Electric Truck Market to Soar to USD 24.1 Billion by 2035, Driven by 14.3% CAGR Growth

According to the MarketGenics report, the global electric truck market is likely to grow from USD 6.3 Billion in 2025 to USD 24.1 Billion in 2035 at a highest CAGR of 14.3% during the time period. The electric truck market across the globe is growing actively because of several factors that are operating together to foster growth. The growing air pollution in the cities and the tougher emission standards in North America, Europe, and Asia-Pacific is forcing logistics operators to move away to electric trucks.

Moreover, the increased fuel prices and demand to have an efficient fleet management approach make electric trucks appealing because of the total cost of ownership being cheaper in the long run including lower maintenance costs and less used energy. Modular battery packs, higher energy density batteries, and fast-charging infrastructure are among technological innovations that are increasing the driving range, as well as operational efficiency, in order to overcome the challenges to adoption previously faced.

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Prominent players operating in the global Electric Truck market are 3M Company, Airbus Electronic Technology Co. Ltd., Blueair, Coway Co., Ltd., Daikin Industries, Ltd., Denso Corporation, Eureka Forbes, Guangzhou Ionkini Technology Co., Ltd., Honeywell International Inc., Kent RO Systems Ltd., Koninklijke Philips N.V., Livpure Smart, MAHLE GmbH, MANN+HUMMEL, Panasonic Corporation, Power4 Industries Limited, Robert Bosch GmbH, Sharp Electronics Corporation, Shenzhen Agcen Environmental Protection Tech Co., Xiaomi Corporation, and Other Key Players.

Impact of Global Tariff Policies on the Electric Truck Market Growth and Strategy

The tariff rates play a huge role in the cost basis and the competitiveness of the electric trucks in the international markets. Electric trucks or other important parts like batteries and electric drives have high import duties, which raise the landed cost and they are not appealing to the fleet operators.

In 2025, BYD Company Ltd. had to pay more tariffs on exporting its electric trucks in China to the United States that affected the competitiveness in pricing issues relative to other locally produced products. Such tariffs may reduce adoption rates, especially where the cost of extra imports is not covered by government subsidies and market penetration is limited and fleet electrification plans put on hold.

The positive tariff policies or trade agreement has the potential of fast tracking the adoption of electric trucks by reducing the entry barriers of foreign manufacturers. In 2024, the European Union also lowered the tariffs on commercial electric vehicles of several countries to promote green mobility and ensure the reduction of emissions. This has helped companies such as Volvo Group to distribute its FH Electric trucks to various countries in the EU at a competitive price. Lower tariffs will also promote investment into supply chains, localization, and joint ventures, which will contribute to the long-term development of the electric truck market.

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Key Factors Driving Expansion of the Global Electric Truck Market

Blistering technological innovation is a powerful factor in expansion of the global electric truck market. Advances in high energy density batteries, lightweight alloys, and regenerative braking have led to better efficiency and increase in range of vehicles and so electric trucks are viable to both urban and regional logistics. The example is the Semi announced by Tesla, with an estimated range of 500 miles per charge, which shows how battery technologies are already becoming advanced and long-haul adoption is becoming possible in the fleet sector, as fleet operators look to save money and be environmentally friendly.

Tough emission policies and subsidies are driving the expansion of the market at a high rate. In Europe, North America and Asia-Pacific, governments subsidize, provide tax exemptions and low-emissions zones to promote adoption. Hyundai Motor Company (2025) took advantage of EV incentives in South Korea and increased its electric Xcient truck fleet, which will lower initial expenses to commercial purchasers and enhance economies of scale in the fleet. This type of regulatory assistance leads to mass fleet electrification.

The electric truck market is expanding due to the increasing e-commerce and urban delivery demand. Electric trucks have become especially appealing in the face of the necessity of the last-mile delivery solutions in a city with many vehicles.

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Recent Development and Strategic Overview:

In October 2025, the electric freight transportation route between Texas, USA, and Nuevo Leon, Mexico was the first binational system with GreenSpace E-Mobility. This type of 1,070-mile corridor is one of the components of the project of the Electric Highways, and it will help to decrease the emission in one of the busiest trade routes in North America. The project involves installation of ultra-high speed charging pumps and Windrose Technology Class 8 electric trucks, where investment is more than 15 million.

In September 2024, Volvo Trucks announced the long-range version of its FH Electric truck, which will run up to 600km (373 miles) on one charge. This was developed by incorporation of electronic axle technology whereby the motor, gearbox and axle are incorporation into one element thus expanding battery space. The new model will be on the market in the second half of 2025, will be aimed at customers who have to perform longer hauls and increase the interest of Volvo in sustainable transportation solutions.

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Key Trend: Integration of Advanced Battery Technologies

The electric truck market is becoming more oriented towards the new technologies of batteries to increase the range, efficiency, and speed of charging of the vehicle. The high energy-density, quick charge-discharge, and thermal management of batteries needed in the long-haul operations. The companies are investing in the next generation solutions such as solid-state batteries, lithium iron phosphate (LFP) chemistries, and modular battery packs.

The Volvo Group unveiled its Volvo VNR Electric brand that has enhanced battery units that allow long range and quicker charging on regional haul. This trend enables the fleet operators to minimize the downtimes, maximize utilization rates and minimize overall cost of ownership. Predictive maintenance is also made possible through integration of intelligent battery management systems thus achieving improved energy efficiency. The adoption of battery technology is facilitated, as trucks are increasingly competing with diesel counterparts in long-distance freight due to evolving battery technology.

The high level of battery integration will push to increase performance and operational efficiency of electric trucks and make them accessible to a broader scope of applications and cause the expansion of the electric truck market.

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