Market Size of electric truck Industry
Icons | Lable | Value |
---|---|---|
Study Period | 2016 - 2029 | |
Market Size (2024) | USD 41.67 Billion | |
Market Size (2029) | USD 128.26 Billion | |
CAGR (2024 - 2029) | 25.21 % | |
Largest Share by Sub Body Type | Light Commercial Pick-up Trucks | |
Largest Share by Region | Europe | |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Electric Truck Market Analysis
The Electric Truck Market size is estimated at USD 41.67 billion in 2024, and is expected to reach USD 128.26 billion by 2029, growing at a CAGR of 25.21% during the forecast period (2024-2029).
- Largest Segment by Vehicle Type - Trucks : Medium-duty trucks are projected to make up over 93% of the global electric truck fleet by 2026, with over 302,000 units in use worldwide.
- Fastest-growing Segment by Vehicle Type - Trucks : The Growth in construction projects, trading, and increase in the logistics usage for heavy carriages is making heavy trucks the fastest-growing body type in commercial vehicle sales globally.
- Largest Segment by Fuel Type - HEV : Battery electric vehicle holds the largest share due to factors such as the growing logistics industry, and stringent emission regulations by the government.
- Largest Segment by Country - US : Electric trucks recorded the largest share of medium and heavy commercial vehicle sales in China, this is because the majority of manufacturers are engaged in producing electric vehicles.