Press release
Electric Truck Market: Surging at a 46.3% CAGR through 2029, Rising Adoption Drives Market Worth $27.17 Billion
Electric Truck Market Share
What Is The Projected Market Size Of The Global Electric Truck Market And Its Growth Rate?
• The electric truck market has grown from $3.99 billion in 2024 to an expected $5.92 billion in 2025, with a compound annual growth rate (CAGR) of 48.4%.
• The market size is anticipated to reach $27.17 billion by 2029, growing at a CAGR of 46.3%.
• Increasing fuel prices, governmental support, and improving charging infrastructure contribute to the market's growth.
• Key trends for the forecast period include the use of augmented reality (AR) technology for real-time information, a surge in product launches focusing on medium-duty applications and long-range, rising investments for manufacturing capabilities expansion, and strategic collaborations to broaden product portfolio and geographic presence.
What Is Driving The Growth In The Electric Truck Market?
The electric truck market is witnessing significant growth due to various government incentive schemes encouraging the adoption of these vehicles. Numerous global government bodies have executed innovative policies and initiatives to stimulate electric vehicle use across all categories, including bikes, autos, cars, and commercial vehicles. Financial incentives for the purchase of LDVs, subsidies for primary purchase, vehicle purchase, and tax rebates on registration are among the key measures since they promote pollution control and environmental health. An example is the UK government's announcement in October 2023 of a £246 million investment aimed at expediting the deployment of zero-emission trucks.
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Who Are the Key Players Driving Electric Truck Market Growth?
The electric truck market is shaped by the operational strategies of key players including:
• BYD Company Limited
• AB Volvo
• Volkswagen AG
• Daimler Truck AG
• Paccar Inc.
• Dongfeng Motor Company
• Zhejiang Geely Holding Group Co., Ltd.
• Lordstown Motors Corporation
• Rivian R1T
• Merkx Electric Cars
What Are The Key Trends In The Electric Truck Market?
Innovators in the electric truck market focus on trends such as:
• The evolution of self-driving electric trucks.
• Augmented Reality (AR) technology for real-time information.
• Product launches attentive of medium-duty and long-range applications.
• Investments for manufacturing capabilities expansion.
• Strategic partnerships and collaborations for portfolio and geographic expansion.
What Are The Segments Of The Global Electric Truck Market?
The segments of the electric truck market include:
1) By Vehicle Type: Light Duty Electric Truck, Medium Duty Electric Truck, Heavy Duty Electric Truck.
2) By Propulsion: Battery Electric Vehicle, Hybrid Electric Vehicle, Fuel Cell Electric Vehicle.
3) By Range: Upto 150 Miles, 151-300 Miles, Above 300 Miles.
4) By End-User: Last Mile Delivery, Long Haul Transportation, Refuse Services, Field Services, Distribution Services.
Which Region Leads The Electric Truck Market?
Western Europe was the largest region in the electric truck market in 2024, but Asia-Pacific is anticipated to take over as the fastest-growing region in the forecast period. The market report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Electric Truck Market Global Market Report?
- Market Size Analysis: Analyze the Electric Truck Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Electric Truck Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Electric Truck Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Electric Truck Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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