According to the report by Expert Market Research (EMR), the global electric truck market is projected to grow at a CAGR of 29% between 2024 and 2032. Aided by the environmental concerns driving the shift towards sustainable transportation and advancements in electric vehicle technology, the market is expected to grow significantly by 2032.
Electric trucks, which encompass a range of light, medium, and heavy-duty vehicles powered entirely or partially by electricity, are emerging as a pivotal solution in reducing transportation-related carbon emissions. These trucks are increasingly being adopted for commercial purposes, from local deliveries to long-haul transportation, due to their efficiency and lower operating costs compared to traditional diesel trucks.
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The global electric truck market growth is primarily driven by stringent environmental regulations, the decreasing cost of battery technology, and the increasing awareness of the need for sustainable transport solutions. Additionally, government incentives and subsidies for electric vehicle adoption are playing a crucial role in accelerating market growth.
Technological advancements are at the centre of the market’s expansion. Innovations in battery technology, electric drivetrains, and charging infrastructure are making electric trucks more practical and cost-effective for a wider range of applications.
The Asia-Pacific region, led by China, holds a significant share of the electric truck market size, driven by aggressive environmental policies and rapid technological advancements. North America and Europe are also key markets, with increasing adoption fuelled by stringent emission norms and growing environmental consciousness among businesses and consumers.
The shift to electric trucks is expected to have a profound positive impact on the environment by significantly reducing greenhouse gas emissions and air pollution from the transportation sector. This shift is crucial in meeting global climate goals and transitioning to a low-carbon economy.
The global electric truck market is characterised by a mix of established automotive giants and emerging electric vehicle startups. Intense competition is driving companies to invest heavily in research and development to produce more efficient, longer-range, and cost-effective electric trucks.
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As per the electric truck market analysis, the market is expected to witness continued robust growth. Key trends shaping the future of the market include the development of autonomous electric trucks, improvements in battery technology leading to longer ranges, and the expansion of electric truck applications in various industries.
Electric Truck Market Segmentation
The market can be divided based on propulsion, vehicle type, range, and region.
Market Breakup by Propulsion
- Battery Electric Truck
- Hybrid Electric Truck
- Plug-in Hybrid Electric Truck
- Fuel Cell Electric Truck
Market Breakup by Vehicle Type
- Light Duty
- Medium Duty
- Heavy Duty
Market Breakup by Range
- 0-150 Miles
- 151-300 Miles
- Above 300 Miles
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global electric truck market. Some of the major players explored in the report by Expert Market Research are as follows:
- AB Volvo
- Daimler AG
- Dongfeng Motor Corporation
- Scania CV AB
- Paccar Company
- Others
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