The global electric truck market reached a value of US$ 426.8 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 1923.2 Million by 2027, exhibiting a CAGR of 30.15% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

Electric truck refers to a commercial vehicle operating on rechargeable batteries. It consists of an electric motor to power the vehicle using high-voltage batteries. They are commonly available in light-, medium- and heavy-duty variants with varying speed capacities. Novel electric trucks are also available in hybrid variants, which operate through both fuel-gas and battery-operated engines. In comparison to the fuel-based alternatives, electric trucks are more cost-effective, reliable and have minimal vehicular noise and carbon emissions. These trucks are also manufactured using light-weight materials, have regenerative braking systems and are equipped with automatic start and stop facilities.

Significant growth in the automotive industry, along with the increasing consumer preference for hybrid and electric vehicles (H/EV), is one of the key factors creating a positive outlook for the market. Furthermore, the implementation of favorable government policies promoting e-mobility and minimizing the dependency on fossil fuels, especially in the developing economies, is providing a thrust to the market growth. Governments of various nations are launching schemes to encourage automobile manufacturers to develop electronic trucks that do not require diesel fuel consumption and can assist in minimizing greenhouse gas (GHG) emissions. Various technological advancements, such as improvements in the electronic charging infrastructure and the utilization of magnetic resonance for wireless vehicle charging, are acting as other growth-inducing factors. Moreover, growth in the e-commerce, retail and manufacturing industries, along with extensive research and development (R&D) activities, are some of the other factors anticipated to drive the market further.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global electric truck market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on vehicle type, propulsion, range and application.

Breakup by Vehicle Type:

Light-duty Truck
Medium-duty Truck
Heavy-duty Truck

Breakup by Propulsion:

Battery Electric Truck
Hybrid Electric Truck
Plug-in Hybrid Electric Truck
Fuel Cell Electric Truck

Breakup by Range:

0-150 Miles
151-300 Miles
Above 300 Miles

Breakup by Application:

Logistics
Municipal
Construction
Mining
Others

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

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being AB Volvo, BYD Company Ltd., Daimler AG, FAW Group Co. Ltd., Isuzu Motors Ltd, Navistar Inc., PACCAR Inc., Rivian Automotive Inc., Scania AB (Volkswagen AG), Tata Motors Limited, Tesla Inc. and Tevva Motors Limited. Key Questions Answered in This Report:
How has the global electric truck market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global electric truck market?
What are the key regional markets?
What is the breakup of the market based on the vehicle type?
What is the breakup of the market based on the propulsion?
What is the breakup of the market based on the range?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global electric truck market and who are the key players?
What is the degree of competition in the industry?