Electric Truck Market – Global Industry Size, Share, Trends Opportunity, and Forecast, Segmented By Propulsion Type (BEV, PHEV, and FCEV), By Type (Light Duty Trucks, Medium Duty Trucks, and Heavy-Duty Trucks), By End User (Last-Mile Delivery, Long Haul Transportation, Refuse Services, Field Services, and Distribution Services), By Region, Competition 2019-2029

  • Industry : Automotive
  • Pages : NA
  • Published Date : NA
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Summary

Report Description

Forecast Period

2025-2029

Market Size (2023)

USD 11.83 Billion

CAGR (2024-2029)

7.64%

Fastest Growing Segment

Light Duty Trucks

Largest Market

Europe & CIS

Market Size (2029)

USD 18.26 Billion




Market Overview

The Global Electric Truck Market size reached USD 11.83 Billion in 2023 and is expected to grow with a CAGR of 7.64% to forecast period. The Global Electric Truck Market is undergoing a profound transformation as the transportation industry increasingly embraces sustainable alternatives. Electric trucks, propelled by advancements in battery technology and a shift towards cleaner energy, are gaining traction in various regions. This market is characterized by a commitment to reducing carbon emissions, lowering operating costs, and complying with stringent environmental regulations.

One of the key drivers of the electric truck market is the global push for sustainability and the need to address climate change. Governments worldwide are implementing regulations to reduce greenhouse gas emissions, prompting the transportation sector to explore electric solutions. Electric trucks offer a promising avenue to achieve these goals, providing a cleaner and more energy-efficient option for freight and logistics operations.

Technological advancements in battery systems play a central role in shaping the electric truck market. Improved energy density, longer range capabilities, and faster charging times are enhancing the feasibility and performance of electric trucks. As battery costs continue to decline, electric trucks are becoming more cost-competitive, making them an attractive option for fleet operators looking to transition away from traditional diesel-powered vehicles.

The market is witnessing increased collaboration between established automotive manufacturers and technology companies, fostering innovation and driving the development of electric trucks. Partnerships aim to address challenges such as infrastructure development, battery technology, and vehicle design. The shared expertise accelerates the market's evolution and ensures that electric trucks meet the demands of both commercial and consumer markets.

While challenges such as infrastructure gaps and initial purchase costs persist, the electric truck market is poised for substantial growth. Government incentives and subsidies are encouraging fleet operators to adopt electric trucks, and the expanding charging infrastructure is alleviating range anxiety concerns. The market's trajectory reflects a broader industry commitment to sustainable transportation, with electric trucks emerging as a key component in reshaping the future of freight and logistics on a global scale.

Key Market Drivers

Government Regulations and Incentives

Government regulations mandating lower emissions and incentivizing the adoption of electric vehicles serve as a primary driver for the global electric truck market. Countries worldwide are implementing stringent emission standards and offering financial incentives to fleet operators and manufacturers, creating a favorable environment for the transition to electric trucks. These regulations not only align with environmental goals but also drive the market's growth by encouraging the integration of cleaner technologies.

Total Cost of Ownership Benefits

The total cost of ownership (TCO) benefits associated with electric trucks is a compelling driver for their adoption. While the upfront costs may be higher, electric trucks offer significant savings in operational expenses, such as fuel and maintenance. Lower energy costs, fewer moving parts, and government incentives contribute to a more favorable TCO over the vehicle's lifespan, making electric trucks an economically attractive choice for fleet operators looking to enhance cost-efficiency.

Advancements in Battery Technology

Continuous advancements in battery technology play a pivotal role in driving the electric truck market. Improvements in energy density, range, and charging infrastructure contribute to overcoming historical challenges related to limited range and charging times. As battery technologies evolve, electric trucks can achieve longer distances on a single charge, making them more versatile for various applications, including long-haul transportation and last-mile delivery.

Environmental Sustainability Initiatives

Growing awareness of environmental sustainability and corporate social responsibility is a significant driver for the electric truck market. Businesses are increasingly focused on reducing their carbon footprint, and electric trucks provide an eco-friendly alternative to traditional diesel vehicles. Companies are aligning their logistics strategies with sustainability goals, fostering a market demand for electric trucks that contribute to cleaner air and reduced environmental impact.

Rising Fuel Prices and Volatility

The volatility and rising costs of traditional fuel sources, especially diesel, drive interest in electric trucks as a more stable and cost-effective alternative. Electric trucks provide a hedge against fuel price fluctuations, offering operators greater predictability in operational expenses. This cost stability becomes particularly attractive amid global uncertainties in the energy market, making electric trucks an appealing option for fleet managers seeking financial predictability.

