Electric Trucks Market Share, Size, Trends, Growth & Forecast 2028

Electric Trucks Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Propulsion (BEV, PHEV, and FCV), Vehicle Type (LCV and Medium & HCV), Range (Less than 200 Miles and More than 200 Miles), Level of Automation (Semi-Autonomous and Fully Autonomous)

  • Report Code : TIPRE00025913
  • Category : Automotive and Transportation
  • Status : Published
  • No. of Pages : 180
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The electric trucks market is expected to grow from US$ 4,592.55 million in 2021 to US$ 26,542.90 million by 2028; it is estimated to grow at a CAGR of 29.4% from 2022 to 2028.

The global automotive sector is undergoing a paradigm shift with a gradual switch to alternative/less energy-intensive solutions. The rising cost of oil, elevating levels of pollution, and international pledges to tackle global climate change are accelerating the transition to e-mobility.

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Electric Trucks Market: Strategic Insights

Electric Trucks Market

  • CAGR (2021 - 2028)
    29.4%
  • Market Size 2021
    US$ 4.59 Billion
  • Market Size 2028
    US$ 26.54 Billion

Market Dynamics

GROWTH DRIVERS
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FUTURE TRENDS
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OPPORTUNITIES
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Key Players

  • AB Volvo
  • BYD Company Ltd
  • Daimler AG
  • FAW Group Co.,Ltd.
  • Navistar, Inc.
  • PACCAR Inc.
  • Proterra Inc.
  • Rivian
  • Scania

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Propulsion
  • BEV
  • PHEV
  • FCV
Vehicle Type
  • LCV and Medium & HCV
Range
  • Less than 200 Miles and More than 200 Miles
Level of Automation
  • Semi-Autonomous and Fully Autonomous
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Recent major developments in the electric trucks market:

  • In August 2021, Volvo Trucks acquired a heavy-duty truck manufacturing facility of JMC Heavy Duty Vehicle Co., Ltd., a subsidiary of Jiangling Motors Co., Ltd., in China. The acquisition also includes a production facility in Taiyuan, Shanxi Province, China. The goal is to begin the manufacturing of new heavy-duty Volvo FH, Volvo FM, and Volvo FMX trucks in Taiyuan by the end of 2022 for customers in China.
  • In September 2021, BYD unveiled two revolutionary battery-electric heavy-duty trucks at ACT Expo in California. The trucks come standard with Advanced Driver-Assistance Systems (ADAS), making driving easier and safer.

Based on propulsion, the electric trucks market is segmented into BEV, PHEV, and FCEV. In 2021, The BEV segment led the market with the largest share. Based on vehicle, the electric trucks market is categorized into LCV, and Medium and HCV. In 2021, the LCV segment led the market with a larger share. Based on range, the electric trucks market is bifurcated into less than 200 miles and more than 200 miles. In 2021, the more than 200 Miles segment accounted for a larger share of the market. Based on the level of automation, the electric trucks market is segmented into semi-autonomous and fully autonomous. In 2021, the semi-autonomous segment led the market with a larger share. By geography, the electric trucks market is primarily segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). In 2021, Europe accounted for a significant share of the market

Impact of COVID-19 Pandemic on Electric trucks Market

 

In 2020, the COVID-19 pandemic hampered the electric trucks market growth due to the decline in the automotive production. COVID-19 has had varying degrees of impact on EV marketplaces in different regions. Many EV OEMs are attempting to build online business models and contactless selling channels in response to the social distancing trend and consumers' unwillingness to avoid crowds during purchases. Nonetheless, due to the demand boom following COVID, new EV plant construction plans have been set through 2020. However, in the first three quarters of 2020, none of the newly established EV factories was placed into operation due to COVID-19.

Lucrative Regions for Electric trucks Market

  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Market Insights – Electric trucks Market
Rising Adoption of Sustainable Mobility

The rising adoption of sustainable mobility is encouraging the introduction of electric trucks (including such as longer-range battery-electric and fuel-cell electric trucks) and other electric vehicles for demanding and heavy long-haul operations. Electric trucks fueled by hydrogen fuel cells are expected to be made available during 2022–2028. To lessen the impact of climate on transportation, a rapid transition from fossil fuels to alternatives such as electricity is required. As a result, most transportation businesses are likely to transition to electric vehicles in stages. During the transition, many of them will have a mixed fleet of trucks fueled by different fuels.

Electric mobility will enable energy savings through more efficient and cleaner transport, thus allowing governments to achieve the Sustainable Development Goals (SDGs) laid by the United Nations. Electric trucks, like other electric vehicles, will assist to cut tailpipe pollution, reduce reliance on fossil fuels, promote community health, providing energy security, and improving employment and upskilling opportunities. Combining electric mobility goals with renewable energy goals will help to further decarbonize the transportation industry. Businesses and government agencies in Europe as well as developing regions may play a big role in decreasing global greenhouse gas emissions and boosting electric truck adoption by providing EV charging infrastructure and migrating fleet vehicles to electric trucks. 

