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Electric Truck Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

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    Report

  • 145 Pages
  • March 2023
  • Region: Global
  • IMARC Group
  • ID: 5742965
The global electric truck market size reached US$ 515.1 Million in 2022. Looking forward, the publisher expects the market to reach US$ 2,556.1 Million by 2028, exhibiting a CAGR of 30.6% during 2022-2028.

An electric truck functions on rechargeable batteries for transporting specialized payloads and cargos. It is equipped with automatic start and stop facilities, an electric motor, and regenerative braking systems. It minimizes carbon emissions and vehicular noise and is more cost-effective and reliable than fuel-based alternatives. Nowadays, its hybrid variants are available in the market, which ismanufactured using lightweight materials and can function on both fuel-gas and battery-operated engines.

Electric Truck Market Trends:

Increasing preferences for hybrid and electric vehicles (H/EV) across the globe represents one of the key factors positively influencing the market. Apart from this, governing authorities of various countries are implementing stringent regulations to minimize dependency on fossil fuels and reduce greenhouse gas (GHG) emissions. This, in confluence with the inflating prices of petrol and diesel worldwide, is contributing to the market growth. In addition, improving electronic charging infrastructure and the integration of magnetic resonance for wireless vehicle charging are stimulating the market growth. The launch of self-driving electric trucks, along with the growing traction of automated vehicles, is creating a favorable outlook for the market. Furthermore, the expansion of the e-commerce industryis promoting the adoption of electric trucks in the freight sector.Besides this, due to the growing environmental consciousness, logistics companies are focusing on upgradingtheir fleet to electric powertrains, thereby creating lucrative growth opportunities for manufacturers operating in the industry. Moreover, increasing investments by leading players in extensive research and development (R&D) activities to develop advanced electric trucks with compact battery size, improved fuel efficiency, and enhanced mileage are anticipated to propel the market growth.

Key Market Segmentation:

The publisher provides an analysis of the key trends in each sub-segment of the global electric truck market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based onvehicle type, propulsion, range,and application

Breakup by Vehicle Type:

  • Light-duty Truck
  • Medium-duty Truck
  • Heavy-duty Truck
Presently, light-duty electric trucks dominate the market on account of their lower daily mileage and convenient charging features.

Breakup by Propulsion:

  • Battery Electric Truck
  • Hybrid Electric Truck
  • Plug-in Hybrid Electric Truck
  • Fuel Cell Electric Truck
Hybrid electric trucks exhibit a clear dominance in the market as they are cost-effective and provide extra mileage.

Breakup by Range:

  • 0-150 Miles
151-300 Miles
Above 300 Miles

Electric trucks with a range between 0-150miles account for the majority of the market share as they save on energy consumption and battery and operational costs.

Breakup by Application:

  • Logistics
  • Municipal
  • Construction
  • Mining
  • Others
Presently, the logistics segment holds the majority of the market share on account of the expansion of e-commerce channels worldwide.

Breakup by Region:

  • North America
  • United States
  • Canada
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
  • Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
  • Latin America
  • Brazil
  • Mexico
  • Others
  • Middle East and Africa
North America currently represents the leading market due to expanding logistics sector and the easy availability of established electronic charging infrastructure.

Competitive Landscape:

The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are VolvoGroup, BYD Company Ltd., Mercedes-Benz Group AG, China FAW Group Co. Ltd., Isuzu Motors Ltd, Navistar Inc., PACCAR Inc., Rivian Automotive, Inc., Volkswagen AG, Tata Motors Limited, Tesla, Inc., and Tevva Motors Limited.

Key Questions Answered in This Report

1. What was the size of the global electric truck market in 2022?
2. What is the expected growth rate of the global electric truck market during 2023-2028?
3. What are the key factors driving the global electric truck market?
4. What has been the impact of COVID-19 on the global electric truck market?
5. What is the breakup of the global electric truck market based on the vehicle type?
6. What is the breakup of the global electric truck market based on the propulsion?
7. What is the breakup of the global electric truck market based on the range?
8. What is the breakup of the global electric truck market based on the application?
9. What are the key regions in the global electric truck market?
10. Who are the key players/companies in the global electric truck market?
Frequently Asked Questions about the Global Electric Truck Market

What is the estimated value of the Global Electric Truck Market?

The Global Electric Truck Market was estimated to be valued at $515.1 Million in 2022.

What is the growth rate of the Global Electric Truck Market?

The growth rate of the Global Electric Truck Market is 30.6%, with an estimated value of $2556.1 Million by 2028.

What is the forecasted size of the Global Electric Truck Market?

The Global Electric Truck Market is estimated to be worth $2556.1 Million by 2028.

