Electric Truck Market By Product Type (Light Duty Electric Trucks, Medium Duty Electric Trucks, Heavy Duty Electric Trucks), By End-User Industry (Logistics & Transportation, Retail & E-commerce, Manufacturing & Industrial, Government & Municipal, Construction, Mining), By Range (Short Range Electric Trucks, Medium Range Electric Trucks, Long Range Electric Trucks), By Powertrain (Fully Electric Trucks, Hybrid Electric Trucks, Plug-in Hybrid Electric Trucks), By Charging Infrastructure (Public Charging Stations, Private Charging Solutions); Global Insights & Forecast (2024 – 2030)

As per Intent Market Research, the Electric Truck Market was valued at USD 2.8 billion in 2023 and will surpass USD 12.3 billion by 2030; growing at a CAGR of 23.7% during 2024 - 2030.

The electric truck market is witnessing a significant transformation, driven by the growing demand for sustainable, energy-efficient commercial vehicles. With advancements in battery technology, government policies promoting green transportation, and increasing environmental concerns, electric trucks are becoming a preferred solution for the freight and logistics sectors. As governments worldwide introduce stringent emission regulations and offer subsidies, the adoption of electric trucks is accelerating across industries. Key factors such as range, powertrain efficiency, and charging infrastructure are central to the growth of the market, with various truck types and powertrains catering to different commercial needs.

Light Duty Electric Trucks Segment Is Largest Owing To Growing Urbanization and E-commerce Demand

Light-duty electric trucks dominate the electric truck market, primarily driven by urbanization and the rapid expansion of e-commerce. These trucks are ideal for last-mile delivery services, a sector that has experienced exponential growth, especially with the surge in online shopping. Their smaller size, lower operating costs, and ability to navigate city streets more easily than heavier trucks make them a top choice for logistics companies looking to reduce carbon footprints while enhancing operational efficiency. Additionally, light-duty electric trucks often benefit from incentives, rebates, and lower tax rates provided by governments to promote electric vehicle adoption. The increasing focus on reducing emissions in urban areas is also contributing to the growing demand for these electric vehicles.

Light-duty trucks are expected to remain the largest subsegment within the electric truck market due to their affordability and versatility. Their widespread use in urban and regional logistics, particularly by retail and e-commerce giants like Amazon and Walmart, is expected to sustain their dominance. Moreover, improvements in battery technology, which enhance the range and efficiency of light-duty electric trucks, will continue to propel their market share.

Logistics & Transportation Industry Is Largest Owing To Increased E-Commerce and Urban Freight

The logistics and transportation industry holds the largest share of the electric truck market. As e-commerce continues to grow, the need for efficient, reliable, and eco-friendly delivery solutions has become paramount. Electric trucks, especially light-duty variants, are increasingly used for urban freight, as they reduce the cost of fuel and maintenance compared to their diesel counterparts. Companies are investing heavily in fleet electrification to meet government sustainability targets and respond to consumer demand for greener shipping options. Furthermore, the rise of electrified road freight and sustainable logistics solutions is making electric trucks more appealing to logistics companies.

In this segment, major companies such as DHL and FedEx are making strides by integrating electric trucks into their fleets. The demand for electric trucks within logistics is likely to continue growing, especially as these companies focus on reducing emissions and operating more sustainably. With greater emphasis on last-mile delivery and zero-emission zones in many urban centers, logistics and transportation will remain a key growth driver for electric trucks.

Long Range Electric Trucks Are Fastest Growing Owing To Long-Haul Freight Needs

Long-range electric trucks are the fastest-growing subsegment within the electric truck market. These trucks cater to the demand for long-haul freight transportation, offering higher range capabilities to compete with traditional diesel trucks. With advancements in battery technology and infrastructure, long-range electric trucks are now capable of covering significant distances, addressing the primary concern of range anxiety in commercial transportation. Companies are investing in these trucks to meet long-distance transportation needs while adhering to stricter emissions regulations. Moreover, governments are providing financial incentives to support the adoption of long-range electric trucks, further accelerating their growth.

The growth of long-range electric trucks is particularly prominent in regions like North America and Europe, where the demand for decarbonized freight solutions is rising. Long-range capabilities allow for more flexibility in freight routes, enabling businesses to adopt electric trucks in areas traditionally dominated by diesel trucks. This subsegment is expected to expand rapidly as infrastructure improvements, such as fast-charging networks, continue to develop.

