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Electric Truck Market is Anticipated to Expand upto $26.21 Billion in 2029
Electric Truck Market
What Is the Forecasted Market Growth Rate of the Electric Truck Industry?
In recent times, the electric truck market size has seen an exponential expansion. Its growth is projected to increase from $3.99 billion in 2024 to $5.88 billion in 2025, with a compound annual growth rate (CAGR) of 47.2%. This growth during the historical period is a result of robust economic development in burgeoning markets, a surge in the demand for light-duty trucks, a significant rise in e-commerce penetration, and a decrease in the cost of electric vehicle batteries.
How Will the Electric Truck Market Size Evolve From 2025 to 2029?
In the coming years, the electric truck market is predicted to experience substantial expansion. The compound annual growth rate (CAGR) is estimated at 45.3%, driving the market size up to $26.21 billion by 2029. The anticipated growth during the forecast period can be linked to factors such as escalating fuel prices, greater government backing, and the expansion of production and charging infrastructures. Key trends expected during this forecast period encompass the integration of augmented reality (AR) technology for instantaneous information, a rise in product introductions focusing on medium-duty applications and extended range, increased capital investments for enlarging manufacturing potential, and a strategic emphasis on partnerships and collaborations to broaden both product range and geographical reach.
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What Are the Main Growth Drivers in the Electric Truck Market Today?
The surge in the electric truck market is anticipated due to various government incentives and schemes. To boost the uptake of electric vehicles within all vehicle classes (including bikes, autos, cars, and commercial vehicles), government entities worldwide are introducing innovative policies and incentive programs. These include substantial financial incentives for buying Light Duty Vehicles (LDVs), subsidies for initial purchases, vehicle acquisition, and tax rebates on registration, as these electric vehicles mitigate pollution and foster a healthier environment. For instance, in October 2023, the UK government broadcasted an investment of £246 million (£200 million), intended to expedite the dissemination of zero-emission trucks and spur innovation in the freight sector. This funding will bolster four environmentally friendly initiatives targetted to roll out approximately 370 zero-emission heavy goods vehicles (HGVs) and establish around 57 refuelling and electric charging locations. As part of the zero-emission HGV and infrastructure demonstration program, this effort aims to curtail transport emissions, which presently constitute 20% of the UK's total while generating new employment opportunities and supporting the shift towards road freight's net zero.
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Which Electric Truck Market Segment Is Expected to Lead Through 2029?
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
Which Market Trends Are Expected to Dominate Electric Truck Industry Growth?
The rise of autonomous electric trucks marks a key trend sweeping the electric trucks industry. Firms in this sector are forging partnerships with tech firms to accelerate their progression in creating innovative self-driving truck models. For example, in January 2022, Pininfarina, a design firm based in Italy and owned by Mahindra, partnered with Deppway, a division of Baidu, to construct an electric semi-truck featuring an autonomous driving system. This self-navigation system employs 11 onboard cameras, an infrared detector, radar, and LIDAR sensors.
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Which Companies Hold the Largest Market Share in the Electric Truck Sector?
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
Where Is the Electric Truck Market Experiencing the Highest Growth?
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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