Hybrid Truck Market Global Market Report 2024

The hybrid truck market has grown strongly in recent years. It will grow from $22.18 billion in 2023 to $23.74 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The expansion observed during the historical period can be attributed to fuel efficiency requirements, compliance with environmental regulations, efforts for cost savings and operational efficiency, government incentives and subsidies promoting hybrid technology adoption, and an increase in awareness regarding carbon footprint reduction.

The hybrid truck market is expected to see strong growth in the next few years. It will grow to $31.1 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The anticipated growth in the forecast period can be attributed to advancements in battery technology, the expansion of green logistics, the global shift towards sustainable transport, adherence to stringent emission standards, and economic and regulatory support for hybrid trucks. Major trends expected in the forecast period include the expansion of autonomous and semi-autonomous features in hybrid trucks, an emphasis on aerodynamic design for improved fuel economy, the introduction of regenerative braking systems, a focus on last-mile delivery solutions, and the implementation of predictive maintenance technologies.

The growth of the hybrid truck market is anticipated to be propelled by a surge in government regulations and policies targeting diesel and gasoline-powered vehicles. Increasing emphasis on greenhouse gas emission reduction and pollution control policies has prompted truck manufacturers to explore alternative fuel-powered vehicles. Notably, the Environmental Protection Agency (EPA) in the US approved federal greenhouse gas emissions standards for Model Years 2023 through 2026 for cars and light trucks in December 2021. These regulations aim to cut pollution, improve public health, and offer cost-effective solutions, resulting in substantial net benefits of $190 billion for Americans. Consequently, the hybrid truck market is experiencing expansion due to the growing stringency of government regulations and policies against traditional fuel vehicles.

The growth of the hybrid truck market is further driven by rising fuel prices. Escalating fuel costs incentivize the adoption of hybrid trucks owing to their enhanced fuel efficiency, achieved by combining electric power with conventional engines. As fuel prices increase, businesses seek more economical and sustainable transportation options. For example, recent data from the UK's Office for National Statistics indicates a notable rise in motor fuel prices between September and October 2023. The average gasoline price increased by 1.5 pence per liter, reaching 155.1 pence per liter, while the average diesel price surged by 4.8 pence per liter, reaching 162.2 pence per liter during the same period. Consequently, the rise in fuel prices is a significant driver behind the growth of the hybrid truck market.

A key trend in the hybrid truck market is technological advancement. Major companies in the market are investing in advanced technologies, such as zero-emission hybrid powertrain technology, to maintain their competitive positions. In May 2022, US Hybrid introduced near-zero-emission natural gas-powered parallel hybrid powertrain technology for drayage and long-haul trucks. This technology offers increased power, reduced fuel consumption, enhanced efficiency, and near-zero emissions. It provides a practical solution for long-haul fleet operators seeking near-zero-emission capabilities, reflecting the industry's commitment to versatility and environmental responsibility.

Product innovation, particularly in the form of ecoboost petrol engines, is a focus for major companies operating in the hybrid truck market. Ecoboost petrol engines are recognized for their turbocharged, direct-injection gasoline engines that deliver fuel efficiency without compromising performance. For instance, Ford launched the Ranger Plug-in Hybrid in Europe in September 2023. Featuring a 2.3-liter EcoBoost petrol engine, an electric motor, and an electric range exceeding 45 km, this truck aligns with sustainability goals by reducing emissions and improving fuel efficiency. The innovative design includes 4WD off-road capability, selectable drive modes, driver assist features, and Pro Power Onboard for using power tools via embedded outlets, making it an ideal choice for various work settings amid the increasing implementation of low-emission zones in European cities.

In May 2021, Ideanomics, Inc. acquired US Hybrid, a move aimed at diversifying Ideanomics' business with the addition of electric powertrain components and fuel cell engines for medium and heavy-duty commercial fleet applications. US Hybrid is known for its expertise in manufacturing hybrid trucks.

Major companies operating in the hybrid truck market market report are Aktiebolaget Volvo, Daimler Truck Holding AG, Nissan Motor Co., BYD Auto Industry Company Limited, DAF NV. , Dongfeng Motor Corporation Ltd., Hino Motors Ltd., Chevrolet, Nikola Corporation, Toyota Motor Corporation, Ford Motor Company, Mitsubishi Motors Corporation, Liebherr, General Motors, Fiat Chrysler Automobiles, Peterbilt, Freightliner, Isuzu Motors Limited, Industrial Vehicles Corporation, Foton Motor, Ashok Leyland, Tata Motors Limited, Navistar International Corporation, Hyliion, Dongfeng Motor Corporation, First Automobile Works, Shanghai Automotive Industry Corporation, Eicher Motors, Volkswagen Truck & Bus GmbH (Scania), Stellantis.

North America was the largest region in the hybrid truck market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global hybrid truck market during the forecast period. The regions covered in the hybrid truck market market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the hybrid truck market market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main technology types employed in hybrid trucks include parallel hybrid, series hybrid, series-parallel hybrid, and plug-in hybrid. In a series hybrid, the vehicle's basic drivetrain design relies on a battery to power the motor that drives the wheels. Various types of hybrid trucks are available, including light-duty trucks and heavy-duty trucks suitable for applications in construction, as well as pick-up and delivery vehicles.

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The hybrid truck market consists of sales of full hybrid, micro hybrid and mild hybrid trucks. 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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