Heavy Electric Vehicle (HEV) Market Booms from US$ 51.77 Bn in 2024 to US$ 274.59 Bn by 2032

DataM Intelligence has published a new research report on " Heavy Electric Vehicle Market Size 2025". The report explores comprehensive and insightful Information about various key factors like Regional Growth, Segmentation, CAGR, Business Revenue Status of Top Key Players and Drivers. The purpose of this report is to provide a telescopic view of the current market size by value and volume, opportunities, and development status.

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Market Dynamics:

In the U.S., roughly 210 electric truck charging stations were operational, with 1,020 more planned, featuring an average capacity of around 180 kW. This limited infrastructure growth continues to constrain the widespread adoption of heavy-duty electric trucks for long-haul and regional transport.

In Asia-Pacific, electric dump trucks lead the market, capturing over 38% of the global share in 2023, supported by major initiatives like a US$ 3 billion national charging infrastructure program.

Key Players:

Daimler Truck Holding AG, Volvo Group, BYD, Tesla, Nikola Corporation, Scania AB, PACCAR Inc., Tata Motors, Ashok Leyland, and Hyundai Motor Company.

Key Development:

In June 2025, India's Ministry of Heavy Industries (MHI) launched the application portal for the Scheme to Promote Manufacturing of Electric Passenger Cars (SPMEPCI). Initially notified in March 2024 and elaborated through detailed guidelines in June 2025, the scheme is designed to enhance domestic electric vehicle manufacturing capacity.

In September 2024, Volvo unveiled its next-generation heavy-duty electric truck, capable of covering up to 600 km on a single charge. This advancement marks a significant milestone for long-distance, zero-emission freight, supporting the global transition toward electrified heavy vehicles and making sustainable long-haul transport increasingly feasible.

Growth Forecast Projected:

The Global Heavy Electric Vehicle Market is anticipated to rise at a considerable rate during the forecast period, between 2025 and 2032. In 2024, the market is growing at a steady rate, and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.

Research Process:

Both primary and secondary data sources have been used in the global Heavy Electric Vehicle Market research report. During the research process, a wide range of industry-affecting factors are examined, including governmental regulations, market conditions, competitive levels, historical data, market situation, technological advancements, upcoming developments, in related businesses, as well as market volatility, prospects, potential barriers, and challenges.

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Key Segments:

By Vehicle Type: (Electric Construction & Mining Vehicles, Electric Trucks, Electric Buses)

By Propulsion Type: (Plug-in Hybrid Electric Vehicle (PHEV), Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicle (FCEV))

By Battery Type: (Lithium-Ion Battery, Nickel-Metal Hydride (NiMH) Battery, Solid-State Battery, Others)

By Battery Capacity: (Less than 200 kWh, 200-500 kWh, Above 500 kWh)

By Application: (Logistics and Freight Transportation, Public Transport, Construction & Mining, Others)

Regional Analysis for Market:

⇥ North America (U.S., Canada, Mexico)

⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)

⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)

⇥ South America (Colombia, Brazil, Argentina, Rest of South America)

⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

Benefits of the Report:

Chapter 1: Lays the foundation by defining the scope of the report, highlighting core market segments across regions, product types, and applications. It delivers a clear snapshot of current market size, growth potential, and how the industry is expected to evolve in both the near and long term.

Chapter 2: Spotlights the most impactful market insights, unveiling the transformative trends and forces shaping the future of the industry.

Chapter 3: Provides a deep dive into the competitive landscape of , covering revenue shares, strategic initiatives, and notable mergers & acquisitions that are reshaping the market.

Chapter 4: Presents detailed company profiles of leading players featuring financial performance, product portfolios, profit margins, and key milestones that set them apart in the industry.

Chapters 5 & 6: Break down revenue analysis at both regional and country levels, offering precise data on market size, growth drivers, and expansion opportunities across global markets.

Chapter 7: Analyzes the market by product type, spotlighting segment-specific opportunities and helping stakeholders identify untapped, high-growth areas.

Chapter 8 :Explores the market through application-based segmentation, assessing demand across industries and pinpointing downstream sectors with the strongest potential for growth.

Chapter 9: Maps the industry's supply chain in detail, tracing upstream and downstream activities to provide clarity on value creation across the ecosystem.

Chapter 10: Wraps up with a concise summary of the report's key insights distilling the most critical findings and strategic takeaways for decision-makers and stakeholders.

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FAQ's

Q1: What is the current size of the Heavy Electric Vehicle Market?

A: The Heavy Electric Vehicle Market was valued at US$ 51.77 billion in 2024 and is forecasted to reach US$ 274.59 billion by 2032

Q2: How rapidly will the Market expand?

A: The Heavy Electric Vehicle market is projected to grow at a CAGR of 23.19% between 2025 and 2032.

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