Europe Electric Truck Market Innovation & Investment Trends

Europe Electric Truck Market Insights, Forecast and Competitive Strategies

The Europe electric truck market is expected to increase from USD 2.16 billion in 2025 to USD 72.84 billion by 2034, growing at a CAGR of 49% throughout the forecast period from 2025 to 2034.

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The Europe electric truck market is a prominent branch of the automotive industry. This industry deals in manufacturing and distribution of electric trucks in the European region.  There are different types of vehicles developed in this sector comprising of light duty trucks, medium duty trucks and heavy-duty trucks. These trucks are powered by several propulsion technologies consisting of BEV, HEV, PHEV and FCEV. It comes with various superstructures including box body, refrigerated body, flatbed body, curtainside body, tanker body, tipper body, crane body, skip loader body, fire engine body, hooklift body, spreading, ploughing, concrete mixer, refuse collector, sweeper, recovery vehicle and others.

The electric trucks are integrated with numerous types of batteries such as lead acid, li-ion, solid-state and some others. The growing sales of electric trucks in the European region has boosted the market expansion. This market is expected to rise significantly with the growth of the electric vehicle industry across Europe.

• According to the International Energy Agency, in 2020, around 1100 electric trucks were sold in Europe that increased to 10800 in 2023.

Highlights of the Europe Electric Truck Market

• Germany held the highest share of the Europe electric truck market.
• France is expected to grow with a significant CAGR during the forecast period.
• By vehicle, the heavy-duty trucks segment held a dominant share of the market.
• By vehicle, the light duty trucks segment is predicted to grow with the fastest growth rate during the forecast period.
• By propulsion, the PHEV segment held the lion’s share of the market.
• By propulsion, the BEV segment is likely to rise with a considerable growth rate during the forecast period.

Key Metrics and Overview

Europe Electric Truck: Trends in the Industry

• Several truck manufacturers have started opening new plant for manufacturing electric trucks in Europe. For instance, in September 2023, Volvo announced to open a new manufacturing plant in Belgium. This production facility is inaugurated to manufacture electric trucks for the consumers of Europe.
• Government of several countries are investing heavily for developing the EV charging infrastructure across the European region. For instance, in February 2025, the government of France announced to invest around 3 billion euros. This investment is done for deploying 40000 ultra-fast EV charging points across France.
• Numerous governments are providing subsidies for adopting electric trucks to lower emission across Europe. For instance, in April 2024, the government of Austria announced to provide subsidy for purchasing electric trucks. Through this announcement, the government will provide a subsidy of 72000 euros per trucks in this nation.
• Various automotive companies are partnering with each other for developing heavy-duty electric trucks for the European consumers. For instance, in March 2024, Hyundai announced partnership with Iveco Group. This partnership is done for developing heavy-duty electric trucks in the European region.

Vehicle Insights

The heavy-duty trucks segment held a dominant share of the market. The growing application of these trucks in construction and industrial sector has boosted the market expansion. Also, the rising adoption of heavy-duty trucks for various benefits such as superior carrying capacity, enhanced power, efficiency, durability and some others is crucial for the industrial growth. Moreover, the increasing use of these trucks in various sectors including logistics, transportation, agriculture and some others is expected to boost the growth of the Europe electric truck market.

The light duty trucks segment is predicted to grow with the fastest growth rate during the forecast period. The growing application of these trucks for recreation activities and local deliveries has boosted the market expansion. Also, rapid adoption of light-duty trucks by small and medium-sized business for operating their daily operations is playing a vital role in shaping the industrial landscape. Moreover, the increasing demand for these trucks due to superior mileage and less maintenance is projected to drive the growth of the Europe electric truck market.

Propulsion Insights

The PHEV segment held the lion’s share of the market. The rising demand for long-range trucks to operate heavy-duty operations has driven the market growth. Also, several benefits of these trucks including low operating cost, energy efficiency, less maintenance, convenience and some others is driving the industrial expansion. Moreover, advancements in hybrid technology coupled with rapid investment by automotive companies for developing hybrid trucks has bolstered the growth of the Europe electric truck market.

The BEV segment is likely to rise with a considerable growth rate during the forecast period. The growing adoption of EVs in countries such as Germany, France, UK, Norway, Finland, Denmark and some others is driving the market growth. Also, technological advancements in EV industry coupled with numerous government initiatives aimed at developing the EV charging infrastructure is likely to shape the industrial landscape.

