How Big is the EV Truck Market?
According to 6Wresearch internal database and industry insights, the EV truck market was valued at USD 6.2 billion in 2024 and is projected to surpass USD 28.5 billion by 2031, advancing at a CAGR of 24.1%.
This expansion is driven by rising freight electrification, emission regulations, and total cost of ownership benefits.
Growth Factors of the EV Truck Market
- Emissions restrictions and diesel bans in the urban logistics space
- Subsidies and credits for zero-emissions commercial vehicle purchases
- Fleet operators considering lower maintenance costs longer-term
- Responsiveness to increased demand for last-mile delivery and optimizing logistics
- Investment in charging and depot infrastructure for heavy-duty vehicles
EV Truck Market Trends
There are several trends emerging in the EV truck market, including modular battery configurations, vehicle-to-grid (V2G) readiness, and speeds of DC charging. Lightweight chassis and energy-efficient drivetrains are a higher priority of OEMs in terms of development plans targeting commercial fleets.
Emerging Developments in the EV Truck Market
Players in the EV Truck Market are also releasing hydrogen fuel cell-elctric truck variants and moving into fully autonomous electric freight platforms. Innovations in battery performance are allowing for longer-range heavy-duty trucks, improved payload capacities, and reduced turnaround times.
Leading companies in the EV Truck Market
- BYD Co. Ltd.
- Volvo Trucks
- Tesla, Inc.
- Daimler Truck AG
- Nikola Corporation
- Ashok Leyland
How Big is the EV Truck Market : FAQs
The EV truck market is forecasted to exceed USD 28.5 billion by 2031.
Strict emission norms and clean transport mandates are pushing fleet operators to adopt electric trucks at a faster pace.
High purchase costs, limited driving range, and lack of widespread charging infrastructure remain key barriers.
Urban delivery services, logistics fleets, and municipal operations are among the first movers in deploying electric trucks.
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