Advocacy from Environmental Groups

Advocacy from environmental groups and non-governmental organizations (NGOs) amplifies the push for electric trucks. Environmental concerns, including air quality and climate change, have prompted advocacy groups to promote sustainable transportation solutions. This external pressure influences public opinion, governmental policies, and corporate decision-making, creating a conducive environment for the increased adoption of electric trucks.

Technological Collaboration and Innovation

Collaborations between established automakers, technology companies, and startups are driving innovation in the electric truck market. Partnerships focus on addressing challenges such as battery technology, charging infrastructure, and autonomous features, enhancing the overall capabilities of electric trucks. This collaborative approach accelerates the development of cutting-edge solutions and contributes to the market's dynamism.

Urbanization and Last-Mile Delivery Demands

The increasing trend of urbanization and the growing demand for efficient last-mile delivery solutions contribute to the rise of electric trucks. Urban areas are facing congestion and pollution challenges, prompting the need for cleaner and quieter delivery options. Electric trucks, especially those designed for urban logistics, address these challenges while meeting the demands of e-commerce and the evolving landscape of freight transportation.


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Key Market Challenges

Charging Infrastructure Development

The primary challenge facing the global electric truck market is the insufficient development of charging infrastructure. Limited availability of charging stations, especially for heavy-duty electric trucks, hinders widespread adoption. To overcome this challenge, substantial investment and collaborative efforts between governments and private entities are essential to establish a comprehensive and accessible charging network, addressing concerns about range anxiety and enabling long-haul electric truck operations.

High Initial Purchase Costs

The higher upfront costs of electric trucks compared to their traditional counterparts pose a significant challenge for fleet operators. While total cost of ownership benefits over time may offset these initial expenses, the initial capital investment remains a barrier to entry. Incentives and subsidies are crucial to making electric trucks more economically viable and encouraging fleet managers to transition to electric fleets.

Limited Battery Technology Advancements

Despite ongoing improvements, battery technology faces challenges related to energy density, weight, and cost. Advancements are needed to address these limitations and enhance the overall performance of electric trucks. Research and development initiatives focused on pushing the boundaries of battery technology are crucial for overcoming these challenges and making electric trucks more competitive in terms of range, payload capacity, and cost-effectiveness.

Range Limitations for Heavy-Duty Applications

Heavy-duty electric trucks, particularly those designed for long-haul transportation, face challenges related to range limitations. The current state of battery technology may not provide the necessary range for some demanding applications, impacting the feasibility of electric trucks in certain segments of the market. Further advancements in battery technology and energy storage systems are essential to expanding the capabilities of electric trucks in heavy-duty applications.

Weight and Payload Trade-Offs

The weight of battery packs presents a trade-off between payload capacity and range for electric trucks. Balancing the need for larger battery packs to extend range with the impact on the truck's weight and, consequently, its payload capacity remains a challenge. Innovations in lightweight materials and battery design are critical to minimizing this trade-off and ensuring that electric trucks can effectively compete with traditional diesel trucks in terms of payload capacity.

Supply Chain Disruptions for Critical Components

Electric trucks rely on specialized components such as batteries, electric motors, and power electronics. Disruptions in the supply chain for these critical components, whether due to geopolitical factors or unforeseen global events, pose a risk to the production and deployment of electric trucks. Ensuring a resilient and diversified supply chain for these components is vital to mitigating the impact of potential disruptions.

Limited Model Availability and Variety

The current market offers a limited variety of electric truck models, especially in comparison to the extensive range of traditional trucks available. Fleets with diverse operational needs may find it challenging to find electric trucks that suit their specific requirements. Increasing the availability and diversity of electric truck models, spanning different sizes and applications, is crucial for addressing the unique demands of various fleet operators.

Technological Standardization and Compatibility

The absence of standardized technologies and charging protocols poses a challenge for the electric truck market. Different manufacturers may employ proprietary charging systems, creating compatibility issues and limiting interoperability between charging infrastructure and trucks. Standardizing technologies and charging interfaces is essential for streamlining operations, reducing complexity, and promoting a cohesive and efficient electric truck ecosystem.

Key Market Trends

Rapid Advancements in Battery Technology

A prominent trend in the global electric truck market is the continuous and rapid advancements in battery technology. Manufacturers are investing heavily in research and development to improve energy density, reduce charging times, and enhance overall battery performance. Lithium-ion batteries, in particular, are undergoing innovations, contributing to extended ranges, increased payload capacities, and more cost-effective electric trucks. As battery technology evolves, it is driving a fundamental shift in the capabilities and competitiveness of electric trucks in various applications.

Increasing Focus on Sustainable Logistics

There is a growing emphasis on sustainable logistics and supply chain operations, leading to increased adoption of electric trucks. Companies worldwide are aligning their transportation strategies with environmental goals, and electric trucks play a pivotal role in achieving carbon reduction targets. The integration of electric trucks into fleets enhances corporate sustainability profiles, addressing both regulatory requirements and consumer expectations for eco-friendly transportation solutions.

Diverse Model Offerings and Segmentation

The electric truck market is witnessing a trend toward diversification and segmentation, with manufacturers expanding their model offerings to cater to different applications and industries. From urban delivery trucks to heavy-duty long-haul vehicles, electric trucks are being designed and customized for specific use cases. This trend addresses the unique requirements of various sectors, offering fleet operators a broader selection of electric trucks that align with their specific operational needs.

Autonomous and Connected Electric Trucks

The convergence of electric propulsion with autonomous and connected vehicle technologies is a notable trend shaping the electric truck market. Manufacturers are incorporating advanced driver assistance systems (ADAS) and connectivity features to enhance safety, efficiency, and fleet management. Autonomous electric trucks are being developed to optimize routes, reduce labor costs, and improve overall logistics operations. This trend reflects the industry's focus on leveraging cutting-edge technologies to create intelligent and efficient electric truck solutions.

Expansion of Charging Infrastructure

The expansion of charging infrastructure is a critical trend facilitating the widespread adoption of electric trucks. Governments, private entities, and charging network providers are investing in the development of a comprehensive and accessible charging network for electric trucks. High-power charging stations, strategically located along major transportation routes, are becoming more prevalent, addressing concerns about range anxiety and supporting the growth of electric truck fleets.

Integration of Renewable Energy Sources

An emerging trend involves the integration of renewable energy sources, such as solar and wind power, to charge electric trucks. Some manufacturers and logistics companies are exploring on-site renewable energy generation and storage solutions to power electric truck fleets sustainably. This trend aligns with the broader goals of achieving a carbon-neutral transportation ecosystem and further reducing the environmental impact of electric truck operations.

Collaborations and Strategic Partnerships

Collaborations and strategic partnerships are on the rise in the electric truck market as automotive manufacturers, technology companies, and logistics providers join forces to drive innovation. Partnerships aim to address challenges related to battery technology, charging infrastructure, and fleet management, fostering the development of comprehensive solutions. These collaborations accelerate the deployment of electric trucks and contribute to the overall growth and maturation of the market.

E-Commerce and Last-Mile Delivery Demand

The growth of e-commerce and the increasing demand for efficient last-mile delivery solutions are influencing the electric truck market. Urban areas, experiencing a surge in online shopping, are witnessing a rise in the deployment of electric delivery trucks. Electric trucks are well-suited for short-distance deliveries, offering reduced noise levels, lower operating costs, and zero emissions. This trend is expected to intensify as the e-commerce sector continues to expand, driving the need for sustainable urban logistics solutions.

Segmental Insights

By Propulsion Type

Battery Electric Vehicles (BEVs) constitute a significant segment in the electric truck market, representing a transformative shift towards full electrification. BEVs rely solely on electric batteries for power, eliminating the need for internal combustion engines. One of the primary advantages of BEVs lies in their zero tailpipe emissions, contributing to environmental sustainability. These electric trucks are well-suited for urban logistics and short-haul applications, offering an efficient and clean alternative to traditional diesel-powered vehicles. With advancements in battery technology, BEVs are witnessing increased range capabilities, addressing concerns about their applicability in various freight and delivery scenarios.

Plug-in Hybrid Electric Vehicles (PHEVs) form a versatile segment within the electric truck market, combining both electric and internal combustion engine capabilities. PHEVs feature a battery that can be charged through external power sources, offering a limited all-electric range, while the internal combustion engine provides additional range and flexibility. This dual-power approach addresses concerns related to charging infrastructure limitations and range anxiety. PHEVs are well-suited for applications that involve longer distances or varied operational conditions, providing an intermediate solution that balances electrification with the extended range offered by conventional fuel sources.

Fuel Cell Electric Vehicles (FCEVs) represent an innovative segment within the electric truck market, utilizing hydrogen fuel cells to generate electricity for propulsion. FCEVs offer the advantage of rapid refueling compared to traditional charging, addressing one of the challenges associated with electric vehicles. These trucks emit only water vapor as a byproduct, contributing to clean and sustainable transportation. FCEVs are particularly relevant for long-haul applications where extended range and reduced refueling times are critical. However, challenges related to hydrogen infrastructure development and production costs are factors influencing the broader adoption of FCEVs in the electric truck market.

