Electric Trucks Market Report 2025 (Global Edition)

Global Electric Trucks Market Report 2025 Market Size Split by Type (Light-duty Trucks, Medium-duty Trucks, Heavy-duty Trucks), by End-User (Last Mile Delivery, Long Haul Transportation, Refuse Servic...

Electric Trucks Market Report Description

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Electric Trucks Market Insights Video

Competitive Landscape of the Electric Trucks Market

Key players deploy strategic initiatives such as product innovations, partnerships, and mergers. Market players are also undertaking organic or inorganic strategic approaches to strengthen and expand their Worldwide footprint, with significant market developments including new Material portfolios, mergers and acquisitions deals, capex, investments, and strategic partnerships with other companies. Corporations are also coming up with marketing ideas such as digital acquisitions, social media influencing, and content creation to increase their scope of profit earnings. Because of automation and technological advancement, businesses compete fiercely to deliver innovative products.

Electric Trucks Industry News

• In November 2022, Tenneco stated it would provide Rivian with anti-vibration performance materials and sophisticated suspension systems. Tenneco Clevite Elastomers, both front and back suspension hubs, are fitted to the R1T. 

(Source: https://www.tenneco.com/news/archive/2015-2017/2022/11/28/tenneco-to-supply-intelligent-suspension-anti-vibration-performance-materials-solutions-for-rivian-r1t-and-r1s-electric-vehicles)

• In response to consumer demand for environmentally friendly short-haul storage and distribution center operations, Performance Team announced in October 2022 that it will be deploying Class 8 battery-electric vehicles from Volvo vehicles across the United States in Southern California. By Q3 2023, the Performance Team plans to put out 126 Volvo electric trucks.

(Source. https://www.nrel.gov/docs/fy24osti/87835.pdf)

• BYD introduced the BYD 8TT in February 2022. It has 483 horsepower, a peak speed of 74 miles per hour, and a 422-kWh battery. Businesses mostly utilize it for logistics.

(Source: https://en.byd.com/truck/class-8-day-cab/)

Top Companies Market Share in Electric Trucks Industry: (In no particular order of Rank)

• AB Volvo
• Workhorse
• BYD Company Ltd.
• Tata Motors
• Daimler AG
• Scania
• Dongfeng Motor Company
• Paccar Inc.
• Geely Automobiles Holdings Ltd.
• Man SE
• Confidential Data
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• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

In terms of revenue, the North American Electric Trucks Market share was 40% of the total market

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the worldwide revenue. Adopting cutting-edge technology and technical developments are some of the reasons propelling the development of the electrically powered truck industry in the area. Vehicles that run on gasoline release many harmful gases into the atmosphere, raising pollution levels. The government is enforcing strict laws and restrictions to lessen the harmful effects of fuel-powered cars and trucks. The North American electric truck market is expanding due to several causes. 

The Asia Pacific region will be a fast-growing region during the projected timeframe. In the Asia-Pacific area, China leads the electric truck industry. Rapid urbanization and industrialization are driving the rapid growth of the electric truck industry. The Asia-Pacific electric truck market is expanding due to several additional factors, including stringent government regulations and standards against pollution and global warming, significant government and industry player investments in R&D, and rising public awareness. Furthermore, the government offers incentives and subsidies to the participants in the market.

The current report Scope analyzes Electric Trucks Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Electric Trucks Market

According to Cognitive Market Research, the worldwide Electric Truck market size was estimated at USD 41815.2 Million, out of which North America held the major market of more than 40% of the worldwide revenue with a market size of USD 16726.08 million in 2024 and will expand at a CAGR, commonly known as compounded annual growth rate of 23.80% from 2024 to 2031. Adopting cutting-edge technology and technical developments are some of the reasons propelling the development of the electrically powered truck industry in the area. Vehicles that run on gasoline release many harmful gases into the atmosphere, raising pollution levels. The government is enforcing strict laws and restrictions to lessen the harmful effects of fuel-powered cars and trucks. The North American electric truck market is expanding due to several causes. Autonomous trucks are the fastest-growing category over the forecasted timeframe as They can drive on highways by themselves because of a mix of software, GPS, and artificial intelligence technologies. In conclusion, the North American Electric Truck market thrives due to the adoption of cutting-edge technology and technical developments.