Moreover, the rising awareness of consumers towards eco-friendly transportation along with rapid investment in electric vehicles industry by numerous truck manufacturers has driven the growth of the Europe electric truck market.

Geographical Insights

Germany held the highest share of the Europe electric truck market. The rising developments in the automotive sector coupled with rapid adoption of EVs has bolstered the industrial expansion. Also, rapid deployment of electric trucks in various industries such as chemical, automotive, IT, renewable energy and some others is crucial for the market growth. Moreover, the presence of several truck manufacturers such as MAN, Daimler Trucks, Mercedes-Benz and some others along with numerous government initiatives aimed at adopting EVs has further bolstered the growth of the Europe electric truck market in this nation.

• In September 2024, the government of Germany announced a tax reduction of around 40% on purchasing EVs. This initiative is aimed at enhancing the adoption of EVs along with reducing the emission in the country.

France is expected to grow with a significant CAGR during the forecast period. The growing adoption of electric trucks by several industries such as aerospace and metals has driven the market growth. Also, the rising prices of diesel coupled with rapid development in the logistics sector is crucial for the industrial expansion. Moreover, the increasing adoption of autonomous trucks in heavy industries as well as government investment in EV charging infrastructure is expected to drive the growth of the Europe electric truck market.

• In February 2025, the government of France announced to invest around 4 billion euros. This investment is done for strengthening the EV charging infrastructure by 2028.

Industry Leader Announcement

• In April 2024, Friedrich Baumann, the Executive Board Member of MAN Truck & made an announcement stating that, “We are continuing to focus on battery-electric vehicles to decarbonise road freight transport. These currently have clear advantages over other drive concepts in terms of energy efficiency and operating and energy costs. However, trucks powered by hydrogen combustion engines are a useful addition for special applications and markets.”

Competitive Landscape

The Europe electric truck market is a developing industry with the presence of several dominating players. Some of the prominent companies in this industry consists of Renault Trucks, AB Volvo, IVECO SpA, MAN SE, Einride AB and some others. These companies are constantly engaged in developing electric trucks for the European consumers and adopting numerous strategies such as business expansion, collaborations, joint venture, acquisition, partnerships, product launches and some others to maintain their dominant position in this industry.

• For instance, in November 2024, Renault launched E-Tech T in Europe. E-Tech T is an electric truck that comes with a 540-kWh battery expected to deliver a range of around 600 kms on a single charge.
• Also, in September 2024, Volvo launched a series of heavy-duty electric trucks in Europe. These trucks are integrated with high power batteries that delivers driving range of around 600 kms on a single charge.

• According to the annual report of Volvo, around 46% of the truck segment revenue is generated from the Europe region followed by others.

Recent Developments

• In January 2025, Scania announced partnership with SKF and Lots Group. This partnership is done for launching Europe’s longest electric truck route.
• In September 2024, BYD launched EYT 2.0 in Europe. EYT 2.0 is an electric truck equipped with high-quality battery that provides a driving range of around 250 kms on a single charge.
• In April 2024, Volta Trucks launched an electric truck in Europe. This truck is designed for lowering emission in this region.

Europe Electric Truck Market Segments

By Vehicle

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

By Axle

• 2-axle
• 3-axle
• 4-axle

By Application

• On-road
• Off-road

By Propulsion

• Battery electric trucks (BEV)
• Hybrid electric trucks (HEV)
• Plug-in hybrid electric trucks (PCEV)
• Fuel cell electric trucks (FCEV)

By Superstructure

• Box Body
• Refrigerated Body
• Flatbed Body
• Curtainside Body
• Tanker Body
• Tipper Body
• Crane Body
• Skip Loader Body
• Fire Engine Body
• Hooklift Body
• Spreading
• Ploughing
• Concrete Mixer
• Refuse Collector
• Sweeper
• Recovery Vehicle

By Battery Capacity

• Below 100 kWh
• 100-300   kWh
• Above 300 kWh

By Range Capacity

• Short Range (Up to 150 miles)
• Medium Range (150 to 250 miles)
• Long Range (Over Range 250 miles)

By Region

• Western Europe
• Eastern Europe