The Electric Truck Market is segmented by Vehicle Configuration (Trucks), by Fuel Category (BEV, FCEV, HEV, PHEV) and by Region (Africa, Asia-Pacific, Europe, Middle East, North America, South America). The report offers market size in both market value in USD and market volume in unit. Further, the report includes a market split by Vehicle Type, Vehicle Configuration, Vehicle Body Type, Propulsion Type, and Fuel Category.

The global electric truck market is projected to reach over **** billion U.S. dollars in size by 2030, with a compound annual growth rate of around ***** percent between 2023 and 2030. In 2023, this market was worth around ****** million U.S. dollars.

The Europe Electric Truck Market Report is Segmented by Propulsion (Battery-Electric and More), Truck Type (Light Truck, Medium-Duty Truck, and More), Battery (NMC, LFP, and Others), Capacity (Below 50kWh, 50-250kWh, and More), Range (Up To 200km, 201-400km, and More), Application (Logistics and Parcel, Municipal Services, and More), and Country (Germany, UK, and More). Market Forecasts in Value (USD) and Volume (Units).

The global electric truck market size was USD 1.34 billion in 2024 & is projected to grow from USD 1.69 billion in 2025 to USD 10.73 billion by 2033.
Report Scope:

The global electric truck market size was valued at over USD 3.15 billion in 2025 and is expected to expand at a CAGR of around 32.6%, surpassing USD 52.94 billion revenue by 2035, attributed to the growing need for electric trucks in the transportation and other sectors.

The North America Electric Truck Market is segmented by Vehicle Configuration (Trucks), by Fuel Category (BEV, FCEV, HEV, PHEV) and by Country (Canada, Mexico, US). The report offers market size in both market value in USD and market volume in unit. Further, the report includes a market split by Vehicle Type, Vehicle Configuration, Vehicle Body Type, Propulsion Type, and Fuel Category.

Electric Trucks Market size is expected to be worth around USD 13.7 Billion by 2033, from USD 0.9 Billion in 2023, at a CAGR of 31.3%.

US Electric Truck Market size is valued at USD 711.42 million in 2023 and is projected to reach USD 13.92 billion by 2030. The market is also estimated to grow at a CAGR of around 36.16% during the forecast period 2024-30.

Class * trucks were the most popular heavy-duty electric vehicle trucks in the United States in 2019, with ** vehicles in the fleet. By 2026, it is projected this volume will grow to *** units, with a compound annual growth rate of ***** percent between 2020 and 2026.

The size of the Electric Truck Market market was valued at USD 13.63 billion in 2024 and is projected to reach USD 34.00 billion by 2033, with an expected CAGR of 13.95% during the forecast period. Recent developments include: July 2024: The Volvo Group reported strong profitability in the second quarter of 2024 as demand in many areas continued to decline from the high levels of 2023. After accounting for exchange rate fluctuations, net sales came to SEK 140.2 billion, which was the same as the previous year. With a margin of 13.9% (15.4), the adjusted operating income came to SEK 19.4 billion (21.9). Margin was unfavorably impacted by lower volumes and our increased R&D expenditures, but it was positively impacted by the price hikes we carried out last year. When currency was taken into account, our service business expanded by 5%. The service industry brought in SEK 130.3 billion in sales during a rolling 12-month period, according to President and CEO Martin Lundstedt.. Key drivers for this market are: ROAD ACCIDENT DEATHS, INCREASE IN SALE OF EV AND LUXURY VEHICLES; DRIVER IMPACT ANALYSIS. Potential restraints include: HIGH COST AS COMPARED TO OTHER STEERING SYSTEM, RESTRAINT IMPACT ANALYSIS.

According to Cognitive Market Research, The Global Electric Truck market was USD 41815.2 million in 2024 and expand at a compound annual growth rate (CAGR) of 25.6% from 2024 to 2031.

North America Electric Trucks Market held 40% of the worldwide revenue with a market size of USD 16726.08 million in 2024 and will expand at a CAGR, commonly known as the compounded annual growth rate of 23.80% from 2024 to 2031.
Europe Electric Trucks Market held 30% of the worldwide USD 12544.56 million in 2024.
Asia Pacific Electric Trucks Market held 23% of the worldwide revenue with a market value of USD 9617.50 million in 2024 and will grow at a compound annual growth rate (CAGR) of 27.6% from 2024 to 2031.
South America Electric Trucks market held 5% of the worldwide revenue with a market value of USD 2090.76 million in 2024 and will grow at a compound annual growth rate (CAGR) of 25% from 2024 to 2031.
Middle East and Africa Electric Trucks Market held 2% of the worldwide revenue with a market size of USD 836.30 million in 2024 and will grow at a compound annual growth rate (CAGR) of 25.3% from 2024 to 2031.
The sales in the light-duty trucks category are high because electric car manufacturers are releasing a new variety of vehicles with exceptional towing capacity; it is anticipated that the market for light-duty trucks will rise.
Medium-duty trucks are the fastest-growing category over the forecasted timeframe. The countries with the most demand for medium-duty vehicles are China, the United States, and Europe. Therefore, increasing medium-duty truck applications has a favorable effect on the market expansion.

