The global electric truck market is witnessing a powerful surge, with market valuation expected to climb from $392.3 million in 2020 to $3,861.8 million by 2030, expanding at a remarkable CAGR of 26.4% over the decade, according to a report by Allied Market Research.
The report, titled “Electric Truck Market by Propulsion, Vehicle Type and Range: Global Opportunity Analysis and Industry Forecast, 2021–2030”, outlines how government initiatives, declining battery prices, and emissions regulations are reshaping the future of freight transport.
Battery & Hybrid Segments Steer the Market
Among propulsion types, hybrid electric trucks led the pack in 2020, commanding nearly half of the global revenue share. Their growth is underpinned by tightening emission norms on commercial vehicles and the global push toward decarbonization. However, fuel cell electric trucks are stealing the spotlight for future growth, projected to register a CAGR of 29.9% due to ongoing advances in hydrogen refueling infrastructure.
Short-Range Trucks Dominate, Long-Range Set to Accelerate
Trucks with a range of up to 150 miles held the dominant market share in 2020, largely due to their role in urban logistics and last-mile delivery. Yet, it’s the above 300-mile segment that’s charging ahead with a CAGR of 29.6%, driven by demand in e-commerce, heavy logistics, and fleet-based applications. These long-range electric trucks offer operational savings and lower maintenance with high-mileage capability on a single charge.
Asia-Pacific Leads, But Africa Rises Fastest
Asia-Pacific emerged as the largest regional market in 2020, accounting for nearly half of global revenue, fueled by China’s vast production capacity and India’s growing EV ecosystem. Meanwhile, Africa is poised for the fastest growth globally, expected to surge at 37.8% CAGR, thanks to rising environmental consciousness and supportive green mobility policies in countries like South Africa, Nigeria, and Morocco.
Key Market Drivers:
- Rapid cost reduction of EV batteries
- Government subsidies and e-mobility incentives
- Rising environmental regulations on diesel trucks
- Expanding logistics and e-commerce sectors demanding cleaner transport
Challenges & Opportunities:
While high upfront costs and lack of charging infrastructure remain obstacles, emerging trends such as autonomous electric trucks, fleet electrification, and public-private charging partnerships present massive opportunities for future growth.
Leading Electric Truck Manufacturers Globally:
- Workhorse Group
- Tata Motors
- Scania
- Paccar Inc.
- Man SE
- Geely Automobile Holdings
- Dongfeng Motor Corporation
- Daimler AG
- BYD Company Ltd.
- AB Volvo
As the world steers toward net-zero transport goals, electric trucks are poised to become a backbone of the global logistics industry, balancing sustainability, performance, and innovation.