The choice of end-user type BEV, PHEV, or FCEV depends on the specific operational requirements, driving patterns, and infrastructure considerations of fleet operators. As the electric truck market evolves, each segment continues to undergo technological advancements, addressing limitations and enhancing the overall feasibility and competitiveness of electric trucks in various applications. The market's future trajectory will likely involve a combination of these end-user types, catering to the diverse needs of the transportation industry while contributing to the broader goals of sustainability and reduced carbon emission.


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Regional Insights

North America is a key region in the global electric truck market, characterized by a dynamic landscape of technological innovation, government support, and increasing environmental consciousness. In the United States and Canada, stringent emission regulations, coupled with financial incentives, are driving the adoption of electric trucks. Major players in the automotive industry, including established manufacturers and startups, are contributing to the region's vibrant electric truck ecosystem. The push for sustainable logistics, particularly in urban areas, has led to the deployment of electric trucks for last-mile delivery and freight transport. While challenges such as charging infrastructure gaps persist, ongoing investments and collaborations are positioning North America as a pivotal hub for electric truck advancements.

Europe stands at the forefront of the electric truck revolution, with a strong commitment to sustainable transportation and ambitious emission reduction targets. Countries such as Germany, the Netherlands, and the United Kingdom are witnessing a surge in electric truck adoption, driven by robust regulatory frameworks, financial incentives, and a growing focus on clean urban logistics. The European automotive industry is actively investing in electric truck technologies, with a particular emphasis on battery electric and hydrogen fuel cell vehicles. The establishment of comprehensive charging infrastructure and strategic partnerships between manufacturers and logistics companies contribute to Europe's prominence in shaping the global electric truck market.

The Asia-Pacific region is a dynamic and rapidly evolving market for electric trucks, fueled by the economic growth of countries such as China and Japan. China, in particular, has emerged as a major player, with a strong emphasis on electric mobility and environmental sustainability. Government initiatives, including subsidies and regulatory mandates, are propelling the adoption of electric trucks in China. Japanese manufacturers are contributing to technological advancements, especially in the development of fuel cell electric trucks. The diverse operational landscape in the Asia-Pacific region, ranging from densely populated urban areas to vast rural expanses, necessitates versatile electric truck solutions. The region's strategic importance in manufacturing and logistics further positions it as a significant player in the global electric truck market.

The Middle East and Africa are in the early stages of electric truck adoption, with a growing interest in sustainable transportation solutions. Countries such as the United Arab Emirates are exploring the potential of electric trucks, particularly in the context of urban logistics and tourism. While the vast landscapes in some parts of the region pose challenges for electric truck deployment, initiatives to develop charging infrastructure and governmental support for clean energy indicate a shifting trend. The Middle East's focus on renewable energy sources, including solar power, creates opportunities for the integration of electric trucks into eco-friendly transportation initiatives.

South America is gradually entering the electric truck market, driven by an increasing awareness of environmental issues and a desire to reduce dependence on traditional fuel sources. Countries like Brazil and Mexico are witnessing a nascent but growing interest in electric trucks. The region's diverse topography, urbanization trends, and economic considerations influence the adoption patterns of electric trucks. Government policies supporting clean energy and sustainable transportation are expected to play a pivotal role in shaping the trajectory of electric truck penetration in South America. While challenges such as infrastructure development and economic constraints exist, the region holds promise for electric truck manufacturers looking to expand their global footprint.

Recent Developments

  • In July 2023, BYD announced a significant investment of 3 billion Brazilian reals (equivalent to $600 million) to establish operations in Camacari, near Bahia’s capital, Salvador. This investment aims to create over 5,000 job opportunities and facilitate the production of electric and hybrid cars, along with electric buses and trucks. The move underscores BYD's commitment to expanding its presence in the Brazilian market while contributing to the growth of sustainable transportation infrastructure in the region.
  • In March 2024, JAC Motors New Zealand launched its truck brand in the country with two dealerships' support. The brand, offering battery electric and diesel trucks, prioritized meeting local business needs. Through extensive testing, including thousands of kilometers of EV testing on local roads, they achieved over 200 kilometers fully loaded on a single charge, showcasing the vehicles' capabilities.

