Electric Pickup Vehicle Market Research Report By Propulsion (Battery Electric Truck, Hybrid Electric Truck, Plug-in Hybrid Electric Truck, and Fuel Cell Electric Truck), By Range (Upto 150 Miles, 151-300 Miles, and Above 300 Miles), By End User (Last Mile Delivery, Long Haul Transportation, Refuse Services, Field Services, and Distribution Services), By Battery Capacity (Less Than 50 kWh, 50-250 KWh, and Above 250 KWh), By Payload Capacity, By Level of Automation (Semi-autonomous and Autonomous), And By Region –Market Forecast Till 2032

Global Electric Pickup Vehicle Market Overview

Electric Pickup Vehicle Market Size was valued at USD 18.1 Billion in 2023. The Electric Pickup Vehicle market industry is projected to grow from USD 22.3 Billion in 2024 to USD 63.2 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 19.1% during the forecast period (2024 - 2032). The growing demand for sustainable transportation and increasing awareness of environmental issues are the key market drivers fueling the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Electric Pickup Vehicle Market Trends

• 
  

  Environmental sustainability and consumer awareness are driving the market growth

  
  

Market CAGR for Electric Adventure Vehicles is being driven by the increasing emphasis on environmental sustainability and the growing awareness of climate change. Consumers are becoming more conscious of their ecological footprint, leading to a shift in preferences towards cleaner and greener transportation options. The traditional automotive sector, particularly with gasoline-powered pickup trucks, is associated with significant carbon emissions and environmental impact. In response to this, electric pickup vehicles have emerged as an attractive alternative, offering a more environmentally friendly option for consumers.

Technological advancements, particularly in battery technology, play a pivotal role in driving the electric pickup vehicle market. The success of electric vehicles is intricately tied to the efficiency, range, and affordability of their batteries. Over the past few years, there have been significant strides in battery innovation, resulting in batteries that offer higher energy density, longer range, and faster charging times.

Government incentives and supportive policies at both national and local levels have become crucial drivers for the electric pickup vehicle market. Many governments around the world are implementing initiatives to encourage the adoption of electric vehicles as part of broader efforts to reduce carbon emissions and combat climate change. These incentives often include tax credits, rebates, and subsidies for electric vehicle buyers, making electric pickups more financially attractive compared to their traditional counterparts.

Government incentives have played a pivotal role in promoting electric vehicles. In the United States, the federal government offers a tax credit of up to $7,500 for electric vehicle buyers, encouraging the adoption of electric pickups. Various states also provide additional incentives, further reducing the effective purchase price for consumers. As a result, it is anticipated that throughout the projection period, demand for Electric Adventure Vehicles will increase due to government support. Thus, driving the Electric Pickup Vehicle market revenue.

Electric Pickup Vehicle Market Segment Insights:

Electric Pickup Vehicle Propulsion Insights

The Electric Pickup Vehicle Market segmentation, based on Propulsion includes Battery Electric Truck, Hybrid Electric Truck, Plug-in Hybrid Electric Trucks, and Fuel Cell Electric Trucks. The Battery Electric Truck segment dominated the market, accounting for more than a quarter of market revenue. BEVs represent a cleaner, fully electric propulsion system without reliance on traditional fuels. The global focus on reducing carbon emissions and achieving sustainability aligns with the zero-emission nature of BEVs.

Electric Pickup Vehicle Range Insights

The Electric Pickup Vehicle Market segmentation, based on Range includes up to 150 Miles, 151-300 Miles, and Above 300 Miles. The 151-300 Miles segment dominated the market, accounting for more than one-third of market revenue. This range strikes a balance between practicality and versatility, covering a significant portion of transportation needs.

Electric Pickup Vehicle End User Insights

The Electric Pickup Vehicle Market segmentation, based on End User includes Last Mile Delivery, Long Haul Transportation, Refuse Services, Field Services, and Distribution Services. The Last Mile Delivery segment dominated the market, accounting for the above quarter of market revenue. Last-mile delivery services benefit from lower operational costs and reduced noise pollution, making battery electric trucks an attractive choice for this segment.

Electric Pickup Vehicle Battery Capacity Insights

The Electric Pickup Vehicle Market segmentation, based on Battery Capacity includes Less Than 50 kWh, 50-250 KWh, and Above 250 KWh. The 50-250 kWh segment dominated the market, accounting for one-third of market revenue.  This battery capacity range offers a practical balance between range and weight. It is suitable for a variety of applications, including last-mile delivery and regional distribution, providing an optimal balance between sufficient energy storage and manageable weight.

