Heavy-duty Electric Trucks Market To Reach $4.70 Billion By 2030

Heavy-duty Electric Trucks Market Growth & Trends

The global heavy-duty electric trucks market size is anticipated to reach USD 4.70 billion by 2030, registering a CAGR of 20.6% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is growing due to government incentives and stringent emission regulations, which encourage the shift from traditional diesel to electric vehicles (EVs). Technological advancements in battery efficiency and charging infrastructure make electric trucks more viable and attractive for long-haul operations. In addition, increased environmental awareness and demand for sustainable transport solutions drive fleet operators to adopt heavy-duty electric trucks, thereby supporting market growth.

Government support for electrifying heavy-duty vehicles is expected to propel the market’s growth. For instance, in March 2024, the U.S. Environmental Protection Agency (EPA) finalized new greenhouse gas (GHG) standards for manufacturing, importing, and selling heavy-duty trucks. These standards are anticipated to promote the production of trucks powered by electricity and hydrogen, aiming to reduce GHG emissions by up to 60 percent for certain vehicle classes by 2032. Such government initiatives are expected to bode well for the market’s growth. The technology for heavy-duty electric trucks is advancing rapidly, with companies like AB Volvo, Daimler Truck AG, and Nikola Corp. developing electric trucks to manage substantial loads over long distances.

For instance, Nikola Corp. offers Nikola Tre BEV, a fully electric class 8 semi-truck for commercial applications. The Tre BEV has advanced safety systems, such as advanced emergency braking, lane departure warning, and front & rear cameras, which enhance the driving experience. Heavy-duty electric trucks in waste management enhance efficiency with increased payload capacity, reducing the number of collection trips and lowering emissions. Their near-silent operation minimizes noise pollution, benefiting residential areas. These trucks meet strict environmental standards, promoting sustainability. Thus, increasing demand for heavy-duty electric trucks for waste management applications is expected to boost market growth from 2024 to 2030.

 Request a free sample copy or view report summary: Heavy-duty Electric Trucks Market Report

Heavy-duty Electric Trucks Market Report Highlights

• The class 7 segment dominated the market in 2023. The proliferation and development of class 7 electric trucks from major manufacturers contributed to the segment's growth. For example, Kenworth Truck Company offers the K370E Class 7 battery-electric truck, Peterbilt provides the Model 220EV, and Mack Trucks introduces the MD Electric model, highlighting the industry's commitment to EV development in this category

• The Battery Electric Vehicle (BEV) segment is expected to grow at the highest CAGR from 2024 to 2030. Rising environmental consciousness and the need to reduce carbon footprints in densely populated urban centers are accelerating the adoption of heavy-duty electric trucks across logistics and transportation sectors across the globe

• The logistics and delivery segment dominated the market in 2023 and is expected to grow at the highest CAGR from 2024 to 2030. Heavy-duty electric trucks are transforming the logistics and delivery sector by offering environmentally friendly and cost-effective solutions. Their quieter operation makes them ideal for urban deliveries, enhancing efficiency and minimizing noise pollution in residential areas. Thus, the growing adoption of heavy-duty electric trucks in logistic applications is driving the segment’s growth

• The Asia Pacific region dominated the market in 2023. Government initiatives promoting clean energy adoption, including subsidies and tax incentives for EVs, have significantly boosted regional market growth

• In April 2024, Tresa Motors, an original equipment manufacturer (OEM) specializing in medium- and heavy-duty electric trucks in India, announced the launch of the V0.2 model. The new V0.2 truck has a state-of-the-art central steering system and a comfortable, air-suspended seat with customizable body options. It delivers enhanced performance with a maximum torque of 24,000Nm and a 120 km/h top speed. Featuring a 300KWH battery, the V0.2 can rapidly charge from 10% to 80% SOC in just 20 minutes, enhancing its efficiency and convenience

Heavy-duty Electric Trucks Market Segmentation

Grand View Research has segmented the global heavy-duty electric trucks market based on vehicle class, propulsion type, application, and region:

Heavy-duty Electric Trucks Vehicle Class Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)

• Class 7

• Class 8

Heavy-duty Electric Trucks Propulsion Type Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)

• Battery Electric Vehicle (BEV)

• Plug-in Hybrid Electric Vehicle (PHEV)

• Hybrid Electric Vehicle (HEV)

Heavy-duty Electric Trucks Application Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)

• Logistics & Delivery

• Construction

• Waste Management

• Others

Heavy-duty Electric Trucks Regional Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)

• North America

• U.S.

• Canada

• Mexico

• Europe

• Germany

• UK

• France

• Asia Pacific

• China

• India

• Japan

• Australia

• South Korea

• Latin America

• Brazil

• Middle East & Africa

• UAE

• Kingdom of Saudi Arabia

• South Africa

List of Key Players in the Heavy-duty Electric Trucks Market

• AB Volvo

• BYD Motors Inc.

• Nikola Corporation

• Daimler Truck AG

• Navistar, Inc.

• Scania

• Tevva Motors Limited

• Kenworth Truck Company

• DAF Trucks

• SAIC HONGYAN Automotive Co., Ltd.