Electric truck refers to a large, motorized vehicle with an open bed designed to transport goods and whose primary propulsion technology is battery-electric or powered by rechargeable batteries alone or hydrogen fuel cell electric or hybrid electric that are powered by batteries and an internal combustion engine.
The main types of electric trucks are light-duty electric truck, medium-duty electric truck, heavy-duty electric truck. Light-duty electric trucks are those that have gross vehicle weight of up to 8,500 pounds or 3,855 Kgs and payload capacities up to 4000 pounds or 1,815 Kgs. The propulsion used in electric trucks are battery electric vehicle, hybrid electric vehicle, plug-in hybrid electric vehicle, fuel cell electric vehicle that can cover a range of up to 150 miles, 151-300 miles, above 300 miles. Electric trucks are used across various applications such as last mile delivery, long haul transportation, refuse services, field services, distribution services.
The global electric truck market grew from $1.85 billion in 2022 to $2.72 billion in 2023 at a compound annual growth rate (CAGR) of 47.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The electric truck market is expected to grow to $13.63 billion in 2027 at a CAGR of 49.6%.
The electric truck market research report is one of a series of new reports that provides electric truck market statistics, including electric truck industry global market size, regional shares, competitors with a electric truck market share, detailed electric truck market segments, market trends and opportunities, and any further data you may need to thrive in the electric truck industry. This electric truck market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The development of self-driving electric trucks is the key trend gaining popularity in the electric trucks sector. The companies operating in the electric trucks sector are partnering with related technology-based companies to boost their development activities in innovative self-driving truck models. For instance, in January 2022, Pininfarina, an Italy-based design company owned by Mahindra, developed an electric semi-truck in collaboration with Deppway, a subsidiary of Baidu, with a self-drive system. The self-drive system utilizes 11 cameras on board, an infrared detector, radars, and LIDAR sensors.
In October 2020, BYD Auto Industry Co., Ltd., a China-based conglomerate manufacturing company entered into a joint venture agreement with Hino Motors, Ltd., a Tokyo-based manufacturer of commercial vehicles and diesel engines, to establish a company for the development of commercial battery electric vehicles. The new venture is established with 50% of capital investment from both Hino and BYD.
Western Europe was the largest region in the electric truck market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the electric truck market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Government incentives and schemes are expected to drive the growth of the electric truck market. Government bodies across the globe are implementing innovative policies and incentive schemes to increase the adoption of electric vehicles across all categories (bikes, autos, cars and commercial vehicles). The main policies, which are currently driving the EV’s adoption are significant financial incentives for the purchase of LDVs, subsidies for primary purchase, vehicle purchase, and tax rebates on registration as these vehicles control pollution and promote a good environment. For instance, the Indian government launched the PLI (production-linked incentive) scheme for the auto sector and the FAME (Faster Adoption and Manufacturing of Electric Vehicles) II amendment, with the aim to switch 30% of private cars, 70% of commercial vehicles, and 80% of two- and three-wheeler to electric by 2030. Such subsidies and support from the government are expected to boost the electric truck market during the forecast period.
The electric truck market consists of sales ofall-electric vehicle (AEV). Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Major players in the electric truck market are AB Volvo, BYD Compay Ltd., Daimler AG, Dongfeng Motor Company, Paccar Inc., Tata Motors, Tesla Inc., Hino Motors Ltd., Volvo Group, Tevva Motors Limited, Volta Trucks, StreetScooter, Workhorse Group Incorporated, and Renault SA.
This product will be delivered within 1-3 business days.
The main types of electric trucks are light-duty electric truck, medium-duty electric truck, heavy-duty electric truck. Light-duty electric trucks are those that have gross vehicle weight of up to 8,500 pounds or 3,855 Kgs and payload capacities up to 4000 pounds or 1,815 Kgs. The propulsion used in electric trucks are battery electric vehicle, hybrid electric vehicle, plug-in hybrid electric vehicle, fuel cell electric vehicle that can cover a range of up to 150 miles, 151-300 miles, above 300 miles. Electric trucks are used across various applications such as last mile delivery, long haul transportation, refuse services, field services, distribution services.
The global electric truck market grew from $1.85 billion in 2022 to $2.72 billion in 2023 at a compound annual growth rate (CAGR) of 47.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The electric truck market is expected to grow to $13.63 billion in 2027 at a CAGR of 49.6%.
