- Accelerating the electric trucks market, government policies set to provide a favourable tailwind propelling growth into overdrive.
- Strategic alliances over the next 5 years promise a range of lucrative opportunities for market players.
- European electric truck market set to surge to 170,731 units by 2030, boasting an annual growth rate of 112.3%.
Electric trucks to hit 1,067,985 units by 2030, driven by government emission-free focus and lucrative opportunities for OEMs
The latest research on the Electric Truck Market suggests a healthy outlook. In 2022, the market was estimated at 101,499 units, with a moderate but steady growth of 34.2% CAGR expected until 2030. That means we’ll reach a total of 1,067,985 units – a gradual but positive journey ahead for electric trucks.
As governments tighten the screws on emissions, the e-commerce and logistics game is about to get electrified. Electric trucks are stepping into the spotlight – and for OEMs, this isn’t just a trend, it’s a golden ticket. The surge in demand for emission-free vehicles isn’t just saving the planet, it’s creating a wealth of opportunities for OEMs to capitalise on, fuelling revenue streams and geographic presence across the industry.
The electric truck game is gaining momentum, particularly in last mile delivery. Companies are revving up their fleets with electric trucks and pickups, both to cut down on both fuel expenses and emissions. Tesla, always making headlines, snagged an impressive 1.5 million pre-orders globally for its electric cyber truck in November 2022. Meanwhile, Volvo rolled out 20 FH electric trucks for Amazon’s delivery grind in Germany. Stateside, Performance Team is electrifying its operations in Southern California, answering the call for sustainable short-haul warehouse and distribution center operations with Class 8 battery-electric trucks from Volvo Trucks.
Major players like Ford, GM, Rivian, and Tesla are leading the charge in the electric truck scene.
However, a number of new entrants such as Bollinger Motors, Canoo, Nissan Motor Corporation, Hercules, and Alpha are gearing up to make their presence felt. Tesla introduced an angular armoured electric pickup truck with an impressive 500-mile range, meanwhile, Tata entered the scene with the Ace EV, a light-duty electric truck boasting a practical range of 154 km. The demand for these lighter electric trucks is on the rise, driven by the need for low-emission options in intra-state commercial transport. The electric truck landscape is evolving, with both established players and newcomers adding their unique flavour to the mix.
The surge in growth results largely from the increasing popularity of NMC batteries, as top Chinese OEMs widely employ them for their optimal efficiency. These batteries boast higher energy density than LFP batteries, and their decreasing cost is aligning with that of LFP batteries. Although LFP batteries are gaining traction due to their longer lifespan, the adoption of NMC batteries is expected to rise in European and American countries in the near future.
The European electric truck market is gearing up for growth thanks to government support and incentives for cleaner transportation. The practicality of electric trucks, advancements in battery tech, and expanding charging infrastructure are driving their adoption. Key players are collaborating with major fleet operators to push the market forward. Yet, the real game-changer might be how consumers perceive and embrace electric trucks. As awareness continues to rise and the industry underscores its advantages, the landscape of electric trucks in Europe is teetering on the edge of a significant transformation.