Press release
Government Incentives Fueling Growth In The Electric Truck Market Driver: A Major Catalyst in the Evolution of the Electric Truck Market in 2025
Electric Truck
Anticipated growth in the electric truck sector is largely due to government incentives and schemes. Around the world, governmental organizations are establishing forward-thinking policies and reward programs to boost the adoption of electric vehicles in all categories such as bikes, autos, cars, and commercial vehicles. Significant financial incentives for buying Light-duty vehicles (LDVs), subsidies for initial purchases, vehicle buying, and tax refunds on registration are the main policies currently promoting electric vehicle adoption, as these vehicles mitigate pollution and encourage a healthier environment. For instance, in October 2023, the UK government announced a £246 million investment to speed up the introduction of zero-emission trucks and stimulate innovation in the shipping industry. This funding is earmarked for four eco-friendly projects intended to roll out around 370 zero-emission heavy goods vehicles (HGVs) and construct roughly 57 refuelling and electric charging stations. As part of the zero-emission HGV and infrastructure demonstrator program, this initiative aims to lower transport emissions, which currently account for 20% of the UK's total emissions, while creating new employment opportunities and smoothing the path toward net zero for road freight.
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What is the projected compound annual growth rate (CAGR) of the electric truck market from 2025 to 2034, and what factors influence it?
The market for electric trucks has seen an exceptional surge in growth in the last few years. The market is forecasted to rise from a value of $3.99 billion in 2024 to $5.92 billion in 2025, reflecting a compound annual growth rate (CAGR) of 48.4%. Factors contributing to this upsurge during the historical period include robust economic improvement in burgeoning markets, a heightened demand for light-duty trucks, higher e-commerce penetration, and lower prices for EV batteries.
Over the coming years, the electric truck market is anticipated to undergo a period of phenomenal growth. The market is projected to escalate to a value of $27.17 billion by 2029, with a compound annual growth range of 46.3%. This predicted development during the forecast period is due to factors such as escalating fuel prices, increased governmental aid, and the expansion of charging infrastructure. The prevalent trends for the forecasted period encompass deploying augmented reality (AR) for live data delivery, a surge in product launches concentrating on medium-duty usage, and extended range. There will also be greater investment in the growth of manufacturing abilities, and a focus on strategic alliances and cooperative efforts to diversify product range and expand the market's geographical reach.
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How are the latest trends influencing the growth of the electric truck market?
The electric trucks industry is seeing an increase in the trend of developing autonomous electric trucks. To accelerate the development of these innovative self-driving truck models, companies in the sector are forming partnerships with technology-based companies. In January 2022, an example of such collaboration was seen when Pininfarina, an Italian design firm owned by Mahindra, joined forces with Deppway, a Baidu subsidiary, to produce an electric semi-truck equipped with a self-drive system. This self-driving system makes use of 11 on-board cameras, an infrared detector, radars, and LIDAR sensors.
What are the major segments of the electric truck market and their role in driving growth?
The electric truck market covered in this report is segmented -
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
Subsegments:
1) By Light Duty Electric Truck: Electric Vans, Pickup Trucks
2) By Medium Duty Electric Truck: Electric Box Trucks, Electric Delivery Trucks
3) By Heavy Duty Electric Truck: Electric Semi-Trucks, Electric Dump Trucks
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Which regions are key players in the growth of the electric truck market?
Western Europe was the largest region in the electric truck market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the electric truck market?
Major companies operating in the electric truck market include BYD Company Limited, AB Volvo, Volkswagen AG, Daimler Truck AG, Paccar Inc., Dongfeng Motor Company, Groupe Renault, Hino Motors, Ltd., Isuzu Motors Ltd, Sany Heavy Industry Co., Ltd, BharatBenz, Ashok Leyland, Olectra Greentech Limited, Zhejiang Geely Holding Group Co., Ltd., SAIC Motor Corp., Ltd., Mitsubishi Electric Corporation, JAC Motors, Mercedes-Benz Group AG, MAN Truck & Bus SE, Drive Electro, Navistar, Lordstown Motors Corporation, Nikola Corporation, Workhorse Group Incorporated, Rivian R1T, Kenworth Truck Company, Mack Trucks, Inc, Freightliner Trucks, Tembici, Yellow, Merkx Electric Cars, Lucid Group Inc, Hitech Electric, Electric Import Motors, E-Moving, Origem, Emirates Global Motor Electric, MellowVans
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What Is Covered In The Electric Truck Global Market Report?
• Market Size Forecast: Examine the electric truck market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the electric truck market for a structured understanding.
• Key Players Overview: Analyze major players in the electric truck market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the electric truck market.
• Segment Contributions: Evaluate how different segments drive overall growth in the electric truck market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the electric truck market.
• Industry Challenges: Identify potential risks and obstacles affecting the electric truck market.
• Competitive Landscape: Review strategic developments in the electric truck market, including expansions, agreements, and new product launches.
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