Market: Sales Value (in Million US$), 2016 & 2021
Figure 54: South Korea: Electric Truck Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 55: Australia: Electric Truck Market: Sales Value (in Million US$), 2016 & 2021
Figure 56: Australia: Electric Truck Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 57: Indonesia: Electric Truck Market: Sales Value (in Million US$), 2016 & 2021
Figure 58: Indonesia: Electric Truck Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 59: Others: Electric Truck Market: Sales Value (in Million US$), 2016 & 2021
Figure 60: Others: Electric Truck Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 61: Europe: Electric Truck Market: Sales Value (in Million US$), 2016 & 2021
Figure 62: Europe: Electric Truck Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 63: Germany: Electric Truck Market: Sales Value (in Million US$), 2016 & 2021
Figure 64: Germany: Electric Truck Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 65: France: Electric Truck Market: Sales Value (in Million US$), 2016 & 2021
Figure 66: France: Electric Truck Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 67: United Kingdom: Electric Truck Market: Sales Value (in Million US$), 2016 & 2021
Figure 68: United Kingdom: Electric Truck Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 69: Italy: Electric Truck Market: Sales Value (in Million US$), 2016 & 2021
Figure 70: Italy: Electric Truck Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 71: Spain: Electric Truck Market: Sales Value (in Million US$), 2016 & 2021
Figure 72: Spain: Electric Truck Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 73: Russia: Electric Truck Market: Sales Value (in Million US$), 2016 & 2021
Figure 74: Russia: Electric Truck Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 75: Others: Electric Truck Market: Sales Value (in Million US$), 2016 & 2021
Figure 76: Others: Electric Truck Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 77: Latin America: Electric Truck Market: Sales Value (in Million US$), 2016 & 2021
Figure 78: Latin America: Electric Truck Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 79: Brazil: Electric Truck Market: Sales Value (in Million US$), 2016 & 2021
Figure 80: Brazil: Electric Truck Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 81: Mexico: Electric Truck Market: Sales Value (in Million US$), 2016 & 2021
Figure 82: Mexico: Electric Truck Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 83: Others: Electric Truck Market: Sales Value (in Million US$), 2016 & 2021
Figure 84: Others: Electric Truck Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 85: Middle East and Africa: Electric Truck Market: Sales Value (in Million US$), 2016 & 2021
Figure 86: Middle East and Africa: Electric Truck Market: Breakup by Country (in %), 2021
Figure 87: Middle East and Africa: Electric Truck Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 88: Global: Electric Truck Industry: SWOT Analysis
Figure 89: Global: Electric Truck Industry: Value Chain Analysis
Figure 90: Global: Electric Truck Industry: Porter's Five Forces Analysis

List of Tables

Table 1: Global: Electric Truck Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Electric Truck Market Forecast: Breakup by Vehicle Type (in Million US$), 2022-2027
Table 3: Global: Electric Truck Market Forecast: Breakup by Propulsion (in Million US$), 2022-2027
Table 4: Global: Electric Truck Market Forecast: Breakup by Range (in Million US$), 2022-2027
Table 5: Global: Electric Truck Market Forecast: Breakup by Application (in Million US$), 2022-2027
Table 6: Global: Electric Truck Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 7: Global: Electric Truck Market: Competitive Structure
Table 8: Global: Electric Truck Market: Key Players


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Key Questions Answered in This Report

The global electric truck market was valued at US$ 426.7 Million in 2021.

We expect the global electric truck market to exhibit a CAGR of 30.15% during 2022-2027.

The increasing consumer demand for electric trucks, owing to their minimized carbon emissions,
vehicular noise, and self-driving features, are primarily driving the global electric truck market.

The sudden outbreak of the COVID-19 pandemic has led to the growing adoption of electric trucks
for transporting essential goods with the rising trend of e-commerce services during the lockdown
scenario across several nations.

Based on the vehicle type, the global electric truck market has been divided into light-duty truck,
medium-duty truck, and heavy-duty truck. Among these, light-duty truck exhibits a clear dominance
in the market.

Based on the propulsion, the global 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 holds the majority of the total market share.

Based on the range, the global electric truck market has been segmented into 0-150 miles, 151-300
miles, and above 300 miles. Among these, 0-150 miles currently represent the largest market share.

Based on the application, the global electric truck market can be bifurcated into logistics, municipal,
construction, mining, and others. Currently, the logistics sector accounts for the majority of the
global market share.

On a regional level, the market has been classified into North America, Europe, Asia-Pacific, Middle
East and Africa, and Latin America, where North America currently dominates the global market.

Some of the major players in the global electric truck market 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., and Tevva Motors
Limited.

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