Electric Trucks Market Growth, Trends, and Analysis by 2028

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.

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

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Electric Trucks Market: Strategic Insights

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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.

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.

Electric Trucks Market Regional Insights

The regional trends and factors influencing the Electric Trucks Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Electric Trucks Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Electric Trucks Market Report Scope

Electric Trucks Market Players Density: Understanding Its Impact on Business Dynamics

The Electric Trucks Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Electric Trucks Market are:

1. AB Volvo
2. BYD Company Ltd
3. Daimler AG
4. FAW Group Co.,Ltd.
5. Navistar, Inc.

Disclaimer: The companies listed above are not ranked in any particular order.

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.