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Heavy Electric Vehicle Market to Reach US$ 274.59 Billion by 2032, Powered by Electrification in Logistics, Public Transport, and Construction | DataM Intelligence
Heavy Electric Vehicle Market
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North America Key Industry Developments
✅ January 2026: Daimler Truck Holding AG and PACCAR Inc. reported accelerated orders for battery-electric Class 8 trucks amid new federal and state incentives.
✅ December 2025: Tesla, Inc. expanded its Semi truck production ramp-up with new fleet commitments from major logistics players, targeting higher-volume deliveries in 2026.
✅ December 2025: Nikola Corporation announced progress on its hydrogen fuel cell truck deployments, securing additional refueling infrastructure partnerships in California.
Asia-Pacific Key Industry Developments
✅ January 2026: Hyundai Motor Company strengthened its heavy EV lineup with new battery capacity options for trucks and buses, supported by South Korean government subsidies.
✅ December 2025: BYD Company Limited launched expanded production of electric buses and heavy-duty trucks in China, with new export orders to Southeast Asia and Australia.
✅ December 2025: Tata Motors Limited and Ashok Leyland Limited showcased next-generation electric construction vehicles at regional trade shows, gaining traction in mining applications.
Key Mergers and Acquisitions (2025 - 2026)
✅ Strategic Collaboration: Volvo Group and Scania AB deepened alliances on shared battery and charging technology platforms for heavy-duty electric vehicles.
✅ Technology Integration: Major players pursued joint ventures in solid-state battery development to extend range and reduce charging times for commercial fleets.
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Market Segmentation Analysis
By Vehicle Type: Electric Trucks lead the segment, followed by Electric Buses and Electric Construction & Mining Vehicles.
By Propulsion Type: Battery Electric Vehicle (BEV) dominates, with growing adoption of Plug-in Hybrid Electric Vehicle (PHEV) and Fuel Cell Electric Vehicle (FCEV).
By Battery Type: Lithium-Ion Battery holds the largest share; emerging technologies include Solid-State Battery and Nickel-Metal Hydride (NiMH) Battery.
By Battery Capacity: 200-500 kWh segment is prominent, with Above 500 kWh gaining momentum for long-haul applications.
By Application: Logistics and Freight Transportation accounts for the highest demand, followed by Public Transport, Construction & Mining, and Others.
Regional Insights
Asia-Pacific drives the global heavy electric vehicle market, fueled by massive manufacturing scale in China, supportive policies in India and South Korea, and aggressive fleet electrification targets. North America follows closely with strong regulatory push and corporate sustainability commitments, while Europe benefits from strict CO2 standards and infrastructure investments.
Growth Drivers
Stringent global emission regulations and net-zero commitments pushing fleet operators toward electrification
Significant cost reductions in lithium-ion batteries and emerging solid-state technologies
Government subsidies, tax incentives, and infrastructure investments for charging and hydrogen refueling
Rising demand for zero-emission heavy vehicles in logistics, public transport, and construction sectors
Strategic expansions, partnerships, and new model launches by leading OEMs in Asia-Pacific and North America
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Key Players
The market includes leading companies such as Daimler Truck Holding AG, Volvo Group, BYD Company Limited, Tesla, Inc., Nikola Corporation, Scania AB, PACCAR Inc., Tata Motors Limited, Ashok Leyland Limited, and Hyundai Motor Company.
Key Highlights (Top 5 Key Players)
BYD Company Limited - Leading in electric bus and truck production with massive scale in Asia-Pacific and growing global exports.
Tesla, Inc. - Accelerating Tesla Semi production and fleet adoption for long-haul freight applications.
Volvo Group - Advancing comprehensive electric truck and bus portfolio with focus on sustainability and total cost of ownership.
Daimler Truck Holding AG - Expanding battery-electric and fuel-cell heavy vehicle offerings with strong North American and European presence.
Nikola Corporation - Progressing hydrogen fuel cell truck deployments and infrastructure partnerships for zero-emission long-haul transport.
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