Who are the key companies in the Global Electric Truck Market?

Key companies in the Global Electric Truck Market include VolvoGroup, BYD Company Ltd., Mercedes, Benz Group AG, China FAW Group Co. Ltd., Isuzu Motors Ltd, Navistar Inc., PACCAR Inc., Rivian Automotive and Inc..

Table of Contents

1 Preface

2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology

3 Executive Summary

4 Introduction
4.1 Overview
4.2 Key Industry Trends

5 Global Electric Truck Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast

6 Market Breakup by Vehicle Type
6.1 Light-duty Truck
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Medium-duty Truck
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Heavy-duty Truck
6.3.1 Market Trends
6.3.2 Market Forecast

7 Market Breakup by Propulsion
7.1 Battery Electric Truck
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Hybrid Electric Truck
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Plug-in Hybrid Electric Truck
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Fuel Cell Electric Truck
7.4.1 Market Trends
7.4.2 Market Forecast

8 Market Breakup by Range
8.1 0-150 Miles
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 151-300 Miles
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Above 300 Miles
8.3.1 Market Trends
8.3.2 Market Forecast

9 Market Breakup by Application
9.1 Logistics
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Municipal
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Construction
9.3.1 Market Trends
9.3.2 Market Forecast
9.4 Mining
9.4.1 Market Trends
9.4.2 Market Forecast
9.5 Others
9.5.1 Market Trends
9.5.2 Market Forecast

10 Market Breakup by Region
10.1 North America
10.1.1 United States
10.1.1.1 Market Trends
10.1.1.2 Market Forecast
10.1.2 Canada
10.1.2.1 Market Trends
10.1.2.2 Market Forecast
10.2 Asia-Pacific
10.2.1 China
10.2.1.1 Market Trends
10.2.1.2 Market Forecast
10.2.2 Japan
10.2.2.1 Market Trends
10.2.2.2 Market Forecast
10.2.3 India
10.2.3.1 Market Trends
10.2.3.2 Market Forecast
10.2.4 South Korea
10.2.4.1 Market Trends
10.2.4.2 Market Forecast
10.2.5 Australia
10.2.5.1 Market Trends
10.2.5.2 Market Forecast
10.2.6 Indonesia
10.2.6.1 Market Trends
10.2.6.2 Market Forecast
10.2.7 Others
10.2.7.1 Market Trends
10.2.7.2 Market Forecast
10.3 Europe
10.3.1 Germany
10.3.1.1 Market Trends
10.3.1.2 Market Forecast
10.3.2 France
10.3.2.1 Market Trends
10.3.2.2 Market Forecast
10.3.3 United Kingdom
10.3.3.1 Market Trends
10.3.3.2 Market Forecast
10.3.4 Italy
10.3.4.1 Market Trends
10.3.4.2 Market Forecast
10.3.5 Spain
10.3.5.1 Market Trends
10.3.5.2 Market Forecast
10.3.6 Russia
10.3.6.1 Market Trends
10.3.6.2 Market Forecast
10.3.7 Others
10.3.7.1 Market Trends
10.3.7.2 Market Forecast
10.4 Latin America
10.4.1 Brazil
10.4.1.1 Market Trends
10.4.1.2 Market Forecast
10.4.2 Mexico
10.4.2.1 Market Trends
10.4.2.2 Market Forecast
10.4.3 Others
10.4.3.1 Market Trends
10.4.3.2 Market Forecast
10.5 Middle East and Africa
10.5.1 Market Trends
10.5.2 Market Breakup by Country
10.5.3 Market Forecast