Key Market Players

  • BYD Company Ltd
  • AB Volvo
  • PACCAR Inc.
  • Volkswagen AG
  • Groupe Renault
  • Mercedes-Benz Group AG 
  • Dongfeng Motor Company
  • Isuzu Motors Ltd

 

By Propulsion Type

By Type

By End User

By Region
  • BEV
  • PHEV
  • FCEV
  • Light Duty Trucks
  • Medium Duty Trucks
  • Heavy Duty Trucks
  • Last-Mile Delivery
  • Long Haul Transportation
  • Refuse Services
  • Field Services
  • Distribution Services
  • North America
  • Europe & CIS
  • Asia Pacific
  • South America
  • Middle East & Africa

 

Report Scope:

In this report, the Global Electric Truck Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Electric Truck Market, Propulsion Type:

o   BEV

o   PHEV

o   FCEV

  • Electric Truck Market, By Type:

o   Light Duty Trucks

o   Medium Duty Trucks

o   Heavy Duty Trucks

  • Electric Truck Market, By End User:

o   Last-Mile Delivery

o   Long Haul Transportation

o   Refuse Services

o   Field Services

o   Distribution Services

  • Electric Truck Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe & CIS

§  Germany

§  Spain

§  France

§  Russia

§  Italy

§  United Kingdom

§  Belgium

o   Asia-Pacific

§  China

§  India

§  Japan

§  Indonesia

§  Thailand

§  Australia

§  South Korea

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  Turkey

§  Iran

§  Saudi Arabia

§  UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies presents in the Global Electric Truck Market.

Available Customizations:

Global Electric Truck Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global Electric Truck Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.     Introduction

1.1.  Product Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.     Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.     Executive Summary

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.     Impact of COVID-19 on Global Electric Truck Market

5.     Global Electric Truck Market Outlook

5.1.  Market Size & Forecast

5.1.1.    By Value

5.2.  Market Share & Forecast

5.2.1.    By Propulsion Type Market Share Analysis (BEV, PHEV, and FCEV)

5.2.2.    By Type Market Share Analysis (Light Duty Trucks, Medium Duty Trucks, and Heavy-Duty Trucks)

5.2.3.    By End User Market Share Analysis (Last-Mile Delivery, Long Haul Transportation, Refuse Services, Field Services, and Distribution Services)

5.2.4.    By Regional Market Share Analysis

5.2.4.1.        Asia-Pacific Market Share Analysis

5.2.4.2.        Europe & CIS Market Share Analysis

5.2.4.3.        North America Market Share Analysis

5.2.4.4.        South America Market Share Analysis

5.2.4.5.        Middle East & Africa Market Share Analysis

5.2.5.    By Company Market Share Analysis (Top 5 Companies, Others - By Value, 2023)

5.3.  Global Electric Truck Market Mapping & Opportunity Assessment

5.3.1.    By Propulsion Type Market Mapping & Opportunity Assessment

5.3.2.    By Type Market Mapping & Opportunity Assessment

5.3.3.    By End User Market Mapping & Opportunity Assessment

5.3.4.    By Regional Market Mapping & Opportunity Assessment

6.     Asia-Pacific Electric Truck Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Propulsion Type Market Share Analysis

