CHICAGO and PUNE, India, June 27, 2025 /PRNewswire/ -- The Electric Trucks Market is projected to be valued at USD 29.69 billion in 2024 and reach USD 124.97 billion by 2030, growing at a CAGR of 27.1% according to a new report by The Research Insights. Rising emphasis on emission-free vehicles is anticipated to enhance the global sales of electric trucks, especially in the e-commerce and logistics domain. It will help the OEMs to expand their revenue stream and geographic footprint in the electric commercial vehicle industry. The report runs an in-depth analysis of electric trucks market trends, key players, and future opportunities. In general, the Electric Trucks Market growth of 27.1% comprises a vast array of Vehicle, Propulsion, Vehicle Range, Application, and Geography which are expected to register strength during the coming years.
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Market Overview and Growth Trajectory:
Electric Trucks Market Growth: According to an exhaustive report by The Research Insights, the Electric Trucks Market is experiencing significant growth. The electric trucks market is growing rapidly, driven by unique and emerging trends apart from conventional ones like fuel savings and emission regulation. Improvements in battery technology and solid-state and lithium iron phosphate (LFP) batteries are enhancing the range, safety, and fast charging capability of electric trucks. Also, supply chain electrification efforts by major retailers and logistics companies pursuing ESG (Environmental, Social, and Governance) goals are accelerating fleet-level adoption. Growing demand for V2G integration and smart fleet management systems are driving the market, which allows electric trucks to operate as energy sources during peak loads. Also, the government incentives are shifting from subsidizing vehicles to ZEV (zero-emission vehicle) mandates and carbon credit programs, which is especially attractive for larger fleet owners. Finally, partnerships between truck OEMs and EV startups are helping accelerate innovation, and vertical integration, i.e., in-house battery production is enhancing control over cost and supply chain security. All these developments are driving the electrification of the commercial vehicle industry, one of the fastest-growing and transforming industries.
Regulatory Push for Emissions Reduction and Government Incentives:
Governments around the world are implementing strict emission regulations to mitigate climate change and reduce air pollution. North America, Europe, and parts of Asia are introducing stringent regulations for the transport sector, which is one of the major contributors to GHG emissions. Frameworks like the EU's Green Deal, the EPA's GHG emission standards, and China's NEV (New Energy Vehicle) policies are encouraging the adoption of electric propulsion in commercial vehicles.
The government also offers various incentives, including purchase subsidies, tax exemptions, free registration, and zero-emission zones for electric commercial vehicles. Funding for electric vehicle charging stations, R&D grants, and ZEV credits are making electric trucks affordable and lucrative for manufacturers and customers. The battery subsidy is likely to be the most significant source of reduction in upfront costs, followed by reduced registration fees. The combination of government incentives is making electric trucks a financially viable and profitable choice for companies looking to comply with emission regulations and improve sustainability credentials.
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Technological Innovations in Batteries and Charging Infrastructure:
Advancements in battery technology and solid-state and lithium-ion batteries are increasing the capability of electric trucks in terms of performance, range, and affordability. The range of electric trucks has now reached more than 300 miles on a single charge, making it a potential replacement for diesel-powered trucks not only in city deliveries but also for regional and intercity transportation. Battery energy density improvements, battery lifecycle, and safety developments have eliminated some of the concerns about payload limits and vehicle downtime.
The widespread deployment of high-speed charging infrastructure for electric vehicles, including megawatt charging for heavy-duty trucks, is reducing range anxiety and enabling more flexibility in operations. Smart charging, V2G technology, and energy management systems are emerging, allowing fleet owners to optimize energy usage and reduce TCO (total cost of ownership). Technological innovations are overcoming some of the operational challenges associated with diesel trucks and making them a viable alternative to diesel-powered vehicles.
