Global Electric Truck Market to Reach US$ 6,007.2 Million by 2032, Impelled by Enhanced Focus on Sustainable Development

April 18, 2022

According to the latest report by IMARC Group, titled "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 global electric truck market reached a value of US$ 672.8 Million in 2023. An electric truck is generally designed for transporting specialized payloads and cargosfor performing utilitarian work that is powered by batteries. Its exterior frame and wheels are manufactured using aluminum metals that provide an indestructible structure to the vehicle. It is widely adopted as a preferred alternative for fuel-based truckssince it aids in reducing pollution and noise levels. Along with this, it also exhibits the ability to provide regenerative braking as it can easily recover the energy by sending the charging current back to batteries in a controlled process, thereby resulting in the reduction of operating costs.

Global Electric Truck Market Trends:

The global market is primarily driven by an enhanced focus on sustainable development among the masses. This has led to the increasing investments by leading players in launching lightweight variants of electric trucks to reduce vehicular emissions while enhancing the overall efficiency. Besides this, the rising funding activities by private and public agenciesfor building electric vehicle (EV) charging stationsare propelling the market growth. Moreover, numerous initiatives undertaken by the government of multiple countries for promoting the adoption of e-mobility to control the pollution levelsare creating a positive market outlook. Furthermore, the growing demand for logistics and freights, along with the expanding infrastructural development projects across developing economies,are acting as other major growth-inducing factors. Other factors, including rapid industrialization, significant improvements in the automotive and e-commerce sectors, continuous product innovations,and extensive research and development (R&D) activities conducted by key players, are also positively influencing the product demand.On account of the aforementioned factors, the market is anticipated to reach a value of US$ 6,007.2 Million by 2032, exhibiting a CAGR of 26.7% during 2024-2032.

Market Summary:

  • On the basis of the vehicle type, the market has been segmented into light-, medium- and heavy-duty trucks.
  • Based on the propulsion, the market has been segregated into battery, hybrid, plug-in hybridand fuel cell electric trucks.
  • On the basis of the range, the market has been classified into 0-150 miles, 151-300 miles, and above 300 miles.
  • Based on the applications, the market has been categorized into logistics, municipal, construction, mining and others.
  • On the basis of the region, the market has been divided into 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, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players 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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Global Electric Truck Market to Reach US$ 6,007.2 Million by 2032, Impelled by Enhanced Focus on Sustainable Development
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