11 SWOT Analysis
11.1 Overview
11.2 Strengths
11.3 Weaknesses
11.4 Opportunities
11.5 Threats

12 Value Chain Analysis

13 Porters Five Forces Analysis
13.1 Overview
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes

14 Price Analysis

15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
15.3.1 VolvoGroup
15.3.1.1 Company Overview
15.3.1.2 Product Portfolio
15.3.1.3 Financials
15.3.1.4 SWOT Analysis
15.3.2 BYD Company Ltd.
15.3.2.1 Company Overview
15.3.2.2 Product Portfolio
15.3.2.3 Financials
15.3.2.4 SWOT Analysis
15.3.3 Mercedes-Benz Group AG
15.3.3.1 Company Overview
15.3.3.2 Product Portfolio
15.3.4 China FAW Group Co. Ltd .
15.3.4.1 Company Overview
15.3.4.2 Product Portfolio
15.3.5 Isuzu Motors Ltd
15.3.5.1 Company Overview
15.3.5.2 Product Portfolio
15.3.5.3 Financials
15.3.5.4 SWOT Analysis
15.3.6 Navistar Inc.
15.3.6.1 Company Overview
15.3.6.2 Product Portfolio
15.3.6.3 Financials
15.3.6.4 SWOT Analysis
15.3.7 PACCAR Inc.
15.3.7.1 Company Overview
15.3.7.2 Product Portfolio
15.3.7.3 Financials
15.3.7.4 SWOT Analysis
15.3.8 Rivian Automotive Inc.
15.3.8.1 Company Overview
15.3.8.2 Product Portfolio
15.3.9 Volkswagen AG
15.3.9.1 Company Overview
15.3.9.2 Product Portfolio
15.3.9.3 SWOT Analysis
15.3.10 Tata Motors Limited
15.3.10.1 Company Overview
15.3.10.2 Product Portfolio
15.3.10.3 Financials
15.3.10.4 SWOT Analysis
15.3.11 Tesla Inc.
15.3.11.1 Company Overview
15.3.11.2 Product Portfolio
15.3.11.3 Financials
15.3.11.4 SWOT Analysis
15.3.12 Tevva Motors Limited
15.3.12.1 Company Overview
15.3.12.2 Product Portfolio