Corporates' ESG Goals and Fleet Electrification Trends:
A rise in corporate sustainability and ESG (environmental, social, and governance) goals is driving the demand for electric trucks. Increasing numbers of corporates, including logistics companies like Amazon, UPS, FedEx, and Walmart, are going carbon neutral and electrifying their fleets as part of their broader carbon strategy. These organizations view fleet electrification as a critical move to reduce their carbon footprint, adhere to future emission regulations, and improve their image in the eyes of increasingly eco-conscious customers and investors.
The TCO (total cost of ownership) of electric trucks is also becoming more favourable in the long term, as they incur lower maintenance costs, lesser fuel expenses, and longer service life. The application of data analytics and telematics are also helping fleet managers track vehicle performance and maximize utilization. As companies realize the long-term financial and brand benefits of electrification, the demand for electric trucks, including light-duty vans and heavy-duty haulers, is likely to grow in industries such as logistics, retail, manufacturing, and construction.
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Geographical Insights:
North America leads in terms of the share of total revenue in the global electric trucks market in 2023 with 37.6%. Government incentives and supportive policies play a crucial role in driving the transition to electric mobility in North America. Both the State and Federal governments in the US have enacted tax credits, grants, and subsidies to support investment from automakers and customer demand for electric vehicles. This is why North American automakers are offering new products and services to keep up with the rising demand for electric vehicles in North America.
The Asia-Pacific region is projected to witness the highest Compound Annual Growth Rate (CAGR) during the forecast period owing to a confluence of supportive government policies and incentives creating a conducive environment for the business of electric trucks. China's New Energy Vehicle mandate and India's Faster Adoption and Manufacturing of Electric Vehicles (FAME) are some of the initiatives driving growth. The fast rise of e-commerce in the region has created an uptick in demand for environment-friendly transportation solutions by logistics and delivery firms, which is in turn leading to new developments from local players like BYD, FAW Group, and Dongfeng Motor.
Global Electric Trucks Market Segmentation and Geographical Insights:
- Based on Vehicle, the electric trucks market is divided into, Light Duty Trucks, Medium Duty Trucks, and Heavy-Duty Trucks. Light duty trucks have been the clear market leader in 2023, accounting for a substantial 64.0% share of revenue.
- Based on Propulsion, the electric trucks market is divided into, BEV, PHEV, and HEV. Battery Electric Vehicles (BEVs) dominated the market share in 2023, driven by their exceptional performance, reduced operating expenses, and growing recognition as a viable alternative to traditional IC engine trucks.
- Based on Vehicle Range, the electric trucks market is divided into, up to 300 miles, 300-600 miles, and Above 600 miles. In 2023, electric vehicles with a range of up to 300 miles dominated the market due to their tailored fit for commercial fleets' daily route needs, especially in urban and regional transportation contexts.
- Based on Application, the electric trucks market is divided into, Logistics & Delivery, Construction, Waste Management, and Others. The logistics and delivery segment dominated the market in 2023, primarily driven by the surge in e-commerce and growing consumer demands for swift and dependable delivery services.
- The Electric Trucks Market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Key Players and Competitive Landscape:
The Global Electric Trucks Market is characterized by the presence of several major players, including:
- AB Volvo
- BYD Company Ltd.
- Daimler Truck AG
- Dongfeng Motor Company
- FAW Group Co., Ltd.
- Foton International
- ISUZU MOTORS LIMITED
- Navistar, Inc
- PACCAR Inc.
- Scania
These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.
Global Electric Trucks Market Recent Developments and Innovations:
- In May 2025, Scania (Sweden) announced plans to invest approximately USD 2 billion to build a new production plant in Rugao, China, marking its third global manufacturing site after Sweden and Brazil. The new plant will start production by October 2025 and will produce 50,000 vehicles per year, which is approximately twice the production capacity of the plant in Brazil. Scania aims to reinforce its presence in the Asian market, shorten the delivery time and align with the local technological trends in the field of transportation in China.
- In February 2025, Dongfeng Motor Corporation (China) showcased three models DONGFENG GX, KC PRO and KC PLUS at the DONGFENG DAY 2025 held in Jakarta, Indonesia. DONGFENG DAY 2025 marked the company's first move to develop and establish its own market in Southeast Asia in the electric truck segment.
