Electric Trucks - Global Strategic Business Report

The global market for Electric Trucks was estimated at US$27.9 Billion in 2024 and is projected to reach US$100.9 Billion by 2030, growing at a CAGR of 23.9% from 2024 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions. The report includes the most recent global tariff developments and how they impact the Electric Trucks market.

Global Electric Trucks Market - Key Trends & Drivers Summarized

Why Are Electric Trucks Gaining Momentum in Freight and Logistics?

Electric trucks are fast emerging as a transformative force in the freight and logistics sector, reshaping how goods are transported across short and long distances. This shift is largely fueled by the rising demand for low-emission freight solutions, especially as urban pollution and climate targets become focal points in policymaking. Companies in logistics, retail, and e-commerce - such as Amazon, DHL, FedEx, and Walmart - are actively integrating electric trucks into their fleets to align with sustainability goals and meet regulatory requirements. With last-mile delivery volumes surging due to the growth of online shopping, the utility of light- and medium-duty electric trucks has expanded rapidly, particularly in urban and suburban routes. These vehicles offer advantages such as reduced noise, lower operating costs, and access to zero-emission zones being adopted in major metropolitan areas. On the heavier end, companies are testing long-haul electric trucks with battery capacities sufficient for several hundred kilometers per charge, as seen in models introduced by Tesla, Volvo, and BYD. This transition is also being bolstered by the availability of tailored leasing and financing options, making it financially feasible for small and mid-sized fleet operators to electrify their vehicles.

Are Governments and Industries Laying the Groundwork for Widespread Adoption?

A robust ecosystem of policies and industrial collaboration is laying a solid foundation for the proliferation of electric trucks. Governments across North America, Europe, and Asia are offering significant subsidies, tax incentives, and toll exemptions to encourage the adoption of electric commercial vehicles. Initiatives like the U.S. Inflation Reduction Act, the EU’s Fit for 55 package, and China`s New Energy Vehicle (NEV) subsidies are channeling billions into clean mobility infrastructure and manufacturing. Moreover, low-emission zones, carbon pricing mechanisms, and impending bans on diesel trucks in cities like London, Paris, and California’s major urban centers are accelerating fleet transitions. On the infrastructure front, energy providers and tech firms are collaborating to develop high-capacity charging stations tailored to commercial vehicle requirements, including megawatt charging systems for heavy-duty trucks. Fleet-as-a-service (FaaS) platforms are also gaining traction, offering integrated vehicle management, predictive maintenance, and charging logistics that simplify fleet electrification. In parallel, manufacturers are investing in modular vehicle architectures and localized production to reduce costs and cater to regional performance requirements, enhancing the overall scalability and feasibility of electric trucking solutions.

What Role Does Technology Play in Redefining the Trucking Landscape?

Advanced technologies are at the heart of the electric truck revolution, propelling it beyond simple battery replacement for diesel engines. High-density lithium-ion and lithium-iron phosphate (LFP) batteries now offer extended ranges, faster charging capabilities, and enhanced thermal stability - crucial for the operational reliability of commercial vehicles. Emerging battery chemistries, including solid-state solutions, promise even higher performance levels in the coming years. In addition, the integration of telematics, AI, and data analytics is enabling predictive maintenance, energy optimization, and real-time route planning, significantly reducing downtime and operating costs. Vehicle-to-grid (V2G) technology is also gaining relevance, allowing electric trucks to discharge power back into the grid during idle periods, thus creating new revenue streams for fleet operators. Advanced driver-assistance systems (ADAS), autonomous driving technologies, and over-the-air updates are further elevating the value proposition of electric trucks, particularly in long-haul applications where safety and efficiency are paramount. Companies like Daimler, Scania, and Nikola are heavily investing in these innovations, paving the way for smarter, connected, and more autonomous electric trucking ecosystems.

What Are the Real Drivers Behind the Global Electric Trucks Market Expansion?

