Electric Truck Market: Trends, Forecast, and Opportunity Analysis

The sales volume of the electric truck market was 86,799 units in 2022, which is predicted to hit 1,154,996 units by 2030, advancing at a 38.2% CAGR from 2022 to 2030, as per P&S Intelligence.

Compared to electric trucks, the traditional ones have higher maintenance and operating costs. Additionally, electric variants help buyers save significantly on component expenses because they do not need to have their oil changed, spark plugs replaced, fuel filters repaired, or emissions checked.

The BEV category will grow at the highest CAGR, of about 40%, due to the financial incentives by governments for the purchase of such vehicles in many nations. Many of these plans and schemes are specifically designed to assist the advancement of the freight infrastructure and equipment.

For instance, the German government provides subsidies of USD 13,500 (EUR 12,000) on the purchase of trucks weighing up to 12 tonnes and USD 45,300 (EUR 40,000) for those weighing more than 12 tonnes.

By vehicle type, the HDT category will advance at a 44% CAGR in the years to come. This is mainly due to the rapidly growing demand for freight transportation and swift economic expansion in India and China.

Additionally, owing to the continuous advancements in battery performance, decrease in battery prices, and expansion in the model portfolio of major OEMs, the sales of electric trucks will grow in China.

Moreover, the North American market will expand significantly in the coming years as fleet owners progressively include battery-powered trucks in their fleets to keep up with the escalating need for freight transportation. Furthermore, the strict rules to reduce CO₂ emissions will drive the demand in the region.

The battery pack accounts for a significant share of the entire drivetrain cost and, thus, has a considerable impact on the vehicle's selling price. These packs have integrated management systems and electrochemical cells within a casing.

The chemistry employed in electrochemical cells, which affects a number of performance-determining factors, including the energy-to-weight ratio, charging time, and lifetime, primarily influences the price of these packs. The batteries used in electric trucks are similar to those used in passenger vehicles, although the former have a higher number of cells.