• According to Cognitive Market Research, the US had a major share in the Electric Truck market with a market value of USD 13196.88 million in 2024 and is projected to expand at a growth rate or CAGR of 23.60% during the forecasted timeframe. The demand is amplified by the government enforcing strict laws and restrictions to lessen the harmful effects of fuel-powered cars and trucks. 
• The Canada Electric Truck market had a market share of USD 2007.13 million in 2024 and is projected to expand at a growth rate or CAGR of 24.60% during the forecasted timeframe—Canada's rising adoption of cutting-edge technology and technical developments.
• The Mexico Electric Truck market is projected to grow at a CAGR of 24.30% during the forecast timeframe, with a market size of USD 1522.07 million in 2024.

Europe Electric Trucks Market

According to Cognitive Market Research, with a market value of USD 41815.2 million in 2024, it is projected to expand at a growth rate (CAGR) of 24.1% from 2024 to 2031. Europe accounts for over 30% of the Global Electric Trucks Market USD 12544.56 million market size. As environmental concerns develop, European governments and ecological groups are responding by enacting rigorous laws and regulations about emissions, which is increasing demand for industrial electric cars across the continent. The EU is committed to achieving its 2020 target of a 20% reduction in greenhouse gas emissions during the second phase of the Kyoto Protocol. The EU wants to phase out greenhouse gas emissions completely by 2050. According to Cognitive Market Research, Semi-autonomous Trucks hold a prominent market share. Semi-autonomous trucks use sophisticated technology like adaptive steering, blind spot identification, intelligent parking aid, and lane assist, but they still need a human to operate the vehicle. In conclusion, the European Electric Truck market thrives because of the strong, rigorous laws and emissions regulations, increasing demand for industrial electric cars.

• The United Kingdom Electric Truck market had a market share of USD 2107.49 million in 2024 and is projected to expand at a growth rate or CAGR of 24.90% during the forecasted timeframe. In the UK, Electric Truck sales witnessed an upswing due to the demand for electric vehicle trucks in the commercial segment due to strong governmental protocols. 
• The France Electric Truck market is projected to grow at a CAGR of 23.30% during the forecast timeframe, with a market size of USD 1154.10 million in 2024.
• According to Cognitive Market Research, the German Electric Truck market size was valued at USD 2483.82 million in 2024 and is projected to expand at a growth rate or CAGR of 24.30% during the forecast timeframe because of the strong demand from end-use sectors and huge investment in R&D. 
• The Italy Electric Truck market is projected to witness growth at a CAGR of 23.50% during the forecast timeframe, with a market size of USD 1078.83 million in 2024.
• The Russian Electric Truck market is projected to witness growth at a CAGR of 23.10% during the forecast timeframe, with a market size of USD 1944.41 million in 2024.
• The Spain Electric Truck market is projected to witness growth at a CAGR of 23.20% during the forecast timeframe, with a market size of USD 1028.65 million in 2024.
• The Luxembourg Electric Truck market is projected to witness growth at a CAGR of 24.20% during the forecast timeframe, with a market size of USD 388.88 million in 2024.
• The Portugal Electric Truck market is projected to witness growth at a CAGR of 23.90% during the forecast timeframe, with a market size of USD 263.44 million in 2024.
• The Greece Electric Truck market is projected to witness growth at a CAGR of 24.40% during the forecast timeframe, with a market size of USD 150.53 million in 2024.
• The Rest of Europe's Electric Truck market is projected to witness growth at a CAGR of 22.80% during the forecasted timeframe, with a market size of USD 1944.41 million in 2024.

Asia Pacific Electric Trucks Market

According to Cognitive Market Research, the worldwide Electric Truck market size was estimated at USD 41815.2 Million, out of which Asia Pacific held the market of around 23% of the worldwide revenue with a market value of USD 9617.50 million in 2024 and will grow at a compound annual growth rate (CAGR) of 27.6% from 2024 to 2031. The Asia Pacific region is witnessing an increase in market sales due to rapid urbanization and industrialization, which are driving the rapid growth of the electric truck industry. The Asia-Pacific electric truck market is expanding due to several additional factors, including stringent government regulations and standards against pollution and global warming, significant government and industry player investments in R&D, and rising public awareness. Furthermore, the government offers incentives and subsidies to the participants in the market. According to Cognitive Market Research, Last Mile Delivery holds a prominent market share. Last-mile delivery services have seen tremendous growth and change. Due to social isolation and other Covid-related norms, customers rely much more on doorstep last-mile delivery. In conclusion, the Asia Pacific Electric Truck market shows significant growth due to the Region's rapid urbanization and industrialization, which are driving the rapid growth of the electric truck industry.

