The global heavy-duty electric trucks market size was estimated at USD 1.22 billion in 2023 and is projected to reach USD 4.70 billion by 2030, growing at a CAGR of 20.6% from 2024 to 2030. Heavy-duty electric trucks are the electric counterparts of traditional diesel-powered trucks, commonly used for long-distance freight hauling, as well as construction and mining dump truck operations.

Driven by a growing emphasis on sustainable and eco-friendly practices, these trucks are increasingly adopted across the freight, logistics, construction, and transportation sectors, offering a modern solution to meet the rising demands of cargo transport. As industries seek greener alternatives, heavy-duty electric trucks are positioned as a key technology in reducing environmental impact while maintaining operational performance.

Heavy-duty electric trucks are transforming the transportation landscape by offering a range of benefits. One of the most significant advantages is a reduced carbon footprint, helping companies and cities achieve environmental targets and contribute to cleaner air. These vehicles also provide enhanced performance and operational efficiency, delivering superior torque and acceleration compared to traditional diesel trucks. In urban settings with frequent stops, electric trucks demonstrate higher efficiency, making them well-suited for city logistics and short-haul operations.

Additionally, heavy-duty electric trucks operate more quietly than diesel vehicles, minimizing noise pollution and enabling nighttime operations or use in noise-sensitive areas. They also offer economic benefits, including lower fuel costs and reduced maintenance requirements, as electric drivetrains typically have fewer moving parts than internal combustion engines. The combination of environmental sustainability, performance improvements, and operational efficiency is expected to drive strong market growth for heavy-duty electric trucks over the coming years.

Key Market Trends & Insights:

• The Asia Pacific heavy-duty electric trucks market emerged as the global leader in 2023, accounting for a substantial 46.04% share of the worldwide market. The region’s dominance is driven by strong industrial growth, rapid urbanization, supportive government policies promoting clean energy, and the increasing adoption of sustainable transportation solutions. Within the region, China’s heavy-duty electric trucks market is expected to experience a steady growth rate from 2024 to 2030, fueled by the country’s investments in electric vehicle infrastructure, emission reduction initiatives, and incentives for fleet electrification.

• When analyzed by vehicle class, the class 7 segment dominated the market in 2023, capturing a significant 63.04% share of global revenue. These trucks, typically used for medium-to-heavy freight and logistics operations, offer an optimal balance of cargo capacity and operational efficiency, making them highly popular among fleet operators transitioning to electric solutions.

• By propulsion type, the Hybrid Electric Vehicle (HEV) segment led the market in 2023, reflecting a preference for vehicles that combine electric power with conventional diesel engines. HEVs provide the benefits of reduced emissions and improved fuel efficiency, while offering flexibility and extended range, making them particularly suitable for long-haul and heavy-duty operations where full electrification may not yet be feasible.

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Market Size & Forecast:

• 2023 Market Size: USD 1.22 Billion

• 2030 Projected Market Size: USD 4.70 Billion

• CAGR (2024-2030): 20.6%

• North America: Largest market in 2023

Key Companies & Market Share Insights:

Several key companies are actively shaping the global heavy-duty electric trucks market, including AB Volvo, Scania, BYD Motors Inc., and Daimler Truck AG, alongside a number of emerging players that are driving innovation and adoption of zero-emission technologies.

AB Volvo is a global leader in manufacturing trucks, buses, construction equipment, and marine and industrial engines. In addition to its diverse product portfolio, Volvo provides comprehensive financing and service solutions, ensuring that its customers across various industries have access to tailored support, maintenance, and operational services worldwide.

Daimler Truck AG specializes in the production of commercial vehicles, including light, medium, and heavy-duty trucks used for distribution, construction, and long-haul applications, as well as specialized vehicles for municipal operations and industrial engines. The company maintains extensive production facilities in Germany, France, Japan, India, Brazil, Turkey, Mexico, and the U.S., with operational and sales presence in most countries globally, supporting its wide-reaching customer base.

Among the emerging players in the heavy-duty electric trucks market are Nikola Corporation, Navistar, Inc., Kenworth Truck Company, DAF Trucks, SAIC HONGYAN Automotive Co., Ltd., and Tevva Motors Limited, all of which are contributing to technological advancement in electric and zero-emission trucking solutions.

Nikola Corporation focuses on zero-emission hydrogen-electric and battery-electric vehicles (BEVs), along with electric drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure. The company operates through two main units: the Energy business unit, which develops hydrogen infrastructure solutions, and the Truck business unit, which manufactures and sells BEV trucks while commercializing fuel-cell electric vehicles (FCEVs) to provide cost-effective and environmentally friendly solutions for the trucking industry.

Tevva Motors Limited is another innovative player, specializing in the production of zero-tailpipe emission electric trucks and long-range hydrogen-electric vehicles. By focusing on sustainable propulsion technologies, Tevva aims to deliver environmentally friendly alternatives to conventional diesel trucks, addressing both urban and long-haul transportation needs.

Key Players

• 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.

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Conclusion:

The heavy-duty electric trucks market is experiencing significant growth, driven by the increasing demand for sustainable and eco-friendly transportation solutions. These vehicles are gaining traction across various industries, including freight, logistics, construction, and mining, as they offer a modern approach to meeting the demands of cargo transportation. The market's expansion is further supported by advancements in electric vehicle technology, government incentives promoting clean energy, and a global push towards reducing carbon emissions. As industries continue to prioritize environmental sustainability, the adoption of heavy-duty electric trucks is expected to play a pivotal role in transforming the transportation landscape.