6.2.2.    By Type Market Share Analysis

6.2.3.    By End User Market Share Analysis

6.2.4.    By Country Market Share Analysis

6.2.4.1.        China Market Share Analysis

6.2.4.2.        India Market Share Analysis

6.2.4.3.        Japan Market Share Analysis

6.2.4.4.        Indonesia Market Share Analysis

6.2.4.5.        Thailand Market Share Analysis

6.2.4.6.        South Korea Market Share Analysis

6.2.4.7.        Australia Market Share Analysis

6.2.4.8.        Rest of Asia-Pacific Market Share Analysis

6.3.  Asia-Pacific: Country Analysis

6.3.1.    China Electric Truck Market Outlook

6.3.1.1.        Market Size & Forecast

6.3.1.1.1.             By Value

6.3.1.2.        Market Share & Forecast

6.3.1.2.1.             By Propulsion Type Market Share Analysis

6.3.1.2.2.             By Type Market Share Analysis

6.3.1.2.3.             By End User Market Share Analysis

6.3.2.    India Electric Truck Market Outlook

6.3.2.1.        Market Size & Forecast

6.3.2.1.1.             By Value

6.3.2.2.        Market Share & Forecast

6.3.2.2.1.             By Propulsion Type Market Share Analysis

6.3.2.2.2.             By Type Market Share Analysis

6.3.2.2.3.             By End User Market Share Analysis

6.3.3.    Japan Electric Truck Market Outlook

6.3.3.1.        Market Size & Forecast

6.3.3.1.1.             By Value

6.3.3.2.        Market Share & Forecast

6.3.3.2.1.             By Propulsion Type Market Share Analysis

6.3.3.2.2.             By Type Market Share Analysis

6.3.3.2.3.             By End User Market Share Analysis

6.3.4.    Indonesia Electric Truck Market Outlook

6.3.4.1.        Market Size & Forecast

6.3.4.1.1.             By Value

6.3.4.2.        Market Share & Forecast

6.3.4.2.1.             By Propulsion Type Market Share Analysis

6.3.4.2.2.             By Type Market Share Analysis

6.3.4.2.3.             By End User Market Share Analysis

6.3.5.    Thailand Electric Truck Market Outlook

6.3.5.1.        Market Size & Forecast

6.3.5.1.1.             By Value

6.3.5.2.        Market Share & Forecast

6.3.5.2.1.             By Propulsion Type Market Share Analysis

6.3.5.2.2.             By Type Market Share Analysis

6.3.5.2.3.             By End User Market Share Analysis

6.3.6.    South Korea Electric Truck Market Outlook

6.3.6.1.        Market Size & Forecast

6.3.6.1.1.             By Value

6.3.6.2.        Market Share & Forecast

6.3.6.2.1.             By Propulsion Type Market Share Analysis

6.3.6.2.2.             By Type Market Share Analysis

6.3.6.2.3.             By End User Market Share Analysis

6.3.7.    Australia Electric Truck Market Outlook

6.3.7.1.        Market Size & Forecast

6.3.7.1.1.             By Value

6.3.7.2.        Market Share & Forecast

6.3.7.2.1.             By Propulsion Type Market Share Analysis

6.3.7.2.2.             By Type Market Share Analysis

6.3.7.2.3.             By End User Market Share Analysis

7.     Europe & CIS Electric Truck Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Propulsion Type Market Share Analysis

7.2.2.    By Type Market Share Analysis

7.2.3.    By End User Market Share Analysis

7.2.4.    By Country Market Share Analysis

7.2.4.1.        Germany Market Share Analysis

7.2.4.2.        Spain Market Share Analysis

7.2.4.3.        France Market Share Analysis

7.2.4.4.        Russia Market Share Analysis

7.2.4.5.        Italy Market Share Analysis

7.2.4.6.        United Kingdom Market Share Analysis

7.2.4.7.        Belgium Market Share Analysis

7.2.4.8.        Rest of Europe & CIS Market Share Analysis

7.3.  Europe & CIS: Country Analysis

7.3.1.    Germany Electric Truck Market Outlook

7.3.1.1.        Market Size & Forecast

7.3.1.1.1.             By Value

7.3.1.2.        Market Share & Forecast

7.3.1.2.1.             By Propulsion Type Market Share Analysis

7.3.1.2.2.             By Type Market Share Analysis

7.3.1.2.3.             By End User Market Share Analysis

7.3.2.    Spain Electric Truck Market Outlook

7.3.2.1.        Market Size & Forecast

7.3.2.1.1.             By Value

7.3.2.2.        Market Share & Forecast

7.3.2.2.1.             By Propulsion Type Market Share Analysis

7.3.2.2.2.             By Type Market Share Analysis

7.3.2.2.3.             By End User Market Share Analysis

7.3.3.    France Electric Truck Market Outlook

7.3.3.1.        Market Size & Forecast

7.3.3.1.1.             By Value

7.3.3.2.        Market Share & Forecast

7.3.3.2.1.             By Propulsion Type Market Share Analysis

7.3.3.2.2.             By Type Market Share Analysis

7.3.3.2.3.             By End User Market Share Analysis

7.3.4.    Russia Electric Truck Market Outlook

7.3.4.1.        Market Size & Forecast

7.3.4.1.1.             By Value

7.3.4.2.        Market Share & Forecast

7.3.4.2.1.             By Propulsion Type Market Share Analysis

7.3.4.2.2.             By Type Market Share Analysis

7.3.4.2.3.             By End User Market Share Analysis

7.3.5.    Italy Electric Truck Market Outlook

7.3.5.1.        Market Size & Forecast

7.3.5.1.1.             By Value

7.3.5.2.        Market Share & Forecast

7.3.5.2.1.             By Propulsion Type Market Share Analysis

7.3.5.2.2.             By Type Market Share Analysis

7.3.5.2.3.             By End User Market Share Analysis

7.3.6.    United Kingdom Electric Truck Market Outlook

7.3.6.1.        Market Size & Forecast

7.3.6.1.1.             By Value

7.3.6.2.        Market Share & Forecast

7.3.6.2.1.             By Propulsion Type Market Share Analysis

7.3.6.2.2.             By Type Market Share Analysis

7.3.6.2.3.             By End User Market Share Analysis

7.3.7.    Belgium Electric Truck Market Outlook

7.3.7.1.        Market Size & Forecast

7.3.7.1.1.             By Value

7.3.7.2.        Market Share & Forecast

7.3.7.2.1.             By Propulsion Type Market Share Analysis

7.3.7.2.2.             By Type Market Share Analysis

7.3.7.2.3.             By End User Market Share Analysis

8.     North America Electric Truck Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Propulsion Type Market Share Analysis

