The global electric truck market is estimated to exceed US$ 1064.4 million in 2023 to US$ 8519.9 million by 2032, growing at a compound annual growth rate (CAGR) of 26% during the forecast period from 2024 to 2032.
Electric trucks are commercial vehicles powered by a pack of batteries, designed for transporting cargo. Unlike diesel trucks, electric trucks have motors with fewer moving parts and do not require multi-speed transmissions, resulting in lower maintenance costs and improved reliability with minimal noise pollution. This has led to a growing preference for electric trucks over diesel trucks, supported by government initiatives promoting their adoption, and their notable benefits including high torque, minimal noise pollution, and reduced maintenance costs.
Rising Fuel Prices Globally
Fuel is a critical component that fuels the entire trucking industry. Recently, there has been a significant surge in fuel prices, causing widespread concern across various industries, including trucking. The trucking industry is particularly affected by the implications of high fuel prices, which have been steadily increasing due to various factors, including post-pandemic effects on the global economy, implementation of state levies, currency depreciation, climate change, and geopolitical situations.
Recent statistics indicate that the average retail price of diesel, the primary fuel for Class 8 trucks, has surged by 16% since the end of July. This represents the largest and fastest increase since October of last year. Despite this rapid increase in fuel costs, the trucking market continues to face challenges. In response to escalating fuel prices, companies in the logistics and delivery sectors are increasingly turning to electric trucks to improve fuel efficiency.
The escalating fuel costs affecting transportation trucks have led to a heightened interest in alternative technologies, particularly electric propulsion. Electric trucks, which are powered by advanced battery systems, present a sustainable alternative to traditional diesel vehicles. By mitigating the impact of volatile fuel prices on operational expenses, electric trucks are poised to drive market growth in the electric vehicle sector. This trend reflects a strategic shift towards embracing sustainable and cost-effective solutions in the face of rising fuel prices.
High Manufacturing Cost
Electric trucks are an emerging and technologically viable solution for decarbonizing the shipping sector and reducing local air pollution. However, the high manufacturing cost of electric trucks has raised concerns about their widespread adoption, potentially impacting the global market.
According to the International Council on Clean Transportation, the total cost of ownership for a battery electric pickup truck over the period of 2020 to 2040 ranges from $78,000 to $107,000, compared to $78,000 for a gasoline pickup truck and $88,000 for a diesel pickup truck. Projections indicate that reductions in battery prices through 2040, coupled with increased regulation of the conventional market, will significantly narrow the total cost of ownership gap, leading to parity at varying rates for different range vehicles.
The high upfront costs of electric trucks have two primary effects. Firstly, these costs deter the entry of new manufacturers, and secondly, they incentivize manufacturers to limit the number of vehicle product offerings due to the associated start-up costs. Consequently, prohibitive start-up costs may restrict the number of active manufacturers and limit diversification within companies, potentially slowing down market growth.
The challenges and opportunities surrounding the adoption of electric trucks are multifaceted. While electric trucks offer a promising solution for decarbonizing the transportation sector and reducing environmental impact, their high manufacturing costs present barriers to widespread adoption. However, ongoing developments in battery technology, coupled with increased regulation and market dynamics, are expected to narrow the cost gap and drive the growth of the electric truck market.
Integration of Autonomous Driving Technology
The electric truck market will be impacted by the current surge in self-driving trucks. Autonomous trucks utilize AI to automate a wide range of operations, from shipping yard activities to long-haul deliveries. Major original equipment manufacturers (OEMs) such as Tesla, Inc., AB Volvo, and Mercedes Benz Group AG have been actively developing self-driving electric trucks for the market.
The advancement of self-driving truck technology is expected to drive the demand for electric trucks in the long term due to their user-friendly nature, inclusion of value-added features, and the reduction of human errors as a result of their driverless system. Customized software equips the autonomous system with control interfaces and provides feedback on the vehicle's status. Additionally, the in-house designed sensor bar cover, incorporating cameras, lidar sensors, and radar sensors, not only enhances aerodynamic performance but also offers improved protection from damage and soiling. As a result, this has increased the adoption of self-driving electric trucks.
For example, in May 2024, the collaboration between Hyundai Motor and Plus aims to improve road safety and freight efficiencies by showcasing the benefits of the XCIENT Fuel Cell truck equipped with Plus’s Level 4 autonomous driving software. Hyundai Motor’s Class 8 XCIENT Fuel Cell truck featuring Plus’s Level 4 SuperDrive™ system is currently exhibited at the Plus ACT Expo booth (#2044).
By Vehicle
The electric truck market is experiencing significant growth, with the battery electric trucks segment accounting for the largest revenue share in 2023 and anticipated to maintain its dominance over the forecast period. This segment is expected to expand at the highest compound annual growth rate (CAGR) due to several factors.
The increasing life and energy density of batteries, coupled with a decline in battery prices, are key drivers for the expansion of the battery electric trucks segment. Additionally, government regulations mandating zero-emission vehicles are expected to support the growth of this segment. For example, the European Union has enacted regulations to reduce emissions by at least 40% by 2030 and aims to reduce emissions by almost 60% by 2040.
Regional Analysis
In 2023, Europe dominated the global electric truck market, with stringent emissions regulations and ambitious climate targets driving a surge in electric truck adoption. Electric truck sales in Europe increased almost threefold, reaching more than 10,000, which accounted for over 1.5% of the sales share. This growth is attributed to various factors, including government incentives such as subsidies and tax breaks, as well as the expansion of charging infrastructure, accelerating the transition to cleaner transportation solutions, and positioning Europe as a leader in the market.
The European Union (EU) has enacted regulations to reduce emissions by at least 40% by 2030, with a further target to reduce emissions by almost 60% by 2040. Additionally, the EU's CO2 standards for heavy-duty vehicles aim for a 90% reduction in CO2 emissions by 2040. The UK Government is also investing USD 250 million under the Zero Emission HGV and Infrastructure Programme to run real-world trials of zero-emission trucks, deploying 370 trucks and almost 60 refueling and electric charging sites. Furthermore, the UK, Germany, Spain, and Italy are expected to register the largest initiatives to reduce greenhouse gas emissions.
The Volvo Group, with its two brands Volvo Trucks and Renault Trucks, was the clear market leader, placing about 55% of electric trucks on the EU’s roads, driving the region's growth. These figures indicate a strong and continued adoption of electric trucks in the region.
Key Companies Operating in the Global Electric Truck Market
Market Segmentation Outline
By Application
By Truck Type
By Vehicle
By Range
By Region
1 INTRODUCTION OF GLOBAL ELECTRIC TRUCK MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: ELECTRIC TRUCK MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL ELECTRIC TRUCK MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL ELECTRIC TRUCK MARKET, BY APPLICATION
