Insight by Abdul Wasay, Chief Operating Officer at The Business Research Company
In response to fluctuating tariffs and geopolitical trade developments, the Electric Truck Market Outlook 2025 analyses how businesses are adapting through supply chain diversification and strategic sourcing.
What Is the Forecasted Market Size and CAGR for the Electric Truck Market?
The size of the electric truck market has seen exponential growth in recent years. It was valued at $3.99 billion in 2024 and is predicted to reach $5.88 billion in 2025, representing a compound annual growth rate (CAGR) of 47.2%.
What Is the Forecasted CAGR for the Electric Truck Market by 2029?
The Electric Truck Global Market is predicted to grow to a size of $26.21 billion by 2029. This reflects a compound annual growth rate (CAGR) of 45.3%.
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What Are the Market Drivers in the Electric Truck Industry?
The key drivers in the electric truck market are:
• Rising fuel prices sp spurring demand for alternatives
• Increased government support for electric vehicles
• Growing charging infrastructure for electric vehicles
• Product launches focusing on medium-duty and extended-range applications.
What Is the Segment-Wise Breakdown of the Electric Truck Market?
The electric truck market covered in this report is segmented –
1) By Vehicle Type: Light Duty Electric Truck, Medium Duty Electric Truck, Heavy Duty Electric Truck
2) By Propulsion: Battery Electric Vehicle, Hybrid Electric Vehicle, Fuel Cell Electric Vehicle
3) By Range: Upto 150 Miles, 151-300 Miles, Above 300 Miles
4) By End-User: Last Mile Delivery, Long Haul Transportation, Refuse Services, Field Services, Distribution Services
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Which Emerging Trends Are Driving Growth in the Electric Truck Sector?
The key trends in the electric truck market are:
• The application of augmented reality (AR) technology for real-time information is a significant emerging trend in the electric truck market.
• There's an increasing focus on launching products directed towards medium-duty applications and long-range capabilities.
• Manufacturers are increasing investments to expand their manufacturing capabilities, reflecting a trend towards growth and expansion.
• Strategic partnerships and collaborations are becoming more common, with a focus on diversifying product portfolios and expanding geographical presence.
Which Companies Are Dominating the Electric Truck Market in Terms of Revenue?
Major players in the electric truck market are:
• BYD Company Limited
• AB Volvo
• Volkswagen AG
• Daimler Truck AG
• Paccar Inc.
• Dongfeng Motor Company
• Groupe Renault
• Hino Motors, Ltd.
• Isuzu Motors Ltd
• Sany Heavy Industry Co., Ltd
• BharatBenz
• Ashok Leyland
• Olectra Greentech Limited
• Zhejiang Geely Holding Group Co., Ltd.
• SAIC Motor Corp., Ltd.
• Mitsubishi Electric Corporation
• JAC Motors
• Mercedes-Benz Group AG
• MAN Truck & Bus SE
• Drive Electro
• Navistar
• Lordstown Motors Corporation
• Nikola Corporation
• Workhorse Group Incorporated
• Rivian R1T
• Kenworth Truck Company
• Mack Trucks, Inc
• Freightliner Trucks
• Tembici
• Yellow
• Merkx Electric Cars
• Lucid Group Inc
• Hitech Electric
• Electric Import Motors
• E-Moving
• Origem
• Emirates Global Motor Electric
• MellowVans
What Are the Regions Driving Demand in the Electric Truck Market?
Western Europe was the largest region in the electric truck market in 2024
