Electric Trucks Market Evaluation by Application, Range, and Technology

The global electric trucks market size was valued at USD 22.61 billion in 2023 and is projected to reach USD 124.97 billion by 2030, growing at a CAGR of 27.1% from 2024 to 2030. Increasing demand for sustainable logistics, improvements in battery capacities and charging infrastructure, and stringent environmental regulations have contributed to rapid market growth.

The expansion of fast-charging networks and investments in charging infrastructure have helped reduce range anxiety among EV users, making electric trucks a more viable option for long-haul transportation. For instance, the Global EV Outlook 2023 report by the IEA revealed that approximately 2.7 million public charging points were available worldwide in 2022, including over 900,000 new points installed that year, a substantial increase from 2021. Planned development of such infrastructure has encouraged consumers to adopt electric trucks.

Moreover, initiatives such as the European Investment Bank and European Commission’s 1.5 billion euro grant program (2021–2023) for establishing alternative fuel infrastructure, including electric fast-charging stations, have accelerated adoption. Continuous improvements in electric truck technology, such as increased range, payload capacity, and efficiency, are further enhancing their appeal among buyers.

Key Market Trends & Insights

• North America dominated the global market with a revenue share of 37.6% in 2023.
• The U.S. accounted for the largest share of the regional market in 2023.
• Based on vehicle type, light-duty trucks dominated the market with a revenue share of 64.0% in 2023.
• Based on propulsion, battery electric vehicles (BEVs) accounted for the largest market share in 2023.
• Based on vehicle range, vehicles with a range of up to 300 miles accounted for the highest market share in 2023.

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Market Size & Forecast

• 2023 Market Size: USD 22.61 Billion
• 2030 Projected Market Size: USD 124.97 Billion
• CAGR (2024–2030): 27.1%
• North America: Largest market in 2023
• Asia Pacific: Fastest growing market

Competitive Landscape

The following are the leading companies in the electric trucks market. These companies collectively hold the largest market share and influence industry trends:

• AB Volvo
• BYD Company Ltd.
• Daimler Truck AG
• Dongfeng Motor Company
• FAW Group Co., Ltd.
• Foton International
• ISUZU MOTORS LIMITED
• Navistar, Inc.
• PACCAR Inc.
• Scania

Recent Developments

• June 2024: Scania launched a new charging solutions company, Erinion, specializing in private and semi-public EV charging solutions. The company plans to install 40,000 new charging points at customer locations across Europe, strengthening Scania’s e-mobility portfolio and supporting the transition to electric transportation.
• June 2024: Foton International and Iveco Group entered a partnership to explore collaborations in electric vehicles and related components. The alliance aims to expand presence in South American and European markets and is expected to lead to development of new EV technologies and products.

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Conclusion

The electric trucks market is experiencing rapid growth, driven by environmental regulations, technological advancements, and expanding charging infrastructure. With North America as the largest market and Asia Pacific as the fastest-growing region, the industry is poised for significant growth in both adoption and technological innovation.