What Factors Propelled The Growth Of The Electric Truck Market In The Past?
The electric truck market has seen considerable growth due to a variety of factors.
• The market size of electric trucks has experienced rapid growth in the past years. It is predicted to rise from $3.99 billion in 2024 to $5.92 billion in 2025, with a compound annual growth rate (CAGR) of 48.4%.
The significant increase during the historical period is due to robust economic development in emerging markets, increased need for light-duty trucks, the growing influence of e-commerce, and a decrease in the price of EV batteries.
What Is the Forecasted Market Size and Growth Rate for The Electric Truck Market?
The electric truck market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for the electric truck market to witness a colossal growth in the upcoming years, with its valuation projected to reach $27.17 billion by 2029, growing at a compound annual growth rate (CAGR) of 46.3%.
This anticipated growth in the said period can be credited to factors such as the rising cost of fuel, bolstered government backing, and the expansion of charging infrastructures. The forecast period also sees important trends like the application of augmented reality (AR) technology for immediate data, the increase in product launches emphasizing medium-duty applications and extended range, the surge in investments for broadening manufacturing capabilities, and an emphasis on strategic alliances and collaborations for broadening both product range and geographical presence.
What Are the Critical Driver Fuelling the Electric Truck Market's Growth?
The anticipated expansion of the electric truck industry is likely to be fueled by government incentives and initiatives. Globally, government agencies are unveiling forward-thinking policies and incentive programs to stimulate the uptake of electric vehicles across all sectors, including bikes, autos, cars, and commercial vehicles. The primary strategies propelling the adoption of EVs include substantial financial incentives for the acquisition of light-duty vehicles (LDVs), subsidies for initial purchase, vehicle procurement, and registration tax refunds, as these vehicles help to curb pollution and foster a favorable environment. For instance, in October 2023, a £246 million (around £200 million) investment was announced by the UK government to expedite the roll-out of carbon emission-free trucks and inspire innovation within the freight industry. This fund will back four environment-friendly projects that plan to bring nearly 370 zero-emission heavy goods vehicles (HGVs) into operation and set up around 57 refueling and electric charging locations. This effort, a component of the zero-emission heavy goods vehicle and infrastructure demonstrator program, is aimed at cutting transport emissions—which make up 20 percent of the UK's total—while generating fresh employment opportunities and aiding the shift to net-zero road freight.
What Are The Main Segments Of The Global 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
Subsegments:
1) By Light Duty Electric Truck: Electric Vans, Pickup Trucks
2) By Medium Duty Electric Truck: Electric Box Trucks, Electric Delivery Trucks
3) By Heavy Duty Electric Truck: Electric Semi-Trucks, Electric Dump Trucks
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What Emerging Trends Are Influencing The Growth Of The Electric Truck Market Landscape?
The burgeoning trend in the electric trucks sector is the creation of autonomous electric trucks. The industry's corporations are forming partnerships with technology-based firms to spur innovation in self-driving truck designs. Pininfarina, a design firm owned by Mahindra based in Italy, teamed up with Baidu's subsidiary, Deppway, in January 2022 to create an electric semi-truck equipped with a self-drive system. This system operates with the help of 11 onboard cameras, an infrared detector, radar, and LIDAR sensors.
Who Are the Key Players in the Electric Truck Market?
Major companies operating in the electric truck market include:
• 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 Is The Most Dominant Region In The Electric Truck Market?
Western Europe was the largest region in the electric truck market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
