PUBLISHER: Grand View Research | PRODUCT CODE: 1530306
PUBLISHER: Grand View Research | PRODUCT CODE: 1530306
The global heavy-duty electric trucks market size is anticipated to reach USD 4.70 billion by 2030, registering a CAGR of 20.6% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is growing due to government incentives and stringent emission regulations, which encourage the shift from traditional diesel to electric vehicles (EVs). Technological advancements in battery efficiency and charging infrastructure make electric trucks more viable and attractive for long-haul operations. In addition, increased environmental awareness and demand for sustainable transport solutions drive fleet operators to adopt heavy-duty electric trucks, thereby supporting market growth.
Government support for electrifying heavy-duty vehicles is expected to propel the market's growth. For instance, in March 2024, the U.S. Environmental Protection Agency (EPA) finalized new greenhouse gas (GHG) standards for manufacturing, importing, and selling heavy-duty trucks. These standards are anticipated to promote the production of trucks powered by electricity and hydrogen, aiming to reduce GHG emissions by up to 60 percent for certain vehicle classes by 2032. Such government initiatives are expected to bode well for the market's growth. The technology for heavy-duty electric trucks is advancing rapidly, with companies like AB Volvo, Daimler Truck AG, and Nikola Corp. developing electric trucks to manage substantial loads over long distances.
For instance, Nikola Corp. offers Nikola Tre BEV, a fully electric class 8 semi-truck for commercial applications. The Tre BEV has advanced safety systems, such as advanced emergency braking, lane departure warning, and front & rear cameras, which enhance the driving experience. Heavy-duty electric trucks in waste management enhance efficiency with increased payload capacity, reducing the number of collection trips and lowering emissions. Their near-silent operation minimizes noise pollution, benefiting residential areas. These trucks meet strict environmental standards, promoting sustainability. Thus, increasing demand for heavy-duty electric trucks for waste management applications is expected to boost market growth from 2024 to 2030.