[181 Pages Report] The Electric Trucks Market size was estimated at USD 17.78 billion in 2023 and expected to reach USD 22.32 billion in 2024, at a CAGR 27.28% to reach USD 96.27 billion by 2030.
Electric trucks are charged by an electric motor that draws electricity from a battery and can be powered from an external source. Electric trucks transport cargo, carry specialized payloads, or perform utilitarian work. Governments worldwide are taking initiatives to encourage the adoption of e-mobility solutions, including electric trucks, to reduce the use of conventional trucks that contribute to harmful GHG emissions. The increasing focus of nations worldwide to expand the EV charging infrastructure encourages the adoption of electric trucks. However, high manufacturing and maintenance costs and longer charging times of electric trucks may limit end-user adoption. Moreover, the improvements in lithium power ion batteries and the integration of advanced technologies in electric trucks are expected to accelerate their use worldwide.
Regional Insights
The adoption of electric trucks is growing in the Americas owing to new government initiatives to achieve net-zero emissions and ongoing activities to expand the electric vehicle charging infrastructure. For instance, in February 2023, the U.S. government announced plans to build a national network of 500,000 electric vehicle chargers along America’s highways. The governments in the region have announced plans to reduce greenhouse gas (GHG) emissions by 2030 and reach net-zero emissions by 2050, which is expected to boost the adoption of electric trucks in the EMEA region. The electric trucks in APAC are expected to grow rapidly owing to rising fuel consumption, air pollution, and greenhouse gas emissions. Additionally, the ongoing advancements in electric trucks integrated with cutting-edge technologies to improve driver safety are expected to create immense potential for adopting electric trucks worldwide.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Electric Trucks Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Electric Trucks Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Electric Trucks Market, highlighting leading vendors and their innovative profiles. These include AB Volvo, Alk? s.r.l., BAIC Foton Motor Co., Ltd, Bollinger Motors, Inc., BYD Motors Inc., DAF Trucks N.V., Daimler Truck AG, Dongfeng Commercial Vehicles Co., Ltd., Epiroc Group, FCA US LLC, Ford Motor Company, General Motors, HW ELECTRO Co., Ltd., Isuzu Motors Ltd., Iveco S.p.A., JAC Motors, Lion Electric Company, Mack Trucks, Inc., Mercedes-Benz Group AG, Mitsubishi Fuso Truck and Bus Corporation, Navistar, Inc., Nikola Corporation, Nissan Motor Co., Ltd., Orange EV, Paccar Inc, Proterra Inc., Riviann LLC, Scania CV AB, SEA Electric Group, Tata Motors Limited, Tesla, Inc., Tevva Motors Limited, Toyota Motor Corporation, Volkswagen AG, Volta Trucks AB, Workhorse Group, Inc., and Xos, Inc..
Market Segmentation & Coverage
This research report categorizes the Electric Trucks Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Propulsion Type
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-in Hybrid Electric Vehicle
- Vehicle Type
- Heavy-Duty Electric Truck
- Light-Duty Electric Truck
- Medium-Duty Electric Truck
- Range
- 151-300 Miles
- Above 300 Miles
- Upto 150 Miles
- Automation
- Level 0 (No Driving Automation)
- Level 1 (Driver Assistance)
- Level 2 (Partial Driving Automation)
- Level 3 (Conditional Driving Automation)
- Level 4 (High Driving Automation)
- Level 5 (Full Driving Automation)
- End-Use
- Distribution Services
- Field Services
- Last Mile Delivery
- Long Haul Transportation
- Refuse Services
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report offers valuable insights on the following aspects:
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The report addresses key questions such as:
- What is the market size and forecast of the Electric Trucks Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Electric Trucks Market?
- What are the technology trends and regulatory frameworks in the Electric Trucks Market?
- What is the market share of the leading vendors in the Electric Trucks Market?
- Which modes and strategic moves are suitable for entering the Electric Trucks Market?
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