Electric Trucks Market Size, Logistics & Distribution Solutions

Electric Trucks Market Insights, Forecast and Competitive Strategies

The electric trucks market is forecasted to expand from USD 36.61 billion in 2025 to USD 317.81 billion by 2034, growing at a CAGR of 27.14% from 2025 to 2034.

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Introduction

The electric trucks market is a crucial branch of the commercial vehicle industry. This industry deals in manufacturing and distribution of electric trucks around the world. There are various types of vehicles developed in this industry comprising of light duty trucks, medium duty trucks and heavy-duty trucks. These trucks are available by different propulsion systems in the market consisting of BEV, PHEV and HEV. It finds application in numerous end-use sectors including logistics & delivery, construction, waste management and some others. The growing demand for electric trucks from the e-commerce sector has boosted the market growth. This market is projected to rise significantly with the growth of the overall automotive industry around the globe.

• According to the Ecommerce Tips, around 39% e-commerce stores were there in U.S. and the rest 69% is distributed across the world.

Highlights of the Electric Trucks Market

• North America dominated the electric trucks market due to the rising government initiatives for developing the electric vehicle sector in U.S. and Canada.
• Asia Pacific is expected to grow with the highest CAGR due to the growing development in the logistics industry in India and China.
• The light duty trucks segment held the dominant share of the market due to its rapid adoption in urban delivery and logistics applications.
• The battery electric vehicles (BEV) segment led the market due to the advancement in battery technology along with rise in number of EV charging stations across the world.

Electric Trucks Market Trends

• According to the International Energy Agency, around 10.8 thousand electric trucks were sold in Europe during 2023.
• According to the American Society of Mechanical Engineers, around 8755 Tesla Cybertruck were sold in U.S. in the second quarter of 2024.
• According to the International Council on Clean Transportation, in China, around 9% trucks sold in the first half of 2024 were BEV trucks.
• According to the Australian Bureau of Statistics, the total number of construction activity in Australia was 43247 in September 2024.

Industry Leader Announcement

In September 2024, Roger Alm, the President of Volvo Trucks made an announcement stating that, “Our new electric flagship will be a great complement to our wide range of electric trucks and enable zero-exhaust emission transport also for the longer distances. It will be a great solution for transport companies with a high annual mileage on their trucks and with a strong commitment to reduce CO2.”

Competitive Landscape

The electric trucks market is a fragmented industry with the presence of numerous dominant players. Some of the prominent market players in this industry consists of AB Volvo, BYD Company Ltd., Daimler Truck AG, Dongfeng Motor Company, FAW Group Co., Ltd., Foton International and some others. These market players are constantly engaged in developing advanced electric trucks and adopting several strategies such as launches, expansions, partnerships and some others to maintain their dominance in this industry.

• According to the annual report of Volvo, around 1090 electric trucks were ordered from this company in 2023 in the 4th quarter of 2023 that increased to 1,138 to 2024.

Market Segmentations

By Vehicle

• Light Duty Trucks
• Medium Duty Trucks
• Heavy Duty Trucks

By Propulsion

• BEV
• PHEV
• HEV

By Vehicle Range

• Up to 300 miles
• 300-600 miles
• Above 600 miles

By Application

• Logistics & Delivery
• Construction
• Waste Management
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
• Asia Pacific
  • Japan
  • India
  • China
  • Australia
  • South Korea
• Latin America
  • Brazil
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE