Electric Truck Global Market Report 2024

The electric truck market size has grown exponentially in recent years. It will grow from $2.71 billion in 2023 to $4.03 billion in 2024 at a compound annual growth rate (CAGR) of 49.0%. The historical growth can be attributed to several factors, including robust economic expansion in emerging markets, a growing demand for light-duty trucks, increased prevalence of e-commerce, and a reduction in the cost of electric vehicle (EV) batteries.

The electric truck market size is expected to see exponential growth in the next few years. It will grow to $18.79 billion in 2028 at a compound annual growth rate (CAGR) of 46.9%. Expected growth is driven by higher fuel prices, government support, and improved charging infrastructure. Key trends include augmented reality use, product launches for medium-duty and long-range applications, increased manufacturing investments, and strategic partnerships for portfolio and geographic expansion.

Anticipated growth in the electric truck market is driven by government incentives and schemes aimed at promoting the adoption of electric vehicles. Governments worldwide are implementing innovative policies and incentive programs to encourage the uptake of electric vehicles across various categories, including bikes, autos, cars, and commercial vehicles. Key policies currently fostering the adoption of electric vehicles include substantial financial incentives for the purchase of Light Duty Vehicles (LDVs), subsidies for primary purchases, vehicle acquisitions, and tax rebates on registration. These policies are designed to address pollution concerns and contribute to a healthier environment. For instance, the Indian government introduced the Production-Linked Incentive (PLI) scheme for the auto sector and an amendment to the Faster Adoption and Manufacturing of Electric Vehicles (FAME) II initiative. The objective is to transition 30% of private cars, 70% of commercial vehicles, and 80% of two- and three-wheelers to electric by 2030. The provision of such subsidies and government support is expected to drive the electric truck market's growth in the forecast period.

The surge in fuel prices is anticipated to be another significant factor propelling the growth of the electric truck market. Escalating costs of traditional fuels have led businesses to seek alternative solutions that offer both economic and environmental advantages. Electric trucks emerge as an attractive option due to their lower operating costs and reduced dependence on fossil fuels, providing a sustainable and cost-effective transportation alternative. For instance, according to the Bureau of Transportation Statistics in August 2022, the price of regular motor gasoline rose by 49%, and diesel fuel prices increased slightly more at 55% from January to June 2022. Consequently, the upward trend in conventional fuel prices is expected to drive the growth of the electric truck market.

The prominent trend shaping the electric truck sector is the development of self-driving electric trucks. Companies within this sector are actively engaging in partnerships with technology-based firms to enhance their efforts in creating innovative models equipped with self-driving capabilities. A noteworthy example is Pininfarina, an Italy-based design company under Mahindra's ownership, collaborating with Deppway, a subsidiary of Baidu, to produce an electric semi-truck featuring a self-drive system. This advanced system incorporates 11 cameras, an infrared detector, radars, and LIDAR sensors to enable autonomous driving capabilities.

Companies in the electric truck market are strategically focused on introducing new products, with a specific emphasis on medium-duty applications and extended range capabilities. The launch of such electric trucks is designed to meet the demands of commercial fleets, logistics companies, and other stakeholders seeking sustainable transportation solutions. In August 2023, Motiv Power Systems, a US-based company specializing in medium-duty commercial all-electric trucks and buses, unveiled the Argo Series, a new medium-duty electric truck tailored for various applications in Class 4-6, including box trucks, step vans, shuttle buses, and more. The Argo electric truck aims to provide a zero-emission solution for medium-duty applications.

In September 2022, Mullen Automotive, a US-based electric vehicle (EV) truck company, acquired Bollinger Motors for an undisclosed sum. This acquisition resulted in Mullen holding a majority stake in Bollinger. The strategic move aims to strengthen both companies' positions in the rapidly growing markets for electric sport utility and commercial vehicles. Bollinger Motors is recognized as an electric truck manufacturer.

Major companies operating in the electric truck market report are BYD Company Limited, AB Volvo, Volkswagen AG, Daimler Truck AG, Paccar Inc., Dongfeng Motor Company, Groupe Renault, Hino Motors, Ltd., Isuzu Motors Ltd., Sany Heavy Industry Co., Ltd., BharatBenz, Ashok Leyland, Olectra Greentech Limited, Zhejiang Geely Holding Group Co., Ltd., SAIC Motor Corp., Ltd., Mitsubishi Electric Corporation, JAC Motors, Mercedes-Benz Group AG, MAN Truck & Bus SE, Drive Electro, Navistar, Lordstown Motors Corporation, Nikola Corporation, Workhorse Group Incorporated, Rivian R1T, Kenworth Truck Company, Mack Trucks, Inc., Freightliner Trucks, Tembici, Yellow, Merkx Electric Cars, Lucid Group Inc., Hitech Electric, Electric Import Motors, E-Moving, Origem, Emirates Global Motor Electric, MellowVans.

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

The main categories of electric trucks include light-duty electric trucks, medium-duty electric trucks, and heavy-duty electric trucks. Light-duty electric trucks have a gross vehicle weight of up to 8,500 pounds (3,855 kg) and payload capacities of up to 4,000 pounds (1,815 kg). These trucks may use battery electric, hybrid electric, or fuel cell electric propulsion, offering a range of up to 150 miles, 151-300 miles, or above 300 miles. Electric trucks find applications across various sectors, including last-mile delivery, long-haul transportation, refuse services, field services, and distribution services.

The electric truck market research report is one of a series of new reports that provides electric truck market statistics, including the electric truck industry global market size, regional shares, competitors with an electric truck market share, detailed electric truck market segments, market trends and opportunities, and any further data you may need to thrive in the electric truck industry. This electric truck market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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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