• According to Cognitive Market Research, the size of the China Electric Truck market was valued at USD 4327.87 million in 2024 and is projected to grow at a CAGR of 27.10% during the forecasted timeframe. The expansion of the industry is fueled by the Region's growing stringent government regulations and standards against pollution and global warming, industry player investments in R&D and rising public awareness.
• The Japan Electric Truck market is projected to witness growth at a CAGR of 26.10% during the forecasted timeframe, with a market size of USD 1327.21 million in 2024.
• The India Electric Truck market had a market share of USD 1154.10 million in 2024 and is projected to grow at a CAGR of 29.40% during the forecasted timeframe. The demand is augmented by India's strong economic expansion, rising disposable income, and the ability to manufacture electric vehicles.
• The South Korea Electric Truck market is projected to witness growth at a CAGR of 26.70% during the forecasted timeframe, with a market size of USD 961.75 million in 2024.
• The Australian Electric Truck market is projected to witness growth at a CAGR of 27.30% during the forecasted timeframe, with a market size of USD 500.11 million in 2024.
• The Southeast Asia Electric Truck market is projected to witness growth at a CAGR of 28.60% during the forecasted timeframe, with a market size of USD 663.61 million in 2024.
• The Rest of the Asia Pacific Electric Truck market is projected to witness growth at a CAGR of 27.40% during the forecasted timeframe, with a market size of USD 682.84 million in 2024.

South America Electric Trucks Market

According to Cognitive Market Research, the worldwide Electric Truck market size was estimated at USD 41815.2 Million, out of which the Latin America market has more than 5% of the worldwide revenue with a market value of USD 2090.76 million in 2024 and will grow at a compound annual growth rate (CAGR) of 25% from 2024 to 2031. Increased investment in the Latin American automotive sector and increased vehicle manufacturing in these regions led to growth in the market. Field Services is the fastest-growing category over the forecasted timeframe. The emergence of electric automobiles has opened up an entirely novel environment for field service professionals who repair these automobiles, the roads they travel on, and the electrical power supply required to keep them functioning. In conclusion, the Latin American Electric Truck market exhibits steady growth due to heavy investment in the automotive industry.

• According to Cognitive Market Research, the Brazil Electric Truck market size was valued at USD 894.85 million in 2024 and is projected to grow at a CAGR of 25.60% during the forecasted timeframe. The area is projected to become a major participant in the worldwide market due to its manufacturing ability and technical breakthroughs, which will promote the creation of high-quality and reasonably priced Electric trucks.
• The Argentina Electric Truck market had a market share of USD 351.25 million in 2024 and is projected to grow at a CAGR of 25.90% during the forecasted timeframe. The growing investment in the automotive sector augments the demand.
• The Colombia Electric Truck market is projected to witness growth at a CAGR of 24.80% during the forecasted timeframe, with a market size of USD 186.08 million in 2024.
• The Peru Electric Truck market is projected to witness growth at a CAGR of 25.20% during the forecasted timeframe, with a market size of USD 171.44 million in 2024.
• The Chile Electric Truck market is projected to witness growth at a CAGR of 25.30% during the forecasted timeframe, with a market size of USD 150.53 million in 2024.
• The Rest of Latin America's Electric Truck market is projected to witness growth at a CAGR of 24.10% during the forecasted timeframe, with a market size of USD 336.61 million in 2024.

Middle East and Africa Electric Trucks Market

According to Cognitive Market Research, the worldwide Electric Truck market size was estimated at USD 41815.2 Million, out of which the Middle East and Africa held the major market of around 2% of the worldwide revenue with a market size of USD 836.30 million in 2024 and will grow at a compound annual growth rate (CAGR) of 25.3% from 2024 to 2031. It is projected that substantial R&D efforts and many industry rivals will drive the Middle East and African markets. The growing demand for completely emission-free or 0 emission commercial vehicles is expected to drive major investment into the electric truck sector in this region. According to Cognitive Market Research, 50-250 kWh holds a prominent market share as it offers several advantages, including rapid charging at a reasonable cost and high energy efficiency. It is projected that dropping battery prices and improved technology advancements would drive the global deployment of over 250kwh. In conclusion, the MEA market exhibits growth potential due to its growing use of electric-powered vehicles.

• According to Cognitive Market Research, the GCC Countries Electric Truck market size was valued at USD 357.94 million in 2024 and is projected to grow at a CAGR of 26.10% during the forecasted timeframe due to substantial R&D efforts and many industry rivals.
• The Egypt Electric Truck market is projected to witness growth at a CAGR of 25.60% during the forecasted timeframe, with a market size of USD 87.81 million in 2024.
• The South Africa Electric Truck market is projected to witness growth at a CAGR of 26.30% during the forecasted timeframe, with a market size of USD 132.14 million in 2024 due to growing demand for completely emission-free vehicles in this Region.
• The Turkey Electric Truck market is projected to witness growth at a CAGR of 24.80% during the forecasted timeframe, with a market size of USD 71.92 million in 2024.
• The Nigeria Electric Truck market is projected to witness growth at a CAGR of 24.40% during the forecasted timeframe, with a market size of USD 87.81 million in 2024.
• The Rest of the MEA Electric Truck market is projected to witness growth at a CAGR of 24.30% during the forecasted timeframe, with a market size of USD 98.68 million in 2024.

