Electric Truck Industry Poised for Significant Market Penetration 2032
Electric Truck Market Overview
The Electric Truck Market is witnessing significant growth, driven by cost-efficiency, sustainability concerns, and increasing demand across commercial and passenger vehicle segments. The market size was valued at USD 4.03 Billion in 2024 and the total Electric Truck revenue is expected to grow at a CAGR of 28.2% from 2025 to 2032, reaching nearly USD 29.46 Billion.
This comprehensive report empowers stakeholders with strategic insights and data-driven decision-making tools. It provides an in-depth understanding of current industry dynamics, independent of production methods or cost structures, enabling businesses to stay competitive and size growth opportunities.
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Electric Truck Market Report Scope and Research Methodology
The report evaluates market trends, segment performance, and key players’ strategies using a mix of primary (industry expert interviews, surveys) and secondary research. A bottom-up approach was used to estimate global and regional market sizes. Key components include:
- SWOT analysis of major players
- Pricing trends, trade statistics, and gross margins
- Supply-demand assessments
Electric Truck Market Segmentation
by Propulsion Battery
Electric Trucks (BEVs)
Hybrid Electric Trucks (HEVs)
Plug-in Hybrid Electric Trucks (PHEVs)
by Type
Light-duty Electric Trucks
Medium-duty Electric Trucks
Heavy-duty Electric Trucks
by Range
Short Range (Up to 150 Miles)
Medium Range (150-300 Miles)
Long Range (300-500 Miles)
Ultra-Long Range (500+ Miles)
by Battery Type
Lithium-Ion (Li-ion) Batteries
Solid-State Batteries
Lead-Acid Batteries
Nickel-Metal Hydride (NiMH) Batteries
by End Use
Logistics and Transportation Companies
E-commerce and Retail
Municipalities and Public Services
Construction and Infrastructure Development
Manufacturing and Industrial Sector
Others
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Electric Truck Market Regional Insights
The report offers region-specific insights covering:
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Each region is analyzed for its regulatory framework, market trends, and growth opportunities, supporting the development of localized strategies.
Electric Truck Market Key Players
Global
1. Tesla, Inc. (Palo Alto, California, USA)
2. BYD Company Ltd. (Shenzhen, Guangdong, China)
3. Daimler AG (Mercedes-Benz) (Stuttgart, Germany)
4. AB Volvo Group (Gothenburg, Sweden)
5. Nikola Corporation (Phoenix, Arizona, USA)
North America
1. Rivian Automotive, Inc. (Plymouth, Michigan, USA)
2. General Motors Company (Detroit, Michigan, USA)
3. Ford Motor Company (Dearborn, Michigan, USA)
4. Workhorse Group Inc. (Loveland, Ohio, USA)
5. Lordstown Motors Corp. (Lordstown, Ohio, USA)
6. XPeng Inc. (Guangzhou, Guangdong, China)
7. Chanje Energy Inc. (Los Angeles, California, USA)
8. Kenworth (PACCAR Inc.) (Bellevue, Washington, USA)
9. Peterbilt (PACCAR Inc.) (Denton, Texas, USA)
10. Ryder System, Inc. (Miami, Florida, USA)
Europe
1. Scania AB (Volkswagen Truck & Bus) (Sweden)
Asia Pacific
1. XPeng Inc. (Guangzhou, Guangdong, China)
2. SAIC Motor Corporation Limited (Shanghai, China)
3. China National Heavy Duty Truck Group Co., Ltd. (SINOTRUK) (Jinan, Shandong, China)
4. Hino Motors, Ltd. (Hino, Tokyo, Japan)
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Key Report Highlights
- Market Size, Share, and Forecast (2025–2032)
- Industry Drivers, Restraints, and Opportunities
- Detailed Segmentation Analysis
- Regional and Global Market Trends
- Competitive Landscape with Company Profiles
About Maximize Market Research:
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