Electric Truck Market by Propulsion (BEV, PHEV & FCEV), Type (Light-Duty Trucks, Medium-Duty Trucks & Heavy-Duty Trucks), Range, Battery Type, Battery Capacity, Level of Automation, End User, GVWR & Region - Global Forecast to 2030
The electric truck market, by value, is estimated to be 101,499 units in 2022 and is projected to reach 1,067,985 units by 2030, at a CAGR of 34.2% from 2022 to 2030.
Increased focus of government on emission free vehicles and policies would drive adoption of electric trucks in the e-commerce and logistics sector. Further, It will create opportunities for OEMs to expand their revenue stream and geographical presence in electric commercial vehicle industry.
Some of the major players in the electric truck market are BYD(China), Mercedes Benz Group AG (Germany), AB Volvo (Sweden), Ford Motor Company(US) and Rivian(US) and others. These players have long-term supply contracts with leading automotive manufacturers and autonomous vehicle technology developers. These companies have adopted the strategies of new product developments, acquisitions, agreements, collaborations, expansions, joint ventures, partnerships, and supply contracts to gain traction in the electric truck market. Partnership and collaboration are the most widely adopted strategies by major players.
To know about the assumptions considered for the study, Request for Free Sample Report
Driver: Rising demand for electric trucks in logistics and other industries
There has been a rise in demand for electric trucks in the logistics sector across top EV markets worldwide. Medium and heavy-duty trucks are expected to witness growth as the use of EV trucks can improve the long-term profitability of this industry due to the much lower electric charging price compared to the use of other fuels. In January 2022, Workhorse Group (US) received an order for delivery trucks from the US Postal Service. The World Economic Forum (WEF) predicts a 36% increase in delivery vehicles in inner cities by 2030. The demand for electric trucks will also rise in other industries like product transport (food and beverage industry), e-commerce companies (Amazon and Walmart), and state services (post office trucks, fire trucks, and refuse trucks).
Restraint: Longer charging time
The EV charging time is much higher compared to the fueling time of other fuel alternatives. The majority of public stations have Level 2 chargers. Level 1 and 2 charging can take 8-16 hours to charge vehicles from 0-100%. A Level 3 charger can take ~60 mins to charge an EV from 0-80%. This is much higher than diesel or CNG fueling, which can happen in less than 5 mins. This has been a major reason for the slower growth of electric trucks in the market. In the coming years, technological breakthroughs will reduce charging time, but the battery will need to be developed for such fast-high voltage charging. The drivers behind the rapid deployment of public chargers are government subsidies and active infrastructure development by public utilities.
Opportunity: Development of self-driving truck technology
The electric truck market will be affected by the recent trend of self-driving trucks. Autonomous trucks use AI to automate everything from shipping yard operations to long-haul deliveries. Top OEMs like Tesla, Inc., AB Volvo, and Mercedes Benz Group AG have been developing self-driving electric trucks for the market. Startups like Embark (US), Einride (Sweden), and TuSimple (US) have also started developing self-driving electric trucks. In December 2022, TuSimple and Navistar Inc. (US) announced an agreement to develop self-driving trucks. In June 2022, Waymo (US) announced the delivery of home goods for Wayfair (US) using its fleet of autonomous semi-trailer trucks.
Challenge: High cost of existing electric trucks
The high manufacturing cost of electric trucks has been a major concern for their widespread adoption. As the demand for electric trucks rises over the next decade, the drop in battery prices and reduced R&D costs should reduce the overall cost of purchasing these vehicles. The cost of electric trucks is usually much more compared to ICE counterparts due to the high price of rechargeable lithium-ion batteries used in these vehicles. The production of electric trucks also costs much more than ICE tucks due to the expensive process involved in developing these vehicles. The cost of development of higher range electric trucks is much more due to their higher specifications of batteries, higher technology used for production, and more expensive parts used in these trucks.
‘’Increased use in e-commerce sector will drive the electric truck market’’
The increasing use of electric trucks for last mile delivery of goods from warehouses to customers is expected to boost the electric truck market in the near future. Companies are considering the addition of electric trucks and electric pickup trucks to their fleets to reduce fuel expenses and emissions. In November 2022, Tesla, Inc. announced a reach of 1.5 million pre-orders of its electric cyber truck across the globe. In October 2022, AB Volvo announced the supply of 20 VOLVO FH electric trucks to Amazon in Germany for delivery purposes. In October 2022, Performance Team (US) announced the deployment of Class 8 battery-electric trucks from Volvo Trucks North America in Southern California in response to customer demand for sustainable short haul warehouse and distribution center operations.
