There are many companies operating in the electric truck industry, who have implemented different business strategies to gain more customers including local manufacturing to lower the cost of operations and market share.

Electric truck sales have increased significantly due to growing charging infrastructure development. This means fleet operators don’t have to spend so much time on refueling and they are more affordable than the old-style diesel trucks.

Increased Fuel Prices

Fuel prices are rising worldwide and fleet owners are moving towards electric trucks as a cost-effective means of lowering operating costs and meeting emissions limits and incentives from the governments. Batteries have extended range enough to make electric trucks an option for long-distance freight transport.

The demand for electric trucks is going to increase as more and more companies will be using them for logistic & delivery services. They’re great last-mile couriers as they can pass through bustling urban streets without a noise nuisance and allow companies to achieve sustainability objectives while enhancing brand recognition.

The biggest regional electric truck market is APAC and the largest share is in 2023 by China. Government incentives and the fast-moving technologies are fuelling APAC market growth while investments in e-commerce and logistics add to regional development.

Collaborations and Strategic Partnerships

The market for electric trucks is increasing at a fast rate due to partnerships between manufacturers, technology companies and transportation companies. These alliances support innovation and accelerate deployment. These partnerships also help companies address environmental sustainability as well as consumer expectations of greener supply chains.

Market growth is also driven by state incentives and subsidies. Electric vehicle tax breaks and subsidies for purchases reduce initial investment and states are investing in charging infrastructure.

High tech batteries are changing the way electric trucks drive. They can provide more distance and power with less weight, which will allow new commercial markets. Still, some manufacturers and logistics companies have started to look into local renewable energy generation and storage to run their fleets sustainably; lower operating costs and more easily achieve emissions goals. End user (last-mile delivery) segment is likely to be the largest end user segment of EV market due to governments aggressively encouraging zero emission cars and making use of the existing infrastructure like charging stations to facilitate adoption.

COVID-19 Pandemic

A growing global environmental consciousness is forcing people worldwide to take greener routes — particularly in the most densely populated places where air pollution is a serious issue. Since it is cheaper to run and emits less greenhouse gasses, electric trucks are now the logistics industry’s choice for last mile delivery and urban logistics.

Local governments have placed charging infrastructure development on the agenda to keep pace with the rapidly growing electric truck market. Also, the battery technology have offered more energy density and longer lifespans with faster charging times to make EV trucks even more appealing to buyers.

North America electric truck market leads because of large R&D investments and lots of competition. Top contenders in the market are AB Volvo, BYD Compay Ltd. Paccar Inc. Man SE Scania Geely Automobiles Holdings Limited Dongfeng Motor Company.

Long-Range Variants

Sustainability and a need to save the planet has also triggered an electric truck craze on American roads, and are driving its growth. Many factors go into this: they cost less to maintain than their fossil fuel-based equivalents and they’re cheaper to charge with electricity than with gas, and those combined with tight environmental laws and government subsidies are helping to proliferate these vehicles on US soil.

300-600 miles: This will witness the highest CAGR during the forecast period. This is because fleet operators are looking for ways to electrify longer haul with electric trucks in this range and that the battery technology that delivers greater energy density at a lower price point is what fuels this growth in long range electric truck demand.

Global electric truck market players AB Volvo, BYD Company Ltd., Daimler Truck Holding AG, Man SE, Scania, Tata Motors and Workhorse. Increasing R&D investment and battery development are expected to aid in industry growth.