The electric truck market research report is one of a series of new reports that provides electric truck market statistics, including electric truck industry global market size, regional shares, competitors with a electric truck market share, detailed electric truck market segments, market trends and opportunities, and any further data you may need to thrive in the electric truck industry. This electric truck market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The development of self-driving electric trucks is the key trend gaining popularity in the electric trucks sector. The companies operating in the electric trucks sector are partnering with related technology-based companies to boost their development activities in innovative self-driving truck models. For instance, in January 2022, Pininfarina, an Italy-based design company owned by Mahindra, developed an electric semi-truck in collaboration with Deppway, a subsidiary of Baidu, with a self-drive system. The self-drive system utilizes 11 cameras on board, an infrared detector, radars, and LIDAR sensors.
In October 2020, BYD Auto Industry Co., Ltd., a China-based conglomerate manufacturing company entered into a joint venture agreement with Hino Motors, Ltd., a Tokyo-based manufacturer of commercial vehicles and diesel engines, to establish a company for the development of commercial battery electric vehicles. The new venture is established with 50% of capital investment from both Hino and BYD.
Western Europe was the largest region in the electric truck market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the electric truck market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Government incentives and schemes are expected to drive the growth of the electric truck market. Government bodies across the globe are implementing innovative policies and incentive schemes to increase the adoption of electric vehicles across all categories (bikes, autos, cars and commercial vehicles). The main policies, which are currently driving the EV’s adoption are significant financial incentives for the purchase of LDVs, subsidies for primary purchase, vehicle purchase, and tax rebates on registration as these vehicles control pollution and promote a good environment. For instance, the Indian government launched the PLI (production-linked incentive) scheme for the auto sector and the FAME (Faster Adoption and Manufacturing of Electric Vehicles) II amendment, with the aim to switch 30% of private cars, 70% of commercial vehicles, and 80% of two- and three-wheeler to electric by 2030. Such subsidies and support from the government are expected to boost the electric truck market during the forecast period.
The electric truck market consists of sales ofall-electric vehicle (AEV). Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Major players in the electric truck market are AB Volvo, BYD Compay Ltd., Daimler AG, Dongfeng Motor Company, Paccar Inc., Tata Motors, Tesla Inc., Hino Motors Ltd., Volvo Group, Tevva Motors Limited, Volta Trucks, StreetScooter, Workhorse Group Incorporated, and Renault SA.
This product will be delivered within 1-3 business days.
Frequently Asked Questions about the Global Electric Truck Market
What is the estimated value of the Global Electric Truck Market?
What is the growth rate of the Global Electric Truck Market?
What is the forecasted size of the Global Electric Truck Market?
Who are the key companies in the Global Electric Truck Market?
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | March 2023 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value ( USD | $ 2.72 billion |
| Forecasted Market Value ( USD | $ 13.63 billion |
| Compound Annual Growth Rate | 49.6% |
| Regions Covered | Global |
Table of Contents
1. Executive Summary2. Electric Truck Market Characteristics
3. Electric Truck Market Trends And Strategies
4. Electric Truck Market - Macro Economic Scenario
4.1 COVID-19 Impact On Electric Truck Market
4.2 Ukraine-Russia War Impact On Electric Truck Market
4.3 Impact Of High Inflation On Electric Truck Market
5. Electric Truck Market Size And Growth
5.1. Global Electric Truck Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Electric Truck Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Electric Truck Market Segmentation
6.1. Global Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Light-Duty Electric Truck
- Medium-Duty Electric Truck
- Heavy-Duty Electric Truck
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-in Hybrid Electric Vehicle
- Fuel Cell Electric Vehicle
- Upto 150 Miles
- Above 300 Miles
- Last Mile Delivery
- Long Haul Transportation
- Refuse Services
- Field Services
- Distribution services
7.1. Global Electric Truck Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Electric Truck Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
8. Asia-Pacific Electric Truck Market
8.1. Asia-Pacific Electric Truck Market Overview
- Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.3. Asia-Pacific Electric Truck Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
9. China Electric Truck Market
9.1. China Electric Truck Market Overview
9.2. China Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion
9.3. China Electric Truck Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion
10. India Electric Truck Market
10.1. India Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
10.2. India Electric Truck Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
11. Japan Electric Truck Market
11.1. Japan Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
11.2. Japan Electric Truck Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
