San Francisco, 11 February 2030: The Report Heavy-duty Electric Trucks Market Size, Share & Trends Analysis Report By Vehicle Class, By Propulsion Type, By Application, By Region, And Segment Forecasts, 2024 - 2030

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.

Heavy-duty electric trucks are the electric counterparts of conventional diesel-powered trucks used for long-distance freight hauling and construction and mining dump trucks. With the growing emphasis on sustainable and eco-friendly practices, heavy-duty electric trucks are becoming increasingly prevalent in the freight, logistics, construction, and transport industries, providing a modern approach to meeting the demands of cargo transportation.

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Heavy-duty electric trucks are transforming the transportation industry with their numerous benefits. Some benefits include reduced carbon footprint, enhanced performance, operational efficiency, quieter operations, economic advantages, and reduced maintenance needs. Heavy-duty electric trucks make a substantial impact on reducing CO2 emissions, thereby contributing to a cleaner environment. They provide a smoother driving experience with superior torque and acceleration than diesel trucks. In urban settings, particularly with frequent stops, heavy-duty electric trucks provide greater efficiency than their diesel counterparts. Their minimal noise levels enable operation with less disturbance, making them suitable for noise-sensitive areas and nighttime operations. Such benefits of heavy-duty electric trucks are expected to improve the market’s growth.

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

Furthermore, governments worldwide provide incentives for purchasing heavy-duty electric trucks, such as tax credits, rebates, and grants, to lower the initial acquisition costs of these vehicles. For instance, the Inflation Reduction Act established a tax credit to incentivize the adoption of electric medium-duty and heavy-duty commercial vehicles. The Qualified Commercial Clean Vehicle tax credit provides up to USD 40,000 in tax credits for purchasing eligible electric trucks and other large commercial vehicles acquired and placed into service on or after January 1, 2023. Thus, rising government support to promote the adoption of electric heavy-duty vehicles such as electric trucks is further propelling the market's growth.

The sales of heavy-duty vehicles, including all medium- and heavy-duty trucks, are gradually increasing globally. According to a report published by the International Energy Agency (IEA), electric truck sales saw a 35% increase in 2023 compared to 2022. China remains the major market, accounting for 70% of global sales in 2023, down from 85% in 2022. In Europe, electric truck sales nearly tripled in 2023, surpassing 10,000 units. The U.S. also experienced a threefold increase in electric truck sales, reaching 1,200 units. Thus, the growing production and sales of electric trucks across the globe are expected to contribute to the market’s growth.

Despite the various benefits of heavy-duty electric trucks, high upfront costs, limited daily range, and higher operating costs under certain conditions could hamper the market's growth. Highway driving impacts the heavy-duty electric truck's battery, often requiring frequent replacements. In addition, heavy-duty electric trucks have a limited range, demanding regular recharging of their batteries. This limitation can pose challenges for long-haul trucking operations requiring prolonged driving periods without access to charging stations. However, with ongoing advancements in heavy-duty electric truck technology, the market's growth is expected to increase from 2024 to 2030.