As per the recent report by Global Market Insights Inc., electric truck market size is predicted to cross USD 65 billion by 2032.
Increasing demand for eco-friendly transportation solutions will fuel the demand for electric truck between 2023 to 2032. Electric trucks offer several advantages over their traditional counterparts, including lower operating costs, reduced carbon emissions, and improved efficiency. Major players in the automotive sector have recognized the potential of this market and are investing heavily in electric truck development and manufacturing.
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Government initiatives promoting clean energy and stricter emission regulations further propel market growth. As charging infrastructure continues to expand, range anxiety concerns are being addressed, making electric trucks a viable option for commercial and personal use. The future of the electric truck market looks promising, with continuous advancements in battery technology and increased consumer acceptance.
Deployment of light-duty electric trucks for commercial applications
In terms of vehicle type, the market is segmented into heavy-duty, light-duty, and medium-duty trucks. Light-duty electric trucks are gaining popularity as a sustainable transportation solution for urban areas and commercial applications. These trucks offer the benefits of zero-emission driving, reduced noise pollution, and lower operating costs. With their versatile design and payload capacities, they are well-suited for last-mile deliveries, municipal services, and small-scale construction projects.
Major automotive manufacturers and startups are introducing a range of light-duty electric trucks with varying specifications, including extended range options and advanced telematics systems. As battery technology improves, the driving range of these trucks continues to increase, alleviating concerns about limited mileage. With the ongoing push for clean energy and stricter emissions regulations, light-duty electric trucks are poised for significant growth in the market.
Efforts to reduce emissions to drive e-truck demand in the construction sector
Based on application, the industry is divided into waste management, construction, logistics & delivery, and others. The construction segment is expected to witness significant growth from 2023 to 2032. The use of electric trucks in the construction sector is gaining traction as companies seek to reduce their carbon footprint and comply with environmental regulations. Electric trucks offer numerous advantages in construction applications, such as lower operating costs, quieter operation, and zero tailpipe emissions. They are particularly well-suited for short-haul tasks, such as transporting materials within job sites or urban areas. Additionally, electric trucks contribute to improved air quality and create a healthier work environment for construction workers.
Growing popularity of hybrid electric trucks
Based on battery technology, the electric truck market is divided into segments like plug-in hybrid electric trucks, battery electric trucks, hybrid electric trucks, and fuel cell electric trucks. Hybrid electric trucks have emerged as a practical solution for the transportation industry, combining the benefits of both electric and traditional combustion engines. These trucks utilize a combination of an internal combustion engine and an electric motor, allowing for increased fuel efficiency and reduced emissions.
Hybrid electric trucks can recover energy during braking and use it to power the electric motor, resulting in improved efficiency and reduced reliance on fossil fuels. They offer an extended driving range compared to purely electric trucks, making them suitable for long-haul applications. The adoption of hybrid electric trucks helps companies meet sustainability goals while maintaining the flexibility and range necessary for their operations.
Rising sales of electric trucks in North America
Geographically, the North America electric truck market is experiencing rapid growth and transformation. Factors like environmental concerns, government incentives, and advancements in technology are driving the sales of electric trucks in this region. Major automotive manufacturers, startups, and fleet operators are actively investing in electric truck development and expanding charging infrastructure to support the growing demand. Electric trucks find applications in various sectors, including last-mile delivery, logistics, and municipal services. The presence of stringent emission regulations and a push towards sustainable transportation further accelerate market growth.
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Presence of key players in the global electric truck market
Some of the major leaders in the global electric truck market include GreenPower Motor Company, Hino Motors, Arrival, BYD, Daimler Trucks, General Motors, Workhorse Group, Lion Electric, Bollinger Motors, Mitsubishi Fuso Truck and Bus Corporation, Ford, Nikola Corporation, NIO, Proterra, PACCAR (Peterbilt, Kenworth), Volvo Group, Xpeng, and Rivian.
Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data Sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Electric truck market 360º synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023-2032
2.3 Regional trends
2.4 Vehicle type trends
2.5 Application trends
2.6 Battery technology trends
2.7 Battery capacity trends
2.8 GVWR trends
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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