8.2.2.    By Type Market Share Analysis

8.2.3.    By End User Market Share Analysis

8.2.4.    By Country Market Share Analysis

8.2.4.1.        United States Market Share Analysis

8.2.4.2.        Mexico Market Share Analysis

8.2.4.3.        Canada Market Share Analysis

8.3.  North America: Country Analysis

8.3.1.    United States Electric Truck Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.             By Value

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.             By Propulsion Type Market Share Analysis

8.3.1.2.2.             By Type Market Share Analysis

8.3.1.2.3.             By End User Market Share Analysis

8.3.2.    Mexico Electric Truck Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.             By Value

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.             By Propulsion Type Market Share Analysis

8.3.2.2.2.             By Type Market Share Analysis

8.3.2.2.3.             By End User Market Share Analysis

8.3.3.    Canada Electric Truck Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.             By Value

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.             By Propulsion Type Market Share Analysis

8.3.3.2.2.             By Type Market Share Analysis

8.3.3.2.3.             By End User Market Share Analysis

9.     South America Electric Truck Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Propulsion Type Market Share Analysis

9.2.2.    By Type Market Share Analysis

9.2.3.    By End User Market Share Analysis

9.2.4.    By Country Market Share Analysis

9.2.4.1.        Brazil Market Share Analysis

9.2.4.2.        Argentina Market Share Analysis

9.2.4.3.        Colombia Market Share Analysis

9.2.4.4.        Rest of South America Market Share Analysis

9.3.  South America: Country Analysis

9.3.1.    Brazil Electric Truck Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.             By Value

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.             By Propulsion Type Market Share Analysis

9.3.1.2.2.             By Type Market Share Analysis

9.3.1.2.3.             By End User Market Share Analysis

9.3.2.    Colombia Electric Truck Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.             By Value

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.             By Propulsion Type Market Share Analysis

