Electric Trucks Market: By Propulsion Type, By Vehicle Type, By Application and Geography  

Electric Trucks Market Size, Share, Growth, Trends, and Global Industry Analysis: By Propulsion Type (Battery Electric Trucks, Plug-in Hybrid Electric Trucks, Fuel Cell Electric Trucks), By Vehicle Type (Light Duty Trucks, Medium Duty Trucks, Heavy Duty Trucks), By Application (Logistics, Municipal, Construction, Mining, Others) and Region  

Electric Trucks Market size was valued at US$ 1,387.5 million in 2023 and is poised to grow at a significant CAGR of 8.1% from 2024-2030. 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.  

Electric Trucks Market Key Development

  • In March 2021, In the current division of Daimler Truck Fuel Cell GmbH & Co., the Volvo Group purchased 50% of the partnership shares. By the end of 2050, the market goal is to create the new joint venture a top global fuel cell manufacturer, assisting the world in making a big advancement toward sustainable and climate-neutral transportation.
  • In 2020, Tesla, one of the best-known and most reputable EV producers in the world, has already made plans to significantly lower the cost of their EV batteries over the coming few years. To accomplish this goal over the next 4-5 years, leading battery manufacturers including Panasonic, LG Chem, SK Innovative, CATL, and others have been collaborating with leading EV manufacturers.

Electric Trucks Market Summary

Study Period

2024-2030

Base Year

2023

CAGR

8.1%

Largest Market

North America

Fastest Growing Market

North America

Electric Trucks Market Dynamics

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.

Electric Trucks Market Segmentation Analysis

Report Benchmarks

Details

Report Study Period

2024-2030

Market Size in 2023

US$ 1,387.5 million

Market CAGR

8.1%

By Propulsion Type

  • Battery Electric Trucks
  • Plug-in Hybrid Electric Trucks
  • Fuel Cell Electric Trucks

By Vehicle Type

  • Light Duty Trucks
  • Medium Duty Trucks
  • Heavy Duty Trucks

By Application

  • Logistics
  • Municipal
  • Construction
  • Mining
  • Others

By Region

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East and Africa

Key Features of the Report

  • The electric trucks market report provides granular level information about the market size, regional market share, historic market (2019-2023), and forecast (2024-2030)
  • The report covers in-detail insights about the competitors overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
  • The report analyses the impact of the socio-political environment through PESTLE Analysis and competition through Porters Five Force Analysis in addition to recent technology advancements and innovations in the market

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Frequently Asked Questions

The global electric trucks market size was valued at US$ 1,387.5 million in 2023 and is poised to grow at a CAGR of 8.1% from 2024-2030.

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)

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, 2019-2023 and Forecast 2024-2030
4.1.  Market Analysis, 2019-2023 and Forecast, 2024-2030, (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, 2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
5.1. Battery Electric Trucks
5.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (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, 2019-2023 and Forecast, 2024-2030, (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, 2019-2023 and Forecast, 2024-2030, (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, 2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
6.1. Light Duty Trucks
6.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (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, 2019-2023 and Forecast, 2024-2030, (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, 2019-2023 and Forecast, 2024-2030, (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, 2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
7.1. Logistics
7.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (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, 2019-2023 and Forecast, 2024-2030, (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, 2019-2023 and Forecast, 2024-2030, (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, 2019-2023 and Forecast, 2024-2030, (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, 2019-2023 and Forecast, 2024-2030, (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, 2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
8.1. North America
8.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (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, 2019-2023 and Forecast, 2024-2030, (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, 2019-2023 and Forecast, 2024-2030, (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, 2019-2023 and Forecast, 2024-2030, (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, 2019-2023 and Forecast, 2024-2030, (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 ,2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
9.1. Propulsion Type Analysis 2019-2023 and Forecast 2024-2030 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 2019-2023 and Forecast 2024-2030 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 2019-2023 and Forecast 2024-2030 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 2019-2023 and Forecast 2024-2030 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 ,2019-2023 and Forecast 2024-2030 (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 2019-2023 and Forecast 2024-2030 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 2019-2023 and Forecast 2024-2030 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 2019-2023 and Forecast 2024-2030 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 ,2019-2023 and Forecast 2024-2030 (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 2019-2023 and Forecast 2024-2030 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 2019-2023 and Forecast 2024-2030 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 2019-2023 and Forecast 2024-2030 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 ,2019-2023 and Forecast 2024-2030 (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 2019-2023 and Forecast 2024-2030 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 2019-2023 and Forecast 2024-2030 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 2019-2023 and Forecast 2024-2030 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 ,2019-2023 and Forecast 2024-2030 (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 2019-2023 and Forecast 2024-2030 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 2019-2023 and Forecast 2024-2030 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 2019-2023 and Forecast 2024-2030 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

  • 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)

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