Electric Trucks Market Analysis

Electric Trucks Type Segment Analysis

According to Cognitive Market Research, light-duty trucks held the major market share over the forecasted timeframe. Because electric car manufacturers are releasing a new variety of vehicles with exceptional towing capacity, the market for light-duty trucks is anticipated to rise.

Medium-duty trucks are the fastest-growing category over the forecasted timeframe. The countries with the most demand for medium-duty vehicles are China, the United States, and Europe. Therefore, increasing medium-duty truck applications has a favorable effect on market expansion.

• Light-duty Trucks
• Medium-duty Trucks
• Heavy-duty Trucks

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Electric Trucks Industry. Request a Free Sample PDF!

Electric Trucks End-User Segment Analysis

According to Cognitive Market Research, last-mile delivery holds a prominent market share. Last-mile delivery services have seen tremendous growth and change. Due to social isolation and other COVID-related norms, customers rely much more on doorstep last-mile delivery. 

Field services is the fastest-growing category over the forecasted timeframe. The emergence of electric automobiles has opened up an entirely novel environment for field service professionals who repair these automobiles, the roads they travel on, and the electrical power supply required to keep them functioning.

• Last Mile Delivery
• Long Haul Transportation
• Refuse Services
• Field Services
• Distribution services

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Electric Trucks Propulsion Segment Analysis

According to Cognitive Market Research, BEV holds a prominent market share as the vehicles include electric motors that run on batteries. Lead-acid, nickel-metal hydride, lithium-ion, and ultracapacitors are the batteries utilized in electric trucks. The government is emphasizing the use of battery-powered electric cars due to the rising relevance of renewable energy. This results in significant fuel savings. Furthermore, technological advancements are creating the foundation for battery-electric cars. Consequently, this is fuelling the segment's expansion during the projected term. 

PHEV is the fastest-growing category over the forecast timeframe. Both electric and conventional combustion engine powertrains are used in hybrid electric trucks. The electric trucks that are hybrids are highly effective. The car gets charged around 80% of its capacity in 35 minutes. This indicates that the batteries in hybrid electric vehicles have a long lifespan, allowing the truck to run for extended periods. Furthermore, the use of hybrid electric vehicles contributes to a decrease in greenhouse gas emissions.

• BEV
• PHEV
• FCEV

Electric Trucks Range Segment Analysis

Cognitive Market Research shows upto 200 Miles holds a prominent market share as these vehicles are used for short-distance applications because of their higher efficiency and reduced running costs.

The above 200 Miles category is the fastest-growing category over the forecasted timeframe due to the most recent advancements made by significant players in the segment.

• Upto 200 Miles
• Above 200 Miles

Electric Trucks Battery Capacity Segment Analysis

According to Cognitive Market Research, 50-250 kWh holds a prominent market share as it offers several advantages, including rapid charging at a reasonable cost and high energy efficiency. It is projected that dropping battery prices and improved technology advancements would drive the global deployment of over 250kwh.

The above 250 kWh category is the fastest-growing category over the forecasted timeframe due to manufacturers' initiatives to offer greater all-electric driving ranges and a rise in sales of electric passenger cars, with an increase in new registrations leading to growing demand for this segment.

• <50 kWh
• 50-250 kWh
• Above 250 kWh

Electric Trucks GVWR Segment Analysis

Cognitive Market Research shows that 10000 Ibs holds a prominent market share. This is a result of the payload capacity regulators at the national level. For example, according to Electrek, the payload of an electric semi-truck in the EU can be up to 2 tonnes, or 4,400 lbs, whereas, in the US, it should be no more than 0.9 tonnes or 2000 lbs.

The above 26001 Ibs category is the fastest-growing category over the forecasted timeframe due to regulatory compliance by the government purpose to recommend that commercial vehicles that weigh more than 26,001 pounds will help reduce NOx along with other air pollutant emissions as greener cars hit the market.

• Upto 10000 Ibs
• 10001-26000 Ibs
• Above 26001 Ibs

Author's Detail

Sumedha Gosavi

Research Associate at Cognitive Market Research

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