The global electric truck market is projected to reach over 3.86 billion U.S. dollars in size by 2030, with a compound annual growth rate of around 22.75 percent between 2023 and 2030. In 2023, this market was worth around 749.14 million U.S. dollars.

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.

According to Cognitive Market Research, The Global Electric Truck market will be 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 e...

The electric truck market worldwide is projected to grow to 324,100 units by 2026, up from some 10,200 commercial vehicles in 2018. This represents a compound annual growth rate of around 73.65 percent between 2020 and 2026. Medium-duty electric trucks are forecast to represent over 93 percent of the global electric commercial vehicle fleet. This is in part due to the infrastructure challenges faced by heavy-duty electric vehicles.

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.

In 2019, medium-duty trucks represented some 86.7 percent of the total North American electric truck fleet, compared to only 80 heavy-duty trucks. This was in part due to the inaccessibility of charging infrastructures faced by heavy-duty electric trucks, which hauled goods over long distances. By 2026, the medium-duty electric truck segment is projected to reach over 8,200 units, compared to some 1,500 heavy-duty commercial vehicles. The United States was the country recording the largest electric truck fleet in the region.

Global electric truck market Size valued at USD 35.16 billion in 2023 and is expected to grow at a CAGR of 24.7% during the forecast period by 2032.

Class 7 trucks were the most popular heavy-duty electric vehicle trucks in the United States in 2019, with 40 vehicles in the fleet. By 2026, it is projected this volume will grow to 753 units, with a compound annual growth rate of 73.39 percent between 2020 and 2026.

The global electric truck market size is expected to reach USD 256.17 billion by 2032 according to a new study by Polaris Market Research.

The United States Electric Pick-up Trucks Market is segmented by Fuel Category (BEV, HEV, PHEV). 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.

Japan electric truck market size reached USD 50.0 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 161.0 Million by 2033, exhibiting a growth rate (CAGR) of 13.8% during 2025-2033. The ongoing advancements in electric vehicle technology, including more efficient motors, improved battery management systems, and better energy storage solutions, are primarily driving the market.

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2025-2033. Our report has categorized the market based on vehicle type, propulsion, range, and application.

The global electric truck market is projected to reach a market size of $13.63 billion by 2033, expanding at a CAGR of 13.95% from 2025 to 2033. The growth of the market can be attributed to the increasing adoption of electric vehicles, stringent government regulations aimed at reducing carbon emissions, and ongoing advancements in battery technology. Key market drivers include the rising demand for environmentally sustainable transportation solutions, fuel efficiency, and government subsidies and incentives. However, the high initial cost of electric trucks and limited charging infrastructure may act as market restraints. The market is segmented by propulsion type (BEV, PHEV, FCEV), vehicle type (light duty, medium duty, heavy duty), end user (last-mile delivery, long haul transportation, refuse services, field services, distribution services), range (up to 200 miles, above 200 miles), battery capacity (less than 50kWh, 50-250 kWh, above 250 kWh), and region (North America, South America, Europe, Middle East & Africa, Asia Pacific). Key industry players include AB Volvo, Daimler AG, PACCAR Inc., Volkswagen AG, BYD Company Limited, Tesla, Nikola Corporation, Rivian, Volvo Trucks, Scania, and Ford Motor Company, among others. These companies are focusing on product innovation, strategic partnerships, and geographical expansion to gain a competitive edge in the market. North America is expected to hold a significant market share during the forecast period due to the early adoption of electric vehicles in the region. Asia Pacific is anticipated to witness the fastest growth rate, driven by the increasing demand for electric vehicles in China and India. Ongoing technological advancements and government initiatives are expected to fuel the growth of the electric truck market in the coming years. 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.

In 2019, the Asia-Pacific region represented 86.93 percent of the global electric truck market, with a regional fleet of some 14,750 units. This volume is forecast to grow to over 292,000 trucks by 2026 at a compound annual growth rate of 74.52 percent between 2020 and 2026.

The Report covers Electric Trucks in Europe and the Market has been segmented by Propulsion type (Plug-in Hybrid, Fuel Cell Electric, and Battery Electric), Truck (Light Truck, Medium-duty Truck, and Heavy-duty Truck), Application (Logistics, Municipal, and Other Applications), and Country (Germany, United Kingdom, France, Italy, Netherland, Spain and the Rest of Europe).

Europe Medium & Heavy Duty Electric Trucks Market, projected to achieve a remarkable CAGR of 40% during the period 2023-28. Uncover key trends and factors driving this rapid market expansion.

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.

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

In 2019, Class 5 trucks were the most popular weight class for medium-duty electric trucks in the United States, followed closely by Class 4 trucks. 2026 projections demonstrate a shift in the trend, with Class 4 electric trucks representing the largest share of the medium-duty electric fleet that year, at just under 2,400 units. The United States records the largest electric truck fleet in the North American region.

In 2021, Switzerland recorded the largest heavy-duty electric truck market in Europe, with around 77 vehicles. It was followed by Norway, at 56 heavy electric commercial vehicles. Norway led the way in terms of electric passenger vehicles in the region.

The size and share of the market is categorized based on Application (Logistics, Municipal) and Product (Light & Medium-duty Truck, Heavy-duty Truck) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).