Global Electric Trucks Market to Reach US$100.9 Billion by 2030

The global market for Electric Trucks estimated at US$27.9 Billion in the year 2024, is expected to reach US$100.9 Billion by 2030, growing at a CAGR of 23.9% over the analysis period 2024-2030. Light Duty Trucks, one of the segments analyzed in the report, is expected to record a 24.7% CAGR and reach US$66.4 Billion by the end of the analysis period. Growth in the Medium Duty Trucks segment is estimated at 20.8% CAGR over the analysis period.

The U.S. Market is Estimated at US$7.6 Billion While China is Forecast to Grow at 31.8% CAGR

The Electric Trucks market in the U.S. is estimated at US$7.6 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$24.6 Billion by the year 2030 trailing a CAGR of 31.8% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 19.1% and 21.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 20.1% CAGR.

Global Electric Trucks Market – Key Trends & Drivers Summarized

Why Are Electric Trucks Gaining Momentum in Freight and Logistics?

Electric trucks are fast emerging as a transformative force in the freight and logistics sector, reshaping how goods are transported across short and long distances. This shift is largely fueled by the rising demand for low-emission freight solutions, especially as urban pollution and climate targets become focal points in policymaking. Companies in logistics, retail, and e-commerce—such as Amazon, DHL, FedEx, and Walmart—are actively integrating electric trucks into their fleets to align with sustainability goals and meet regulatory requirements. With last-mile delivery volumes surging due to the growth of online shopping, the utility of light- and medium-duty electric trucks has expanded rapidly, particularly in urban and suburban routes. These vehicles offer advantages such as reduced noise, lower operating costs, and access to zero-emission zones being adopted in major metropolitan areas. On the heavier end, companies are testing long-haul electric trucks with battery capacities sufficient for several hundred kilometers per charge, as seen in models introduced by Tesla, Volvo, and BYD. This transition is also being bolstered by the availability of tailored leasing and financing options, making it financially feasible for small and mid-sized fleet operators to electrify their vehicles.

Are Governments and Industries Laying the Groundwork for Widespread Adoption?

A robust ecosystem of policies and industrial collaboration is laying a solid foundation for the proliferation of electric trucks. Governments across North America, Europe, and Asia are offering significant subsidies, tax incentives, and toll exemptions to encourage the adoption of electric commercial vehicles. Initiatives like the U.S. Inflation Reduction Act, the EU’s Fit for 55 package, and China`s New Energy Vehicle (NEV) subsidies are channeling billions into clean mobility infrastructure and manufacturing. Moreover, low-emission zones, carbon pricing mechanisms, and impending bans on diesel trucks in cities like London, Paris, and California’s major urban centers are accelerating fleet transitions. On the infrastructure front, energy providers and tech firms are collaborating to develop high-capacity charging stations tailored to commercial vehicle requirements, including megawatt charging systems for heavy-duty trucks. Fleet-as-a-service (FaaS) platforms are also gaining traction, offering integrated vehicle management, predictive maintenance, and charging logistics that simplify fleet electrification. In parallel, manufacturers are investing in modular vehicle architectures and localized production to reduce costs and cater to regional performance requirements, enhancing the overall scalability and feasibility of electric trucking solutions.

What Role Does Technology Play in Redefining the Trucking Landscape?

Advanced technologies are at the heart of the electric truck revolution, propelling it beyond simple battery replacement for diesel engines. High-density lithium-ion and lithium-iron phosphate (LFP) batteries now offer extended ranges, faster charging capabilities, and enhanced thermal stability—crucial for the operational reliability of commercial vehicles. Emerging battery chemistries, including solid-state solutions, promise even higher performance levels in the coming years. In addition, the integration of telematics, AI, and data analytics is enabling predictive maintenance, energy optimization, and real-time route planning, significantly reducing downtime and operating costs. Vehicle-to-grid (V2G) technology is also gaining relevance, allowing electric trucks to discharge power back into the grid during idle periods, thus creating new revenue streams for fleet operators. Advanced driver-assistance systems (ADAS), autonomous driving technologies, and over-the-air updates are further elevating the value proposition of electric trucks, particularly in long-haul applications where safety and efficiency are paramount. Companies like Daimler, Scania, and Nikola are heavily investing in these innovations, paving the way for smarter, connected, and more autonomous electric trucking ecosystems.

What Are the Real Drivers Behind the Global Electric Trucks Market Expansion?

The growth in the electric trucks market is driven by several factors related to industry-specific applications, regulatory enablers, evolving business models, and changing customer behavior. One key driver is the commercial sector’s increasing need to decarbonize logistics and meet net-zero goals, which is pressuring fleets to adopt clean transport alternatives. Another is the rising operational cost of diesel-powered trucks—especially with volatile fuel prices—making the long-term cost benefits of electric trucks more attractive to fleet managers. The shift toward e-commerce and same-day delivery models has intensified the need for efficient, low-emission vehicles that can perform high-frequency, short-distance trips, positioning electric trucks as ideal assets for last-mile operations. In long-haul trucking, new battery innovations are making intercity electric freight transport a practical reality, further supported by the growing network of high-speed charging corridors. Additionally, the introduction of purpose-built electric truck platforms, rather than retrofitted models, is enhancing performance and vehicle durability. Consumer and B2B demand for environmentally responsible services is also encouraging companies to brand themselves as green logistics providers, with electric trucks serving as a visible and impactful component of that strategy. These combined forces are creating a high-growth environment where electric trucks are no longer a niche innovation but a core pillar of future commercial transport.