Electric Trucks Market Size, Share, Trends, Growth Outlook

Electric Trucks Market is estimated to increase at a growth rate of 32.3% CAGR over the forecast period from 2024 to 2030.

The global Electric Trucks Market study analyzes and forecasts the market size across 6 regions and 24 countries for diverse segments including By Type (Light & Medium-duty Truck, Heavy-duty Truck), By Component (12v Battery, High Voltage Battery, DC/AC Inverter, DC/DC Converter, DC/DC Boost Converter, E-Motor, AC/DC Charger, Motor Controller), By Vehicle (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV)), By Battery (Lead Acid Battery, Lithium-Ion Battery, Nickel-Based Battery), By Application (Logistics, Municipal).

An Introduction to Global Electric Trucks Market, 2024

The Electric Trucks Market is experiencing rapid growth and transformation in 2024, driven by the transportation industry's increasing focus on sustainability, efficiency, and regulatory compliance. Electric trucks offer fleet operators, logistics companies, and businesses a clean, quiet, and cost-effective alternative to traditional diesel-powered trucks, reducing emissions, noise pollution, and operational costs. With advancements in battery technology, electric drivetrains, and vehicle design, electric trucks deliver reliable performance, extended range, and payload capacity suitable for a wide range of commercial applications, from urban delivery to long-haul transportation. Moreover, the integration of telematics, fleet management systems, and autonomous driving features enhances efficiency, safety, and productivity in electric truck operations. Additionally, government incentives, grants, and mandates for zero-emission vehicles drive market adoption and accelerate the transition towards electric mobility in freight transportation. As stakeholders across the supply chain seek to reduce carbon footprint and enhance sustainability, the Electric Trucks Market emerges as a critical enabler of progress towards a cleaner, greener future for the transportation industry and the planet.

Electric Trucks Competitive Landscape

The global Electric Trucks market is highly competitive with a large number of companies focusing on niche market segments. Amidst intense competitive conditions, Electric Trucks Companies are investing in new product launches and strengthening distribution channels. Key companies operating in the Electric Trucks Market Industry include- BYD Motors Inc, Daimler AG, Dongfeng Motor Corp, Groupe Renault, Hino Motors Ltd, Isuzu Motors Ltd, Navistar International Transportation Corp, PACCAR Inc, Scania AB, Volvo Group.

Electric Trucks Market Trend: Increasing Adoption of Electric Trucks for Sustainable Transportation

A prominent trend in the Electric Trucks Market is the increasing adoption of electric trucks as part of efforts to achieve sustainable transportation solutions. With growing concerns over air pollution and climate change, there is a global push towards reducing greenhouse gas emissions in the transportation sector. Electric trucks offer a viable alternative to traditional diesel trucks, as they produce zero tailpipe emissions and have lower operating costs over their lifetime. As a result, fleet operators, logistics companies, and governments are increasingly investing in electric trucks to decarbonize freight transport and improve urban air quality.

Electric Trucks Market Driver: Government Regulations and Incentives Promoting Electrification

A key driver in the Electric Trucks Market is the implementation of government regulations and incentives aimed at promoting the electrification of commercial vehicles. Governments around the world are enacting stricter emissions standards and imposing penalties on vehicles with high emissions, incentivizing the adoption of electric trucks. Additionally, various financial incentives such as subsidies, tax credits, and grants are being offered to fleet operators and truck manufacturers to accelerate the transition to electric trucks. These policies create a favorable environment for the growth of the electric truck market by reducing upfront costs and incentivizing investment in cleaner transportation technologies.

Electric Trucks Market Opportunity: Development of Charging Infrastructure and Battery Technology

An opportunity within the Electric Trucks Market lies in the development of charging infrastructure and battery technology to support widespread adoption. As electric trucks become more prevalent, there is a growing need for robust charging infrastructure capable of meeting the demands of commercial fleets. Opportunities exist for companies to invest in the deployment of fast-charging stations along major transportation routes and within urban centers to enable the seamless operation of electric trucks. Additionally, advancements in battery technology, such as increased energy density, faster charging capabilities, and longer lifespan, can further enhance the performance and competitiveness of electric trucks. By addressing these opportunities, stakeholders can accelerate the transition towards a sustainable and electrified trucking industry.

