Electric Trucks Market by Propulsion Type, Vehicle Type, Range, Automation, End-Use

List of Tables

The Electric Trucks Market was valued at USD 17.78 billion in 2023, expected to reach USD 22.32 billion in 2024, and is projected to grow at a CAGR of 27.28%, to USD 96.27 billion by 2030.

The electric trucks market is defined by the development, production, and utilization of trucks powered by electric powertrains, which include battery-electric, hybrid electric, and fuel cell electric models. This market is essential as it addresses environmental concerns associated with diesel trucks, including greenhouse gas emissions and urban pollution, and aligns with global sustainability goals. Its applications range from light-duty transportation for urban deliveries to heavy-duty tasks like long-haul trucking and construction. End-use sectors involve logistics companies, municipalities, construction firms, and merchants focused on reducing their carbon footprint to meet regulatory requirements and consumer demand for greener supply chains.

KEY MARKET STATISTICS
Base Year [2023]	USD 17.78 billion
Estimated Year [2024]	USD 22.32 billion
Forecast Year [2030]	USD 96.27 billion
CAGR (%)	27.28%

Market growth is driven by stringent emission regulations, technological advancements in battery technology, and decreased costs of electric powertrains. Key opportunities include incentives and subsidies offered by governments, the increasing operational cost-competitiveness of electric trucks versus traditional internal combustion engine vehicles, and the growing trend towards electrification in fleet management. To capitalize on these opportunities, businesses should invest in developing more efficient battery systems, focus on expanding charging infrastructure, and forge partnerships with governments and logistics companies.

However, the market faces limitations such as high initial acquisition costs, limited charging infrastructure, range anxiety among fleet operators, and technological constraints like battery performance and longevity. The best areas for innovation and research include advancing battery energy density, improving charging times, and integrating renewable energy sources into charging networks. Businesses can also explore data analytics and IoT solutions for fleet optimization and predictive maintenance to further enhance operational efficiency.

Overall, the electric trucks market is dynamic and evolving, characterized by rapid technological inputs and regulatory shifts. It presents substantial potential for growth and innovation, particularly for stakeholders who can navigate its challenges and harness emerging technologies to offer clean and efficient transportation solutions.

Market Dynamics: Unveiling Key Market Insights in the Rapidly Evolving Electric Trucks Market

The Electric Trucks Market is undergoing transformative changes driven by a dynamic interplay of supply and demand factors. Understanding these evolving market dynamics prepares business organizations to make informed investment decisions, refine strategic decisions, and seize new opportunities. By gaining a comprehensive view of these trends, business organizations can mitigate various risks across political, geographic, technical, social, and economic domains while also gaining a clearer understanding of consumer behavior and its impact on manufacturing costs and purchasing trends.

Market Drivers
- Increasing government regulations to promote e-mobility to reduce gas emissions
- Inclination towards electric trucks owing to its advantages over the fuel trucks
- Growing focus to expand electric vehicle charging infrastructure
Market Restraints
- High manufacturing and maintenance cost associated with electric trucks
Market Opportunities
- Ongoing development of improved high power lithium ion batteries coupled with integration in electric trucks
- Increasing investment in self driving technology in electric trucks to improve driver safety
Market Challenges
- Longer charging times issues with electric trucks

Porter's Five Forces: A Strategic Tool for Navigating the Electric Trucks Market

Porter's five forces framework is a critical tool for understanding the competitive landscape of the Electric Trucks Market. It offers business organizations with a clear methodology for evaluating their competitive positioning and exploring strategic opportunities. This framework helps businesses assess the power dynamics within the market and determine the profitability of new ventures. With these insights, business organizations can leverage their strengths, address weaknesses, and avoid potential challenges, ensuring a more resilient market positioning.

PESTLE Analysis: Navigating External Influences in the Electric Trucks Market

External macro-environmental factors play a pivotal role in shaping the performance dynamics of the Electric Trucks Market. Political, Economic, Social, Technological, Legal, and Environmental factors analysis provides the necessary information to navigate these influences. By examining PESTLE factors, businesses can better understand potential risks and opportunities. This analysis enables business organizations to anticipate changes in regulations, consumer preferences, and economic trends, ensuring they are prepared to make proactive, forward-thinking decisions.

Market Share Analysis: Understanding the Competitive Landscape in the Electric Trucks Market

A detailed market share analysis in the Electric Trucks Market provides a comprehensive assessment of vendors' performance. Companies can identify their competitive positioning by comparing key metrics, including revenue, customer base, and growth rates. This analysis highlights market concentration, fragmentation, and trends in consolidation, offering vendors the insights required to make strategic decisions that enhance their position in an increasingly competitive landscape.

FPNV Positioning Matrix: Evaluating Vendors' Performance in the Electric Trucks Market

The Forefront, Pathfinder, Niche, Vital (FPNV) Positioning Matrix is a critical tool for evaluating vendors within the Electric Trucks Market. This matrix enables business organizations to make well-informed decisions that align with their goals by assessing vendors based on their business strategy and product satisfaction. The four quadrants provide a clear and precise segmentation of vendors, helping users identify the right partners and solutions that best fit their strategic objectives.

Strategy Analysis & Recommendation: Charting a Path to Success in the Electric Trucks Market

A strategic analysis of the Electric Trucks Market is essential for businesses looking to strengthen their global market presence. By reviewing key resources, capabilities, and performance indicators, business organizations can identify growth opportunities and work toward improvement. This approach helps businesses navigate challenges in the competitive landscape and ensures they are well-positioned to capitalize on newer opportunities and drive long-term success.

Key Company Profiles

The report delves into recent significant developments in the Electric Trucks Market, highlighting leading vendors and their innovative profiles. These include AB Volvo, Alke s.r.l., BAIC Foton Motor Co., Ltd, Bollinger Motors, Inc., BYD Motors Inc., DAF Trucks N.V., Daimler Truck AG, Dongfeng Commercial Vehicles Co., Ltd., Epiroc Group, FCA US LLC, Ford Motor Company, General Motors, HW ELECTRO Co., Ltd., Isuzu Motors Ltd., Iveco S.p.A., JAC Motors, Lion Electric Company, Mack Trucks, Inc., Mercedes-Benz Group AG, Mitsubishi Fuso Truck and Bus Corporation, Navistar, Inc., Nikola Corporation, Nissan Motor Co., Ltd., Orange EV, Paccar Inc, Proterra Inc., Riviann LLC, Scania CV AB, SEA Electric Group, Tata Motors Limited, Tesla, Inc., Tevva Motors Limited, Toyota Motor Corporation, Volkswagen AG, Volta Trucks AB, Workhorse Group, Inc., and Xos, Inc..

Market Segmentation & Coverage

This research report categorizes the Electric Trucks Market to forecast the revenues and analyze trends in each of the following sub-markets:

Based on Propulsion Type, market is studied across Battery Electric Vehicle, Hybrid Electric Vehicle, and Plug-in Hybrid Electric Vehicle.
Based on Vehicle Type, market is studied across Heavy-Duty Electric Truck, Light-Duty Electric Truck, and Medium-Duty Electric Truck.
Based on Range, market is studied across 151-300 Miles, Above 300 Miles, and Upto 150 Miles.
Based on Automation, market is studied across Level 0 (No Driving Automation), Level 1 (Driver Assistance), Level 2 (Partial Driving Automation), Level 3 (Conditional Driving Automation), Level 4 (High Driving Automation), and Level 5 (Full Driving Automation).
Based on End-Use, market is studied across Distribution Services, Field Services, Last Mile Delivery, Long Haul Transportation, and Refuse Services.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom.

The report offers a comprehensive analysis of the market, covering key focus areas:

1. Market Penetration: A detailed review of the current market environment, including extensive data from top industry players, evaluating their market reach and overall influence.

2. Market Development: Identifies growth opportunities in emerging markets and assesses expansion potential in established sectors, providing a strategic roadmap for future growth.

3. Market Diversification: Analyzes recent product launches, untapped geographic regions, major industry advancements, and strategic investments reshaping the market.

4. Competitive Assessment & Intelligence: Provides a thorough analysis of the competitive landscape, examining market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, and technological advancements of key players.

5. Product Development & Innovation: Highlights cutting-edge technologies, R&D activities, and product innovations expected to drive future market growth.

The report also answers critical questions to aid stakeholders in making informed decisions:

1. What is the current market size, and what is the forecasted growth?

2. Which products, segments, and regions offer the best investment opportunities?

3. What are the key technology trends and regulatory influences shaping the market?

4. How do leading vendors rank in terms of market share and competitive positioning?

5. What revenue sources and strategic opportunities drive vendors' market entry or exit strategies?

Product Code: MRR-AE362C875B66

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Increasing government regulations to promote e-mobility to reduce gas emissions
  - 5.1.1.2. Inclination towards electric trucks owing to its advantages over the fuel trucks
  - 5.1.1.3. Growing focus to expand electric vehicle charging infrastructure
- 5.1.2. Restraints
  - 5.1.2.1. High manufacturing and maintenance cost associated with electric trucks
- 5.1.3. Opportunities
  - 5.1.3.1. Ongoing development of improved high power lithium ion batteries coupled with integration in electric trucks
  - 5.1.3.2. Increasing investment in self driving technology in electric trucks to improve driver safety
- 5.1.4. Challenges
  - 5.1.4.1. Longer charging times issues with electric trucks
5.2. Market Segmentation Analysis
5.3. Porter's Five Forces Analysis
- 5.3.1. Threat of New Entrants
- 5.3.2. Threat of Substitutes
- 5.3.3. Bargaining Power of Customers
- 5.3.4. Bargaining Power of Suppliers
- 5.3.5. Industry Rivalry
5.4. PESTLE Analysis
- 5.4.1. Political
- 5.4.2. Economic
- 5.4.3. Social
- 5.4.4. Technological
- 5.4.5. Legal
- 5.4.6. Environmental

6. Electric Trucks Market, by Propulsion Type

6.1. Introduction
6.2. Battery Electric Vehicle
6.3. Hybrid Electric Vehicle
6.4. Plug-in Hybrid Electric Vehicle

7. Electric Trucks Market, by Vehicle Type

7.1. Introduction
7.2. Heavy-Duty Electric Truck
7.3. Light-Duty Electric Truck
7.4. Medium-Duty Electric Truck

8. Electric Trucks Market, by Range

8.1. Introduction
8.2. 151-300 Miles
8.3. Above 300 Miles
8.4. Upto 150 Miles

9. Electric Trucks Market, by Automation

9.1. Introduction
9.2. Level 0 (No Driving Automation)
9.3. Level 1 (Driver Assistance)
9.4. Level 2 (Partial Driving Automation)
9.5. Level 3 (Conditional Driving Automation)
9.6. Level 4 (High Driving Automation)
9.7. Level 5 (Full Driving Automation)

10. Electric Trucks Market, by End-Use

10.1. Introduction
10.2. Distribution Services
10.3. Field Services
10.4. Last Mile Delivery
10.5. Long Haul Transportation
10.6. Refuse Services

11. Americas Electric Trucks Market

11.1. Introduction
11.2. Argentina
11.3. Brazil
11.4. Canada
11.5. Mexico
11.6. United States

12. Asia-Pacific Electric Trucks Market

12.1. Introduction
12.2. Australia
12.3. China
12.4. India
12.5. Indonesia
12.6. Japan
12.7. Malaysia
12.8. Philippines
12.9. Singapore
12.10. South Korea
12.11. Taiwan
12.12. Thailand
12.13. Vietnam

13. Europe, Middle East & Africa Electric Trucks Market

13.1. Introduction
13.2. Denmark
13.3. Egypt
13.4. Finland
13.5. France
13.6. Germany
13.7. Israel
13.8. Italy
13.9. Netherlands
13.10. Nigeria
13.11. Norway
13.12. Poland
13.13. Qatar
13.14. Russia
13.15. Saudi Arabia
13.16. South Africa
13.17. Spain
13.18. Sweden
13.19. Switzerland
13.20. Turkey
13.21. United Arab Emirates
13.22. United Kingdom

14. Competitive Landscape

14.1. Market Share Analysis, 2023
14.2. FPNV Positioning Matrix, 2023
14.3. Competitive Scenario Analysis
- 14.3.1. Ares to Invest Up to USD 250 Million in "Electric Trucks-as-a-Service" Provider Current Trucking
- 14.3.2. Einride brings its electric trucks to UK freight sector in partnership with PepsiCo
- 14.3.3. Mack Trucks launches its first medium-duty electric truck
- 14.3.4. Tevva Inks Lithium-ion Battery Management Partnership for its Electric Trucks
- 14.3.5. LION ANNOUNCES LAUNCH OF THE LION5 MEDIUM-DUTY ALL-ELECTRIC TRUCK
- 14.3.6. Tesla confirms Nevada expansion to make more electric trucks
- 14.3.7. Amazon to invest over EUR 1 billion in electric vans, truck fleet across Europe
- 14.3.8. Murugappa Group to acquire a majority stake in an electric truck maker for INR 246 Crores
- 14.3.9. Lordstown Motors factory sale to Foxconn closes
- 14.3.10. Maersk to deploy 300 electric trucks in partnership with Einride
14.4. Strategy Analysis & Recommendation

Companies Mentioned

1. AB Volvo
2. Alke s.r.l.
3. BAIC Foton Motor Co., Ltd
4. Bollinger Motors, Inc.
5. BYD Motors Inc.
6. DAF Trucks N.V.
7. Daimler Truck AG
8. Dongfeng Commercial Vehicles Co., Ltd.
9. Epiroc Group
10. FCA US LLC
11. Ford Motor Company
12. General Motors
13. HW ELECTRO Co., Ltd.
14. Isuzu Motors Ltd.
15. Iveco S.p.A.
16. JAC Motors
17. Lion Electric Company
18. Mack Trucks, Inc.
19. Mercedes-Benz Group AG
20. Mitsubishi Fuso Truck and Bus Corporation
21. Navistar, Inc.
22. Nikola Corporation
23. Nissan Motor Co., Ltd.
24. Orange EV
25. Paccar Inc
26. Proterra Inc.
27. Riviann LLC
28. Scania CV AB
29. SEA Electric Group
30. Tata Motors Limited
31. Tesla, Inc.
32. Tevva Motors Limited
33. Toyota Motor Corporation
34. Volkswagen AG
35. Volta Trucks AB
36. Workhorse Group, Inc.
37. Xos, Inc.