GVR Report cover Electric Truck Market Size, Share & Trends Report

Electric Truck Market Size, Share & Trends Analysis Report By Vehicle Type (Battery Electric Trucks, Hybrid Trucks), By Region, And Segment Forecasts, 2020 - 2027

  • Report ID: GVR-4-68039-061-1
  • Number of Pages: 90
  • Format: Electronic (PDF)
  • Historical Range: 2016 - 2018
  • Industry: Technology

Report Overview

The global electric truck market size was valued at USD 1.48 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 43.3% from 2020 to 2027. Increasing demand in the logistics sector, reduction in the fuel and maintenance costs, and incentives for adopting zero-emission vehicles are some of the key factors driving the market growth. Besides, stringent emission norms imposed on commercial vehicles will force manufacturers to invest in electric truck manufacturing. Thus, massive investments from manufacturers are anticipated to cater to the increasing demand and play a significant role in driving market growth. Electric trucks are used across several sectors, such as logistics, municipal, and other areas. The logistics sector is one of the key contributors to any country’s GDP growth. Growth in the e-commerce industry may require a logistics provider to deliver to remote locations. Logistics/supply chain companies are actively participating in replacing internal combustion engine fleets with electric fleets.

U.S. electric trucks market size

For instance, in February 2020, CEVA Logistics, a U.K. based logistics company, started trials using electric trucks for supplying goods in Central London. Over the next six months, two Tevva electric trucks will operate from Dartford to St Thomas’ NHS Foundation Trust and Guys to make daily deliveries. Lack of charging infrastructure is anticipated to be a key factor hampering the growth of the electric truck market. High costs, driven by permitting, building code, and regulatory red tape, could hinder the charging station's need to power electric trucks. Besides, the adoption of electric trucks is low in the emerging economies compared to developed countries due to low investments.

The outbreak of the COVID-19 pandemic is expected to have a noticeable impact on market growth. The lockdowns imposed to arrest the spread of the disease have disrupted the supply chains and manufacturing operations all over the world. The demand has reduced considerably as the logistics companies were shut down owing to the border closures. Nevertheless, the demand for electric trucks is expected to gain traction after the lockdown restrictions are relaxed. The governments across several economies have imposed targets for emission reductions, which will surge the demand post-COVID-19.

Vehicle Type Insights

The battery electric trucks segment accounted for the largest revenue share of over 85% in 2019 and is anticipated to maintain its dominance over the forecast period. The segment is estimated to expand at the highest CAGR during the forecast period, owing to the increasing life and energy density of batteries and a decline in battery prices. Moreover, increasing government regulations to mandate zero-emission vehicles will also support segmental growth. For instance, the European Union (EU) has enacted enactment to reduce emissions by at least 40% by 2030. The EU has also set a target to reduce emissions by almost 60% by 2040.

Global electric trucks market share

The hybrid trucks segment accounted for the minimal revenue share in 2019 and is estimated to decline over the forecast period. The adoption of hybrid trucks is expected to decrease owing to increasing government regulations about greenhouse gas emissions. Moreover, the manufacturers in the electric trucks market are focused on developing fuel-cell electric trucks for the long haul. In July 2020, Hyundai Hydrogen Mobility leases 10 XCIENT Fuel Cell trucks to logistics and transportation companies on a pay-per-use basis.

Regional Insights

China accounted for the largest revenue share of over 80% in 2019 and is anticipated to continue its dominance over the forecast period. The region is expected to hold a dominant revenue share throughout the forecast period owing to the presence of key companies such as Dongfeng Motor Corporation, BYD Auto Co. Ltd., Daimler AG, and FAW Group Co., Ltd. Besides, the region has the highest adoption of electric trucks as the central government in China eliminated upper weights limits on subsidies for trucks and LCVs in 2015. The volume sales for electric trucks in China are anticipated to increase due to the expanding model range and a steady improvement in battery performance and cost reduction. 

The market in the U.S. is projected to expand at the highest CAGR of 59.5% from 2020 to 2027. Increasing demand from the logistics sector is expected to witness the regional growth. Besides, in June 2020, the California Air Resources Board sets electric truck sales targets for manufacturers beginning in 2024. The rule is expected to bring around 0.3 million electric trucks (light-duty, medium-duty, and heavy-duty electric trucks) to California’s roads by 2035.

Key Companies & Market Share Insights

The market is highly competitive in nature and is characterized by the presence of large and small players. The key players that dominated the market in 2019 include Dongfeng Motor Corporation; BYD Auto Co. Ltd.; Daimler AG; PACCAR Inc.; and Scania. These players offer a wide range of electric trucks and cater to logistics and transportation and municipal sectors. The market players are also focused on manufacturing fuel cell electric trucks with a better range for the long haul. New product launches and upgrades of the existing trucks have remained the key strategy of these players. For instance, in June 2018, Daimler trucks revealed Freightliner eM2 106 and Freightliner eCascadia at the Capital Market & Technology Day at Portland International Raceway. In March 2020, Daimler Trucks launched the Electric Freightliner Customer Experience Fleet in North America. The fleet consists of two medium-duty Freightliner eM2 106 and six heavy-duty Freightliner eCascadia. Some of the prominent players in the electric truck market include:

  • AB Volvo

  • BYD Auto Co. Ltd

  • Daimler AG

  • Dongfeng Motor Corporation

  • FAW Group Co., Ltd.

  • Foton Motor Inc.

  • Isuzu Motors Ltd

  • Navistar, Inc.

  • PACCAR Inc.

  • Scania

  • Tevva Motors Limited

Electric Truck Market Report Scope

Report Attribute


Market size value in 2020

USD 1.15 billion

Revenue forecast in 2027

USD 14.19 billion

Growth Rate

CAGR of 43.3% from 2020 to 2027

Base year for estimation


Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative Units

Revenue in USD million and CAGR from 2020 to 2027

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

Vehicle type, region

Regional scope

U.S.; Europe; China

Country scope

Germany; Italy; France; Netherlands

Key companies profiled

AB Volvo; BYD Auto Co. Ltd; Daimler AG; Dongfeng Motor Corporation; FAW Group Co., Ltd.; Foton Motor Inc.; Isuzu Motors Ltd; Navistar, Inc.; PACCAR Inc.; Scania; Tevva Motors Limited

Customization scope

Free report customization (equivalent up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope.

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For this study, Grand View Research has segmented the global electric trucks market report based on vehicle type and region:

  • Vehicle Type Outlook (Revenue, USD Million, 2016 - 2027)

    • Battery Electric Trucks

    • Hybrid Trucks

  • Regional Outlook (Revenue, USD Million, 2016 - 2027)

    • The U.S.

    • Europe

      • Germany

      • Italy

      • France

      • Netherlands

    • China 

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