According to Custom Market Insights (CMI), the Global Electric Truck Market was valued at approximately USD 4.5 billion in 2021 and is projected to grow significantly to reach nearly USD 27.5 billion by 2030. This substantial growth is anticipated to occur at a compound annual growth rate (CAGR) of 30% over the forecast period spanning from 2022 to 2030.

The research report provides a comprehensive evaluation of the key driving forces and restraining factors influencing the electric truck market and further delivers an impact analysis of these elements. In addition, the report outlines various global business opportunities that are currently shaping the growth trajectory of the electric truck industry.

Electric Truck Market: Overview

The increasing pace of urbanization and industrialization across the globe has generated a heightened demand for electric trucks. These vehicles offer operational efficiency by being cost-effective and reducing transit time, which makes them particularly attractive for logistics and commercial fleet operations. Recognizing this market potential, major original equipment manufacturers (OEMs) are accelerating large-scale production of electric trucks. This expansion in manufacturing is playing a pivotal role in driving the growth and development of the global electric truck market.

Moreover, continual advancements in battery technologies are opening up new avenues for innovation within the sector. These technological improvements not only enhance the performance of electric trucks but also contribute to their growing popularity among commercial users and fleet operators.

Browse the full “Electric Truck Market Size, Trends and Insights By Propulsion (Battery Electric Vehicle, Fuel Cell Electric Vehicle, Plug-in Hybrid Electric Vehicle), By Vehicle Type (Medium & HCV, LCV), By Range (Less than 200 Miles, More than 200 Miles), By Automation Level (Semi-Autonomous, Fully Autonomous), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” report at:
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Growth Factors

One of the significant factors contributing to the growth of the electric truck market is the rising awareness and acceptance of electric mobility across the globe. With increasing concern over environmental degradation, both developed and developing nations are actively encouraging the use of electric vehicles through awareness campaigns and incentive programs. Governments are implementing policies that offer tax benefits to buyers of electric vehicles, further driving consumer interest.

In addition, governments are investing in the development of supportive infrastructure, such as electric charging stations, to facilitate the widespread adoption of electric trucks. These efforts are expected to accelerate the use of electric vehicles by making them more accessible and practical for commercial applications during the forecast period.

Another driver is the escalating cost of traditional fossil fuels, such as petrol, diesel, and gasoline, which is pushing both businesses and individuals to explore alternative transportation solutions. To align with this shift, leading automotive manufacturers are integrating renewable energy sources into electric truck production. For example, the concept of solar-powered electric trucks and charging stations is gaining momentum. Solar charging infrastructure is seen as a cost-effective alternative to conventional battery charging methods, offering long-term savings for end-users.

Segmental Overview

The global electric truck market is segmented based on propulsion type, vehicle type, range, and automation level.

By vehicle type, the market is divided into Light Commercial Vehicles (LCVs) and Medium & Heavy Commercial Vehicles (M&HCVs). Among these, the LCV segment dominated the market share in 2021. Leading manufacturers and component suppliers are increasingly focusing on transitioning to an electric-powered future. Rather than modifying existing combustion-engine platforms, several OEMs are now developing dedicated electric LCV platforms from the ground up. These new platform designs cater specifically to the operational needs and preferences of fleet operators.

This shift is being driven by the growing demand for customization options and the emergence of service-based business models. As such, the LCV segment continues to see rapid adoption across multiple industries seeking efficient, eco-friendly delivery and utility solutions.

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Regional Overview

Regionally, North America is expected to register a high CAGR during the forecast period of 2022–2030. The increasing demand for electric trucks used in logistics and delivery fleets is a key factor propelling the market forward in this region. Government incentives, environmental regulations, and improved infrastructure further support this upward trend.

Meanwhile, Europe is anticipated to witness the fastest market growth due to the rising adoption of electric pickup trucks in logistics and distribution sectors. European governments and regulatory bodies are enforcing stringent fuel efficiency and emissions standards. This is compelling OEMs and component manufacturers to develop trucks that are not only fuel-efficient but also compliant with environmental norms. As a result, automotive companies are heavily investing in the research and development of electric trucks that align with evolving regulatory requirements and customer expectations.

Competitive Landscape

The report includes a detailed competitive analysis of leading companies operating in the global electric truck market. This section presents in-depth insights into each key player’s financial health, product portfolios, and strategic positioning. Furthermore, it features benchmarking, SWOT analysis, recent developments, and market share analysis.

Some of the prominent players in the Electric Truck Market include:

  • AB Volvo

  • Daimler AG

  • BYD Company Ltd.

  • FAW Group Co., Ltd.

  • Navistar, Inc.

  • Proterra Inc.

  • Tesla, Inc.

  • PACCAR Inc.

  • Rivian

  • Scania

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