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The electric trucks market size is valued to increase by USD 20.32 billion, at a CAGR of 35.44% from 2023 to 2028. Growing demand for fuel-efficient and low-emission vehicles will drive the electric trucks market.
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The electric trucks industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The hybrid electric trucks segment is estimated to witness significant growth during the forecast period.
In the evolving landscape of commercial transportation, electric trucks are gaining traction as a sustainable and cost-effective alternative to traditional diesel-powered vehicles. These trucks integrate power electronics design, energy consumption modeling, and advanced traction motor control to optimize performance and efficiency. Battery pack design, energy storage solutions, and charging station placement are crucial considerations for electric truck manufacturers, with ongoing research focusing on improving battery life cycle and thermal management systems. The integration of vehicle-to-grid technology and advanced driver-assistance systems enables electric trucks to contribute to the power grid during idle periods, making them an essential part of the electrification strategy.
The Hybrid electric trucks segment was valued at USD 2.79 billion in 2018 and showed a gradual increase during the forecast period.
Lightweight materials use, fast charging infrastructure, and wireless charging systems further enhance their appeal. For instance, Daimler, Volvo, and Volkswagen, among others, have reported a 30% reduction in energy consumption through aerodynamic design optimization and motor torque control in their electric truck models. Electric drivetrain components, such as high voltage systems and battery cell chemistry, are under constant development to address range anxiety mitigation and onboard charger efficiency. Telematics data analysis and autonomous driving features contribute to fleet management software, ensuring optimal performance and reducing operational costs. However, challenges such as battery thermal runaway and battery electric vehicle battery pack safety remain areas of focus for manufacturers.
Regenerative braking systems and power inverter design are also essential components in the electric powertrain design, ensuring seamless integration and efficient energy conversion.
Europe is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market is experiencing significant growth, particularly in emerging economies such as India, Indonesia, and Malaysia, where demand is on the rise. Asia is anticipated to lead the global market in revenue growth due to the presence of well-established road infrastructure and a favorable business environment in countries like Japan and China. This region is expected to outpace other developed regions, including Europe and North America, during the forecast period. The growth in Asia can be attributed to the increasing demand for freight transportation from emerging markets and the expanding trucking industry in these countries. According to recent reports, the Asian market is projected to grow at a faster rate than its European and North American counterparts, with sales expected to reach over 100,000 units by 2025.
Furthermore, the adoption of electric trucks is gaining momentum due to their operational efficiency gains and cost reductions, making them a more attractive option for businesses seeking to comply with stringent emission regulations.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The market is experiencing significant growth as the transportation industry shifts towards more sustainable and eco-friendly solutions. One of the key challenges in this transition is the need for advanced electric truck battery thermal management systems to ensure optimal performance and longevity. High-power charging infrastructure is also a critical requirement for electric trucks to match the refueling speed of their conventional counterparts. Regenerative braking systems play a crucial role in extending the range of electric trucks, while electric vehicle range extender integration offers a viable solution for longer hauls. Fleet management optimization strategies, such as dc fast charging network deployment and battery life cycle analysis, are essential for fleet operators to maximize efficiency and minimize costs. Improved traction motor control algorithms, lightweight materials for electric truck bodies, and advanced driver assistance systems are some of the technological advancements driving the market. Wireless charging technology for electric fleets and hydrogen fuel cell electric truck applications are emerging trends that could further boost market growth. Electric truck charging infrastructure planning and electric truck battery pack design considerations are essential aspects of the transition to electric trucks. Energy storage solutions for electric truck fleets and optimized power electronics are crucial components of the charging infrastructure. Aerodynamic design improvements and electric motor efficiency improvements are critical factors in enhancing the overall performance of electric trucks. Telematics data utilization in electric trucking offers valuable insights into fleet performance and maintenance, while autonomous driving capabilities for commercial trucks could revolutionize the industry by increasing efficiency and reducing operational costs. Overall, the market is poised for significant growth as the transportation industry embraces the shift towards sustainable and technologically advanced solutions.
The electric trucks market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the electric trucks market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape of Electric Trucks Industry
Companies are implementing various strategies, such as strategic alliances, electric trucks market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
AB Volvo - The company specializes in the production and distribution of electric trucks, optimizing logistics by efficiently transporting goods between hubs and urban areas.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Dive into Technavio's robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Electric Trucks Market insights. See full methodology.
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Market Scope |
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Report Coverage |
Details |
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Page number |
177 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 35.44% |
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Market growth 2024-2028 |
USD 20323.4 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
51.62 |
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Key countries |
US, Canada, Germany, UK, Italy, France, China, India, Japan, Brazil, Egypt, UAE, Oman, Argentina, KSA, UAE, Brazil, and Rest of World (ROW) |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
What is the expected growth of the Electric Trucks Market between 2024 and 2028?
USD 20.32 billion, at a CAGR of 35.44%
What segmentation does the market report cover?
The report is segmented by Propulsion (Hybrid electric trucks and Battery electric trucks), Vehicle Type (Light trucks, Medium trucks, and Heavy-duty trucks), Geography (Asia, Europe, North America, and Rest of World (ROW)), Application (Logistics, Construction, Mining, and Municipal Services), and Battery Type (Lithium-Ion, Solid-State, and Others)
Which regions are analyzed in the report?
Asia, Europe, North America, and Rest of World (ROW)
What are the key growth drivers and market challenges?
Growing demand for fuel-efficient and low-emission vehicles, High upfront cost of electric trucks
Who are the major players in the Electric Trucks Market?
AB Volvo, BYD Company Limited, Chanje Energy Inc., Daimler AG (Mercedes-Benz), Dongfeng Motor Corporation, E-Force One AG, Ford Motor Company, Hino Motors Ltd., Isuzu Motors Ltd., Iveco S.p.A., MAN Truck & Bus, Mitsubishi Fuso Truck and Bus Corporation, Nikola Corporation, PACCAR Inc., Rivian Automotive Inc., Scania AB, Tesla Inc., Traton SE, Workhorse Group Incorporated, and Xos Inc.
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Propulsion
7 Market Segmentation by Vehicle Type
8 Market Segmentation by Application
9 Market Segmentation by Battery Type
10 Customer Landscape
11 Geographic Landscape
12 Drivers, Challenges, and Opportunity/Restraints
13 Competitive Landscape
14 Competitive Analysis
15 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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