According to TechSci Research report, “Electric Truck Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029”, the Global Electric Truck Market stood at USD 11.83 Billion in 2023 and is anticipated to grow with a CAGR of 7.64% in the forecast period, 2025-2029. The global electric truck market has experienced significant growth in recent years, driven by a combination of factors including environmental concerns, technological advancements, and government regulations. Electric trucks, also known as electric commercial vehicles or e-trucks, offer a sustainable alternative to traditional diesel-powered trucks, with lower emissions and operating costs.
One of the primary drivers of the electric truck market is the increasing focus on reducing greenhouse gas emissions and air pollution. Governments around the world are implementing stricter emissions regulations and offering incentives to encourage the adoption of electric vehicles, including trucks, as part of broader efforts to combat climate change. This has led to growing interest and investment in electric truck technology by manufacturers and fleet operators.
Technological advancements in battery technology and electric drivetrains have significantly improved the performance and range of electric trucks. Battery costs have declined steadily, making electric trucks more cost-competitive with diesel trucks over the long term. Additionally, advancements in charging infrastructure, including fast-charging stations and battery-swapping solutions, have alleviated concerns about range anxiety and facilitated the widespread adoption of electric trucks.
Moreover, the total cost of ownership (TCO) for electric trucks is increasingly becoming favorable compared to diesel trucks, especially as battery prices continue to decrease and fuel and maintenance costs rise. Fleet operators are recognizing the potential long-term savings associated with electric trucks, leading to increased adoption in various industries such as logistics, transportation, and delivery services.
Furthermore, changing consumer preferences and corporate sustainability goals are driving demand for electric trucks. Companies are increasingly looking to reduce their carbon footprint and demonstrate their commitment to environmental responsibility by incorporating electric trucks into their fleets. This trend is particularly evident in industries where companies rely heavily on transportation for goods delivery, such as e-commerce, retail, and food and beverage.
In conclusion, the electric truck market is experiencing rapid growth driven by environmental concerns, technological advancements, and changing consumer preferences. As governments continue to implement stricter emissions regulations and incentives for electric vehicle adoption, and as battery technology and charging infrastructure continue to improve, the electric truck market is expected to expand further in the coming years, reshaping the commercial transportation industry towards a more sustainable future.
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The global electric truck market is witnessing significant growth across various regions, including Asia Pacific, North America, Europe & CIS, South America, and the Middle East & Africa. Electric trucks, also known as e-trucks, are gaining popularity as cleaner and more sustainable alternatives to traditional diesel-powered trucks, driven by factors such as environmental concerns, government regulations, and advancements in electric vehicle technology.
In the Asia Pacific region, which includes countries like China, Japan, India, and South Korea, the electric truck market is experiencing rapid expansion. Asia Pacific is home to some of the largest and most populous cities in the world, where air pollution and traffic congestion are significant challenges. Governments in the region are implementing policies and incentives to promote the adoption of electric vehicles, including electric trucks, as part of efforts to reduce emissions and improve air quality.
North America is also witnessing significant growth in the electric truck market, driven by factors such as stringent emission regulations, rising fuel prices, and government incentives for electric vehicle adoption. The United States and Canada are leading the market, with major truck manufacturers and technology companies investing in electric truck development and production. Electric trucks are particularly well-suited for urban delivery and short-haul transportation, where emissions reduction and noise reduction are priorities.
In Europe & CIS, countries like Germany, France, the United Kingdom, and Russia are leading the adoption of electric trucks. The European Union has set ambitious targets to reduce greenhouse gas emissions and promote the adoption of electric vehicles across various sectors, including commercial transportation. Electric trucks are increasingly being used for urban delivery, logistics, and municipal services in European cities, supported by government subsidies and investments in charging infrastructure.
South America and the Middle East & Africa regions are also witnessing growth in the electric truck market, albeit at a slower pace compared to other regions. In South America, countries like Brazil, Argentina, and Chile are exploring the use of electric trucks for urban delivery and transportation, driven by concerns about air pollution and fuel dependency. In the Middle East & Africa region, countries like the United Arab Emirates, South Africa, and Morocco are investing in electric truck initiatives as part of efforts to diversify their energy sources and reduce emissions.