Growing Need for Electric Vehicles in the Transportation and Other Sectors to Increase the Demand Worldwide

In the major EV markets globally, there has been an increase in demand for battery-powered vehicles in the logistics industry. Growth in medium- and heavy-duty trucks is anticipated. Adopting electric vehicles (EVs) can boost the industry's long-term profitability because EVs need significantly less money to charge than other fuels.

For instance, the US Postal Service ordered transport trucks with Workhorse Group (US) in January 2022. By 2030, the World Economic Forum projects a 36% rise in the number of inner-city delivery vans.

(Source: https://time.com/6242616/us-postal-service-trucks-going-electric/)

Surge in the E-commerce Industry to Propel Market Growth

The market for electric trucks will be driven by increased use in the e-commerce industry. The market for electric trucks is anticipated to grow shortly due to the growing usage of these vehicles for last-mile deliveries of products from warehouses to clients. To reduce pollutants and fuel costs, businesses are considering adding electric vehicles and battery-powered pickups to their fleets.

For instance, according to Performance Team (US), in October 2022, in response to client demand for environmentally friendly short haul storage and distribution center operations, Class 8 battery-electric vehicles from Volvo Vehicles North America will be deployed in Southern California.

(Source: https://www.maersk.com/news/articles/2022/10/06/performance-team-deploys-first-deliveries-of-volvo-vnr-electric-trucks)

Market Restraints of the Electric Truck

Exorbitant Price of Current Electric Vehicles to Limit the Sales

One of the main obstacles to the broad adoption of electrical trucks has been their high production costs. The overall cost of buying these vehicles should decrease as the market for electric trucks increases over the next ten years due to declining battery prices and lower R&D expenses. Due to the high cost of the rechargeable lithium-ion batteries that these trucks require, electric trucks are often far more expensive than their internal combustion engine equivalents. Because designing electric trucks is an expensive process, manufacturing these vehicles is likewise significantly more expensive than internal combustion engine trucks. Because better-range electric vehicles require more sophisticated batteries and advanced production techniques, developing them has become more expensive.

Impact of COVID-19 on Electric Truck Market

The unexpected COVID-19 pandemic breakout had a detrimental effect on the market for electric trucks. The nations' lockdown, intended to slow the virus's spread, ended efforts to produce and develop elect...

The global electric truck market was valued at USD 1051.48 Million in 2024. The industry is expected to expand at a CAGR of 29.00% during the forecast period of 2025-2034 to attain a value of USD 13418.32 Million by 2034. Increasing demand for sustainable transportation solutions also fuels the electric truck market, spurred on by stricter emission regulations, government incentives, and increasing focus on carbon footprint reduction in logistics and freight.

The electric truck market is booming, projected to reach [estimated 2033 market size in billions] by 2033 with a CAGR of 10.55%. This comprehensive analysis explores market drivers, trends, restraints, key players (Daimler, Volvo, BYD, etc.), and regional breakdowns, offering insights into the future of sustainable transportation. Recent developments include: November 2023: In November 2021, PACCAR entered a partnership with the US Department of Energy for the SuperTruck 3 program at Bellevue, Washington.September 2023: IAA 2022: BYD presents eBus Blade Platform On September 19, BYD presented its latest innovations in eMobility for commercial vehicles at IAA Transportation. BYD unveiled its ground-breaking new eBus Blade Platform. Two pure-electric trucks, the ETM6 7.5-ton urban delivery truck and the ETH8 19-ton truck designed for logistics and waste collection, debut at the event, alongside BYD’s new upgraded 12m eBus (electric bus).September 2023: The new Volvo BZL Electric chassis was launched with an energy storage capacity of up to 470kWH.. Key drivers for this market are: Growing Travel and Tourism Industry is Driving the Car Rental Market. Potential restraints include: Increasing Popularity of Ride-Sharing Services Pose Challenges for the Conventional Car Rental Market. Notable trends are: OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT.

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Electric Trucks Market Size 2024-2028

The electric trucks market size is valued to increase by USD 20.32 billion, at a CAGR of 35.44% from 2023 to 2028. Growing demand for fuel-efficient and low-emission vehicles will drive the electric trucks market.