‘’Asia Pacific is expected to be a major electric truck market’’
Governments of economies such as China, Japan, South Korea, and India have recognized the growth potential of EV and related markets. Hence, the government have undertaken different initiatives to attract major OEMs to manufacture electric vehicles in domestic markets. This will lead to a growing demand for electric trucks in the region. The Indian government plans to make it mandatory for cab-hailing companies Ola and Uber to have 40% of their fleet as electric vehicles. These policies increased electric vehicle production volumes over the years, which cater to domestic and overseas demand. Delhi (India) set up a series of policies for deploying BEVs as 25% of all new vehicles by 2024. In January 2022, Dongfeng Motor Corporation announced the establishment of a new production facility for electric off-road vehicles in Wuhan. This is scheduled to start production in 2023 with a planned capacity of 10,000 vehicles.
To know about the assumptions considered for the study, download the pdf brochure
Key Market Players
The electric trucks market is dominated by a few globally established players such as BYD(China)., Mercedes Benz Group AG (Germany), AB Volvo (Sweden), Ford Motor Company (US) and Rivian (US) and others. These players have long-term supply contracts with leading automotive manufacturers and electric vehicle technology developers. These companies have adopted the strategies of new product developments, acquisitions, agreements, collaborations, expansions, joint ventures, partnerships, and supply contracts to gain traction in the market. Partnership and collaboration are the most widely adopted strategies by major players.
Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
Request Sample Scope of the Report
Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
|
Report Metric |
Details |
|
Market size available for years |
2019–2030 |
|
Base year considered |
2021 |
|
Forecast period |
2022-2030 |
|
Forecast Market Size |
Volume (Units) |
|
Segments covered |
Electric Truck Market, by Propulsion(BEV, PHEV & FCEV), Type (Light, Medium & Heavy-duty Trucks), Range (upto 200 miles & above 200 miles), Battery Type, Battery Capacity, Level of Automation, End User, GVWR & Region - Global Forecast to 2030 |
|
Region covered |
Asia Pacific, North America and Europe |
|
Companies Covered |
The electric truck market is dominated by players such as BYD(China), Mercedes Benz Group AG (Germany), AB Volvo (Sweden), Ford Motor Company(US), Rivian (US) and others |
This research report categorizes the Electric Truck market based on propulsion type, type, end user, range, battery capacity, battery type, GVWR, level of automation and region.
By Propulsion Type
- BEV
- PHEV
- FCEV
By Type
- Light-duty Trucks
- Medium-duty Trucks
- Heavy-duty Trucks
By End User
- Last Mile Delivery
- Long Haul Transportation
- Refuse Services
- Field Services
- Distribution services
By Range
- Upto 200 Miles
- Above 200 Miles
By Battery Capacity
- < 50 kWh
- 50-250 kWh
- Above 250 kWh
By GVWR
- Upto 10,000 lbs
- 10,001-26,000 lbs
- Above 26,001 lbs
By Level of Automation
- Semi-autonomous Trucks
- Autonomous Trucks
By Battery Type
- Lithium-nickel-manganese-cobalt Oxide
- Lithium-iron-phosphate
- Others
By Region
-
Asia Pacific
- China
- Japan
- India
- South Korea
-
North America
- US
- Canada
-
Europe
- Germany
- France
- UK
- Netherlands
- Sweden
- Norway
Recent Developments
- In November-2022, Tenneco announced the supply of intelligent suspension solutions and anti-vibration performance materials for Rivian. The R1T is equipped with Tenneco Clevite Elastomers front and rear suspension hubs.
- In October-2022, Performance Team announced the deployment of Class 8 battery-electric trucks from Volvo Trucks North America in Southern California in response to customer demand for sustainable short-haul warehouse and distribution center operations. Performance Team will deploy 126 Volvo electric trucks by Q3 2023.
- In February-2022, BYD launched BYD 8TT, which offers 483 horsepower, a top speed of 74 miles/hr, and a battery power of 422 kWh. It is mainly used for logistics by companies.
Frequently Asked Questions (FAQ):
What is the current size of the electric truck market?
The electric truck market, by units, is estimated to be 101,499 units in 2022 and is projected to reach 1,067,985 units by 2030, at a CAGR of 34.2% from 2022 to 2030.
Who are the major players in the electric truck market?
The electric truck market is dominated by established players such as BYD (China), Mercedes Benz Group AG (Germany), AB Volvo (Sweden), Ford Motor Company(US) and Rivian (US)
What are the new market trends impacting the growth of the electric truck market?