Overall, the global electric truck market is experiencing steady growth across different regions, driven by a combination of environmental concerns, government policies, and advancements in electric vehicle technology. As battery technology continues to improve and charging infrastructure expands, electric trucks are expected to play an increasingly important role in commercial transportation, offering a cleaner and more sustainable solution for goods movement on roads worldwide.
Major companies operating in the Global Electric Truck Market are:
- AB Volvo
- Daimler AG
- PACCAR Inc.
- Volkswagen AG
- BYD Company Limited
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“The global electric truck market is at a transformative juncture, with regional dynamics reflecting a harmonious blend of regulatory imperatives, technological innovation, and industry collaboration. The unprecedented growth, particularly in Europe and Asia-Pacific, underscores the collective commitment to reducing carbon footprints and embracing cleaner, more efficient mobility solutions. To ensure continued success, stakeholders must prioritize ongoing technological advancements, infrastructure development, and collaborative efforts to overcome challenges, propelling electric trucks into mainstream adoption and reshaping the future of freight and logistics on a global scale,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Electric Truck Market – Global Industry Size, Share, Trends Opportunity, and Forecast, Segmented By Propulsion Type (BEV, PHEV, and FCEV), By Type (Light Duty Trucks, Medium Duty Trucks, and Heavy-Duty Trucks), By End User (Last-Mile Delivery, Long Haul Transportation, Refuse Services, Field Services, and Distribution Services), By Region, Competition, 2019-2029”, has evaluated the future growth potential of Global Electric Truck Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Electric Truck Market.
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Table of Content-Electric Truck Market
- Introduction
1.1. Product Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
- Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
- Impact of COVID-19 on Global Electric Truck Market
- Global Electric Truck Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Propulsion Type Market Share Analysis (BEV, PHEV, and FCEV)
5.2.2. By Type Market Share Analysis (Light Duty Trucks, Medium Duty Trucks, and Heavy-Duty Trucks)
5.2.3. By End User Market Share Analysis (Last-Mile Delivery, Long Haul Transportation, Refuse Services, Field Services, and Distribution Services)
5.2.4. By Regional Market Share Analysis
5.2.4.1. Asia-Pacific Market Share Analysis
5.2.4.2. Europe & CIS Market Share Analysis
5.2.4.3. North America Market Share Analysis
5.2.4.4. South America Market Share Analysis
5.2.4.5. Middle East & Africa Market Share Analysis
5.2.5. By Company Market Share Analysis (Top 5 Companies, Others – By Value, 2023)
5.3. Global Electric Truck Market Mapping & Opportunity Assessment
5.3.1. Propulsion Type Market Mapping & Opportunity Assessment
5.3.2. By Type Market Mapping & Opportunity Assessment
5.3.3. By End User Market Mapping & Opportunity Assessment
5.3.4. By Regional Market Mapping & Opportunity Assessment
- Asia-Pacific Electric Truck Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Propulsion Type Market Share Analysis
6.2.2. By Type Market Share Analysis
6.2.3. By End User Market Share Analysis
6.2.4. By Country Market Share Analysis
6.2.4.1. China Market Share Analysis
6.2.4.2. India Market Share Analysis
6.2.4.3. Japan Market Share Analysis
6.2.4.4. Indonesia Market Share Analysis
6.2.4.5. Thailand Market Share Analysis
6.2.4.6. South Korea Market Share Analysis
6.2.4.7. Australia Market Share Analysis
6.2.4.8. Rest of Asia-Pacific Market Share Analysis
6.3. Asia-Pacific: Country Analysis
6.3.1. China Electric Truck Market Outlook
6.3.1.1. Market Size & Forecast
6.3.1.1.1. By Value
6.3.1.2. Market Share & Forecast
6.3.1.2.1. By Propulsion Type Market Share Analysis
6.3.1.2.2. By Type Market Share Analysis
6.3.1.2.3. By End User Market Share Analysis