9.3.2.2.2.             By Type Market Share Analysis

9.3.2.2.3.             By End User Market Share Analysis

9.3.3.    Argentina Electric Truck Market Outlook

9.3.3.1.        Market Size & Forecast

9.3.3.1.1.             By Value

9.3.3.2.        Market Share & Forecast

9.3.3.2.1.             By Propulsion Type Market Share Analysis

9.3.3.2.2.             By Type Market Share Analysis

9.3.3.2.3.             By End User Market Share Analysis

10.  Middle East & Africa Electric Truck Market Outlook

10.1.             Market Size & Forecast

10.1.1. By Value

10.2.             Market Share & Forecast

10.2.1. By Propulsion Type Market Share Analysis

10.2.2. By Type Market Share Analysis

10.2.3. By End User Market Share Analysis

10.2.4. By Country Market Share Analysis

10.2.4.1.     Turkey Market Share Analysis

10.2.4.2.     Iran Market Share Analysis

10.2.4.3.     Saudi Arabia Market Share Analysis

10.2.4.4.     UAE Market Share Analysis

10.2.4.5.     Rest of Middle East & Africa Market Share Analysis

10.3.             Middle East & Africa: Country Analysis

10.3.1. Turkey Electric Truck Market Outlook

10.3.1.1.     Market Size & Forecast

10.3.1.1.1.          By Value

10.3.1.2.     Market Share & Forecast

10.3.1.2.1.          By Propulsion Type Market Share Analysis

10.3.1.2.2.          By Type Market Share Analysis

10.3.1.2.3.          By End User Market Share Analysis

10.3.2. Iran Electric Truck Market Outlook

10.3.2.1.     Market Size & Forecast

10.3.2.1.1.          By Value

10.3.2.2.     Market Share & Forecast

10.3.2.2.1.          By Propulsion Type Market Share Analysis

10.3.2.2.2.          By Type Market Share Analysis

10.3.2.2.3.          By End User Market Share Analysis

10.3.3. Saudi Arabia Electric Truck Market Outlook

10.3.3.1.     Market Size & Forecast

10.3.3.1.1.          By Value

10.3.3.2.     Market Share & Forecast

10.3.3.2.1.          By Propulsion Type Market Share Analysis

10.3.3.2.2.          By Type Market Share Analysis

10.3.3.2.3.          By End User Market Share Analysis

10.3.4. UAE Electric Truck Market Outlook

10.3.4.1.     Market Size & Forecast

10.3.4.1.1.          By Value

10.3.4.2.     Market Share & Forecast

10.3.4.2.1.          By Propulsion Type Market Share Analysis

10.3.4.2.2.          By Type Market Share Analysis

10.3.4.2.3.          By End User Market Share Analysis

11.  SWOT Analysis

11.1.             Strength

11.2.             Weakness

11.3.             Opportunities

11.4.             Threats

12.  Market Dynamics

12.1.             Market Drivers

12.2.             Market Challenges

13.  Market Trends and Developments

14.  Competitive Landscape

14.1.             Company Profiles (Up to 10 Major Companies)

14.1.1. BYD Company Ltd

14.1.1.1.     Company Details

14.1.1.2.     Key Product Offered

14.1.1.3.     Financials (As Per Availability)

14.1.1.4.     Recent Developments

14.1.1.5.     Key Management Personnel

14.1.2. AB Volvo

14.1.2.1.     Company Details

14.1.2.2.     Key Product Offered

14.1.2.3.     Financials (As Per Availability)

14.1.2.4.     Recent Developments

14.1.2.5.     Key Management Personnel

14.1.3. PACCAR Inc.

14.1.3.1.     Company Details

14.1.3.2.     Key Product Offered

14.1.3.3.     Financials (As Per Availability)

14.1.3.4.     Recent Developments

14.1.3.5.     Key Management Personnel

14.1.4.  Volkswagen AG

14.1.4.1.     Company Details

14.1.4.2.     Key Product Offered

14.1.4.3.     Financials (As Per Availability)

14.1.4.4.     Recent Developments

14.1.4.5.     Key Management Personnel

14.1.5.  Groupe Renault

14.1.5.1.     Company Details

14.1.5.2.     Key Product Offered

14.1.5.3.     Financials (As Per Availability)

14.1.5.4.     Recent Developments

14.1.5.5.     Key Management Personnel

14.1.6. Dongfeng Motor Company

14.1.6.1.     Company Details

14.1.6.2.     Key Product Offered

14.1.6.3.     Financials (As Per Availability)

14.1.6.4.     Recent Developments

14.1.6.5.     Key Management Personnel

14.1.7.  Mercedes-Benz Group AG 

14.1.7.1.     Company Details

14.1.7.2.     Key Product Offered

14.1.7.3.     Financials (As Per Availability)

14.1.7.4.     Recent Developments

14.1.7.5.     Key Management Personnel

14.1.8.  Isuzu Motors Ltd

14.1.8.1.     Company Details

14.1.8.2.     Key Product Offered

14.1.8.3.     Financials (As Per Availability)

14.1.8.4.     Recent Developments

14.1.5.5.     Key Management Personnel

15.  Strategic Recommendations

15.1.             Key Focus Areas

15.1.1. Target Regions

15.1.2. Target Propulsion Type

15.1.3. Target End User

16. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The Global Electric Truck Market size reached USD 11.83 Billion in 2023.

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Battery Electric Vehicles (BEVs) are dominated the propulsion type landscape in the electric truck market. BEVs, relying solely on electric batteries for propulsion, have gained significant traction due to advancements in battery technology, offering a zero-emission solution that aligns with sustainability goals.

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Europe & CIS emerged as the primary region in the Global Electric Truck Market, propelled by a strong dedication to sustainability, strict emission regulations, and significant government incentives. Leading European nations like Germany and the Netherlands are at the forefront of embracing electric trucks. Europe's advanced charging infrastructure and collaborative initiatives between manufacturers and policymakers further cement its role in shaping the future of electric truck technology and deployment.

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The Global Electric Truck Market is driven by Government Regulations and Incentives, Total Cost of Ownership Benefits, Advancements in Battery Technology, Environmental Sustainability Initiatives, Rising Fuel Prices and Volatility, Advocacy from Environmental Groups, Technological Collaboration and Innovation, Urbanization and Last-Mile Delivery Demands.

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Srishti Verma

Business Consultant
Press Release

Electric Truck Market to Grow with a CAGR of 7.64% Through 2029

Mar, 2024

Growing concerns about climate change and stringent emission regulations worldwide drive the adoption of electric trucks, while supportive policies are the factors driving market in the forecast peri

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