Electric Truck Market Size

Electric Truck Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The electric truck market is expected to grow significantly in the near future. The market is estimated to reach $ 2.4 billion in 2024, and is expected to reach $ 40 billion by 2035. The annual growth rate is 28.76% from 2025 to 2035, which is an explosive growth rate. The main driving force is the growing demand for sustainable transport solutions. Combined with stricter emissions regulations, rising fuel costs, and advances in battery technology, the efficiency and range of electric vehicles have improved. These are the reasons why companies such as Tesla, Rivian and Volvo are investing heavily in new technology and strategic cooperation to take advantage of this trend. The recent launch of the electric truck by Tesla and the focus of Rivian on electric delivery trucks are examples of this. Also, the combination of car manufacturers and technology companies is expected to speed up the development of charging stations and smart logistics solutions, which will help the market grow. The electric truck market will play an important role in the transition to green logistics.

Regional Market Size

Regional Deep Dive

The electric truck market is experiencing significant growth in various regions. This growth is driven by the growing concern for the environment, advancements in battery technology, and supportive government policies. In North America, the market is characterized by a strong push from both manufacturers and consumers for sustainable transport solutions. Europe is a leader in the development of electric vehicles, while the Asia-Pacific region is experiencing rapid growth due to urbanization and industrialization. The Middle East and Africa are also slowly adopting electric trucks, but this is also influenced by diversification of economies. Latin America is also beginning to explore the possibilities of electric trucks, especially for urban logistics, as cities look to reduce their emissions.

North America

• The Biden administration’s new plan for a national highway system includes significant investments in electric vehicle charging stations. The expected result is that electric trucks will become widely used throughout the United States.
• Company Tesla and Rivian are the forerunners of the electric truck revolution, and the electric truck from both companies has attracted a great deal of attention and pre-orders.
• The strict emissions standards in California are driving logistics companies to change to electric trucks, and the government is offering incentives for them to switch.

Europe

• By the end of the century, the European Union is imposing an absolute ban on the sale of new petrol and diesel trucks, which will give the electric truck industry a significant boost.
• It is a matter of fact that such major truck manufacturers as Daimler and Volvo are investing heavily in electric truck technology, and Volvo has now introduced its own electric truck range, which is designed for urban distribution.
• Grants from the British government for the purchase of electric vehicles and the installation of charging stations are expected to accelerate the transition to electric trucks in the United Kingdom.

Asia-Pacific

• BYD and Nio, which are leading the development of electric commercial vehicles, have received government subsidies.
• India is now seeing a new e-mobility movement. It is being encouraged by the government through policies and incentives, especially in the urban areas.
• The growing urbanization and the increasing demand for logistics are bringing a greater need for clean transportation.

MEA

• The electric car is a part of the vision of the United Arab Emirates 2021. The aim is to have 10% of the vehicles on the road in the country by 2030.
• A large part of the NEOM plan involves the use of electric trucks, as part of the general diversification of the economy.
• The region’s dependence on oil and gas is a significant factor, but the growing awareness of the environment is gradually shifting the focus towards electric mobility.

Latin America

• Brazil is now beginning to develop electric trucks as part of its program to reduce urban pollution.
• Chile has introduced a number of measures to encourage the use of electric vehicles, including tax incentives for electric trucks.
• In the last-mile deliveries in Latin America, the advantages of electric vehicles are increasingly recognized.

Did You Know?

“In 2022, electric trucks accounted for only a small percentage of the total global truck sales, but it is expected to rise substantially as the technology advances and regulations tighten.” — International Energy Agency (IEA)

Segmental Market Size

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At present the market is in the process of development and production. Rivian, Tesla, and Volvo are the leading producers of electric trucks. In California and Europe ambitious plans are being made to phase out diesel trucks. In the main, last-mile delivery, transport, and urban logistics are the main applications. Companies such as Amazon and DHL are integrating electric trucks into their fleets. The growth of this market is being driven by a combination of factors, including a shift to electric vehicles, advances in battery technology, and a drive to improve efficiency. Developments in charging technology and fleet management are also influencing the industry’s evolution.

Future Outlook

From 2024 to 2035, the electric truck market is expected to grow at a CAGR of 28.76%. This rapid development is due to the increasing regulatory support for zero-emission vehicles, the development of lithium-ion batteries, and the growing emphasis on sustainable logistics and transportation. By 2035, electric trucks will account for approximately one-quarter of the total commercial vehicle market, with a large proportion of them being used in urban and regional transport.

Important technological developments, such as improved battery efficiency and the charging network, will play a crucial role in this growth. Fast charging and solid-state batteries are expected to reduce downtime and increase the range of electric trucks, thus making them more attractive to fleet operators. Government incentives and stricter emissions regulations will also increase the market share of electric trucks, especially in regions such as North America and Europe where sustainable development is becoming a higher priority. Meanwhile, the integration of automation and digitalization into the transportation system, as well as smart logistics, will also lead to further changes in the market and make electric trucks a central part of the future transport system.