Electric Truck Market Size, Share, and Growth Analysis, By Propulsion Type, By Type, By Range, By Battery Capacity, By GVWR, By Level of Automation, By Battery Type, By Region - Industry Forecast 2025-2032

Electric Truck Market size was valued at USD 24.25 billion in 2023 and is poised to grow from USD 30.63 billion in 2024 to USD 198.31 billion by 2032, growing at a CAGR of 26.3% during the forecast period (2025-2032).

The logistics industry is poised for robust growth, driven by rising demand for electric trucks, declining fuel and maintenance costs, and incentives for zero-emission vehicle adoption. Stringent pollution regulations are compelling manufacturers to invest heavily in electric truck production. As sectors like municipal services and logistics embrace electric vehicles, the logistics sector-vital to national GDP growth-faces increasing pressure to modernize fleets amid the e-commerce boom. Companies like CEVA Logistics are pioneering the transition, as seen in their electric truck trials in London. However, growth may be hindered by inadequate charging infrastructure and regulatory hurdles, particularly in emerging markets. The COVID-19 pandemic disrupted global supply chains, but demand is expected to rebound post-restrictions, assisted by heightened governmental emission reduction targets.

Top-down and bottom-up approaches were used to estimate and validate the size of the Electric Truck market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Electric Truck Market Segments Analysis

Global Electric Truck Market is segmented by Propulsion Type, Type, Range, Battery Capacity, GVWR, Level of Automation, Battery Type, End User and region. Based on Propulsion Type, the market is segmented into BEV, PHEV and FCEV. Based on Type, the market is segmented into Light-duty Trucks, Medium-duty Trucks and Heavy-duty Trucks. Based on Range, the market is segmented into Upto 200 Miles and Above 200 Miles. Based on Battery Capacity, the market is segmented into < 50 kWh, 50-250 kWh and Above 250 kWh. Based on GVWR, the market is segmented into Upto 10,000 lbs, 10,001-26,000 lbs and Above 26,001 lbs. Based on Level of Automation, the market is segmented into Semi-autonomous Trucks and Autonomous Trucks. Based on Battery Type, the market is segmented into Lithium-nickel-manganese-cobalt Oxide, Lithium-iron-phosphate and Others. Based on End User, the market is segmented into Last Mile Delivery, Long Haul Transportation, Refuse Services, Field Services and Distribution services. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Driver of the Electric Truck Market

A significant factor propelling the electric truck market is the mounting pressure on businesses to lower their carbon emissions and adhere to environmental regulations. As companies face growing scrutiny regarding their environmental impact, electric trucks, which emit no tailpipe pollutants, offer an appealing solution for those aiming to minimize their carbon footprint. This shift not only aligns with corporate sustainability goals but also positions organizations favorably within the market as they respond to consumer demand for eco-friendly practices. Consequently, the pursuit of greener alternatives is driving adoption in the electric truck sector, further accelerating its growth.

Restraints in the Electric Truck Market

One of the primary challenges facing the electric truck market is the high initial investment required, which exceeds that of conventional diesel trucks. This substantial upfront cost serves as a considerable obstacle for numerous companies looking to transition to electric vehicles. Although electric trucks offer reduced operating costs over their lifespan, the initial financial burden can deter some businesses from making the switch. As a result, this cost-related barrier significantly hampers the widespread adoption of electric trucks in the market, ultimately slowing down the overall growth and acceptance of this innovative transportation solution.

Market Trends of the Electric Truck Market

The electric truck market is experiencing a significant surge in adoption, propelled by stringent government regulations aimed at reducing carbon emissions, rising environmental consciousness among consumers, and continuous advancements in battery technology. As electric trucks become more cost-competitive with traditional diesel models, driven by decreasing production costs and economies of scale, their appeal grows among fleet operators seeking to enhance sustainability and reduce operational costs. Additionally, the expansion of charging infrastructure further facilitates the transition to electric logistics, reinforcing this momentum. This upward trend is poised to accelerate, positioning electric trucks as a cornerstone of the future transport landscape.