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Electric Truck Market Size

Report ID: GMI5800
Published Date: Apr 2024
Report Format: PDF

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Electric Truck Market Size

Electric Truck Market size was valued at USD 21.1 billion in 2023 and is estimated to register a CAGR of over 15% between 2024 and 2032. Innovations in electric truck technology are reshaping logistics, prioritizing sustainability, and efficiency. The transportation industry is evolving to become cleaner, quieter, and more economically feasible. This change is fueled by advancements in battery technology and the expansion of fast-charging infrastructure.

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For instance, in April 2024, Daimler Truck unveiled its latest brand of electric vehicles, 'RIZON,' during its Canadian premiere of battery-electric trucks at Truck World in Toronto. The company announced that these innovative e-trucks will be accessible to Canadian customers, thereby bolstering the electric truck market by providing environment-friendly and advanced transportation solutions.

Electric Truck Market Report Attributes
Report Attribute	Details
Base Year:	2023
Electric Truck Market Size in 2023:	USD 21.1 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	15%
2032 Value Projection:	USD 74.9 Billion
Historical Data for:	2021 - 2023
No. of Pages:	240
Tables, Charts & Figures:	334
Segments covered:	Vehicle, Application, Battery Technology, Battery Capacity, GVWR
Growth Drivers:	Environmental concerns and the need for cleaner transportation options Government regulations and incentives promoting the adoption of electric vehicle Technological innovations improving the performance and capabilities of electric trucks Growing interest from fleet operators seeking to reduce their carbon footprint Rising fuel costs and volatility of fossil fuels
Pitfalls & Challenges:	High upfront costs Limited range and charging infrastructure

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Government incentives play a pivotal role in accelerating the adoption of electric trucks by providing financial support and regulatory advantages. Subsidies, tax credits, and grants incentivize fleet operators to invest in electric vehicles, offsetting the higher initial costs. Additionally, regulatory policies such as emission standards and zero-emission zones create a favorable environment for electric truck deployment. These incentives not only lower the total cost of ownership but also align with broader environmental goals, driving the transition toward cleaner transportation solutions.

The limited range and inadequate charging infrastructure pose significant obstacles to the wide adoption of electric trucks. Without sufficient charging stations along transportation routes, electric truck operators face range anxiety and potential disruptions to their operations. Moreover, the time required for recharging compared to refueling conventional trucks may lead to productivity losses. Addressing this challenge necessitates substantial investments in expanding charging infrastructure and advancing battery technology to extend the range of electric trucks.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of electric truck reached USD 21.1 billion in 2023 and will grow at over 15% CAGR between 2024 and 2032, led by advancements in battery technology.

The light-duty trucks vehicle segment held over 65% of the market share in 2023, driven by the emergence of compact electric models tailored for urban delivery.

Europe electric truck industry recorded over 11% share in 2023, propelled by stringent emissions regulations and ambitious climate targets.

Rivian, Nikola Corporation, BYD, Daimler AG, Volvo Group, Ford, General Motors, and PACCAR among others.