Major Market Trends & Insights

Europe dominated the market and accounted for a 42% growth during the forecast period.
By Propulsion - Hybrid electric trucks segment was valued at USD 2.79 billion in 2022
By Vehicle Type - Light trucks segment accounted for the largest market revenue share in 2022

Market Size & Forecast

Market Opportunities: USD 757.93 million
Market Future Opportunities: USD 20323.40 million
CAGR from 2023 to 2028 : 35.44%

Market Summary

The market is experiencing significant growth due to the increasing demand for fuel-efficient and low-emission commercial vehicles. This trend is being driven by stringent environmental regulations and the need for supply chain optimization. According to recent studies, the adoption of electric trucks can lead to substantial operational efficiency gains. For instance, a leading logistics company reported a 15% reduction in maintenance costs and a 10% improvement in delivery times after transitioning to an electric fleet. However, the high upfront cost of electric trucks remains a significant challenge for many businesses.
Despite this, prominent truck manufacturers are investing heavily in the development and production of electric trucks to meet the growing demand. As the market continues to evolve, we can expect to see more innovative solutions that address the cost barrier and further boost the adoption of electric trucks.

What will be the Size of the Electric Trucks Market during the forecast period?

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How is the Electric Trucks Market Segmented?

The electric trucks industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Propulsion

  Hybrid electric trucks
  Battery electric trucks


Vehicle Type

  Light trucks
  Medium trucks
  Heavy-duty trucks


Application

  Logistics
  Construction
  Mining
  Municipal Services


Battery Type

  Lithium-Ion
  Solid-State
  Others


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  Middle East and Africa

    Egypt
    KSA
    Oman
    UAE


  APAC

    China
    India
    Japan


  South America

    Argentina
    Brazil


  Rest of World (ROW)

By Propulsion Insights

The hybrid electric trucks segment is estimated to witness significant growth during the forecast period.

In the evolving landscape of commercial transportation, electric trucks are gaining traction as a sustainable and cost-effective alternative to traditional diesel-powered vehicles. These trucks integrate power electronics design, energy consumption modeling, and advanced traction motor control to optimize performance and efficiency. Battery pack design, energy storage solutions, and charging station placement are crucial considerations for electric truck manufacturers, with ongoing research focusing on improving battery life cycle and thermal management systems. The integration of vehicle-to-grid technology and advanced driver-assistance systems enables electric trucks to contribute to the power grid during idle periods, making them an essential part of the electrification strategy.

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The Hybrid electric trucks segment was valued at USD 2.79 billion in 2018 and showed a gradual increase during the forecast period.

Lightweight materials use, fast charging infrastructure, and wireless charging systems further enhance their appeal. For instance, Daimler, Volvo, and Volkswagen, among others, have reported a 30% reduction in energy consumption through aerodynamic design optimization and motor torque control in their electric truck models. Electric drivetrain components, such as high voltage systems and battery cell chemistry, are under constant development to address range anxiety mitigation and onboard charger efficiency. Telematics data analysis and autonomous driving features contribute to fleet management software, ensuring optimal performance and reducing operational costs. However, challenges such as battery thermal runaway and battery electric vehicle battery pack safety remain areas of focus for manufacturers.

Regenerative braking systems and power inverter design are also essential components in the electric powertrain design, ensuring seamless integration and efficient energy conversion.

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Regional Analysis

Europe is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio's a

The global electric truck market is experiencing robust growth, projected to reach a market size of $4,356 million in 2025 and demonstrating a remarkable Compound Annual Growth Rate (CAGR) of 23.5% from 2025 to 2033. This expansion is fueled by several key factors. Stringent government regulations aimed at reducing carbon emissions are driving the adoption of electric vehicles across various sectors, including logistics, municipal services, and construction. Furthermore, advancements in battery technology, leading to increased range and reduced charging times, are significantly enhancing the practicality and appeal of electric trucks. Falling battery costs and improving charging infrastructure are also contributing to market growth. The market is segmented by application (logistics, municipal, others) and vehicle type (light & medium-duty, heavy-duty), allowing for targeted analysis of growth opportunities within specific niches. Leading manufacturers such as BYD, Dongfeng, and Scania are actively investing in research and development, expanding their product portfolios, and establishing a strong global presence. Competitive pricing strategies and innovative financing options are also playing a critical role in accelerating market penetration. The geographic distribution of the electric truck market reveals significant regional variations. While North America and Europe currently hold substantial market shares due to well-established automotive industries and supportive government policies, the Asia-Pacific region, particularly China and India, is poised for rapid growth given its burgeoning economies and increasing focus on sustainable transportation solutions. The market's expansion in these regions is projected to be driven by substantial investments in infrastructure development, favorable government incentives, and a growing demand for efficient and environmentally friendly freight transportation. However, challenges such as high initial investment costs, limited charging infrastructure in certain regions, and the need for further advancements in battery technology remain potential constraints to market growth, although these obstacles are gradually being overcome through technological innovations and supportive regulatory frameworks.

