Electric Truck Market Size Was Valued at USD 3.19 Billion in 2023, and is Projected to Reach USD 10.28 Billion by 2030, Growing at a CAGR of 18.2% from 2024-2030.
Commercial vehicles with electric propulsion systems that take the place of conventional internal combustion engines are known as electric trucks, or e-trucks. These vehicles are a cleaner and greener option than traditional diesel or gasoline-fueled trucks since they run on electrically operated motors that are powered by batteries. Nowadays, electric cars are starting to play a part in the greater shift in transportation toward sustainability. As more people gain access to mobile internet, battery and charging infrastructure advancements continue to remove barriers to electric mobility. As a result, these vehicles continue to advance rapidly. They can be employed in a variety of capacities, including commercial transportation, freight hauling, and product delivery. They also provide an eco-friendly replacement for those dusky diesel trucks of old.
This Electric Truck Market Report includes information on the manufacturer, such as shipping, pricing, revenue, interview records, gross profit, and company distribution, among other things. These details assist consumers to learn more about their rivals. Likewise, the report outlines the significant difficulties that would have an influence market growth. They also give extensive facts about the industry's potential to key stakeholders, allowing them to expand their industries and increase sales in certain industries. The research will assist companies who are already in or want to enter this market in analyzing the many facets of this domain before investing in or growing their industry in the Electric Truck markets.
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Trends in the Electric Truck Market and Its Drivers
Growth in the automotive sector and rising consumer demand for hybrid and electric cars (H/EVs) are two of the main reasons supporting the market's optimistic outlook. In addition, governments across the globe are launching programs to reduce fossil fuel usage, which promotes the uptake of electric vehicles. Consequently, this is propelling the industry and helping to reduce greenhouse gas emissions. Additionally, the market is expanding due to the advancement of electronic charging infrastructure and the incorporation of magnetic resonance in wireless car charging.
Leading players involved in the Electric Truck Market include:
- PACCAR Inc. (United States)
- Navistar International (United States)
- Tesla (United States)
- Rivian (United States)
- Nikola Corporation (United States)
- Bollinger Motors (United States)
- Xos Trucks (United States)
- Workhorse Group (United States)
- Motiv Power Systems (United States)
- Lightning eMotors (United States)
- Daimler AG (Germany)
- Volvo Group (Sweden)
- Traton SE (Germany)
- Einride (Sweden)
- Arrival (United Kingdom)
- Tevva Motors (United Kingdom)
- BYD Auto Co. Ltd (China)
- Dongfeng Motor Corporation (China)
- FAW Group (China)
- Hino Motors (Japan)
- SEA Electric (Australia), and Other Active Players.
The latest report on the Electric Truck Market provides a detailed analysis of the market for the years 2024 to 2032. It presents a comprehensive overview of the global Electric Truck industry, incorporating all key industry trends, market dynamics, competitive landscape, and market analysis tools such as Porter's five forces analysis, Industry Value chain analysis, and PESTEL analysis of the Electric Truck market. Moreover, the research covers crucial chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to grasp the market direction and development in the present and forthcoming years.
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The detailed segments and sub-segment of the market are explained below:
By Propulsion
- Battery electric vehicle
- Hybrid electric vehicle
- Plug-in hybrid electric vehicle
- Fuel cell electric vehicle
By Vehicle type
- Light-duty electric truck
- Medium-duty electric truck
- Heavy-duty electric truck
By Range
- 0-150 miles
- 151-300 miles
- 300 miles above
An in-depth study of the Electric Truck industry for the years 2024–2032 is provided in the latest research. North America, Europe, Asia-Pacific, South America, the Middle East, and Africa are only some of the regions included in the report's segmented and regional analyses. The research also includes key insights including market trends and potential opportunities based on these major insights. All these quantitative data, such as market size and revenue forecasts, and qualitative data, such as customers' values, needs, and buying inclinations, are integral parts of any thorough market analysis.
By Regions: -
- North America (US, Canada, Mexico)
- Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
- Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
- Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
- Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
- South America (Brazil, Argentina, Rest of SA)
According to volume projections, the electric pickup truck market is expected to be one of the biggest. The need for cleaner car options is growing in both developed and emerging nations, which will likely lead to a sharp increase in the electric truck market in the near future. Additionally, there is a significant need for last-mile transportation and distribution services including light- and medium-duty electric trucks. Over the course of the forecast period, the market for electric trucks is anticipated to be driven by the expansion of the distribution services and e-commerce sectors.
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