Electric Truck Market Report 2026

The electric truck market size has grown exponentially in recent years. It will grow from $5.88 billion in 2025 to $8.54 billion in 2026 at a compound annual growth rate (CAGR) of 45.4%. The growth in the historic period can be attributed to government emission mandates, pilot electric truck deployments, rising diesel fuel costs, urban air quality regulations, corporate sustainability goals.

The electric truck market size is expected to see exponential growth in the next few years. It will grow to $37.95 billion in 2030 at a compound annual growth rate (CAGR) of 45.2%. The growth in the forecast period can be attributed to expansion of charging infrastructure, total cost of ownership reduction, advances in battery energy density, green logistics investments, hydrogen ecosystem development. Major trends in the forecast period include rapid electrification of commercial fleets, expansion of long-range electric trucks, adoption of fleet telematics solutions, growth of hydrogen fuel cell trucks, demand for zero-emission logistics.

Government incentives and initiatives are projected to stimulate the growth of the electric truck market. Authorities worldwide are implementing innovative policies and incentive schemes to promote the adoption of electric vehicles across all categories, including bikes, autos, cars, and commercial vehicles. Key policies currently driving EV adoption include substantial financial incentives for purchasing light-duty vehicles (LDVs), subsidies for initial purchases, vehicle purchase rebates, and tax reductions on registration, all aimed at curbing pollution and fostering a healthier environment. For example, in October 2023, the UK government announced a £246 million investment to expedite the deployment of zero-emission trucks and encourage innovation in the freight sector. This funding will support four green initiatives aimed at introducing up to 370 zero-emission heavy goods vehicles (HGVs) and establishing around 57 refueling and electric charging stations. This initiative, part of the zero-emission HGV and infrastructure demonstrator program, aims to reduce transport emissions - which currently account for 20% of the UK's total - while creating new jobs and facilitating the transition to net-zero road freight.

Major companies operating in the electric truck market are focusing on launching new products targeting medium-duty applications and long-range performance. These new electric trucks cater to the needs of commercial fleets, logistics companies, and other stakeholders seeking sustainable transportation solutions. For instance, in August 2023, Motiv Power Systems, a US-based company specializing in medium-duty all-electric trucks and buses, launched a new medium-duty electric truck called Argo. The Argo Series is designed to support all medium-duty applications across Class 4-6, including box trucks, step vans, shuttle buses, and more, providing a zero-emission solution for medium-duty operations.

In January 2023, Ideanomics, a US-based provider of electric vehicle solutions, acquired VIA Motors for an undisclosed amount. Through this acquisition, Ideanomics aims to build an integrated commercial EV ecosystem by combining VIA’s electric work trucks and vans with Ideanomics’ charging and financing infrastructure, accelerating fleet electrification and lowering total cost of ownership for customers. VIA Motors is a US-based manufacturer of all-electric commercial vehicles, including Class 2 to Class 5 trucks and vans.

Major companies operating in the electric truck market report include BYD Company Limited, AB Volvo, Volkswagen AG, Daimler Truck AG, PACCAR Inc., Dongfeng Motor Corporation, Renault Group, Hino Motors, Ltd., Isuzu Motors Limited, Sany Heavy Industry Co., Ltd., Ashok Leyland Limited, Zhejiang Geely Holding Group Co., Ltd., SAIC Motor Corporation Limited, Anhui Jianghuai Automobile Group Corp., Ltd., MAN Truck & Bus SE, Navistar, Inc., Nikola Corporation, Lordstown Motors Corporation, Workhorse Group Incorporated, Rivian Automotive, Inc., Kenworth Truck Company, Mack Trucks, Inc., Freightliner Trucks, Hitech Electric Vehicles, MellowVans, Inc.

Western Europe was the largest region in the electric truck market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric truck market report include Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the electric truck market report include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The electric truck market consists of sales of all-electric vehicles (AEV). Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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