The growth in the electric trucks market is driven by several factors related to industry-specific applications, regulatory enablers, evolving business models, and changing customer behavior. One key driver is the commercial sector’s increasing need to decarbonize logistics and meet net-zero goals, which is pressuring fleets to adopt clean transport alternatives. Another is the rising operational cost of diesel-powered trucks - especially with volatile fuel prices - making the long-term cost benefits of electric trucks more attractive to fleet managers. The shift toward e-commerce and same-day delivery models has intensified the need for efficient, low-emission vehicles that can perform high-frequency, short-distance trips, positioning electric trucks as ideal assets for last-mile operations. In long-haul trucking, new battery innovations are making intercity electric freight transport a practical reality, further supported by the growing network of high-speed charging corridors. Additionally, the introduction of purpose-built electric truck platforms, rather than retrofitted models, is enhancing performance and vehicle durability. Consumer and B2B demand for environmentally responsible services is also encouraging companies to brand themselves as green logistics providers, with electric trucks serving as a visible and impactful component of that strategy. These combined forces are creating a high-growth environment where electric trucks are no longer a niche innovation but a core pillar of future commercial transport.

Report Scope

The report analyzes the Electric Trucks market, presented in terms of market value (US$ Thousand). The analysis covers the key segments and geographic regions outlined below.

Segments: Vehicle (Light Duty Trucks, Medium Duty Trucks, Heavy Duty Trucks); Propulsion (Battery Electric Vehicle Propulsion, Plug-In Hybrid Electric Vehicles Propulsion, Hybrid Electric Vehicle Propulsion); Vehicle Range (Up to 300 Miles, 300-600 Miles, Above 600 Miles); Application (Logistics & Delivery Application, Construction Application, Waste Management Application, Other Application)

Geographic Regions/Countries: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Key Insights:

• Market Growth: Understand the significant growth trajectory of the Light Duty Trucks segment, which is expected to reach US$66.4 Billion by 2030 with a CAGR of a 24.7%. The Medium Duty Trucks segment is also set to grow at 20.8% CAGR over the analysis period.
• Regional Analysis: Gain insights into the U.S. market, estimated at $7.6 Billion in 2024, and China, forecasted to grow at an impressive 31.8% CAGR to reach $24.6 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Why You Should Buy This Report:

• Detailed Market Analysis: Access a thorough analysis of the Global Electric Trucks Market, covering all major geographic regions and market segments.
• Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
• Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Electric Trucks Market.
• Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Key Questions Answered:

• How is the Global Electric Trucks Market expected to evolve by 2030?
• What are the main drivers and restraints affecting the market?
• Which market segments will grow the most over the forecast period?
• How will market shares for different regions and segments change by 2030?
• Who are the leading players in the market, and what are their prospects?

Report Features:

• Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2024 to 2030.
• In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
• Company Profiles: Coverage of players such as Ashok Leyland Limited, BYD Company Limited, Daimler Truck AG, Ford Motor Company, General Motors Company and more.
• Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Select Competitors (Total 34 Featured):

• Ashok Leyland Limited
• BYD Company Limited
• Daimler Truck AG
• Ford Motor Company
• General Motors Company
• Hino Motors, Ltd.
• Hyundai Motor Company
• Isuzu Motors Limited
• Kia Corporation
• MAN Truck & Bus SE
• Mercedes-Benz Group AG
• Nikola Corporation
• PACCAR Inc.
• Rivian Automotive, Inc.
• Scania AB
• Tata Motors Limited
• Tesla Inc.
• Volvo Trucks
• Workhorse Group Inc.
• Xos, Inc.

Tariff Impact Analysis: Key Insights for 2025

Global tariff negotiations across 180+ countries are reshaping supply chains, costs, and competitiveness. This report reflects the latest developments as of April 2025 and incorporates forward-looking insights into the market outlook.

The analysts continuously track trade developments worldwide, drawing insights from leading global economists and over 200 industry and policy institutions, including think tanks, trade organizations, and national economic advisory bodies. This intelligence is integrated into forecasting models to provide timely, data-driven analysis of emerging risks and opportunities.

What’s Included in This Edition:

• Tariff-adjusted market forecasts by region and segment
• Analysis of cost and supply chain implications by sourcing and trade exposure
• Strategic insights into geographic shifts

Buyers receive a free July 2025 update with:

• Finalized tariff impacts and new trade agreement effects
• Updated projections reflecting global sourcing and cost shifts
• Expanded country-specific coverage across the industry