Electric Trucks Market Segmentation

By Type
Light & Medium-duty Truck
Heavy-duty Truck
By Component
12v Battery
High Voltage Battery
DC/AC Inverter
DC/DC Converter
DC/DC Boost Converter
E-Motor
AC/DC Charger
Motor Controller
By Vehicle
Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle (HEV)
Plug-In Hybrid Electric Vehicle (PHEV)
Fuel Cell Electric Vehicle (FCEV)
By Battery
Lead Acid Battery
Lithium-Ion Battery
Nickel-Based Battery
By Application
Logistics
MunicipalGeographical Analysis
North America (United States, Canada, Mexico)
Europe (Germany, France, United Kingdom, Spain, Italy, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa

Electric Trucks Companies

BYD Motors Inc
Daimler AG
Dongfeng Motor Corp
Groupe Renault
Hino Motors Ltd
Isuzu Motors Ltd
Navistar International Transportation Corp
PACCAR Inc
Scania AB
Volvo Group
*- List not Exhaustive

TABLE OF CONTENTS

1 Introduction to 2024 Electric Trucks Market
1.1 Market Overview
1.2 Quick Facts
1.3 Scope/Objective of the Study
1.4 Market Definition
1.5 Countries and Regions Analyzed
1.6 Units, Currency, and Conversions
1.7 Industry Value Chain

2 Research Methodology
2.1 Market Size Estimation
2.2 Sources and Research Methodology
2.3 Data Triangulation
2.4 Assumptions and Limitations

3 Executive Summary
3.1 Global Electric Trucks Market Size Outlook, $ Million, 2021 to 2030
3.2 Electric Trucks Market Outlook by Type, $ Million, 2021 to 2030
3.3 Electric Trucks Market Outlook by Product, $ Million, 2021 to 2030
3.4 Electric Trucks Market Outlook by Application, $ Million, 2021 to 2030
3.5 Electric Trucks Market Outlook by Key Countries, $ Million, 2021 to 2030

4 Market Dynamics
4.1 Key Driving Forces of Electric Trucks Industry
4.2 Key Market Trends in Electric Trucks Industry
4.3 Potential Opportunities in Electric Trucks Industry
4.4 Key Challenges in Electric Trucks Industry

5 Market Factor Analysis
5.1 Value Chain Analysis
5.2 Competitive Landscape
5.2.1 Global Electric Trucks Market Share by Company (%), 2023
5.2.2 Product Offerings by Company
5.3 Porter’s Five Forces Analysis
5.4 Pricing Analysis and Outlook

6 Growth Outlook Across Scenarios
6.1 Growth Analysis-Case Scenario Definitions
6.2 Low Growth Scenario Forecasts
6.3 Reference Growth Scenario Forecasts
6.4 High Growth Scenario Forecasts

7 Global Electric Trucks Market Outlook by Segments
7.1 Electric Trucks Market Outlook by Segments, $ Million, 2021- 2030
By Type
Light & Medium-duty Truck
Heavy-duty Truck
By Component
12v Battery
High Voltage Battery
DC/AC Inverter
DC/DC Converter
DC/DC Boost Converter
E-Motor
AC/DC Charger
Motor Controller
By Vehicle
Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle (HEV)
Plug-In Hybrid Electric Vehicle (PHEV)
Fuel Cell Electric Vehicle (FCEV)
By Battery
Lead Acid Battery
Lithium-Ion Battery
Nickel-Based Battery
By Application
Logistics
Municipal

8 North America Electric Trucks Market Analysis and Outlook To 2030
8.1 Introduction to North America Electric Trucks Markets in 2024
8.2 North America Electric Trucks Market Size Outlook by Country, 2021-2030
8.2.1 United States
8.2.2 Canada
8.2.3 Mexico
8.3 North America Electric Trucks Market size Outlook by Segments, 2021-2030
By Type
Light & Medium-duty Truck
Heavy-duty Truck
By Component
12v Battery
High Voltage Battery
DC/AC Inverter
DC/DC Converter
DC/DC Boost Converter
E-Motor
AC/DC Charger
Motor Controller
By Vehicle
Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle (HEV)
Plug-In Hybrid Electric Vehicle (PHEV)
Fuel Cell Electric Vehicle (FCEV)
By Battery
Lead Acid Battery
Lithium-Ion Battery
Nickel-Based Battery
By Application
Logistics
Municipal

9 Europe Electric Trucks Market Analysis and Outlook To 2030
9.1 Introduction to Europe Electric Trucks Markets in 2024
9.2 Europe Electric Trucks Market Size Outlook by Country, 2021-2030
9.2.1 Germany
9.2.2 France
9.2.3 Spain
9.2.4 United Kingdom
9.2.4 Italy
9.2.5 Russia
9.2.6 Norway
9.2.7 Rest of Europe
9.3 Europe Electric Trucks Market Size Outlook by Segments, 2021-2030
By Type
Light & Medium-duty Truck
Heavy-duty Truck
By Component
12v Battery
High Voltage Battery
DC/AC Inverter
DC/DC Converter
DC/DC Boost Converter
E-Motor
AC/DC Charger
Motor Controller
By Vehicle
Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle (HEV)
Plug-In Hybrid Electric Vehicle (PHEV)
Fuel Cell Electric Vehicle (FCEV)
By Battery
Lead Acid Battery
Lithium-Ion Battery
Nickel-Based Battery
By Application
Logistics
Municipal