Fully Electric Trucks Are Largest Owing To Zero Emission Regulations

Fully electric trucks represent the largest and most prominent powertrain type in the market. These trucks operate entirely on electric power, with no internal combustion engines, making them the preferred choice for many commercial and logistics companies. The growing emphasis on reducing greenhouse gas emissions, particularly in urban and regional transportation, is a significant driver of this trend. With zero emissions and lower operating costs, fully electric trucks are aligned with stringent government policies aimed at reducing carbon footprints in the transportation sector. Furthermore, advances in electric vehicle battery life and charging infrastructure are enhancing the viability and attractiveness of fully electric trucks.

Fully electric trucks are leading the market across various subsegments, from light-duty trucks used for urban deliveries to heavy-duty trucks for long-distance freight. The ability of these trucks to reduce fuel costs, maintenance, and emissions has made them the powertrain of choice for companies seeking to modernize their fleets and adhere to environmental regulations.

Public Charging Stations Are Fastest Growing Owing To Infrastructure Development

Public charging stations are the fastest-growing subsegment within the charging infrastructure segment. As electric trucks become more widespread, the need for a robust and widespread charging network is crucial. Public charging stations allow electric truck fleets to operate seamlessly across long distances and urban routes. The development of these stations is being driven by both government initiatives and private sector investment, with cities and highways seeing an increasing number of charging points to support electric truck fleets. This infrastructure growth is essential to reduce range anxiety, making electric trucks a viable option for long-distance and urban freight.

The rapid expansion of public charging infrastructure is expected to continue, particularly in regions like Europe and North America. This expansion will be key to ensuring that electric trucks can be deployed without limitations, supporting their widespread adoption across different sectors of the economy.

North America Is Largest Region Owing To Government Incentives and Fleet Electrification

North America is the largest region in the electric truck market, driven by strong government support, incentives, and the push for sustainable transportation solutions. The U.S. government has introduced numerous policies that promote the adoption of electric vehicles, including electric trucks, through grants, tax incentives, and infrastructure funding. Furthermore, North American logistics and transportation companies are leading the way in fleet electrification. Major fleet operators such as UPS, FedEx, and Walmart have made significant commitments to reduce their carbon footprint, further driving the demand for electric trucks. As charging infrastructure expands across the region, the adoption of electric trucks in North America is set to grow rapidly in the coming years.

Leading Companies and Competitive Landscape

The electric truck market is highly competitive, with key players ranging from established automotive giants to innovative startups. Companies like Tesla, Rivian, and Nikola are leading the way in developing and manufacturing electric trucks, while traditional truck manufacturers like Daimler, Volvo, and Ford are increasingly focusing on electrifying their commercial vehicle fleets. These companies are engaged in continuous R&D to improve battery technology, vehicle range, and charging infrastructure. Strategic partnerships, joint ventures, and mergers and acquisitions are becoming common as companies look to strengthen their position in this rapidly evolving market.

As the market grows, competition will intensify, especially in areas such as fleet management solutions, charging infrastructure, and battery production. The competitive landscape is also shaped by regulatory pressures, as companies must comply with stringent emission standards and local regulations to operate in different regions. Leading players will focus on innovation, cost reduction, and strategic collaborations to maintain a competitive edge in the global electric truck market.

List of Leading Companies:

• Tesla, Inc.
• Volvo Group
• Daimler AG
• BYD Auto Co. Ltd.
• Nikola Corporation
• Rivian Automotive, Inc.
• MAN Truck & Bus AG
• Ford Motor Company
• Fuso (Mitsubishi Motors)
• Lion Electric Company
• Isuzu Motors Limited
• Cummins Inc.
• Geely Auto Group
• Volkswagen AG
• Paccar Inc

Recent Developments:

• Rivian Announces Production Milestone – Rivian Automotive celebrated the production of its 10,000th electric delivery van, marking a significant achievement in the electric vehicle segment and expanding its partnership with Amazon.
• Ford’s Electrification Strategy Expansion – Ford announced an additional $3 billion investment into its electric vehicle production facilities, focusing on expanding its electric truck offerings, including the F-150 Lightning.
• Volvo Group and Daimler AG Collaboration – Volvo and Daimler announced a joint venture to accelerate the development of hydrogen-powered heavy-duty trucks, enhancing their portfolios of zero-emission commercial vehicles.
• BYD Introduces New Electric Truck Model – BYD introduced a new electric truck model for the logistics sector, offering a range of over 300 miles on a single charge, aiming to expand its footprint in North America and Europe.
• Tesla Unveils Semi Truck Production Plan – Tesla unveiled updated plans for the production of its highly anticipated Semi electric truck, targeting deliveries in 2024 with significant pre-orders already placed by large logistics companies.

Report Scope: