Top Growth Trends in the Electric Truck Market: Key Insights and Opportunities for 2025-2034
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How Does the Projected Growth of the Electric Truck Market Compare Over the Forecast Period?
The electric truck market has grown exponentially in recent years. It is expected to increase from $3.99 billion in 2024 to $5.92 billion in 2025, at a CAGR of 48.4%. The historical growth is attributed to robust economic expansion in emerging markets, rising demand for light-duty trucks, greater e-commerce penetration, and declining EV battery costs.
The electric truck market is expected to see exponential growth, reaching $27.17 billion by 2029 with a CAGR of 46.3%. This growth is driven by rising fuel costs, increased government support, and expanding charging infrastructure. Trends include augmented reality (AR) for real-time data, product launches targeting medium-duty and long-range applications, manufacturing investments, and strategic partnerships.
What Strategic Factors Are Influencing the Accelerated Growth of the electric truck Market?
Government incentives and policies are expected to drive the growth of the electric truck market. Globally, governments are introducing policies and incentive schemes to encourage the adoption of electric vehicles across various categories. Notably, in October 2023, the UK government announced a £246 million investment to accelerate the deployment of zero-emission trucks, supporting four green projects aimed at introducing up to 370 zero-emission heavy goods vehicles and 57 refueling and electric charging stations. This initiative is part of the zero-emission HGV program and is focused on reducing transport emissions, which currently account for 20% of the UK’s total, while creating jobs and facilitating the transition to net zero for road freight.
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Who Are the Key Players Steering the Development of the Electric Truck Market?
Major companies operating in the electric truck market include:
• BYD Company Limited_x000D_
• AB Volvo_x000D_
• Volkswagen AG_x000D_
• Daimler Truck AG_x000D_
• Paccar Inc._x000D_
How Are Consumer Trends Shaping the Current and Future Landscape of the Electric Truck Market?
Self-driving electric trucks are a key trend in the electric trucks market. In January 2022, Pininfarina, in collaboration with Deppway, developed an electric semi-truck equipped with a self-driving system that uses multiple sensors and cameras to operate autonomously.
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What Are the Core Categories and Segments in the Electric Truck Market Driving Demand and Growth?
The electric truck market covered in this report is segmented –
1) By Vehicle Type: Light Duty Electric Truck, Medium Duty Electric Truck, Heavy Duty Electric Truck
2) By Propulsion: Battery Electric Vehicle, Hybrid Electric Vehicle, Fuel Cell Electric Vehicle
3) By Range: Upto 150 Miles, 151-300 Miles, Above 300 Miles
4) By End-User: Last Mile Delivery, Long Haul Transportation, Refuse Services, Field Services, Distribution Services
Subsegments:
1) By Light Duty Electric Truck: Electric Vans, Pickup Trucks
2) By Medium Duty Electric Truck: Electric Box Trucks, Electric Delivery Trucks
3) By Heavy Duty Electric Truck: Electric Semi-Trucks, Electric Dump Trucks
Which Geographical Regions Are Shaping the Electric Truck Market Growth?
Western Europe was the largest region in the electric truck market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Are the Defining Aspects of the Electric Truck Market Landscape?
An electric truck refers to a large, motorized vehicle with an open bed designed to transport goods and whose primary propulsion technology is battery-electric or powered by rechargeable batteries alone or hydrogen fuel cell electric or hybrid electric that is powered by batteries and an internal combustion engine.
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