Electric Pickup Truck Market Disruptive Trends and Future Potential

Electric Pickup Truck Market Performance, Trends and Strategic Recommendations

The electric pickup truck market is projected to reach USD 33.69 billion by 2034, growing from USD 6.39 billion in 2025, at a CAGR of 20.25% during the forecast period from 2025 to 2034.

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Introduction

The electric pickup truck market is a crucial sector of the electric vehicle industry. This industry deals in manufacturing and distribution of electric pickup trucks around the world. There are several types of trucks developed in this industry comprising of battery electric trucks, hybrid electric trucks, plug-in-hybrid electric trucks and some others. These trucks are available in different sizes including compact, mid-sized and full-sized. It is designed with various payload capacities such as light duty, medium duty and heavy duty. The rise in number of EV charging stations around the world has contributed to the industrial expansion. This market is projected to rise significantly with the growth of the automotive sector in different parts of the globe.

• According to the U.S. Energy Department of Energy, in U.S., there were around 53693 EV charging stations in 2022 that increased to 64641 in 2023.

Highlights of the Electric Pickup Truck Market

• North America held the dominant share of the electric pickup truck market due to the rising investment in EV charging infrastructure in this region.
• Europe is expected to grow with a significant CAGR due to the technological advancements in automotive sector in this region.
• The battery electric vehicles segment dominated the market due to the growing consumer preference for EVs across the world.
• The light duty vehicles segment led the market due to its rapid application in e-commerce and construction sector.

Electric Pickup Truck: Stats and Figures

• According to the International Energy Agency, around 38.2 thousand electric trucks were registered in China during 2023.
• According to the American Society of Mechanical Engineers, around 8755 electric trucks were sold in U.S. during the 2nd quarter of 2024.
• According to the ACEA, there were around 632432 public charging points across Europe during 2023.
• According to the State Grid of China, around 8.264 million EV charging stations were built across the country during November 2024.

Industry Leader Announcement

In January 2024, Tran Mai Hoa, the deputy CEO of Sales and Marketing, VinFast Global made an announcement stating that, “The VF Wild concept encapsulates our mission to make sustainable, high-quality electric vehicles accessible to a broader market. This is not just a new product in our offering – it showcases our aspiration to venture into the fast-paced and thriving electric pickup truck market.”

Competitive Landscape

The electric pickup truck market is a highly fragmented industry with the presence of several dominating players. Some of the prominent companies in this industry comprises of Hyundai, Lucid Motor, Mullen, Chevrolet, Tesla, Toyota, Canoo, Nissan, GMC and some others. These market players are constantly engaged in developing electric pickup trucks and adopting several strategies for maintaining their dominant position in this industry.

• According to the annual report of Mullen, the revenue of the company in 2023 was US$ 0.4 million that increased to US$ 1.1 million in 2024.

Market Segmentation

By Powertrain Type

• Battery Electric
• Hybrid Electric
• Plug-in Hybrid

By Vehicle Size

• Compact
• Midsize
• Full-Size

By Payload Capacity

• Light Duty
• Medium Duty
• Heavy Duty

By Drive Type

• Two-Wheel Drive
• Four-Wheel Drive
• All-Wheel Drive

By Region

• North America
• Europe
• South America
• Asia Pacific
• Middle East and Africa