Electric Trucks | A $124.97B Market by 2030 - How Battery Tech and Zero-Emission Mandates Are Driving the Future of Freight Mobility | The Research Insights

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and telematics are also helping fleet managers track vehicle performance and maximize utilization. As companies realize the long-term financial and brand benefits of electrification, the demand for electric trucks, including light-duty vans and heavy-duty haulers, is likely to grow in industries such as logistics, retail, manufacturing, and construction.

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Geographical Insights: 

North America leads in terms of the share of total revenue in the global electric trucks market in 2023 with 37.6%. Government incentives and supportive policies play a crucial role in driving the transition to electric mobility in North America. Both the State and Federal governments in the US have enacted tax credits, grants, and subsidies to support investment from automakers and customer demand for electric vehicles. This is why North American automakers are offering new products and services to keep up with the rising demand for electric vehicles in North America. 

The Asia-Pacific region is projected to witness the highest Compound Annual Growth Rate (CAGR) during the forecast period owing to a confluence of supportive government policies and incentives creating a conducive environment for the business of electric trucks. China's New Energy Vehicle mandate and India's Faster Adoption and Manufacturing of Electric Vehicles (FAME) are some of the initiatives driving growth. The fast rise of e-commerce in the region has created an uptick in demand for environment-friendly transportation solutions by logistics and delivery firms, which is in turn leading to new developments from local players like BYD, FAW Group, and Dongfeng Motor.

Global Electric Trucks Market Segmentation and Geographical Insights:

Based on Vehicle, the electric trucks market is divided into, Light Duty Trucks, Medium Duty Trucks, and Heavy-Duty Trucks. Light duty trucks have been the clear market leader in 2023, accounting for a substantial 64.0% share of revenue.Based on Propulsion, the electric trucks market is divided into, BEV, PHEV, and HEV. Battery Electric Vehicles (BEVs) dominated the market share in 2023, driven by their exceptional performance, reduced operating expenses, and growing recognition as a viable alternative to traditional IC engine trucks.Based on Vehicle Range, the electric trucks market is divided into, up to 300 miles, 300-600 miles, and Above 600 miles. In 2023, electric vehicles with a range of up to 300 miles dominated the market due to their tailored fit for commercial fleets' daily route needs, especially in urban and regional transportation contexts.Based on Application, the electric trucks market is divided into, Logistics & Delivery, Construction, Waste Management, and Others. The logistics and delivery segment dominated the market in 2023, primarily driven by the surge in e-commerce and growing consumer demands for swift and dependable delivery services.The Electric Trucks Market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

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Key Players and Competitive Landscape:

The Global Electric Trucks Market is characterized by the presence of several major players, including:

AB VolvoBYD Company Ltd.Daimler Truck AGDongfeng Motor CompanyFAW Group Co., Ltd.Foton InternationalISUZU MOTORS LIMITEDNavistar, IncPACCAR Inc.Scania

These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.

Global Electric Trucks Market Recent Developments and Innovations:

In May 2025, Scania (Sweden) announced plans to invest approximately USD 2 billion to build a new production plant in Rugao, China, marking its third global manufacturing site after Sweden and Brazil. The new plant will start production by October 2025 and will produce 50,000 vehicles per year, which is approximately twice the production capacity of the plant in Brazil. Scania aims to reinforce its presence in the Asian market, shorten the delivery time and align with the local technological trends in the field of transportation in China.In February 2025, Dongfeng Motor Corporation (China) showcased three models DONGFENG GX, KC PRO and KC PLUS at the DONGFENG DAY 2025 held in Jakarta, Indonesia. DONGFENG DAY 2025 marked the company's first move to develop and establish its own market in Southeast Asia in the electric truck segment.In January 2025, Daimler Truck AG (Germany) received an order from Amazon (US) for 200 Mercedes-Benz eActros LongHaul battery electric heavy-duty trucks. The vehicles will be used for logistics operations in Germany and the UK to enable the carbon-free transportation service provided by Amazon. The first deliveries will start at the end of 2025.In January 2025, Scania (Sweden), SKF (Sweden), and LOTS Group (Sweden) initiated a project to introduce an electrically driven truck transport between Gothenburg and Helsingborg, Sweden. Battery electric Scania trucks powered by SKF charging solutions will run along the route to illustrate the potential for fossil-free long-distance transportation. LOTS Group will be responsible for the operation and logistics for this project to reduce carbon emissions in the entire supply chain. The companies aim to speed up the conversion to fossil-free transportation and demonstrate new solutions for fossil-free logistics.

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Frequently Asked Questions (FAQs):

What is the forecasted market size of the Electric Trucks Market in 2030?
? The forecasted market size of the Electric Trucks Market is USD 124.97 Billion in 2030.Who are the leading players in the Electric Trucks Market?
? The key players in the Electric Trucks Market include, AB Volvo; BYD Company Ltd.; Daimler Truck AG; Dongfeng Motor Company; FAW Group Co., Ltd.; Foton International; ISUZU MOTORS LIMITED; Navistar, Inc.; PACCAR Inc.; Scania.What are the major drivers for the Electric Trucks Market?
? The market is driven by a combination of factors that prioritize sustainability and environmental responsibility.Which is the largest region during the forecasted period in the Electric Trucks Market?
? North America leads in terms of the share of total revenue in the global electric truck market in 2023 with 37.6%.Which is the largest segment, by vehicle, during the forecasted period in the Electric Trucks Market?
? The Light duty trucks have been the clear market leader in 2023, accounting for a substantial 64.0% share of revenue.

Conclusion:

Technological advancements in batteries, energy management systems, and charging infrastructure are reshaping the electric trucks market and addressing growing needs for sustainable transportation in different sectors. The increasing demand for decarbonization in logistics, the government regulations on emissions, and the rising cost of fossil fuels are accelerating the transition to electric mobility. Electric trucks are now an essential part of fleet operations, last-mile delivery, and long-haul transport because of their lower environmental impact, reduced operating costs, and improved range. Integrating with smart grid systems and telematics improves real-time monitoring, route optimization, and predictive maintenance. Fast-charging solutions, flexible battery design, and supportive policy frameworks are crucial for adoption. As a part of the broader trends in green energy and smart mobility, electric trucks are becoming integral parts of the next-generation transport ecosystem that is aligned with global climate goals and digital transformation.

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The report from The Research Insights, therefore, provides several stakeholders— governments, automotive manufacturers, logistics companies, fleet operators, regulatory agencies, and environmental organizations—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

With projected growth to US$ 124.97 billion by 2030, the Global Electric Trucks Market represents a significant opportunity for battery technology startups, charging infrastructure providers, software developers, renewable energy companies, and autonomous driving tech firms.

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Heavy-duty Electric Trucks Market: The Global Heavy-duty Electric Trucks Market is expected to reach at USD 4.70 billion by 2030, according to a new report by The Research Insights. It is projected to expand at a CAGR of 20.6% during the forecast period. The introduction of heavy-duty electric trucks is revolutionizing the transportation industry, bringing numerous advantages that benefit both businesses and the environment.Electric Vehicle Market: The Global Electric Vehicle Market is expected to reach at USD 3,760.9 billion by 2034, according to a new report by The Research Insights. It is projected to expand at a CAGR of 21.5% during the forecast period. Increased focus on emission-free vehicles is expected to drive the global adoption of electric trucks, particularly in the e-commerce and logistics sector. 

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