5.1 OVERVIEW
5.2 LOGISTICS
5.3 MUNICIPAL
5.4 CONSTRUCTION
5.5 MINING
5.6 OTHERS
6 GLOBAL ELECTRIC TRUCK MARKET, BY TRUCK TYPE
6.1 OVERVIEW
6.2 LIGHT-DUTY
6.3 MEDIUM-DUTY
6.4 HEAVY-DUTY
7 GLOBAL ELECTRIC TRUCK MARKET, BY VEHICLE
7.1 OVERVIEW
7.2 BATTERY ELECTRIC TRUCK
7.3 HYBRID ELECTRIC TRUCK
8 GLOBAL ELECTRIC TRUCK MARKET, BY RANGE
8.1 OVERVIEW
8.2 UPTO 150 MILES
8.3 151-300 MILES
8.4 ABOVE 300 MILES
9 GLOBAL ELECTRIC TRUCK MARKET, BY GEOGRAPHY
9.1 OVERVIEW
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA MARKET SNAPSHOT
9.2.2 U.S.
9.2.3 CANADA
9.2.4 MEXICO
9.3 EUROPE
9.3.1 EUROPE MARKET SNAPSHOT
9.3.2 WESTERN EUROPE
9.3.2.1 THE UK
9.3.2.2 GERMANY
9.3.2.3 FRANCE
9.3.2.4 ITALY
9.3.2.5 SPAIN
9.3.2.6 REST OF WESTERN EUROPE
9.3.3 EASTERN EUROPE
9.3.3.1 POLAND
9.3.3.2 RUSSIA
9.3.3.3 REST OF EASTERN EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC MARKET SNAPSHOT
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 AUSTRALIA & NEW ZEALAND
9.4.6 ASEAN
9.4.7 REST OF ASIA PACIFIC
9.5 MIDDLE EAST & AFRICA
9.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
9.5.2 UAE
9.5.3 SAUDI ARABIA
9.5.4 SOUTH AFRICA
9.5.5 REST OF MEA
9.6 SOUTH AMERICA
9.6.1 SOUTH AMERICA MARKET SNAPSHOT
9.6.2 BRAZIL
9.6.3 ARGENTINA
9.6.4 REST OF SOUTH AMERICA
10 GLOBAL ELECTRIC TRUCK MARKET COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 COMPANY MARKET RANKING
10.3 KEY DEVELOPMENT STRATEGIES
10.4 COMPETITIVE DASHBOARD
10.5 PRODUCT MAPPING
10.6 TOP PLAYER POSITIONING, 2022
10.7 COMPETITIVE HEATMAP
10.8 TOP WINNING STRATEGIES
11 COMPANY PROFILES
11.1 AB VOLVO
11.1.1 OVERVIEW
11.1.2 FINANCIAL PERFORMANCE
11.1.3 PRODUCT OUTLOOK
11.1.4 KEY DEVELOPMENTS
11.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.2 BAIDO AUTO CO., LTD.
11.2.1 OVERVIEW
11.2.2 FINANCIAL PERFORMANCE
11.2.3 PRODUCT OUTLOOK
11.2.4 KEY DEVELOPMENTS
11.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.3 DAIMLER AG
11.3.1 OVERVIEW
11.3.2 FINANCIAL PERFORMANCE
11.3.3 PRODUCT OUTLOOK
11.3.4 KEY DEVELOPMENTS
11.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.4 DONGFENG MOTOR EINRIDE AB
11.4.1 OVERVIEW
11.4.2 FINANCIAL PERFORMANCE
11.4.3 PRODUCT OUTLOOK
11.4.4 KEY DEVELOPMENTS
11.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.5 ELECTRONIC TRACK
11.5.1 OVERVIEW
11.5.2 FINANCIAL PERFORMANCE
11.5.3 PRODUCT OUTLOOK
11.5.4 KEY DEVELOPMENTS
11.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.6 FAW GROUP CO., LTD.
11.6.1 OVERVIEW
11.6.2 FINANCIAL PERFORMANCE
11.6.3 PRODUCT OUTLOOK
11.6.4 KEY DEVELOPMENTS
11.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.7 PHOTON MOTOR CO., LTD.
11.7.1 OVERVIEW
11.7.2 FINANCIAL PERFORMANCE
11.7.3 PRODUCT OUTLOOK
11.7.4 KEY DEVELOPMENTS
11.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.8 ISUZU MOTORS
11.8.1 OVERVIEW
11.8.2 FINANCIAL PERFORMANCE
11.8.3 PRODUCT OUTLOOK
11.8.4 KEY DEVELOPMENTS
11.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.9 NAVISTAR
11.9.1 OVERVIEW
11.9.2 FINANCIAL PERFORMANCE
11.9.3 PRODUCT OUTLOOK
11.9.4 KEY DEVELOPMENTS
11.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.10 PACCAR CO., LTD.
11.10.1 OVERVIEW
11.10.2 FINANCIAL PERFORMANCE
11.10.3 PRODUCT OUTLOOK
11.10.4 KEY DEVELOPMENTS
11.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.11 SCANIA
10.11.1 OVERVIEW
10.11.2 FINANCIAL PERFORMANCE
10.11.3 PRODUCT OUTLOOK
10.11.4 KEY DEVELOPMENTS
10.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.12 STREET SCOOTER
10.12.1 OVERVIEW
10.12.2 FINANCIAL PERFORMANCE
10.12.3 PRODUCT OUTLOOK
10.12.4 KEY DEVELOPMENTS
10.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.13 TEBUVA MOTORS LIMITED
10.13.1 OVERVIEW
10.13.2 FINANCIAL PERFORMANCE
10.13.3 PRODUCT OUTLOOK
10.13.4 KEY DEVELOPMENTS
10.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.14 VOLTA TRACK
10.14.1 OVERVIEW
10.14.2 FINANCIAL PERFORMANCE
10.14.3 PRODUCT OUTLOOK
10.14.4 KEY DEVELOPMENTS
10.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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