Top Electric Truck Companies

The electric truck market is projected to reach USD 32.13 billion by 2032, from USD 5.25 billion in 2025, at a CAGR of 29.5%. This market is undergoing rapid transformation as governments worldwide promote the adoption of zero-emission vehicles. Incentives and subsidies for electric vehicles (EVs) are accelerating this trend. With rising demand for eco-friendly transportation in waste management and distribution services, the electric truck market is poised for significant growth. Technological advancements in battery packs and electric powertrains are among the key drivers enhancing vehicle efficiency and performance. Additionally, increasing environmental concerns, strict emission regulations, and heightened industry competition are pushing OEMs to adopt cleaner and more energy-efficient solutions. As a result, the electric truck market is expected to expand steadily in the coming years.

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The electric truck market is dominated by globally established players such as BYD (China), AB Volvo (Sweden), Ford Motor Company (US), Rivian (US), and Dongfeng Motor Corporation (China). These companies developed new electric trucks, adopted expansion strategies, and undertook collaborations, mergers & acquisitions, and partnerships to gain traction in this high-growth market.

BYD is one of the largest EV manufacturers globally, operating through two segments: Automobiles, Automobile-related Products, and Other Products and Mobile Phone Parts, Assemblies, and Other Products. The company offers various electric trucks, buses, passenger cars, and commercial vehicles. It is also at the forefront of battery technology, leveraging its expertise in lithium-ion battery development to enhance its EV offerings. BYD focuses on improving its business by implementing multiple strategies to increase its brand awareness and set up channel partners for sales and distribution. The company collaborated with city transport authorities worldwide, providing electric trucks of different specifications and sizes.

In July 2024, BYD invested USD 1 billion in Turkey to develop a manufacturing facility with an annual production capacity of 150,000 electric and rechargeable hybrid vehicles, including passenger cars and commercial vehicles. The investment was made due to increased demand from Europe for electrification.

AB Volvo is a global leader in the commercial vehicle segment, operating through several key segments: Trucks, Construction Equipment, Buses, Volvo Penta, Group Functions, and Others. The Trucks segment is central to Volvo’s business, encompassing renowned brands such as Volvo Trucks, Mack Trucks, and Renault Trucks. It has been at the forefront of the electric truck market. The company leverages advanced battery technology, charging solutions, and integrated services like fleet management and support. Its global reach, established dealer network, and investment in charging infrastructure partnerships further enhance its competitive advantage, positioning it as a leader in the transition to zero-emission transport solutions.

In September 2024, AB Volvo launched a new electric truck with a 370-mile range per charge, designed for long-haul transport. The model uses advanced battery technology to improve operational efficiency and reduce emissions. This launch strengthens the company’s position in the EV market and aligns with its long-term sustainability strategy.

Ford Motor Company designs, manufactures, and distributes a wide range of vehicles, including trucks, SUVs, commercial vans, passenger cars, and premium Lincoln models, alongside a suite of connected vehicle services. The company operates through the following divisions: Ford Blue, Ford Model e, Ford Next, Ford Credit, Ford Pro, and others. Ford Model e handles the development and sale of EVs, along with associated services and components. The company has manufacturing operations worldwide, including in the US, Canada, Mexico, China, India, the UK, Turkey, Germany, Brazil, Argentina, Australia, and South Africa. Ford has a strong presence in the commercial vehicle segment with popular models like the Ford Transit and Ford F-Series trucks. The company can leverage its expertise in this segment to develop electric versions of its commercial vehicles tailored to the specific needs of businesses and fleet operators. It has a history of forming contracts with other companies in the automotive and technology sectors. These contracts strengthen Ford’s position in the electric commercial vehicle market.

In September 2024, Ford made a long-term supply contract agreement with ZF for its electric drives named “CeTrax 2 dual electric central drive” for Ford’s electric trucks. This drivetrain will be primarily used in heavy trucks.

Dongfeng Motor Corporation is a Chinese automobile manufacturer of commercial and consumer vehicles. The company covers commercial vehicles, passenger cars, auto assemblies, parts and components, machines and equipment, and other automobile-related products and services. It has a global presence, with operations in China, Southeast Asia, the Middle East, Africa, and South America. The company is committed to sustainable development and has implemented several environmentally friendly initiatives in its production processes. Dongfeng leverages its position as a state-owned enterprise to solidify its presence in China’s electric truck market. With a diversified portfolio encompassing light-duty, medium-duty, and heavy-duty trucks, mini trucks, and special version trucks, the company caters to various commercial transportation needs. Its strategic emphasis aligns with China’s push for zero-emission vehicles, particularly in urban logistics and construction sectors. Notably, its electric dump trucks are tailored for short-distance operations, offering ranges between 90 and 150 miles.

In February 2025, Dongfeng unveiled new models, including DONGFENG GX, KC PRO, and KC PLUS, at the DONGFENG DAY 2025 event in Jakarta, marking its expansion into the Southeast Asian electric truck market.

Rivian is a prominent US-based EV manufacturer that designs, develops, and produces battery-electric trucks, SUVs, and delivery vans. The company focuses on sustainable mobility solutions for commercial and consumer markets, strongly emphasizing innovation, vertical integration, and clean manufacturing. Its core vehicle offerings include the R1T electric pickup, the R1S electric SUV, and the commercial Electric Delivery Van (EDV) developed in collaboration with Amazon.

In June 2024, Rivian enhanced its older version of R1T with upgrades in performance, technology, and design. The R1T is offered with a lithium iron phosphate-based standard pack, which gives a travel range of 270 miles, and larger packs that can provide up to 500 miles.

Related Reports:

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, Payload Capacity, and Region - Global Forecast to 2032

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