10 Asia Pacific Electric Trucks Market Analysis and Outlook To 2030
10.1 Introduction to Asia Pacific Electric Trucks Markets in 2024
10.2 Asia Pacific Electric Trucks Market Size Outlook by Country, 2021-2030
10.2.1 China
10.2.2 India
10.2.3 Japan
10.2.4 South Korea
10.2.5 Indonesia
10.2.6 Malaysia
10.2.7 Australia
10.2.8 Rest of Asia Pacific
10.3 Asia Pacific Electric Trucks Market size Outlook by Segments, 2021-2030
By Type
Light & Medium-duty Truck
Heavy-duty Truck
By Component
12v Battery
High Voltage Battery
DC/AC Inverter
DC/DC Converter
DC/DC Boost Converter
E-Motor
AC/DC Charger
Motor Controller
By Vehicle
Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle (HEV)
Plug-In Hybrid Electric Vehicle (PHEV)
Fuel Cell Electric Vehicle (FCEV)
By Battery
Lead Acid Battery
Lithium-Ion Battery
Nickel-Based Battery
By Application
Logistics
Municipal

11 South America Electric Trucks Market Analysis and Outlook To 2030
11.1 Introduction to South America Electric Trucks Markets in 2024
11.2 South America Electric Trucks Market Size Outlook by Country, 2021-2030
11.2.1 Brazil
11.2.2 Argentina
11.2.3 Rest of South America
11.3 South America Electric Trucks Market size Outlook by Segments, 2021-2030
By Type
Light & Medium-duty Truck
Heavy-duty Truck
By Component
12v Battery
High Voltage Battery
DC/AC Inverter
DC/DC Converter
DC/DC Boost Converter
E-Motor
AC/DC Charger
Motor Controller
By Vehicle
Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle (HEV)
Plug-In Hybrid Electric Vehicle (PHEV)
Fuel Cell Electric Vehicle (FCEV)
By Battery
Lead Acid Battery
Lithium-Ion Battery
Nickel-Based Battery
By Application
Logistics
Municipal

12 Middle East and Africa Electric Trucks Market Analysis and Outlook To 2030
12.1 Introduction to Middle East and Africa Electric Trucks Markets in 2024
12.2 Middle East and Africa Electric Trucks Market Size Outlook by Country, 2021-2030
12.2.1 Saudi Arabia
12.2.2 UAE
12.2.3 Oman
12.2.4 Rest of Middle East
12.2.5 Egypt
12.2.6 Nigeria
12.2.7 South Africa
12.2.8 Rest of Africa
12.3 Middle East and Africa Electric Trucks Market size Outlook by Segments, 2021-2030
By Type
Light & Medium-duty Truck
Heavy-duty Truck
By Component
12v Battery
High Voltage Battery
DC/AC Inverter
DC/DC Converter
DC/DC Boost Converter
E-Motor
AC/DC Charger
Motor Controller
By Vehicle
Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle (HEV)
Plug-In Hybrid Electric Vehicle (PHEV)
Fuel Cell Electric Vehicle (FCEV)
By Battery
Lead Acid Battery
Lithium-Ion Battery
Nickel-Based Battery
By Application
Logistics
Municipal

13 Company Profiles
13.1 Company Snapshot
13.2 SWOT Profiles
13.3 Products and Services
13.4 Recent Developments
13.5 Financial Profile
List of Companies
BYD Motors Inc
Daimler AG
Dongfeng Motor Corp
Groupe Renault
Hino Motors Ltd
Isuzu Motors Ltd
Navistar International Transportation Corp
PACCAR Inc
Scania AB
Volvo Group

14 Appendix
14.1 Customization Offerings
14.2 Subscription Services
14.3 Related Reports
14.4 Publisher Expertise

By Type
Light & Medium-duty Truck
Heavy-duty Truck
By Component
12v Battery
High Voltage Battery
DC/AC Inverter
DC/DC Converter
DC/DC Boost Converter
E-Motor
AC/DC Charger
Motor Controller
By Vehicle
Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle (HEV)
Plug-In Hybrid Electric Vehicle (PHEV)
Fuel Cell Electric Vehicle (FCEV)
By Battery
Lead Acid Battery
Lithium-Ion Battery
Nickel-Based Battery
By Application
Logistics
Municipal