IMARC Group’s report titled “Electric Truck Market Report by Vehicle Type (Light-Duty Truck, Medium-Duty Truck, Heavy-Duty Truck), Propulsion (Battery Electric Truck, Hybrid Electric Truck, Plug-In Hybrid Electric Truck, Fuel Cell Electric Truck), Range (0-150 Miles, 151-300 Miles, Above 300 Miles), Application (Logistics, Municipal, Construction, Mining, and Others), and Region 2024-2032“. The global electric truck market size reached US$ 672.8 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 6,007.2 Million by 2032, exhibiting a growth rate (CAGR) of 26.7% during 2024-2032.
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Factors Affecting the Growth of the Electric Truck Industry:
- Environmental Concerns:
Electric trucks produce zero tailpipe emissions, which helps mitigate air pollution and reduces greenhouse gas emissions. With increasing awareness about the environmental impact of traditional diesel trucks, there is a growing demand for cleaner transportation solutions. The transportation sector is a major contributor to global carbon emissions. By transitioning to electric trucks, companies can play a crucial role in mitigating climate change by reducing their carbon footprint. This aligns with international efforts to limit global warming and achieve targets set in agreements like the Paris Agreement.
- Advancements in Battery Technology:
As battery technology is improving, the energy density of batteries is increasing, allowing electric trucks to store more energy in a smaller and lighter package. This results in greater driving range for electric trucks, addressing one of the key concerns for commercial vehicle operators. Higher energy density batteries enable electric trucks to achieve longer driving ranges on a single charge, making them more practical for long-haul and regional transportation applications. This expands the market potential for electric trucks beyond short-range urban delivery routes.
- Total Cost of Ownership (TCO) Benefits:
Electric trucks have lower operating costs compared to diesel trucks due to lower fuel and maintenance costs. Electricity, especially if sourced from renewable energy, is often cheaper than diesel fuel on a per-mile basis. Additionally, electric trucks have fewer moving parts and require less maintenance, resulting in reduced maintenance and repair expenses. Electric trucks tend to have longer lifespans and lower depreciation rates compared to diesel trucks. The simplicity of electric drivetrains and the durability of battery technology contribute to the longevity of electric trucks, reducing the need for frequent vehicle replacements and lowering capital expenditure for fleet operators.
Leading Companies Operating in the Global Electric Truck Industry:
- VolvoGroup
- BYD Company Ltd.
- Mercedes-Benz Group AG
- China FAW Group Co. Ltd .
- Isuzu Motors Ltd.
- Navistar Inc.
- PACCAR Inc.
- Rivian Automotive Inc.
- Volkswagen AG
- Tata Motors Limited
- Tesla Inc.
- Tevva Motors Limited
Electric Truck Market Report Segmentation:
By Vehicle Type:
- Light-duty Truck
- Medium-duty Truck
- Heavy-duty Truck
Light-duty truck represents the largest segment as light-duty trucks are commonly used for urban delivery and last-mile transportation.
By Propulsion:
- Battery Electric Truck
- Hybrid Electric Truck
- Plug-in Hybrid Electric Truck
- Fuel Cell Electric Truck
Hybrid electric truck accounts for the majority of the market share due to its balance between fuel efficiency and range, making it a preferred choice for fleet operators transitioning to electric propulsion while maintaining operational flexibility and mitigating range anxiety concerns.
By Range:
- 0-150 Miles
- 151-300 Miles
- Above 300 Miles
0-150 miles exhibit a clear dominance in the market. The majority of electric truck applications, especially in urban and regional transportation, require ranges within this range, aligning with the typical operational needs and charging infrastructure availability for electric trucks in these applications.
By Application:
- Logistics
- Municipal
- Construction
- Mining
- Others
Logistics hold the biggest market share owing to the increasing pressure to reduce emissions, lower operating costs, and meet sustainability targets in the supply chain.
Regional Insights:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
North America enjoys the leading position in the electric truck market on account of its well-developed electric vehicle (EV) ecosystem, including supportive government policies, robust charging infrastructure, and a high level of consumer and corporate awareness.
Global Electric Truck Market Trends:
Manufacturers are expanding their electric truck offerings to cater to various segments and applications, including light-duty trucks, medium-duty trucks, heavy-duty trucks, and specialized vehicles, such as refuse trucks and delivery vans. Fleet operators, including logistics companies, delivery services, and public transportation agencies, are adopting electric trucks to reduce operating costs, comply with emissions regulations, and enhance their sustainability profiles.
Electric trucks are also incorporating advanced technologies like telematics, predictive maintenance, vehicle-to-grid (V2G) capabilities, and autonomous driving features to improve efficiency, reliability, and driver safety.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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