Medium-duty trucks are projected to make up over ** percent of the global electric truck fleet by 2026, at over ******* units in use worldwide. This share of the market remains constant compared to 2019, when medium electric commercial vehicles amounted to ** percent of the total fleet. Heavy-duty trucks are forecast to record a faster growth, however, with a projected compound annual growth rate between 2020 and 2026 of ***** percent.

The electric truck market is experiencing significant growth, driven by stringent emission regulations, increasing fuel costs, and a growing focus on sustainability. The market's expansion is further fueled by advancements in battery technology, leading to increased range and reduced charging times, making electric trucks a more viable option for long-haul transportation. While the initial high capital costs associated with electric trucks remain a barrier to entry for some operators, government incentives, subsidies, and tax breaks are actively promoting adoption. Segmentation reveals a strong demand for both heavy-duty and medium-duty electric commercial trucks, with Battery Electric Vehicles (BEVs) currently leading the charge, although Fuel Cell Electric Vehicles (FCEVs) and hybrid options (HEVs and PHEVs) are expected to gain traction in the coming years. The market is geographically diverse, with North America and Europe currently dominating, but significant opportunities exist in rapidly developing Asian markets like China and India, where robust governmental support and expanding infrastructure are creating favorable conditions. Competition is intense, with established players like Daimler, Volvo, and PACCAR alongside emerging Chinese manufacturers like BYD vying for market share. This dynamic landscape indicates a future where electric trucks will play an increasingly vital role in the global transportation sector. The forecast period (2025-2033) projects robust growth, with the CAGR likely exceeding 20%, reflecting the confluence of technological advancements, supportive government policies, and increasing corporate sustainability initiatives. However, challenges remain, including the need for extensive charging infrastructure development, the fluctuation of raw material prices for battery components, and the need to overcome range anxiety among potential buyers. Successful navigation of these challenges will be critical for market players to capitalize on the substantial growth opportunities presented. The geographical distribution of the market is anticipated to shift, with the Asia-Pacific region experiencing particularly strong growth as infrastructure investments mature and local manufacturing scales. The evolving competitive landscape will necessitate strategic partnerships, technological innovation, and effective supply chain management to ensure market leadership. Recent developments include: November 2023: In November 2021, PACCAR entered a partnership with the US Department of Energy for the SuperTruck 3 program at Bellevue, Washington.September 2023: IAA 2022: BYD presents eBus Blade Platform On September 19, BYD presented its latest innovations in eMobility for commercial vehicles at IAA Transportation. BYD unveiled its ground-breaking new eBus Blade Platform. Two pure-electric trucks, the ETM6 7.5-ton urban delivery truck and the ETH8 19-ton truck designed for logistics and waste collection, debut at the event, alongside BYD’s new upgraded 12m eBus (electric bus).September 2023: The new Volvo BZL Electric chassis was launched with an energy storage capacity of up to 470kWH.. Notable trends are: OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT.

Global Work Trucks (Except Electric Truck) Market Size Value by Country, 2023 Discover more data with ReportLinker!

The European electric truck market offers a range of products, including light trucks, medium-duty trucks, and heavy-duty trucks. Each segment caters to specific application requirements and payload capacities. Light trucks are suitable for urban distribution and last-mile delivery, while medium-duty trucks are ideal for regional distribution and construction applications. Heavy-duty trucks are primarily used in long-haul transportation and heavy-duty applications. Recent developments include: In March 2023, The European Union approved new CO2 standards for e-vans, e-cars, and e-trucks that will result in reducing emissions from such newly made cars by even up to fifty-five percent until the year two thousand thirty (2030)., By May 2023, carriers using zero-emission trucks, i.e., battery-electric or hydrogen, must allow at least a 50% reduction in distance-based road tolls. Alternatively, member states can impose added CO2-based charges on fossil fuel lorries or combine both approaches., In May 2022, Volvo Trucks and Deutsche Post DHL Group entered into a partnership to expedite the penetration of zero-emission vehicles. To reduce its dependence on big electric vehicles, DHL will deploy 44 new electric models of Volvo trucks on European routes., In June 2022, Scania introduced "the next level of battery-electric trucks (BEV)" from Sweden. In terms of charging capacity, these new e-trucks can be charged at a maximum rate of 375 kW if one-hour charges add up to some 270 to 300 km range, and this means that a Scania’s power output level is equal to some 560 hp or just over 410 kW for a Scania 45 R or S.. Key drivers for this market are: Government initiatives and incentives promoting the adoption of electric vehicles

Rising food security concerns and the need for sustainable transportation solutions. Potential restraints include: Limited charging infrastructure and range anxiety

High upfront costs compared to traditional diesel trucks. Notable trends are: Growing Need for Electric Trucks in the Logistics Industry is Driving Market Growth.

Forecast: Work Trucks (Except Electric Truck) Market Size Value in France 2022 - 2026 Discover more data with ReportLinker!