Electric Truck Market Size, Share, Growth Analysis, By Battery Capacity (< 50 kWh, 50-250 kWh), By Type (Light-duty Trucks, Heavy-duty Trucks), By Range (Upto 200 Miles, Above 200 Miles), By End Use (Long Haul Transportation, Last Mile Delivery), By Battery Type (Lithium-iron-phosphate, Lithium-nickel-manganese-cobalt Oxide), By Region - Industry Forecast 2024-2031

Global Electric Truck Market size was valued at around 4.36 billion in 2022 and is expected to rise from USD 6.25 billion in 2023 to reach a value of USD 111.10 Billion by 2031, at a CAGR of 43.3% during the forecast period (2024–2031). 

Increasing demand in the logistics industry, falling fuel and maintenance costs, and financial incentives to switch to zero-emission cars are some of the main reasons propelling the market's expansion. Furthermore, manufacturers will be forced to invest in the production of electric trucks due to the strict pollution standards imposed on commercial vehicles. As a result, manufacturers are expected to make sizable expenditures in order to meet the rising demand and significantly contribute to the expansion of the market. In many industries, including municipal, logistics, and other fields, electric trucks are used. One of the major drivers of GDP growth in every nation is the logistics sector. A logistics provider can be required to supply to far-flung regions as a result of the e-commerce sector's growth. Companies involved in logistics and supply chains are working hard to replace fleets of internal combustion engines with electric vehicles.

For instance, CEVA Logistics, a U.K.-based logistics company, began testing the use of electric trucks to deliver goods in Central London in February 2020. Two Tevva electric lorries will make daily deliveries from Dartford to St Thomas' NHS Foundation Trust and Guys during the course of the following six months. The market for electric trucks is expected to be negatively impacted by a lack of charging infrastructure. The necessity for the charging station to power electric trucks may be hampered by high expenses caused by red tape in the permitting, building code, and regulatory processes. In addition, compared to wealthy nations, adoption of electric trucks is low in emerging economies because of low investments.

The COVID-19 pandemic outbreak is anticipated to have a significant effect on market expansion. The worldwide supply chains and production operations have been interrupted by the lockdowns implemented to stop the disease's spread. Because of the border closures, which caused the logistics firms to close, the demand has significantly decreased. However, once the lockout restrictions are lifted, it is anticipated that the market for electric trucks would pick up. The governments of many economies have set emission reduction goals, which will increase demand after COVID-19.