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 2025–2034
Report Snapshot
| Study Period: | 2025-2034 |
| Fastest Growing Market: | North America |
| Largest Market: | Asia-Pacific |
Major Players
- AB Volvo
- Daimler AG
- BYD Company Ltd
- FAW Group Co. Ltd.
- Others
Reports Description
The rising demand for self-driven electric trucks is boosting the market’s growth
According to Custom Market Insights (CMI), the Global Electric Truck Market size was estimated at USD 4.5 Billion in 2021 and is expected to reach USD 6.6 billion in 2022 and is expected to hit around USD 27.5 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 30% from 2022 to 2030. The report examines the Electric Truck market’s drivers and restraints, as well as their impact analysis. Also, the report mentions global opportunities prevailing in the Electric Truck market.
Electric Truck Market: Overview
The most recent model of fuel- and gasoline-free vehicles are electric trucks. Fuel shortages have led to a significant increase in the market acceptance of electric vehicles. The global electric truck market is anticipated to increase in the near future as a result of strict rules and norms linked to pollution, global warming, and greenhouse gas emissions.
Electric Truck Market: COVID–19 Impact Analysis
When vehicle sales substantially decreased as a result of lockdowns in the early months of the epidemic, the whole automobile market incurred losses. However, in the second half of 2020, sales rose, and, in most cases, the losses from those earlier months were reduced. Due to the global trend toward increasing vehicle electrification in 2020 and 2021, there was an increase in the sales of electric vehicles. Thus, the pandemic had a smaller impact on this industry. Similarly, the demand for electric trucks fell in the first half of 2020 before rising later.
Component production was also stopped during the COVID-19 epidemic because small Tier II and Tier III manufacturers were cash-strapped. As a result, production stopped during the epidemic, which was followed by a decline in demand. This could have a significant effect on Electric Truck firms. The second wave in India also had an impact on auto sales, which slowed the expansion of the Electric Truck sector.
Electric Truck Market: Growth Drivers
Rising demand for self-driven electric trucks
Self-driving cars are a recent trend that is expanding on a global scale. The self-driving electric trucks assist drivers in operating vehicles safely and easily. The major market participants are widely introducing self-driving electric trucks. The market for electric trucks is expanding as a result of consumer desire for self-driving vehicles with cutting-edge capabilities. As a result, throughout the projected period, the worldwide electric truck market will rise due to the rising demand for self-driving electric trucks.
Need for sustainable mobility
The introduction of electric trucks (such as longer-range battery-electric and fuel-cell electric trucks) and other electric vehicles for demanding and heavy long-haul operations are being encouraged by the increased adoption of sustainable transportation. Between 2022 and 2030, hydrogen fuel cell-powered electric trucks are anticipated to be commercially available. It is necessary to switch from fossil fuels to alternatives like electricity quickly in order to mitigate the effects of climate change on transportation. As a result, most transportation companies will probably switch to electric vehicles gradually. Several of these will have a mixed fleet of trucks that are powered by various fuels during the transition.
Governments will be able to accomplish the Sustainable Development Goals (SDGs) set forth by the United Nations thanks to energy savings made possible by cleaner, more efficient transportation. Like other electric cars, electric trucks will help reduce tailpipe pollution and dependence on fossil fuels, while boosting community health, providing energy security, and enhancing employment & skill-upgrading opportunities. Goals for renewable energy and electric mobility can be combined to further reduce carbon emissions in the transportation sector. By providing EV charging infrastructure and switching fleet vehicles to electric trucks, businesses and government organizations in Europe and developing countries may play a significant role in reducing global greenhouse gas emissions and fostering the use of electric trucks.
Electric Truck Market: Segmentation Analysis
In our research scope, the global Electric Truck market is segmented into propulsion, vehicle type, range, and automation level. Based on propulsion, in 2021, the battery electric truck segment led the market for electric trucks. Battery electric trucks are defined as electric vehicles that use batteries to power their engines. The lithium-ion, lead-acid, nickel-metal hydride, and ultracapacitor batteries are utilized in electric trucks. The government is encouraging the use of electric vehicles that operate on batteries due to the growing relevance of renewable energy. This results in significant fuel savings. Battery-electric vehicle development is also being facilitated by technological advancements. As a result, during the time of the forecast, this will fuel the segment’s expansion.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 4.5 Billion |
| Projected Market Size in 2030 | USD 27.5 Billion |
| Market Size in 2022 | USD 6.6 Billion |
| CAGR Growth Rate | 30% CAGR (2025-2034) |
| Base Year | 2023 |
| Forecast Period | 2025-2034 |
| Prominent Players | AB Volvo, Daimler AG, BYD Company Ltd, FAW Group Co. Ltd., Navistar Inc., Proterra Inc., Tesla Inc., PACCAR Inc., Rivian, Scania, and Others |
| Key Segment | By Propulsion, Vehicle Type, Range, Automation Level, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors, and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfill your requirements for research. |
Key Insights:
- As per the analysis shared by our research analyst, the Electric Truck market is estimated to grow annually at a CAGR of around 30% over the forecast period (2025-2034).
- In terms of revenue, the Electric Truck market size was valued at around USD 4.5 billion in 2021 and is projected to reach USD 27.5 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- The Electric Truck market research offers a comprehensive analysis of the present market and projections through 2020–2030 to help find possibilities to profit from the existing market.
- The study includes data on the major market drivers, challenges, and opportunities, as well as their effects.
- The study elaborates on the SWOT analysis and Porter’s Five Forces model.
- The market study’s value chain analysis gives a comprehensive picture of the stakeholder’s responsibilities.
Recent Development
- August 2021: A heavy-duty vehicle production plant owned by Jiangling Motors Co., Ltd.’s Chinese subsidiary JMC Heavy Duty Vehicle Co., Ltd., was purchased by Volvo Trucks. A manufacturing facility in Taiyuan, Shanxi Province, China, is also part of the deal. By the end of 2022, Taiyuan hopes to start producing brand-new heavy-duty Volvo FH, FM, and FMX trucks for Chinese consumers.
- September 2021: At the ACT Expo in California, BYD revealed two cutting-edge battery-electric heavy-duty trucks. ADAS are standard equipment on vehicles, which makes driving simpler and safer.
Regional Landscape
In 2021, the global electric truck market was dominated by Asia-Pacific. In the Asia-Pacific area, China is the market leader for electric trucks. The market for electric trucks is expanding quickly as a result of the quick industrialization and urbanization processes. The market for electric trucks is expanding in the Asia-Pacific area due to additional factors such as stringent government regulations and legislation against pollution and global warming, significant government and industry spending on R&D, and rising public awareness. The government also gives market participants subsidies and incentives.
Competitive Landscape
The market is defined by its fierce competition and the presence of both big and small firms. Dongfeng Motor Corporation, Daimler AG, BYD Auto Co. Ltd., PACCAR Inc., and Scania are some of the major companies that controlled the market. These companies serve the municipal, transportation, and logistics industries and provide a wide selection of electric trucks. The manufacturers of fuel cell electric trucks with superior long-distance range are also the focus of the market players. The main strategy of these players has continued to be the introduction of new products and upgrades to the current trucks.
Prominent Players:
- AB Volvo
- Daimler AG
- BYD Company Ltd
- FAW Group Co. Ltd.
- Navistar Inc.
- Proterra Inc.
- Tesla Inc.
- PACCAR Inc.
- Rivian
- Scania
The global Electric Truck market is segmented as follows:
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
By Region
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research Methodology
- 1.3.1 Market Research Type
- 1.3.2 Market research Methodology
- Chapter 2. Executive Summary
- 2.1 Global Electric Truck Market, (2025 – 2034) (USD Billion)
- 2.2 Global Electric Truck Market : snapshot
- Chapter 3. Global Electric Truck Market – Industry Analysis
- 3.1 Electric Truck Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Rising demand for self-driven electric trucks
- 3.2.2 Need for sustainable mobility.
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market attractiveness analysis By Propulsion
- 3.7.2 Market attractiveness analysis By Vehicle Type
- 3.7.3 Market attractiveness analysis By Range
- 3.7.4 Market attractiveness analysis By Automation Level
- Chapter 4. Global Electric Truck Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Electric Truck Market: company market share, 2025
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Electric Truck Market – Propulsion Analysis
- 5.1 Global Electric Truck Market overview: By Propulsion
- 5.1.1 Global Electric Truck Market share, By Propulsion , 2025 and 2034
- 5.2 Battery Electric Vehicle
- 5.2.1 Global Electric Truck Market by Battery Electric Vehicle, 2022 – 2030 (USD Billion)
- 5.3 Fuel Cell Electric Vehicle
- 5.3.1 Global Electric Truck Market by Fuel Cell Electric Vehicle, 2022 – 2030 (USD Billion)
- 5.4 Plug-in Hybrid Electric Vehicle
- 5.4.1 Global Electric Truck Market by Plug-in Hybrid Electric Vehicle, 2022 – 2030 (USD Billion)
- 5.1 Global Electric Truck Market overview: By Propulsion
- Chapter 6. Global Electric Truck Market – Vehicle Type Analysis
- 6.1 Global Electric Truck Market overview: By Vehicle Type
- 6.1.1 Global Electric Truck Market share, By Vehicle Type , 2025 and 2034
- 6.2 Medium & HCV
- 6.2.1 Global Electric Truck Market by Medium & HCV, 2022 – 2030 (USD Billion)
- 6.3 LCV
- 6.3.1 Global Electric Truck Market by LCV, 2022 – 2030 (USD Billion)
- 6.1 Global Electric Truck Market overview: By Vehicle Type
- Chapter 7. Global Electric Truck Market – Range Analysis
- 7.1 Global Electric Truck Market overview: By Range
- 7.1.1 Global Electric Truck Market share, By Range , 2025 and 2034
- 7.2 Less than 200 Miles
- 7.2.1 Global Electric Truck Market by Less than 200 Miles, 2022 – 2030 (USD Billion)
- 7.3 More than 200 Miles
- 7.3.1 Global Electric Truck Market by More than 200 Miles, 2022 – 2030 (USD Billion)
- 7.1 Global Electric Truck Market overview: By Range
- Chapter 8. Global Electric Truck Market – Automation Level Analysis
- 8.1 Global Electric Truck Market overview: By Automation Level
- 8.1.1 Global Electric Truck Market share, By Automation Level , 2025 and 2034
- 8.2 Semi-Autonomous
- 8.2.1 Global Electric Truck Market by Semi-Autonomous, 2022 – 2030 (USD Billion)
- 8.3 Fully Autonomous
- 8.3.1 Global Electric Truck Market by Fully Autonomous, 2022 – 2030 (USD Billion)
- 8.1 Global Electric Truck Market overview: By Automation Level
- Chapter 9. Electric Trucks Industry – Regional Analysis
- 9.1 Global Electric Trucks Industry Regional Overview
- 9.2 Global Electric Trucks Industry Share, by Region, 2025 & 2030 (USD Billion)
- 9.3. North America
- 9.3.1 North America Electric Trucks Industry, 2022 – 2030 (USD Billion)
- 9.3.1.1 North America Electric Trucks Industry, by Country, 2022 – 2030 (USD Billion)
- 9.3.1 North America Electric Trucks Industry, 2022 – 2030 (USD Billion)
- 9.4 North America Electric Trucks Industry, by Propulsion , 2022 – 2030
- 9.4.1 North America Electric Trucks Industry, by Propulsion , 2022 – 2030 (USD Billion)
- 9.5 North America Electric Trucks Industry, by Vehicle Type , 2022 – 2030
- 9.5.1 North America Electric Trucks Industry, by Vehicle Type , 2022 – 2030 (USD Billion)
