The Electric truck market is estimated to be 101,499 units in 2022 and is projected to grow at a CAGR of 34.2% during the forecast period, to reach 1,067,985 units by 2030. The market for electric truck is increasing due to factors such as increase in distribution services, last mile delivery and government focus on reducing vehicle emissions.
Rising demand for electric trucks in logistics and other industries
There has been a rise in demand for electric trucks in the logistics sector across top EV markets worldwide. Medium and heavy-duty trucks are expected to witness growth as the use of EV trucks can improve the long-term profitability of this industry due to the much lower electric charging price compared to the use of other fuels. In January 2022, Workhorse Group (US) received an order for delivery trucks from the US Postal Service. The World Economic Forum (WEF) predicts a 36% increase in delivery vehicles in inner cities by 2030. The demand for electric trucks will also rise in other industries like product transport (food and beverage industry), e-commerce companies (Amazon and Walmart), and state services (post office trucks, fire trucks, and refuse trucks).
Development of self-driving truck technology
The electric truck market will be affected by the recent trend of self-driving trucks. Autonomous trucks use AI to automate everything from shipping yard operations to long-haul deliveries. Top OEMs like Tesla, Inc., AB Volvo, and Mercedes Benz Group AG have been developing self-driving electric trucks for the market. Startups like Embark (US), Einride (Sweden), and TuSimple (US) have also started developing self-driving electric trucks. In December 2022, TuSimple and Navistar Inc. (US) announced an agreement to develop self-driving trucks. In June 2022, Waymo (US) announced the delivery of home goods for Wayfair (US) using its fleet of autonomous semi-trailer trucks.
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Increased use in e-commerce sector will drive the electric truck market
The increasing use of electric trucks for last mile delivery of goods from warehouses to customers is expected to boost the electric truck market in the near future. Companies are considering the addition of electric trucks and electric pickup trucks to their fleets to reduce fuel expenses and emissions. In November 2022, Tesla, Inc. announced a reach of 1.5 million pre-orders of its electric cyber truck across the globe. In October 2022, AB Volvo announced the supply of 20 VOLVO FH electric trucks to Amazon in Germany for delivery purposes. In October 2022, Performance Team (US) announced the deployment of Class 8 battery-electric trucks from Volvo Trucks North America in Southern California in response to customer demand for sustainable short haul warehouse and distribution center operations.
‘’The European region is projected to be the fastest-growing in the Electric truck market’’
France, Germany, Netherlands, Norway, Sweden, and UK are considered under Europe. This region has stringent emission regulation standards, and governments of these countries are providing huge incentives to promote electric vehicles. As a result, the demand for electric vehicles has increased tremendously in the region. The region is home to major manufacturers of electric trucks, such as AB Volvo, Mercedes Benz Group AG, and Scania AB. Governments of various European countries are subsidizing electric infrastructure, and the focus will continue to be on electric vehicles in the long run. Hence, the electric trucks market will grow in the future in Europe. In February 2022, AB Volvo announced the establishment of a large-scale production plant for battery cells to meet the growing demand for zero-emission transportation. The batteries will be used for commercial vehicles such as trucks, buses, construction equipment, and other electric drivelines.
Key Market Players
The electric trucks market is dominated by a few globally established players such as BYD(China)., Mercedes Benz Group AG (Germany), AB Volvo (Sweden), Ford Motor Company (US) and Rivian (US) and others.
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