Strategic Forecast for the Electric Truck Industry: Market Outlook 2025-2034

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Electric Truck Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The value of the electric truck industry has seen a substantial increase in the past few years. Expansion from a market size of $3.99 billion in 2024 to $5.92 billion in 2025 is predicted, representing a compound annual growth rate (CAGR) of 48.4%. The expansion during the past years can be linked to factors such as robust economic development in burgeoning markets, growing demand for light-duty trucks, surge in e-commerce penetration, and decreasing prices of EV batteries.

Electric Truck Market Size Forecast: What's the Projected Valuation by 2029?
The size of the electric truck market is predicted to significantly expand in the coming years. It is projected to hit a value of $27.17 billion by 2029, with a compound annual growth rate (CAGR) of 46.3%. This projected growth over the forecast period can be associated with a host of factors such as escalating fuel costs, supportive government policies, as well as enhancements in charging infrastructures. Within this expected growth period, key trends to be observed are the application of augmented reality (AR) for real-time information, a rise in product launches majoring in medium-duty and long-range applications, an increase in investments for manufacturing capabilities enlargement, alongside a focus on strategic partnerships and collaborations for product range and geographical coverage expansion.

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What Are the Drivers Transforming the Electric Truck Market?
The electric truck market is expected to flourish due to government incentives and plans. To encourage the usage of electric vehicles in all categories such as bikes, cars, automobiles, and commercial vehicles, governments around the world are introducing innovative policies and incentive schemes. Significant financial incentives for LDV acquisition, subsidies on primary and vehicle purchases, and tax rebates on registration, all of which contribute to pollution control and environmental protection, are the main policy drivers for EV adoption at present. As an example, in October 2023, the UK government pledged an investment of £246 million (£200 million) to hasten the deployment of zero-emission trucks and foster innovation in the freight industry. This investment will back four eco-friendly projects aiming at the launch of up to 370 zero-emission heavy cargo vehicles (HGVs) and the establishment of almost 57 refuelling and electric charging spots. This move forms part of the zero-emission HGV and infrastructure demonstrator scheme, aiming to lower transport emissions, which currently constitute 20% of the UK's total, while also creating new employment opportunities and supporting the transition to net-zero road freight.

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What Long-Term Trends Will Define the Future of the Electric Truck Market?
The rise of autonomous electric trucks is a leading trend that's gaining traction in the electric trucks industry. Firms in this segment are joining forces with related technology enterprises to amplify their efforts in developing innovative autonomous truck designs. To illustrate, Pininfarina, a design firm based in Italy and owned by Mahindra, teamed up with Deppway, a branch of Baidu, in January 2022 to create an electric semi-truck equipped with a self-driving system. This autonomous system utilizes 11 on-board cameras, an infrared detector, radars, and LIDAR sensors.

Which Segments in the Electric Truck Market Offer the Most Profit Potential?
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 Firms Dominate the Electric Truck Market by Market Share and Revenue in 2025?
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

Which Regions Offer the Highest Growth Potential in 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.

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