Global Electric Truck Market Analysis 2023 – Market Size And Key Drivers

The Electric Truck Global Market Report 2023 by The Business Research Company, provides electric truck market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Electric Truck Global Market Report 2023, the global electric truck market size will grow from $1.85 billion in 2022 to $2.72 billion in 2023 at a compound annual growth rate (CAGR) of 47.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The size of electric truck market is expected to grow to $13.63 billion in 2027 at a CAGR of 49.6%.

Government incentives and schemes are expected to drive the growth of the electric truck market. Government bodies across the globe are implementing innovative policies and incentive schemes to increase the adoption of electric vehicles across all categories (bikes, autos, cars and commercial vehicles). The main policies, which are currently driving the EV’s adoption are significant financial incentives for the purchase of LDVs, subsidies for primary purchase, vehicle purchase, and tax rebates on registration as these vehicles control pollution and promote a good environment.

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The electric truck market is segmented:

1) By Vehicle Type: Light-Duty Electric Truck, Medium-Duty Electric Truck, Heavy-Duty Electric Truck

2) By Propulsion: Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-In Hybrid Electric Vehicle, Fuel Cell Electric Vehicle

3) By Range: Upto 150 Miles, 151-300 Miles, Above 300 Miles

4) By End User: Last Mile Delivery, Long Haul Transportation, Refuse Services, Field Services, Distribution services

The development of self-driving electric trucks is the key trend gaining popularity in the electric trucks sector. The companies operating in the electric trucks sector are partnering with related technology-based companies to boost their development activities in innovative self-driving truck models. For instance, in January 2022, Pininfarina, an Italy-based design company owned by Mahindra, developed an electric semi-truck in collaboration with Deppway, a subsidiary of Baidu, with a self-drive system. The self-drive system utilizes 11 cameras on board, an infrared detector, radars, and LIDAR sensors.

The electric truck market report table of contents includes: