Electric Trucks Market Outlook

According to MRFR analysis, the global Electric Truck Market is expected to register a CAGR of ~14.8% from 2022 to 2030 and hold a value of over USD 27.7 billion by 2030.

Commercial trucks that are powered by a battery pack and are used to deliver goods are known as electric trucks. Also, compared to diesel trucks, the internal motors of electric trucks have fewer moving parts and don't need multi-speed gearboxes, which reduces maintenance costs and improves vehicle reliability while making almost no noise. Additionally, due to government initiatives to promote the use of electric vehicles and their exceptional advantages, such as enormous torque, reduced noise pollution, and lower maintenance costs, electric trucks are increasingly replacing diesel trucks as the preferred option.

Key Players

Some of the key market players are AB Volvo, Daimler AG, PACCAR Inc, Volkswagen, BYD Company Limited, Isuzu Motors Limited, DENSO Corporation, Toyota Motor Corporation, and Hino Motors, Ltd.

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Regional Analysis

The market for electric trucks in North America had the largest proportion. Numerous industry competitors and extensive R&D activities are expected to drive the North American electric truck market. For instance, Ford is investing more than USD 6 billion in a factory in Michigan, USA, to produce the F-150 hybrid electric truck. The company planned to introduce a completely redesigned F-150 and an F-150 hybrid electric truck in 2020. The demand for zero-emission commercial vehicles is expected to expand, which is expected to lead to major investment in the North American electric truck industry.

Market Segmentation

The Global Electric Truck Market has been segmented into Propulsion Type, Type, Range, Battery Capacity, and End User

Based on the Propulsion Type, the market has been segmented into BEV, PHEV, and FCEV.

Based on the Type, the market has been segmented into Light Duty Trucks, Medium Duty Trucks, and Heavy Duty Trucks.

Based on the Range, the market has been segmented into Up to 200 Miles and Above 200 Miles.

Based on the Battery Capacity, the market has been segmented into Less Than 50kwh, 50-250 Kwh, and Above 250 Kwh.

Based on the End User, the market has been segmented into Last-Mile Delivery, Long Haul Transportation, Refuse Services, Field Services, and Distribution Services.

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