According to a new research report, the electric trucks market by value, is estimated to be 69,597 units in 2021 and is projected to reach 1,413,694 units by 2030, at a CAGR of 39.7% from 2021 to 2030. Increased focus of Government on emission free vehicles and policies would drive adoption of electric trucks in the e-commerce and logistics sector. Further, It will create opportunities for OEMs to expand their revenue stream and geographical presence in electric commercial vehicle industry.

North America is projected to experience steady growth owing to the high demand for electric trucks for logistics transport fleets. Europe is projected to be the fastest-growing market due to the high adoption rate of electric pick-up trucks in the logistics sector in the region. Factors such as rise in pollution and environmental hazards, stringent government regulations, and stiff competition have compelled automotive OEMs to make fuel-efficient and environment-friendly vehicles. In this pursuit, automotive OEMs and component manufacturers are exploring ways to develop and design trucks that can meet the standards of fuel efficiency as well as vehicle emission.

The COVID-19 pandemic has decelerated the growth of the electric trucks market. Lower vehicle sales post the pandemic will be a major concern for automotive OEMs for the next few quarters. According to industry experts, there is a very thin chance of vehicle sales recovery in 2021. However, the electric trucks market is expected to witness a significant boost in 2022 due to recovery and developments.