Propulsion-Based Insights

Based on propulsion, the electric trucks market is segmented into BEV, FCV, and PHEV. The BEV segment accounted for the largest market share in 2021. Battery-powered electric trucks are expected to contribute notably to the market growth. Manufacturers such as Volvo and Navistar are leveraging their technology capabilities, shortening the development cycle for BEVs, and focusing on a fast time-to-market. The increasing battery life and energy density, and a drop in battery prices are likely to boost the electric trucks market for the BEV segment.

Vehicle-Based Insights

Based on vehicle type, the electric trucks market is bifurcated into LCVs and medium & HCVs. The LCV segment led the market with a larger market share in 2021. Automakers and allied powertrain component suppliers are embracing an electric, clean, and sustainable future. By creating new paradigms from the initial stages, several OEMs are changing traditional ways of  establishing LCV platforms. Many significant OEMs are developing specific eLCV platforms. In the meanwhile, the increasing demand for a high degree of customization by fleet managers and the introduction of new services-based models are benefitting the LCV industry.

Range-Based Insights

Based on range, the electric trucks market is segmented into less than 200 miles and more than 200 miles. The more than 200 miles segment led the market with a larger share in 2021. Longer-range commercial vehicles dominate the global market due to large preferences among end users.

Automation-Based Insights

Based on the level of automation, the electric trucks market is segmented into semi-autonomous and fully autonomous. Semi-autonomous electric trucks hold a larger share of the market. However, fully autonomous trucks are expected to dominate the market in the coming years due to the increasing adoption of automation across all industries and the evolution of technologies allowing complete functioning for self-driving trucks.

Based on the electric trucks market report, players operating in the market are mainly focused on new product launches.

  • In early 2021, Volvo Trucks introduced the new Volvo FM electric truck model. This model, with new automated features, offers enhanced visibility for drivers and an integrated electronically controlled brake system.
  • In August 2021, Navistar announced the launch of its new fully electric international eMV Series trucks. The eMV trucks are designed to combine medium-duty truck experience with zero emissions and deliver a fully integrated electrified powertrain solution.

Electric Trucks Market Report Scope

Report Attribute Details
Market size in 2021 US$ 4.59 Billion
Market Size by 2028 US$ 26.54 Billion
Global CAGR (2021 - 2028) 29.4%
Historical Data 2019-2020
Forecast period 2022-2028
Segments Covered By Propulsion
  • BEV
  • PHEV
  • FCV
By Vehicle Type
  • LCV and Medium & HCV
By Range
  • Less than 200 Miles and More than 200 Miles
By Level of Automation
  • Semi-Autonomous and Fully Autonomous
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • AB Volvo
  • BYD Company Ltd
  • Daimler AG
  • FAW Group Co.,Ltd.
  • Navistar, Inc.
  • PACCAR Inc.
  • Proterra Inc.
  • Rivian
  • Scania
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Propulsion, Vehicle Type, Range, Level of Automation

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

    Frequently Asked Questions


    What are the driving factors impacting the global electric trucks market?

    Government initiatives and stringent emission rules to boost the electric trucks growth and surge in global production and sales of EVs are driving the growth of the electric trucks market.

    What are the future trends of the electric trucks market?

    Smart charging and connected infrastructure is presenting significant potential for the future growth of the electric trucks market players.

    Which is the type component segment in the electric trucks market?

    Based on type, the electric trucks market is bifurcated into BEV, PHEV, and FCV. In 2021, the BEV segment led the electric trucks market, accounting for the largest share in the market.

    Which is the fastest growing regional market?

    Europe is the fastest growing region in the global electric trucks market.

    Which are the key players holding the major market share of electric trucks market?

    The major five companies in the electric trucks market include Tesla, Volvo, Daimler, BYD and Navister.

    What is the incremental growth of the electric trucks market during the forecast period?

    The incremental growth of the electric trucks market during the forecast period is US$ 21950.36 million.

    The List of Companies - Electric Trucks Market

    1. AB Volvo
    2. BYD Company Ltd
    3. Daimler AG
    4. FAW Group Co.,Ltd.
    5. Navistar, Inc.
    6. PACCAR Inc.
    7. Proterra Inc.
    8. Rivian
    9. Scania
    10. Tesla, Inc.

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. Data Collection and Secondary Research:

    As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

    Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

    1. Primary Research:

    The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

    For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

    A typical research interview fulfils the following functions:

    • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
    • Validates and strengthens in-house secondary research findings
    • Develops the analysis team’s expertise and market understanding

    Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

    • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
    • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

    Below is the breakup of our primary respondents by company, designation, and region:

    Research Methodology

    Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

    1. Data Analysis:

    Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

    • 3.1 Macro-Economic Factor Analysis:

    We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

    • 3.2 Country Level Data:

    Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

    • 3.3 Company Profile:

    The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

    • 3.4 Developing Base Number:

    Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

    1. Data Triangulation and Final Review:

    The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

    We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

    We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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