Electric Trucks Market: By Propulsion Type, By Vehicle Type, By Application and Region Forecast 2020-2031
Electric Trucks Market: By Propulsion Type, By Vehicle Type, By Application and Region Forecast 2020-2031
Electric Trucks Market size was valued at US$ 1,500 million in 2024 and is expected to reach US$ 2,587 million by 2031, growing at a significant CAGR of 8.1% from 2025-2031. The report provides a detailed overview of the global market, and which can be segmented by Propulsion Type, Vehicle Type, and by Application. By propulsion, the global market has been segmented into Battery Electric Trucks, Plug-in Hybrid Electric Trucks, and Fuel Cell Electric Trucks.
The battery electric trucks segment is likely to be the largest and fastest-growing segment in terms of propulsion type. Based on vehicle type, the global market is segmented into Light Duty Trucks, Medium Duty Trucks, Heavy Duty Trucks. Among these, the light duty trucks segment is expected to have the fastest-growing market during the 2024-2030. Based on application, the global market is segmented into Logistics, Municipal, Construction, Mining, Others. The logistics segment accounts for the largest share in 2023. Municipal segment is the second-largest share during the forecast period 2024-2030.
Study Period
2025-2031Base Year
2024CAGR
8.1%Largest Market
North-AmericaFastest Growing Market
North-America
Over the past ten years, the cost of EV batteries has decreased as a result of scientific improvements and the mass manufacture of EV batteries driving the market growth over the forecast years.
North America is expected to witness the highest market share during the forecast period. It holds a tremendous potential market for global electric trucks due to the presence of key players such as Amazon and USP in the region.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2025-2031 |
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Market Size in 2024 |
US$ 1,500 million |
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Market Size in 2031 |
US$ 2,587 million |
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Market CAGR |
8.1% |
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By Propulsion Type |
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By Vehicle Type |
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By Application |
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By Region |
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Electric trucks market size was valued at US$ 1,500 million in 2024 and is expected to reach US$ 2,587 million by 2031, growing at a significant CAGR of 8.1% from 2025-2031.
The key segments covered in the market are technology, components, application, and end-users.
The market key players are Thermo Fisher Scientific Inc (US), Abcam plc (UK), Bio-Rad Laboratories Inc (US), PerkinElmer Inc (US), Merck KGaA (Germany), Werfen Company (Spain), Cell Signaling Technology Inc (US), MEDIPAN GmbH (Germany), Sino Biological Inc (China), Danaher Corporation (US), Maravai LifeSciences (US), Enzo Biochem Inc (US)
North-America is the fastest-growing region for market.
| 1.Executive Summary |
| 2.Global Electric Trucks Market Introduction |
| 2.1.Global Electric Trucks Market - Taxonomy |
| 2.2.Global Electric Trucks Market - Definitions |
| 2.2.1.Propulsion Type |
| 2.2.2.Vehicle Type |
| 2.2.3.Application |
| 2.2.4.Region |
| 3.Global Electric Trucks Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Product Landscape |
| 3.6. New Product Launches |
| 3.7. Impact of COVID 19 on Market |
| 4.Global Electric Trucks Market Analysis, 2020-2024 and Forecast 2025-2031 |
| 4.1. Market Analysis, 2020-2024 and Forecast 2025-2031, (Sales Value USD Million) |
| 4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5.Global Electric Trucks Market By Propulsion Type, 2020-2024 and Forecast 2025-2031 (Sales Value USD Million) |
| 5.1. Battery Electric Trucks |
| 5.1.1. Market Analysis, 2020-2024 and Forecast 2025-2031, (Sales Value USD Million) |
| 5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Plug-in Hybrid Electric Trucks |
| 5.2.1. Market Analysis, 2020-2024 and Forecast 2025-2031, (Sales Value USD Million) |
| 5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Fuel Cell Electric Trucks |
| 5.3.1. Market Analysis, 2020-2024 and Forecast 2025-2031, (Sales Value USD Million) |
| 5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 6.Global Electric Trucks Market By Vehicle Type, 2020-2024 and Forecast 2025-2031 (Sales Value USD Million) |
| 6.1. Light Duty Trucks |
| 6.1.1. Market Analysis, 2020-2024 and Forecast 2025-2031, (Sales Value USD Million) |
| 6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Medium Duty Trucks |
| 6.2.1. Market Analysis, 2020-2024 and Forecast 2025-2031, (Sales Value USD Million) |
| 6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Heavy Duty Trucks |
| 6.3.1. Market Analysis, 2020-2024 and Forecast 2025-2031, (Sales Value USD Million) |
| 6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 7.Global Electric Trucks Market By Application, 2020-2024 and Forecast 2025-2031 (Sales Value USD Million) |
| 7.1. Logistics |
| 7.1.1. Market Analysis, 2020-2024 and Forecast 2025-2031, (Sales Value USD Million) |
| 7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Municipal |
| 7.2.1. Market Analysis, 2020-2024 and Forecast 2025-2031, (Sales Value USD Million) |
| 7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Construction |
| 7.3.1. Market Analysis, 2020-2024 and Forecast 2025-2031, (Sales Value USD Million) |
| 7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Mining |
| 7.4.1. Market Analysis, 2020-2024 and Forecast 2025-2031, (Sales Value USD Million) |
| 7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 7.5. Others |
| 7.5.1. Market Analysis, 2020-2024 and Forecast 2025-2031, (Sales Value USD Million) |
| 7.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.5.3. Market Opportunity Analysis |
| 8.Global Electric Trucks Market By Region, 2020-2024 and Forecast 2025-2031 (Sales Value USD Million) |
| 8.1. North America |
| 8.1.1. Market Analysis, 2020-2024 and Forecast 2025-2031, (Sales Value USD Million) |
| 8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.1.3. Market Opportunity Analysis |
| 8.2. Europe |
| 8.2.1. Market Analysis, 2020-2024 and Forecast 2025-2031, (Sales Value USD Million) |
| 8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.2.3. Market Opportunity Analysis |
| 8.3. Asia Pacific (APAC) |
| 8.3.1. Market Analysis, 2020-2024 and Forecast 2025-2031, (Sales Value USD Million) |
| 8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.3.3. Market Opportunity Analysis |
| 8.4. Middle East and Africa (MEA) |
| 8.4.1. Market Analysis, 2020-2024 and Forecast 2025-2031, (Sales Value USD Million) |
| 8.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.4.3. Market Opportunity Analysis |
| 8.5. Latin America |
| 8.5.1. Market Analysis, 2020-2024 and Forecast 2025-2031, (Sales Value USD Million) |
| 8.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.5.3. Market Opportunity Analysis |
| 9.North America Electric Trucks Market ,2020-2024 and Forecast 2025-2031 (Sales Value USD Million) |
| 9.1. Propulsion Type Analysis 2020-2024 and Forecast 2025-2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1.Battery Electric Trucks |
| 9.1.2.Plug-in Hybrid Electric Trucks |
| 9.1.3.Fuel Cell Electric Trucks |
| 9.2. Vehicle Type Analysis 2020-2024 and Forecast 2025-2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1.Light Duty Trucks |
| 9.2.2.Medium Duty Trucks |
| 9.2.3.Heavy Duty Trucks |
| 9.3. Application Analysis 2020-2024 and Forecast 2025-2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.3.1.Logistics |
| 9.3.2.Municipal |
| 9.3.3.Construction |
| 9.3.4.Mining |
| 9.3.5.Others |
| 9.4. Country Analysis 2020-2024 and Forecast 2025-2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.4.1.United States of America (USA) |
| 9.4.2.Canada |
| 10.Europe Electric Trucks Market ,2020-2024 and Forecast 2025-2031 (Sales Value USD Million) |
| 10.1. Propulsion Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1.Battery Electric Trucks |
| 10.1.2.Plug-in Hybrid Electric Trucks |
| 10.1.3.Fuel Cell Electric Trucks |
| 10.2. Vehicle Type Analysis 2020-2024 and Forecast 2025-2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1.Light Duty Trucks |
| 10.2.2.Medium Duty Trucks |
| 10.2.3.Heavy Duty Trucks |
| 10.3. Application Analysis 2020-2024 and Forecast 2025-2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.3.1.Logistics |
| 10.3.2.Municipal |
| 10.3.3.Construction |
| 10.3.4.Mining |
| 10.3.5.Others |
| 10.4. Country Analysis 2020-2024 and Forecast 2025-2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.4.1.Germany |
| 10.4.2.France |
| 10.4.3.Italy |
| 10.4.4.United Kingdom (UK) |
| 10.4.5.Spain |
| 10.4.6.Rest of EU |
| 11.Asia Pacific (APAC) Electric Trucks Market ,2020-2024 and Forecast 2025-2031 (Sales Value USD Million) |
| 11.1. Propulsion Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1.Battery Electric Trucks |
| 11.1.2.Plug-in Hybrid Electric Trucks |
| 11.1.3.Fuel Cell Electric Trucks |
| 11.2. Vehicle Type Analysis 2020-2024 and Forecast 2025-2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1.Light Duty Trucks |
| 11.2.2.Medium Duty Trucks |
| 11.2.3.Heavy Duty Trucks |
| 11.3. Application Analysis 2020-2024 and Forecast 2025-2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.3.1.Logistics |
| 11.3.2.Municipal |
| 11.3.3.Construction |
| 11.3.4.Mining |
| 11.3.5.Others |
| 11.4. Country Analysis 2020-2024 and Forecast 2025-2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.4.1.China |
| 11.4.2.India |
| 11.4.3.Australia and New Zealand (ANZ) |
| 11.4.4.Japan |
| 11.4.5.Rest of APAC |
| 12.Middle East and Africa (MEA) Electric Trucks Market ,2020-2024 and Forecast 2025-2031 (Sales Value USD Million) |
| 12.1. Propulsion Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1.Battery Electric Trucks |
| 12.1.2.Plug-in Hybrid Electric Trucks |
| 12.1.3.Fuel Cell Electric Trucks |
| 12.2. Vehicle Type Analysis 2020-2024 and Forecast 2025-2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1.Light Duty Trucks |
| 12.2.2.Medium Duty Trucks |
| 12.2.3.Heavy Duty Trucks |
| 12.3. Application Analysis 2020-2024 and Forecast 2025-2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.3.1.Logistics |
| 12.3.2.Municipal |
| 12.3.3.Construction |
| 12.3.4.Mining |
| 12.3.5.Others |
| 12.4. Country Analysis 2020-2024 and Forecast 2025-2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.4.1.GCC Countries |
| 12.4.2.South Africa |
| 12.4.3.Rest of MEA |
| 13.Latin America Electric Trucks Market ,2020-2024 and Forecast 2025-2031 (Sales Value USD Million) |
| 13.1. Propulsion Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.1.1.Battery Electric Trucks |
| 13.1.2.Plug-in Hybrid Electric Trucks |
| 13.1.3.Fuel Cell Electric Trucks |
| 13.2. Vehicle Type Analysis 2020-2024 and Forecast 2025-2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.2.1.Light Duty Trucks |
| 13.2.2.Medium Duty Trucks |
| 13.2.3.Heavy Duty Trucks |
| 13.3. Application Analysis 2020-2024 and Forecast 2025-2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.3.1.Logistics |
| 13.3.2.Municipal |
| 13.3.3.Construction |
| 13.3.4.Mining |
| 13.3.5.Others |
| 13.4. Country Analysis 2020-2024 and Forecast 2025-2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.4.1.Brazil |
| 13.4.2.Mexico |
| 13.4.3.Rest of LA |
| 14. Competition Landscape |
| 14.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
| 14.2.1.Thermo Fisher Scientific Inc (US) |
| 14.2.2.Abcam plc (UK) |
| 14.2.3.Bio-Rad Laboratories Inc (US) |
| 14.2.4.PerkinElmer Inc (US) |
| 14.2.5.Merck KGaA (Germany) |
| 14.2.6.Werfen Company (Spain) |
| 14.2.7.Cell Signaling Technology Inc (US) |
| 14.2.8.MEDIPAN GmbH (Germany) |
| 14.2.9.Sino Biological Inc (China) |
| 14.2.10.Danaher Corporation (US) |
| 14.2.11.Maravai LifeSciences (US) |
| 14.2.12.Enzo Biochem Inc (US) |
| 15. Research Methodology |
| 16. Appendix and Abbreviations |
Key Market Players
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