- In January 2025, Daimler Truck AG (Germany) received an order from Amazon (US) for 200 Mercedes-Benz eActros LongHaul battery electric heavy-duty trucks. The vehicles will be used for logistics operations in Germany and the UK to enable the carbon-free transportation service provided by Amazon. The first deliveries will start at the end of 2025.
- In January 2025, Scania (Sweden), SKF (Sweden), and LOTS Group (Sweden) initiated a project to introduce an electrically driven truck transport between Gothenburg and Helsingborg, Sweden. Battery electric Scania trucks powered by SKF charging solutions will run along the route to illustrate the potential for fossil-free long-distance transportation. LOTS Group will be responsible for the operation and logistics for this project to reduce carbon emissions in the entire supply chain. The companies aim to speed up the conversion to fossil-free transportation and demonstrate new solutions for fossil-free logistics.
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Frequently Asked Questions (FAQs):
- What is the forecasted market size of the Electric Trucks Market in 2030?
➢ The forecasted market size of the Electric Trucks Market is USD 124.97 Billion in 2030. - Who are the leading players in the Electric Trucks Market?
➢ The key players in the Electric Trucks Market include, AB Volvo; BYD Company Ltd.; Daimler Truck AG; Dongfeng Motor Company; FAW Group Co., Ltd.; Foton International; ISUZU MOTORS LIMITED; Navistar, Inc.; PACCAR Inc.; Scania. - What are the major drivers for the Electric Trucks Market?
➢ The market is driven by a combination of factors that prioritize sustainability and environmental responsibility. - Which is the largest region during the forecasted period in the Electric Trucks Market?
➢ North America leads in terms of the share of total revenue in the global electric truck market in 2023 with 37.6%. - Which is the largest segment, by vehicle, during the forecasted period in the Electric Trucks Market?
➢ The Light duty trucks have been the clear market leader in 2023, accounting for a substantial 64.0% share of revenue.
Conclusion:
Technological advancements in batteries, energy management systems, and charging infrastructure are reshaping the electric trucks market and addressing growing needs for sustainable transportation in different sectors. The increasing demand for decarbonization in logistics, the government regulations on emissions, and the rising cost of fossil fuels are accelerating the transition to electric mobility. Electric trucks are now an essential part of fleet operations, last-mile delivery, and long-haul transport because of their lower environmental impact, reduced operating costs, and improved range. Integrating with smart grid systems and telematics improves real-time monitoring, route optimization, and predictive maintenance. Fast-charging solutions, flexible battery design, and supportive policy frameworks are crucial for adoption. As a part of the broader trends in green energy and smart mobility, electric trucks are becoming integral parts of the next-generation transport ecosystem that is aligned with global climate goals and digital transformation.
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The report from The Research Insights, therefore, provides several stakeholders— governments, automotive manufacturers, logistics companies, fleet operators, regulatory agencies, and environmental organizations—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
With projected growth to US$ 124.97 billion by 2030, the Global Electric Trucks Market represents a significant opportunity for battery technology startups, charging infrastructure providers, software developers, renewable energy companies, and autonomous driving tech firms.
Check out more related studies published by The Research Insights:
- Heavy-duty Electric Trucks Market: The Global Heavy-duty Electric Trucks Market is expected to reach at USD 4.70 billion by 2030, according to a new report by The Research Insights. It is projected to expand at a CAGR of 20.6% during the forecast period. The introduction of heavy-duty electric trucks is revolutionizing the transportation industry, bringing numerous advantages that benefit both businesses and the environment.
- Electric Vehicle Market: The Global Electric Vehicle Market is expected to reach at USD 3,760.9 billion by 2034, according to a new report by The Research Insights. It is projected to expand at a CAGR of 21.5% during the forecast period. Increased focus on emission-free vehicles is expected to drive the global adoption of electric trucks, particularly in the e-commerce and logistics sector.
Browse More related reports on Technology Industry Market Reports- https://www.theresearchinsights.com/categories/technology
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