According to the latest report by IMARC Group, The global electric truck market size reached US$ 672.8 Million in 2023.

SHERIDAN, WYOMING, UNITED STATES, January 30, 2024 /EINPresswire.com/ -- IMARC Group's report titled "𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐓𝐫𝐮𝐜𝐤 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐛𝐲 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐓𝐲𝐩𝐞 (𝐋𝐢𝐠𝐡𝐭-𝐃𝐮𝐭𝐲 𝐓𝐫𝐮𝐜𝐤, 𝐌𝐞𝐝𝐢𝐮𝐦-𝐃𝐮𝐭𝐲 𝐓𝐫𝐮𝐜𝐤, 𝐇𝐞𝐚𝐯𝐲-𝐃𝐮𝐭𝐲 𝐓𝐫𝐮𝐜𝐤), 𝐏𝐫𝐨𝐩𝐮𝐥𝐬𝐢𝐨𝐧 (𝐁𝐚𝐭𝐭𝐞𝐫𝐲 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐓𝐫𝐮𝐜𝐤, 𝐇𝐲𝐛𝐫𝐢𝐝 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐓𝐫𝐮𝐜𝐤, 𝐏𝐥𝐮𝐠-𝐈𝐧 𝐇𝐲𝐛𝐫𝐢𝐝 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐓𝐫𝐮𝐜𝐤, 𝐅𝐮𝐞𝐥 𝐂𝐞𝐥𝐥 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐓𝐫𝐮𝐜𝐤), 𝐑𝐚𝐧𝐠𝐞 (𝟎-𝟏𝟓𝟎 𝐌𝐢𝐥𝐞𝐬, 𝟏𝟓𝟏-𝟑𝟎𝟎 𝐌𝐢𝐥𝐞𝐬, 𝐀𝐛𝐨𝐯𝐞 𝟑𝟎𝟎 𝐌𝐢𝐥𝐞𝐬), 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧 (𝐋𝐨𝐠𝐢𝐬𝐭𝐢𝐜𝐬, 𝐌𝐮𝐧𝐢𝐜𝐢𝐩𝐚𝐥, 𝐂𝐨𝐧𝐬𝐭𝐫𝐮𝐜𝐭𝐢𝐨𝐧, 𝐌𝐢𝐧𝐢𝐧𝐠, 𝐚𝐧𝐝 𝐎𝐭𝐡𝐞𝐫𝐬), 𝐚𝐧𝐝 𝐑𝐞𝐠𝐢𝐨𝐧 𝟐𝟎𝟐𝟒-𝟐𝟎𝟑𝟐". The global electric truck market size reached US$ 672.8 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 6,007.2 Million by 2032, exhibiting a growth rate (CAGR) of 26.7% during 2024-2032.

𝐅𝐨𝐫 𝐚𝐧 𝐢𝐧-𝐝𝐞𝐩𝐭𝐡 𝐚𝐧𝐚𝐥𝐲𝐬𝐢𝐬, 𝐲𝐨𝐮 𝐜𝐚𝐧 𝐫𝐞𝐟𝐞𝐫 𝐬𝐚𝐦𝐩𝐥𝐞 𝐜𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐞 𝐫𝐞𝐩𝐨𝐫𝐭: https://www.imarcgroup.com/electric-truck-market/requestsample

𝐅𝐚𝐜𝐭𝐨𝐫𝐬 𝐀𝐟𝐟𝐞𝐜𝐭𝐢𝐧𝐠 𝐭𝐡𝐞 𝐆𝐫𝐨𝐰𝐭𝐡 𝐨𝐟 𝐭𝐡𝐞 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐓𝐫𝐮𝐜𝐤 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

𝐑𝐢𝐬𝐢𝐧𝐠 𝐄𝐧𝐯𝐢𝐫𝐨𝐧𝐦𝐞𝐧𝐭𝐚𝐥 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐢𝐨𝐧𝐬 𝐚𝐧𝐝 𝐒𝐮𝐬𝐭𝐚𝐢𝐧𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐆𝐨𝐚𝐥𝐬: 

Increasingly stringent emissions regulations and global sustainability initiatives are propelling the adoption of electric trucks. Governments around the world are enacting stricter policies to combat climate change, which includes reducing carbon emissions from transportation. Electric trucks offer a practical solution by producing zero tailpipe emissions. This aligns with sustainability goals and ensures compliance with emission standards. As regulations become stringent, electric trucks are gaining immense traction as an attractive choice for fleet operators aiming to reduce their environmental impact, improve air quality, and demonstrate corporate responsibility in a world increasingly focused on mitigating climate change.

𝐓𝐨𝐭𝐚𝐥 𝐂𝐨𝐬𝐭 𝐨𝐟 𝐎𝐰𝐧𝐞𝐫𝐬𝐡𝐢𝐩 (𝐓𝐂𝐎) 𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬: 

at present, electric trucks are rapidly gaining traction due to their compelling Total Cost of Ownership (TCO) advantages. While their upfront purchase price may be higher than conventional trucks, they offer substantial long-term savings. Lower operating costs, including reduced fuel and maintenance expenses, offset the initial investment. As battery technology matures and prices decline, the TCO benefits of electric trucks become even more pronounced. This cost-effectiveness appeals to fleet managers and businesses looking to optimize their operations financially while embracing sustainable transportation solutions, thus contributing to market growth.

𝐎𝐧𝐠𝐨𝐢𝐧𝐠 𝐀𝐝𝐯𝐚𝐧𝐜𝐞𝐦𝐞𝐧𝐭𝐬 𝐢𝐧 𝐁𝐚𝐭𝐭𝐞𝐫𝐲 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲: 

The electric truck market is significantly influenced by the continuous advancements in battery technology. High-capacity batteries with faster charging capabilities are extending the range and versatility of electric trucks. These developments make electric trucks suitable for an ever-widening array of applications, including long-haul transportation and heavy-duty operations. The establishment of robust battery infrastructure and expanding charging networks is further mitigating range anxiety enhancing the practicality of electric trucks for businesses. As battery innovation progresses, the electric truck market is poised to further disrupt the commercial transportation sector by offering vehicles with improved performance, longer ranges, and shorter charging times, thereby fostering market growth.

𝐓𝐨𝐩 𝟏𝟐 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐓𝐫𝐮𝐜𝐤 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐖𝐨𝐫𝐥𝐝

VolvoGroup
BYD Company Ltd.
Mercedes-Benz Group AG
China FAW Group Co. Ltd .
Isuzu Motors Ltd.  
Navistar Inc.
PACCAR Inc.
Rivian Automotive Inc.
Volkswagen AG
Tata Motors Limited
Tesla Inc.
Tevva Motors Limited

𝐀𝐬𝐤 𝐀𝐧𝐚𝐥𝐲𝐬𝐭 𝐟𝐨𝐫 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.imarcgroup.com/request?type=report&id=3635&flag=C

𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐓𝐫𝐮𝐜𝐤 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧:

𝐁𝐲 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐓𝐲𝐩𝐞:

Light-duty Truck
Medium-duty Truck
Heavy-duty Truck

Light-duty truck represented the leading segment due to its versatility, cost-effectiveness, and suitability for various urban and suburban applications. 

𝐁𝐲 𝐏𝐫𝐨𝐩𝐮𝐥𝐬𝐢𝐨𝐧:

Battery Electric Truck
Hybrid Electric Truck
Plug-in Hybrid Electric Truck
Fuel Cell Electric Truck

Hybrid electric truck accounted for the largest market share owing to its ability to provide a balance between electric and traditional power sources, ensuring range flexibility and emissions reduction.

𝐁𝐲 𝐑𝐚𝐧𝐠𝐞:

0-150 Miles
151-300 Miles
Above 300 Miles

0-150 miles represented the largest segment as it aligns with the needs of urban delivery and short-haul transportation, where electric trucks excel in efficiency and environmental impact.

𝐁𝐲 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧:

Logistics
Municipal
Construction
Mining
Others

Logistics held the majority of the market share on account of the increasing demand for eco-friendly and cost-effective transport solutions in the logistics industry, spurring the adoption of electric trucks.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬:

North America: (United States, Canada)
Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa

North America's dominance in the electric truck market is attributed to the region’s robust infrastructure for electric vehicle charging, supportive government policies, and the growing focus on sustainability in the transportation sector.

𝐆𝐥𝐨𝐛𝐚𝐥 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐓𝐫𝐮𝐜𝐤 𝐌𝐚𝐫𝐤𝐞𝐭 𝐓𝐫𝐞𝐧𝐝𝐬:

Rising environmental concerns and stringent emissions regulations have accelerated the adoption of electric trucks to reduce carbon footprints and achieve sustainability goals, thereby fueling market growth. Apart from this, the lower operating costs of electric trucks, including reduced fuel expenses and maintenance that make them an attractive choice for fleet operators looking to improve profitability, is another major growth-inducing factor. Furthermore, ongoing advancements in battery technology, including increased energy density and longer ranges that overcome the limitations of electric trucks, have escalated the product demand for long-haul applications, thereby supporting market growth.

𝐍𝐨𝐭𝐞: 𝐈𝐟 𝐲𝐨𝐮 𝐧𝐞𝐞𝐝 𝐬𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐭𝐡𝐚𝐭 𝐢𝐬 𝐧𝐨𝐭 𝐜𝐮𝐫𝐫𝐞𝐧𝐭𝐥𝐲 𝐰𝐢𝐭𝐡𝐢𝐧 𝐭𝐡𝐞 𝐬𝐜𝐨𝐩𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐫𝐞𝐩𝐨𝐫𝐭, 𝐰𝐞 𝐰𝐢𝐥𝐥 𝐩𝐫𝐨𝐯𝐢𝐝𝐞 𝐢𝐭 𝐭𝐨 𝐲𝐨𝐮 𝐚𝐬 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐭𝐡𝐞 𝐜𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧.

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

Elena Anderson
IMARC Services Private Limited
+1 631-791-1145
email us here

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