- 9.6 North America Electric Trucks Industry, by Range , 2022 – 2030
- 9.6.1 North America Electric Trucks Industry, by Range , 2022 – 2030 (USD Billion)
- 9.7 North America Electric Trucks Industry, by Automation Level , 2022 – 2030
- 9.7.1 North America Electric Trucks Industry, by Automation Level , 2022 – 2030 (USD Billion)
- 9.8. Europe
- 9.8.1 Europe Electric Trucks Industry, 2022 – 2030 (USD Billion)
- 9.8.1.1 Europe Electric Trucks Industry, by Country, 2022 – 2030 (USD Billion)
- 9.8.1 Europe Electric Trucks Industry, 2022 – 2030 (USD Billion)
- 9.9 Europe Electric Trucks Industry, by Propulsion , 2022 – 2030
- 9.9.1 Europe Electric Trucks Industry, by Propulsion , 2022 – 2030 (USD Billion)
- 9.10 Europe Electric Trucks Industry, by Vehicle Type , 2022 – 2030
- 9.10.1 Europe Electric Trucks Industry, by Vehicle Type , 2022 – 2030 (USD Billion)
- 9.11 Europe Electric Trucks Industry, by Range , 2022 – 2030
- 9.11.1 Europe Electric Trucks Industry, by Range , 2022 – 2030 (USD Billion)
- 9.12 Europe Electric Trucks Industry, by Automation Level , 2022 – 2030
- 9.12.1 Europe Electric Trucks Industry, by Automation Level , 2022 – 2030 (USD Billion)
- 9.13. Asia Pacific
- 9.13.1 Asia Pacific Electric Trucks Industry, 2022 – 2030 (USD Billion)
- 9.13.1.1 Asia Pacific Electric Trucks Industry, by Country, 2022 – 2030 (USD Billion)
- 9.13.1 Asia Pacific Electric Trucks Industry, 2022 – 2030 (USD Billion)
- 9.14 Asia Pacific Electric Trucks Industry, by Propulsion , 2022 – 2030
- 9.14.1 Asia Pacific Electric Trucks Industry, by Propulsion , 2022 – 2030 (USD Billion)
- 9.15 Asia Pacific Electric Trucks Industry, by Vehicle Type , 2022 – 2030
- 9.15.1 Asia Pacific Electric Trucks Industry, by Vehicle Type , 2022 – 2030 (USD Billion)
- 9.16 Asia Pacific Electric Trucks Industry, by Range , 2022 – 2030
- 9.16.1 Asia Pacific Electric Trucks Industry, by Range , 2022 – 2030 (USD Billion)
- 9.17 Asia Pacific Electric Trucks Industry, by Automation Level , 2022 – 2030
- 9.17.1 Asia Pacific Electric Trucks Industry, by Automation Level , 2022 – 2030 (USD Billion)
- 9.18. Latin America
- 9.18.1 Latin America Electric Trucks Industry, 2022 – 2030 (USD Billion)
- 9.18.1.1 Latin America Electric Trucks Industry, by Country, 2022 – 2030 (USD Billion)
- 9.18.1 Latin America Electric Trucks Industry, 2022 – 2030 (USD Billion)
- 9.19 Latin America Electric Trucks Industry, by Propulsion , 2022 – 2030
- 9.19.1 Latin America Electric Trucks Industry, by Propulsion , 2022 – 2030 (USD Billion)
- 9.20 Latin America Electric Trucks Industry, by Vehicle Type , 2022 – 2030
- 9.20.1 Latin America Electric Trucks Industry, by Vehicle Type , 2022 – 2030 (USD Billion)
- 9.21 Latin America Electric Trucks Industry, by Range , 2022 – 2030
- 9.21.1 Latin America Electric Trucks Industry, by Range , 2022 – 2030 (USD Billion)
- 9.22 Latin America Electric Trucks Industry, by Automation Level , 2022 – 2030
- 9.22.1 Latin America Electric Trucks Industry, by Automation Level , 2022 – 2030 (USD Billion)
- 9.23. The Middle-East and Africa
- 9.23.1 The Middle-East and Africa Electric Trucks Industry, 2022 – 2030 (USD Billion)
- 9.23.1.1 The Middle-East and Africa Electric Trucks Industry, by Country, 2022 – 2030 (USD Billion)
- 9.23.1 The Middle-East and Africa Electric Trucks Industry, 2022 – 2030 (USD Billion)
- 9.24 The Middle-East and Africa Electric Trucks Industry, by Propulsion , 2022 – 2030
- 9.24.1 The Middle-East and Africa Electric Trucks Industry, by Propulsion , 2022 – 2030 (USD Billion)
- 9.25 The Middle-East and Africa Electric Trucks Industry, by Vehicle Type , 2022 – 2030
- 9.25.1 The Middle-East and Africa Electric Trucks Industry, by Vehicle Type , 2022 – 2030 (USD Billion)
- 9.26 The Middle-East and Africa Electric Trucks Industry, by Range , 2022 – 2030
- 9.26.1 The Middle-East and Africa Electric Trucks Industry, by Range , 2022 – 2030 (USD Billion)
- 9.27 The Middle-East and Africa Electric Trucks Industry, by Automation Level , 2022 – 2030
- 9.27.1 The Middle-East and Africa Electric Trucks Industry, by Automation Level , 2022 – 2030 (USD Billion)
- Chapter 10. Company Profiles
- 10.1 AB Volvo
- 10.1.1 Overview
- 10.1.2 Financials
- 10.1.3 Product Portfolio
- 10.1.4 Business Strategy
- 10.1.5 Recent Developments
- 10.2 Daimler AG
- 10.2.1 Overview
- 10.2.2 Financials
- 10.2.3 Product Portfolio
- 10.2.4 Business Strategy
- 10.2.5 Recent Developments
- 10.3 BYD Company Ltd
- 10.3.1 Overview
- 10.3.2 Financials
- 10.3.3 Product Portfolio
- 10.3.4 Business Strategy
- 10.3.5 Recent Developments
- 10.4 FAW Group Co. Ltd.
- 10.4.1 Overview
- 10.4.2 Financials
- 10.4.3 Product Portfolio
- 10.4.4 Business Strategy
- 10.4.5 Recent Developments
- 10.5 Navistar Inc.
- 10.5.1 Overview
- 10.5.2 Financials
- 10.5.3 Product Portfolio
- 10.5.4 Business Strategy
- 10.5.5 Recent Developments
- 10.6 Proterra Inc.
- 10.6.1 Overview
- 10.6.2 Financials
- 10.6.3 Product Portfolio
- 10.6.4 Business Strategy
- 10.6.5 Recent Developments
- 10.7 Tesla Inc.
- 10.7.1 Overview
- 10.7.2 Financials
- 10.7.3 Product Portfolio
- 10.7.4 Business Strategy
- 10.7.5 Recent Developments
- 10.8 PACCAR Inc.
- 10.8.1 Overview
- 10.8.2 Financials
- 10.8.3 Product Portfolio
- 10.8.4 Business Strategy
- 10.8.5 Recent Developments
- 10.9 Rivian
- 10.9.1 Overview
- 10.9.2 Financials
- 10.9.3 Product Portfolio
- 10.9.4 Business Strategy
- 10.9.5 Recent Developments
- 10.10 Scania.
- 10.10.1 Overview
- 10.10.2 Financials
- 10.10.3 Product Portfolio
- 10.10.4 Business Strategy
- 10.10.5 Recent Developments
- 10.1 AB Volvo
List Of Figures
Figures 1 to 27
List Of Tables
Tables 1 to 120
Prominent Players:
- AB Volvo
- Daimler AG
- BYD Company Ltd
- FAW Group Co. Ltd.
- Navistar Inc.
- Proterra Inc.
- Tesla Inc.
- PACCAR Inc.
- Rivian
- Scania
- Others
FAQs
“Asia-Pacific” region will lead the global Electric Truck market during the forecast period 2022 to 2030.
The key factors driving the market are rising demand for self-driven electric trucks and need for sustainable mobility.
The key players operating in the Electric Truck market are AB Volvo, Daimler AG, BYD Company Ltd, FAW Group Co. Ltd., Navistar Inc., Proterra Inc., Tesla Inc., PACCAR Inc., Rivian, Scania.
The global Electric Truck market is expanding growth with a CAGR of approximately 30% during the forecast period (2022 to 2030).
The global Electric Truck market size was valued at USD 4.5 Billion in 2021 and it is projected to reach around USD 27.5 Billion by 2030.