The Electric Truck Market refers to the global industry focused on the design, manufacturing, distribution, and sales of trucks powered entirely or partially by electric propulsion systems. This market includes various segments based on vehicle type (such as light-duty, medium-duty, and heavy-duty trucks), application (commercial delivery, freight transport, municipal services, etc.), and geography. Key factors driving this market include advancements in battery technology, increasing regulatory pressure for emission reductions, growing environmental concerns, and the rising cost-effectiveness of electric vehicles. Market analysis typically covers market size, growth trends, technological innovations, regulatory impacts, competitive landscape, and future forecasts.
Top Key Players Covered In The Market:
- PACCAR Inc. (United States)
- Navistar International (United States)
- Tesla (United States)
- Rivian (United States)
- Nikola Corporation (United States)
- Bollinger Motors (United States)
- Xos Trucks (United States)
- Workhorse Group (United States)
- Motiv Power Systems (United States)
- Lightning eMotors (United States)
- Daimler AG (Germany)
- Volvo Group (Sweden)
- Traton SE (Germany)
- Einride (Sweden)
- Arrival (United Kingdom)
- Tevva Motors (United Kingdom)
- BYD Auto Co. Ltd (China)
- Dongfeng Motor Corporation (China)
- FAW Group (China)
- Hino Motors (Japan)
- SEA Electric (Australia), and Other Active Players.
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Driving Factors
The global electric truck market is experiencing significant growth, propelled by a convergence of factors. Increasing awareness about the detrimental effects of global warming, pollution, and greenhouse gas emissions is driving consumers and governments towards eco-friendly transportation solutions. Electric trucks, which operate without gasoline or fuel, are emerging as a key player in this transition. Moreover, stringent regulations and norms aimed at reducing emissions are further incentivizing the adoption of electric vehicles, including trucks, as a means to comply with environmental standards. Governments worldwide are actively encouraging the shift to electric vehicles through tax incentives and other supportive measures, making electric trucks financially appealing to consumers. Additionally, the development of sustainable electric vehicle charging infrastructure is expanding, addressing concerns about accessibility and range anxiety. This concerted effort by various stakeholders is poised to accelerate the growth of the global electric truck market, paving the way for a more sustainable future in transportation.
Segments covered in the report:
By Propulsion
· Battery electric vehicle
· Hybrid electric vehicle
· Plug-in hybrid electric vehicle
· Fuel cell electric vehicle
By Vehicle type
· Light-duty electric truck
· Medium-duty electric truck
· Heavy-duty electric truck
By Range
· 0-150 miles
· 151-300 miles
· 300 miles above
By Region
· North America (U.S., Canada, Mexico)
· Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
· Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
· Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)
· Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
· South America (Brazil, Argentina, Rest of SA)
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Electric Truck Market Report Scope
Report Attribute | Details |
Market size value in 2022 | USD 3.19 billion |
Revenue forecast in 2028 | USD 10.28 billion |
Growth rate | CAGR of 18.2% from 2024 to 2032 |
Base year for estimation | 2023 |
Historical data | 2017 - 2023 |
Forecast period |
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