Electric Truck Market Growing Massively at +14% CAGR by 2031 | Key Players: Rivian, Nikola Corporation, BYD, Daimler AG, Volvo Group, Ford, General Motors, PACCAR, Mitsubishi Fuso Truck

An electric truck is a type of vehicle powered by electricity instead of traditional fossil fuels like gasoline or diesel. These trucks utilize one or more electric motors powered by rechargeable batteries to drive the vehicle's wheels. The electric powertrain eliminates tailpipe emissions, making electric trucks more environmentally friendly than their conventional counterparts, reducing air pollution and greenhouse gas emissions. Electric trucks come in various sizes and configurations, ranging from light-duty pickup trucks to heavy-duty semi-trucks used for transporting goods over long distances.

The Global Electric truck Market in terms of revenue was estimated to be worth USD XX billion in 2023 and is poised to grow at a CAGR of 14.0% from 2024 to 2031.

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Top Key Players Profiled in This Report:
Rivian, Nikola Corporation, BYD, Daimler AG, Volvo Group, Ford, General Motors, PACCAR, Mitsubishi Fuso Truck and Bus Corporation and Others.

Increased focus of government on emission free vehicles and policies would drive adoption of electric trucks in the e-commerce and logistics sector. Further, It will create opportunities for OEMs to expand their revenue stream and geographical presence in electric commercial vehicle industry.

Electric Truck Market Trends
As EV batteries are one of the more expensive components of an electric truck, this has caused the price of electric trucks to plummet. For instance, the cost of an EV battery in 2010 was approximately USD 1,100 per kWh. While the cost is as low as USD 100 per kWh in China, their price dropped to about USD 137 per kWh by 2020. By 2030, the cost of EV batteries is anticipated to drop to about USD 40-60 per kWh, which will significantly lower the cost of EV trucks and bring their pricing closer to that of traditional ICE trucks. The expanding EV batteries industry is another factor driving the electric truck market revenue.

The electric truck market is anticipated to develop due to government incentives and programs. Innovative policies and incentive programs are being implemented by governments worldwide to promote the use of electric vehicles in all market segments (bikes, autos, cars and commercial vehicles). For instance, the Indian government introduced the FAME II amendment and the PLI (production-linked incentive) program for the auto industry, intending to convert 30% of private automobiles, 70% of commercial vehicles, and 80% of two- and three-wheelers to electric by 2030. Therefore, the growing government policies have enhanced the global market CAGR in recent years.

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Electric Truck Market Segmentation by Vehicle:
• Light-duty trucks
• Medium-duty trucks
• Heavy-duty trucks

Electric Truck Market Segmentation by Application:
• Logistics & delivery
• Construction
• Waste management
• Others

Electric Truck Market Segmentation by Battery Technology:
• Battery electric trucks
• Hybrid electric trucks
• Plug-in hybrid electric trucks
• Fuel cell electric trucks

Electric Truck Market Segmentation by Battery Capacity:
• Below 100 kWh
• 100-300 kWh
• Above 300 kWh

Electric Truck Market Segmentation by Battery GVWR:
• Below 6 tons
• 6 - 14 tons
• Above 14 tons

Electric Truck Market by Regions:
• North America (United States, Canada and Mexico)
• Europe (Germany, France, UK, Russia and Italy)
• Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
• South America (Brazil, Argentina, Colombia etc.)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

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This release was published on openPR.