12. Australia Electric Truck Market
12.1. Australia Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
12.2. Australia Electric Truck Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
13. Indonesia Electric Truck Market
13.1. Indonesia Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
13.2. Indonesia Electric Truck Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
14. South Korea Electric Truck Market
14.1. South Korea Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
14.2. South Korea Electric Truck Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
15. Western Europe Electric Truck Market
15.1. Western Europe Electric Truck Market Overview
15.2. Western Europe Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
15.3. Western Europe Electric Truck Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
16. UK Electric Truck Market
16.1. UK Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
16.2. UK Electric Truck Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
17. Germany Electric Truck Market
17.1. Germany Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
17.2. Germany Electric Truck Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
18. France Electric Truck Market
18.1. France Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
18.2. France Electric Truck Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
19. Eastern Europe Electric Truck Market
19.1. Eastern Europe Electric Truck Market Overview
19.2. Eastern Europe Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
19.3. Eastern Europe Electric Truck Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
20. Russia Electric Truck Market
20.1. Russia Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
20.2. Russia Electric Truck Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
21. North America Electric Truck Market
21.1. North America Electric Truck Market Overview
21.2. North America Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
21.3. North America Electric Truck Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
22. USA Electric Truck Market
22.1. USA Electric Truck Market Overview
22.2. USA Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
22.3. USA Electric Truck Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
23. South America Electric Truck Market
23.1. South America Electric Truck Market Overview
23.2. South America Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
23.3. South America Electric Truck Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
24. Brazil Electric Truck Market
24.1. Brazil Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
24.2. Brazil Electric Truck Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
25. Middle East Electric Truck Market
25.1. Middle East Electric Truck Market Overview
25.2. Middle East Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
25.3. Middle East Electric Truck Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
26. Africa Electric Truck Market
26.1. Africa Electric Truck Market Overview
26.2. Africa Electric Truck Market, Segmentation By Vehicle Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
26.3. Africa Electric Truck Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
27. Electric Truck Market Competitive Landscape And Company Profiles
27.1. Electric Truck Market Competitive Landscape
27.2. Electric Truck Market Company Profiles
27.2.1. AB Volvo
27.2.1.1. Overview
27.2.1.2. Products and Services
27.2.1.3. Strategy
27.2.1.4. Financial Performance
27.2.2. BYD Compay Ltd.
27.2.2.1. Overview
27.2.2.2. Products and Services
27.2.2.3. Strategy
27.2.2.4. Financial Performance
27.2.3. Daimler AG
27.2.3.1. Overview
27.2.3.2. Products and Services
27.2.3.3. Strategy
27.2.3.4. Financial Performance
27.2.4. Dongfeng Motor Company
27.2.4.1. Overview
27.2.4.2. Products and Services
27.2.4.3. Strategy
27.2.4.4. Financial Performance
27.2.5. Paccar Inc.
27.2.5.1. Overview
27.2.5.2. Products and Services
27.2.5.3. Strategy
27.2.5.4. Financial Performance
28. Key Mergers And Acquisitions In The Electric Truck Market
29. Electric Truck Market Future Outlook and Potential Analysis
30. Appendix
30.1. Abbreviations
30.2. Currencies
30.3. Historic And Forecast Inflation Rates
30.4. Research Inquiries
30.5. About the Publisher
30.6. Copyright And Disclaimer
Executive Summary
Electric Truck Global Market Report 2023 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on electric truck market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
- Assess the Russia - Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
Description:
Where is the largest and fastest growing market for electric truck? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The electric truck market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
Scope
Markets Covered:
1) By Vehicle Type: Light-Duty Electric Truck; Medium-Duty Electric Truck; Heavy-Duty Electric Truck2) By Propulsion: Battery Electric Vehicle; Hybrid Electric Vehicle; Plug-In Hybrid Electric Vehicle; Fuel Cell Electric Vehicle
3) By Range: Upto 150 Miles; 151-300 Miles; Above 300 Miles
4) By End User: Last Mile Delivery; Long Haul Transportation; Refuse Services; Field Services; Distribution services
Companies Mentioned: AB Volvo; BYD Compay Ltd.; Daimler AG; Dongfeng Motor Company; Paccar Inc.,
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
A selection of companies mentioned in this report includes:
- AB Volvo
- BYD Compay Ltd.
- Daimler AG
- Dongfeng Motor Company
- Paccar Inc.
- Tata Motors
- Tesla Inc.
- Hino Motors Ltd.
- Volvo Group
- Tevva Motors Limited
- Volta Trucks
- StreetScooter
- Einride
- Workhorse Group Incorporated
- Renault SA
Methodology
LOADING...
