Electric Truck Market Projected to reach 1,413,694 units by 2030, at a CAGR of 39.7%.

Electric Trucks Market

The global Electric Truck Market size is expected to grow from approximately 69,597 units in 2021 to reach 1,413,694 units by 2030, at a CAGR of 39.7%. Factors such as rise in pollution and environmental hazards, stringent government regulations, and stiff competition have compelled automotive OEMs to make fuel-efficient and environment-friendly trucks.

OEMs worldwide are investing heavily in research & testing applications leading to continuous advancements in electric trucks. For instance, Volvo Group is working with Samsung SDI to develop advanced battery packs for Volvo Group’s electric trucks. The alliance will cover the joint development of battery packs specifically developed for Volvo Group’s truck applications. The intention is that Volvo Group will utilize Samsung SDI’s battery pack technology for assembly in Volvo Group’s manufacturing operations.

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The COVID-19 pandemic has presented an unprecedented challenge for the electric truck providers as major OEMs partially or completely suspended vehicle production in major markets. As the severity of the pandemic increases in Europe and North America, major electric truck providers reported a revenue loss in 2020.

The electric pickup truck segment is projected to be one of the largest, by volume. Increasing demand for emission-free vehicles options in developed as well as developing countries is expected to boost the electric truck segment rapidly in near future. Also, there is a high demand for light-duty and medium-duty electric trucks for last mile delivery and distribution services. The growth of the e-commerce sectors and distribution services is expected to drive the market for electric trucks during the forecast period.

The market leading players are focusing on expanding their businesses in new markets across the world. North America is one of the potential markets for electric trucks market. In 2020, Amazon announced the purchase of Class 8 heavy-duty electric truck from Lion Electric for goods distribution. Amazon had already ordered 10,000 electric trucks from Rivian, that has to be delivered by 2022 with the total delivery of 1,00,000 electric trucks by 2030. Also in 2020, United Parcel Services ordered 10,000 electric delivery trucks from electric vehicle maker Arrival in order to accelerate fleet electrification.

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The European region is projected to be the fastest-growing market during the forecast period. The region is a hub to major players such as AB Volvo (Gothenburg, Sweden), Daimler AG (Stuttgart, Germany), Scania AB (Sodertalje, Sweden), VDL Groep (Eindhoven, Netherlands), Irizar Group (Gipuzkoa, Spain) and Iveco S.p.A (Turin, Italy). It is a key region for innovations; significant R&D; and technological advancements in electric trucks, battery technologies, and charging solutions.

The Asia Pacific region is the largest electric truck market in the world. It comprises some of the fastest developing and developed economies in the world, such as China, India, and Japan. The market growth in the region can be attributed to the dominance of Chinese market in the electric truck segment and the presence of market leading OEMs in the country, resulting in the exponential growth of electric truck market in Asia Pacific.

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