Electric Trucks Market Size To Reach $193.40 Billion By 2033

March 2026 | Report Format: Electronic (PDF)

Electric Trucks Market Growth & Trends

The global electric trucks market size is expected to reach USD 193.40 billion by 2033, registering a CAGR of 20.9% from 2026 to 2033, according to a new report by Grand View Research, Inc. Stringent emission regulations, coupled with declining battery costs and lower maintenance costs of electric trucks, are expected to drive the market growth. Electric trucks are an alternative to traditional trucks and are powered by an electric motor instead of an internal combustion engine. The electric trucks are classified into battery-electric and hybrid trucks. Increasing the adoption of electric trucks in transportation and logistics and municipal sectors to reduce greenhouse gas emissions will fuel the market growth over the forecast period.

With the growing environmental concerns, environmental and government agencies are imposing stringent emission laws and norms that may force commercial vehicle manufacturers to invest in developing electric trucks. National and local regulations enable a supportive environment in the form of stricter emission targets and diesel bans. For instance, the European Union (EU) has enacted enactment to reduce emissions by at least 40% by 2030. This is expected to fuel market growth over the forecast period. However, due to the COVID-19 pandemic, the sales have declined in 2020. The pandemic has disrupted the manufacturing operations and supply chain worldwide.

The market in China held the largest share of the overall market in 2025, owing to the presence of several key companies such as BYD Auto Co. Ltd., Dongfeng Motor Corporation, FAW Group Co., Ltd., and Daimler AG in the region. Europe held the second-largest market share in 2023, due to increased sales in prominent countries such as Germany, Italy, France, and the Netherlands. According to the European Automobile Manufacturers Association (ACEA), around 618 medium and heavy electric trucks (battery-electric trucks, hybrid trucks) were sold in Germany in 2019.

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Electric Trucks Market Report Highlights

A number of stringent emission standards and regulations have been implemented by governing bodies, such as the European Union's Euro 7, which is aimed at reducing pollution from vehicles, and the U.S. Environmental Protection Agency's (EPA) Clean Trucks Plan that was announced in 2021 and is expected to be applicable from 2027 onwards.
Light duty trucks segment dominated the market with a revenue share of 63.9% in 2025, owing to their widespread adoption in urban delivery and logistics applications, where the benefits of electric vehicles are most visible.
Medium duty trucks segment is expected to register the fastest CAGR over the forecast period. This is attributed to a combination of factors such as declining battery costs, improving technology, and expanding charging infrastructure, making medium-duty electric trucks a viable option for a wide range of applications.
Battery Electric Vehicles (BEV) segment accounted for the largest market share in 2025 and is expected to grow at the fastest CAGR during the forecasted period. This is owing to their superior performance, reduced operating costs, and growing acceptance as a viable alternative to IC engine trucks.
Vehicles with a range of up to 300 miles accounted for the largest market share in 2025. This is owing to their optimal alignment with the daily route requirements of commercial fleets, particularly in urban and regional transportation applications.
The logistics & delivery segment held the largest market share in 2025 and is expected to grow at the fastest CAGR during the forecasted period.
Asia Pacific held the largest market share of 78.0% in 2025 in global revenue. This is attributed to favorable government initiatives and policies, such as China's New Energy Vehicle (NEV) mandate and India's Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme, which have created a conducive regulatory environment for electric trucks.

Electric Trucks Market Segmentation

Grand View Research has segmented the global electric trucks market report based on vehicle type, propulsion type, vehicle range, application, and region:

Electric Trucks Vehicle Type Outlook (Revenue, USD Million, 2021 - 2033)