The global electric truck market size was valued at USD 852.5 Million in 2024. Looking forward, IMARC Group estimates the market to reach USD 6,652.6 Million by 2033, exhibiting a CAGR of 25.6% from 2025-2033. North America currently dominates the market, holding a market share of over 37.8% in 2024.Grab a sample PDF of this report: https://www.imarcgroup.com/electric-truck-market/requestsample
Global demand for electric trucks is driven by strict emissions regulations, rising fuel costs, and advances in battery technology enabling greater range and payload. Governments worldwide are launching incentives and subsidies, such as India’s allocation of ?500 crore for electric truck incentives, offering up to ?9.6 lakh per vehicle under the PM E-Drive programme. These schemes target thousands of trucks and require scrappage of old polluting vehicles, helping companies cut operational costs and align with sustainability goals.
Corporate sustainability targets, the expansion of charging infrastructure, and major fleet procurements are accelerating adoption. For example, leading manufacturers like Volvo have delivered over 4,900 electric trucks across 49 countries, with companies like PreZero investing in fleet electrification to meet green logistics demands. Electric trucks are also favored for their lower noise and maintenance costs, motivating sectors like waste management, logistics, and e-commerce to increasingly transition their operations.
Key Market Trends & Insights:
Autonomous Freight Technology Integration
Autonomous driving technology is gaining traction in the electric truck sector, enabling vehicles to operate with minimal human intervention. This enhancement reduces labor costs and boosts operational efficiency. Major orders, such as a recent $250 million investment in autonomous electric semis, show growing real-world adoption.
Expansion of Charging Infrastructure
Charging network expansion supports greater electric truck deployment by providing faster and more accessible recharging options. The number of EV charging ports has grown by over 7% in one quarter in the U.S., making electric trucking more viable for long-distance and logistics applications.
Rise of Light-Duty Electric Trucks
Light-duty electric trucks now account for nearly 64% of the market, driven by demand in urban logistics and last-mile delivery. They offer zero emissions, reduced operating costs, and are ideal for frequent stops in dense city environments, meeting the needs of expanding e-commerce sectors.
Advanced Battery and Range Improvements
Ongoing advancements in battery technology increase range and decrease charging time. Some electric medium-duty trucks can now travel up to 450km on a charge with charging times halved, supporting longer routes and more efficient urban distribution networks.
Increased Focus on Green Logistics
Corporate focus on sustainability is pushing fleets to electrify. Fleet operators prioritize electric trucks for their lower total cost of ownership and compliance with green standards. Government incentives help accelerate adoption, with large companies and startups rapidly electrifying distribution and regional fleets.
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