The electric truck market has witnessed rapid evolution with ongoing developments in engineering and technology. Technological advancements, such as battery swapping, use of high-performance battery, high motor power have boosted the demand for electric trucks.
Which regions are considered in the electric truck market?
The report covers market sizing for regions such as Asia Pacific, Europe and North America.
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
The study involved four major activities in estimating the current size of the Electric truck market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with the industry experts across value chains through primary research. The top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation processes were used to estimate the market size of segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources such as company annual reports/presentations, press releases, industry association publications [for example, publications of electric trucks OEMs, Canadian Automobile Association (CAA), country-level automotive associations and trade organizations, and the US Department of Transportation (DOT)], commercial vehicles magazine articles, directories, technical handbooks, World Economic Outlook, trade websites, and technical articles have been used to identify and collect information useful for an extensive commercial study of the global electric truck market.
Primary Research
Extensive primary research was conducted after acquiring an understanding of the Electric truck market scenario through secondary research. Several primary interviews were conducted with market experts from both the demand (electric truck manufacturers, country-level government associations, and trade associations) and supply (OEMs and component manufacturers) sides across major regions, namely, Asia Pacific, Europe and North America, and primary interviews were conducted from the demand and supply sides, respectively. Primary data was collected through questionnaires, emails, and telephonic interviews. In the canvassing of primaries, various departments within organizations, such as sales, operations, and administration, were covered to provide a holistic viewpoint in this report.
After interacting with industry experts, brief sessions with highly experienced independent consultants were conducted to reinforce the findings from primaries. This, along with the in-house subject-matter experts’ opinions, has led to the findings described in the remainder of this report.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
A detailed market estimation approach was followed to estimate and validate the value of the Electric truck market and other dependent submarkets, as mentioned below:
- Key players in the Electric trucks were identified through secondary research, and their global market shares were determined through primary and secondary research.
- The research methodology included the study of the annual and quarterly financial reports & regulatory filings of major market players, as well as interviews with industry experts for detailed market insights.
- All major penetration rates, percentage shares, splits, and breakdowns for the Electric truck market were determined using secondary sources and verified through primary sources.
- All key macro indicators affecting the revenue growth of the market segments and subsegments were accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the validated and verified quantitative & qualitative data.
- The gathered market data was consolidated and added with detailed inputs, analyzed, and presented in this report
Data Triangulation
After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and sub-segment, data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.
Report Objectives
-
To segment and forecast the size of the global electric truck market in terms of volume.
- To segment and forecast the size of the global market, by volume, based on propulsion type [battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV), and fuel cell electric vehicles (FCEV)]
- To segment and forecast the size of the global market, by volume, based on type (light-duty trucks, medium-duty trucks, and heavy-duty trucks)
- To segment and forecast the size of the global market, by volume, based on range (upto 200 miles and above 200 miles)
- To segment and forecast the size of the global market, by volume, based on battery type [lithium-iron-phosphate (LFP), lithium-nickel-manganese-cobalt oxide (NMC), and others]
- To segment and forecast the size of the global market, by volume, based on battery capacity (< 50 kWh, 50−250 kWh, and >250 kWh)
- To segment and forecast the size of the global market, by volume, based on the level of automation (semi-autonomous trucks and autonomous trucks)
- To segment and forecast the size of the global market, based on GVWR (upto 10,000 lbs, 10,001 lbs to 26,000 lbs, and above 26,000 lbs)
- To segment and forecast the size of the global market, by volume, based on end user (last mile delivery, field services, distribution services, long haul transportation, and refuse services)
- To segment and forecast the market size, by volume, based on region [Asia Pacific, Europe, and North America]
- To provide detailed information regarding the major factors influencing the market growth (drivers, challenges, restraints, and opportunities)
- To analyze regional markets for growth trends, prospects, and their contribution to the overall market
- To analyze opportunities for stakeholders and provide details of the competitive landscape for market leaders
- To strategically shortlist and profile key players and comprehensively analyze their market shares and core competencies
- To track and analyze competitive developments such as joint ventures, mergers & acquisitions, new product launches, expansions, and other activities carried out by key industry participants
Available Customizations
With the given market data, MarketsandMarkets offers customizations in line with company-specific needs.
- Electric Truck market, by range type at country level (For countries covered in the report)
-
Company Information
- Profiling of Additional Market Players (Up to 5)
Growth opportunities and latent adjacency in Electric Truck Market
We are interested in Electric Trucks Market based on the level of automation (semi-autonomous electric trucks market and autonomous electric trucks market)