With a notable compound annual growth rate (CAGR) of 14.5% from 2023 to 2033, the global electric truck market is expected to reach US$ 78 billion by the end of 2033, from its current value of US$ 19.5 billion in 2023.

Electric trucks are commercial vehicles intended for the delivery of cargo that are powered by battery packs. Interestingly, these vehicles don't require complicated multi-speed transmissions because their motors have less moving parts than their diesel equivalents. In addition to lowering maintenance costs, this component reduction improves dependability and drastically reduces noise pollution.
The preference for electric trucks over diesel alternatives is fuelled by government incentives designed to promote the use of electric vehicles as well as the indisputable advantages they provide, such as high torque, low noise pollution, and lower maintenance costs.

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Governments everywhere are realising more and more how urgent it is to cut carbon emissions and encourage greener modes of transportation. In order to accomplish these objectives, a number of nations have implemented regulations, incentives, and subsidies that encourage the use of electric vehicles, especially electric trucks.

These programs provide incentives for fleet operators to switch to greener alternatives in addition to encouraging manufacturers to create electric truck models.
The cost of electric car batteries is declining as a result of continuous improvements in battery technology. This decrease directly affects the affordability of electric vehicles because batteries account for a significant amount of the total cost of an electric vehicle. Reduced battery prices increase the viability of electric trucks for business fleet operators in addition to making them more affordable for consumers.

Key Takeaways from Market Study

• The global market for electric trucks is valued at US$ 19.5 billion in 2023.
• Worldwide demand for electric trucks is predicted to increase at a CAGR of 14.5% through 2033.
• By the end of 2033, the market is anticipated to reach US$ 78 billion.
• Over the forecast period, the Asia Pacific market is expected to expand at a CAGR of 23%.
• In terms of vehicle type, use of light-duty electric trucks is forecasted to rise at a CAGR of 6% through 2033.
• Battery electric trucks command the foremost portion of the market share.

“Electric trucks have gained significant attention and momentum due to increasing concerns about environmental sustainability, need to reduce emissions, and advancements in battery technology. Electric trucks are considered a promising solution to address the transportation sector's environmental impact, particularly in terms of air pollution and greenhouse gas emissions,” says a Fact.MR analyst.

Leading Players Driving Innovation in the Electric Truck Market:

Key players in the electric truck market are BYD Company Limited, AB Volvo, Daimler AG, Foton Motors Inc., Volkswagen AG, Hino Motors Ltd, Toyota Motor Corporation, Dongfeng Motor Corporation, Navistar, Inc.

Market Competition

The development of electric trucks is being funded by both new and established automakers as well as startups. These businesses are concentrating on enhancing technology, broadening their product lines, and tackling the particular difficulties presented by electric trucks, like battery life, charge durations, and initial expenses.

• The final stage of the previously announced joint venture between Volvo Group, Daimler Truck, and Traton Group centred on charging infrastructure in Europe was completed in January 2022. The goal of this collaborative project is to install and oversee a network of 1,700 high-capacity charging stations that are fuelled by environmentally friendly, sustainable energy. Throughout Europe, these charging stations are placed in strategic locations close to major transportation hubs and along highways.

Electric Truck Industry News:

• Dongfeng Rich 6 electric vehicle, an electric pickup truck created in partnership with Nissan, was unveiled by Dongfeng Motor Corporation. An electric motor producing 160 horsepower and 420 Nm of torque powers the car.

More Valuable Insights on Offer 

Fact.In its latest product, MR offers an objective assessment of the worldwide market for electric trucks, including demand data from 2018 to 2022 and projections for 2023 to 2033.

In five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa), the study provides key insights into the market based on propulsion (battery electric trucks, hybrid electric trucks, plug-in hybrid electric trucks, fuel cell electric trucks), vehicle type (light-duty trucks, medium-duty trucks, heavy-duty trucks), range (up to 150 miles, 151 to 300 miles, and over 300 miles), and end use (last-mile delivery, long-haul transportation, refuse s)

Source: https://www.globenewswire.com/news-release/2024/10/15/2963073/0/en/Electric-Truck-Market-is-Projected-to-Grow-at-a-14-5-CAGR-Reaching-US-78-Billion-by-2033-Fact-MR-Report.html