List of Figures
Figure 1: Global: Electric Truck Market: Major Drivers and Challenges
Figure 2: Global: Electric Truck Market: Sales Value (in Million US$), 2017-2022
Figure 3: Global: Electric Truck Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 4: Global: Electric Truck Market: Breakup by Vehicle Type (in %), 2022
Figure 5: Global: Electric Truck Market: Breakup by Propulsion (in %), 2022
Figure 6: Global: Electric Truck Market: Breakup by Range (in %), 2022
Figure 7: Global: Electric Truck Market: Breakup by Application (in %), 2022
Figure 8: Global: Electric Truck Market: Breakup by Region (in %), 2022
Figure 9: Global: Electric Truck (Light-duty Truck) Market: Sales Value (in Million US$), 2017 & 2022
Figure 10: Global: Electric Truck (Light-duty Truck) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 11: Global: Electric Truck (Medium-duty Truck) Market: Sales Value (in Million US$), 2017 & 2022
Figure 12: Global: Electric Truck (Medium-duty Truck) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 13: Global: Electric Truck (Heavy-duty Truck) Market: Sales Value (in Million US$), 2017 & 2022
Figure 14: Global: Electric Truck (Heavy-duty Truck) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 15: Global: Electric Truck (Battery Electric Truck) Market: Sales Value (in Million US$), 2017 & 2022
Figure 16: Global: Electric Truck (Battery Electric Truck) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 17: Global: Electric Truck (Hybrid Electric Truck) Market: Sales Value (in Million US$), 2017 & 2022
Figure 18: Global: Electric Truck (Hybrid Electric Truck) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 19: Global: Electric Truck (Plug-in Hybrid Electric Truck) Market: Sales Value (in Million US$), 2017 & 2022
Figure 20: Global: Electric Truck (Plug-in Hybrid Electric Truck) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 21: Global: Electric Truck (Fuel Cell Electric Truck) Market: Sales Value (in Million US$), 2017 & 2022
Figure 22: Global: Electric Truck (Fuel Cell Electric Truck) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 23: Global: Electric Truck (0-150 Miles) Market: Sales Value (in Million US$), 2017 & 2022
Figure 24: Global: Electric Truck (0-150 Miles) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 25: Global: Electric Truck (151-300 Miles) Market: Sales Value (in Million US$), 2017 & 2022
Figure 26: Global: Electric Truck (151-300 Miles) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 27: Global: Electric Truck (Above 300 Miles) Market: Sales Value (in Million US$), 2017 & 2022
Figure 28: Global: Electric Truck (Above 300 Miles) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 29: Global: Electric Truck (Logistics) Market: Sales Value (in Million US$), 2017 & 2022
Figure 30: Global: Electric Truck (Logistics) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 31: Global: Electric Truck (Municipal) Market: Sales Value (in Million US$), 2017 & 2022
Figure 32: Global: Electric Truck (Municipal) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 33: Global: Electric Truck (Construction) Market: Sales Value (in Million US$), 2017 & 2022
Figure 34: Global: Electric Truck (Construction) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 35: Global: Electric Truck (Mining) Market: Sales Value (in Million US$), 2017 & 2022
Figure 36: Global: Electric Truck (Mining) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 37: Global: Electric Truck (Other Applications) Market: Sales Value (in Million US$), 2017 & 2022
Figure 38: Global: Electric Truck (Other Applications) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 39: North America: Electric Truck Market: Sales Value (in Million US$), 2017 & 2022
Figure 40: North America: Electric Truck Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 41: United States: Electric Truck Market: Sales Value (in Million US$), 2017 & 2022
Figure 42: United States: Electric Truck Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 43: Canada: Electric Truck Market: Sales Value (in Million US$), 2017 & 2022
Figure 44: Canada: Electric Truck Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 45: Asia-Pacific: Electric Truck Market: Sales Value (in Million US$), 2017 & 2022
Figure 46: Asia-Pacific: Electric Truck Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 47: China: Electric Truck Market: Sales Value (in Million US$), 2017 & 2022
Figure 48: China: Electric Truck Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 49: Japan: Electric Truck Market: Sales Value (in Million US$), 2017 & 2022
Figure 50: Japan: Electric Truck Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 51: India: Electric Truck Market: Sales Value (in Million US$), 2017 & 2022
Figure 52: India: Electric Truck Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 53: South Korea: Electric Truck Market: Sales Value (in Million US$), 2017 & 2022
Figure 54: South Korea: Electric Truck Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 55: Australia: Electric Truck Market: Sales Value (in Million US$), 2017 & 2022
Figure 56: Australia: Electric Truck Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 57: Indonesia: Electric Truck Market: Sales Value (in Million US$), 2017 & 2022
Figure 58: Indonesia: Electric Truck Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 59: Others: Electric Truck Market: Sales Value (in Million US$), 2017 & 2022
Figure 60: Others: Electric Truck Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 61: Europe: Electric Truck Market: Sales Value (in Million US$), 2017 & 2022
Figure 62: Europe: Electric Truck Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 63: Germany: Electric Truck Market: Sales Value (in Million US$), 2017 & 2022
Figure 64: Germany: Electric Truck Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 65: France: Electric Truck Market: Sales Value (in Million US$), 2017 & 2022
Figure 66: France: Electric Truck Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 67: United Kingdom: Electric Truck Market: Sales Value (in Million US$), 2017 & 2022
Figure 68: United Kingdom: Electric Truck Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 69: Italy: Electric Truck Market: Sales Value (in Million US$), 2017 & 2022
Figure 70: Italy: Electric Truck Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 71: Spain: Electric Truck Market: Sales Value (in Million US$), 2017 & 2022
Figure 72: Spain: Electric Truck Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 73: Russia: Electric Truck Market: Sales Value (in Million US$), 2017 & 2022
Figure 74: Russia: Electric Truck Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 75: Others: Electric Truck Market: Sales Value (in Million US$), 2017 & 2022
Figure 76: Others: Electric Truck Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 77: Latin America: Electric Truck Market: Sales Value (in Million US$), 2017 & 2022
Figure 78: Latin America: Electric Truck Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 79: Brazil: Electric Truck Market: Sales Value (in Million US$), 2017 & 2022
Figure 80: Brazil: Electric Truck Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 81: Mexico: Electric Truck Market: Sales Value (in Million US$), 2017 & 2022
Figure 82: Mexico: Electric Truck Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 83: Others: Electric Truck Market: Sales Value (in Million US$), 2017 & 2022
Figure 84: Others: Electric Truck Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 85: Middle East and Africa: Electric Truck Market: Sales Value (in Million US$), 2017 & 2022
Figure 86: Middle East and Africa: Electric Truck Market: Breakup by Country (in %), 2022
Figure 87: Middle East and Africa: Electric Truck Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 88: Global: Electric Truck Industry: SWOT Analysis
Figure 89: Global: Electric Truck Industry: Value Chain Analysis
Figure 90: Global: Electric Truck Industry: Porter's Five Forces Analysis

List of Tables
Table 1: Global: Electric Truck Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Electric Truck Market Forecast: Breakup by Vehicle Type (in Million US$), 2023-2028
Table 3: Global: Electric Truck Market Forecast: Breakup by Propulsion (in Million US$), 2023-2028
Table 4: Global: Electric Truck Market Forecast: Breakup by Range (in Million US$), 2023-2028
Table 5: Global: Electric Truck Market Forecast: Breakup by Application (in Million US$), 2023-2028
Table 6: Global: Electric Truck Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 7: Global: Electric Truck Market: Competitive Structure
Table 8: Global: Electric Truck Market: Key Players

Companies Mentioned

  • VolvoGroup
  • BYD Company Ltd.
  • Mercedes-Benz Group AG
  • China FAW Group Co. Ltd.
  • Isuzu Motors Ltd
  • Navistar Inc.
  • PACCAR Inc.
  • Rivian Automotive
  • Inc.
  • Volkswagen AG
  • Tata Motors Limited
  • Tesla
  • Inc.
  • and Tevva Motors Limited.

Methodology

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