Figure 1: Electric Pickup Vehicle Market, by Battery Capacity, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Electric Pickup Vehicle Payload Capacity Insights

The Electric Pickup Vehicle Market segmentation, based on Payload Capacity includes up to 10,000 lbs, 10,001-26,000 lbs, and Above 26,001 lbs. The 10,001-26,000 lbs segment dominated the market, accounting for above half of market revenue. This payload capacity range covers a broad spectrum of applications, including regional distribution, field services, and some long-haul transportation needs.

Electric Pickup Vehicle Level of Automation Insights

The Electric Pickup Vehicle Market segmentation, based on the Level of Automation includes Semi-autonomous and Autonomous. The Semi-autonomous segment dominated the market, accounting for more than half of market revenue.  Semi-autonomous technology represents a gradual transition towards automation, addressing safety concerns and regulatory challenges.

Electric Pickup Vehicle Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American Electric Pickup Vehicle market area will dominate this market due to its well-established infrastructure for electric vehicles (EVs) and strong government support. The region has a mature charging infrastructure network, making it convenient for electric vehicle owners. Government incentives, tax credits, and subsidies further encourage the adoption of electric trucks.

Further, the major countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: ELECTRIC PICKUP VEHICLE MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe’s Electric Pickup Vehicle market accounts for the second-largest market share due to stringent emission regulations and a high level of environmental awareness. The European Union has set ambitious targets to reduce carbon emissions, and many countries within the region are implementing strict emission standards, favoring the adoption of electric vehicles. Further, the German Electric Pickup Vehicle market held the largest market share, and the UK Electric Pickup Vehicle market was the fastest-growing market in the European region

The Asia-Pacific Electric Pickup VehicleMarket is expected to grow at the fastest CAGR from 2024 to 2032. This is due to rapid urbanization, a large population, and supportive government policies. As urban areas in the region expand, there is an increasing focus on sustainable transportation solutions to address environmental concerns and congestion. Moreover, China’s Electric Pickup Vehicle market held the largest market share, and the Indian electric Pickup Vehicle market was the fastest-growing market in the Asia-Pacific region.

Electric Pickup Vehicle Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to enhance the technological features of their electric pickup trucks. This includes advancements in battery technology, improvements in range, and the integration of smart and autonomous driving technologies. Market participants are also adopting a variety of strategic activities to expand their global presence, with important market developments including new product launches, contractual agreements, mergers and acquisitions, marketing initiatives, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Electric Pickup Vehicle industry must offer cost-effective items.

Offering competitive pricing structures and leveraging government incentives is a common strategy used by manufacturers in the global Electric Pickup Vehicle industry to benefit clients and increase the market share. In recent years, the Electric Pickup Vehicle industry has offered some of the most significant advantages to Consumers. Major players in the Electric Pickup Vehicle market, including AB Volvo, Workhorse, Dongfeng Motor Company, Paccar Inc., Geely Automobiles Holdings Ltd., Man SE, BYD Company Ltd., Tata Motors, Daimler AG, Scania, and others, are attempting to increase market demand by investing in product development to increase their product line and cater to diverse consumer needs.

Daimler Truck, a global commercial vehicle powerhouse with over 125 years of pioneering legacy, stands as one of the world's foremost manufacturers in the transport industry. Boasting a workforce exceeding 100,000 across 40 locations worldwide, the company remains unwavering in its commitment to driving innovation. Operating in North America, Europe, Asia, and Latin America, Daimler Truck serves as a cornerstone for those who propel the world forward. Their dedication to CO2-neutral driving underscores a forward-looking ethos, ensuring they continue to provide cutting-edge technologies, products, and services that empower global mobility and the efficient transportation of goods. In May 2023, Freightliner, a prominent producer of medium- and heavy-duty trucks and a division under Daimler Truck North America LLC (DTNA), announced the official debut of the series production eM2 designed for pick-up and delivery applications.

The Volvo Group stands as a premier manufacturer of trucks, buses, construction equipment, and marine and industrial engines. Offering comprehensive solutions encompassing financing and service, the Group is headquartered in Gothenburg and boasts a workforce of approximately 100,000 individuals. With production facilities spanning 18 countries, the Volvo Group strategically sells its diverse range of products in over 190 markets worldwide, showcasing its extensive reach and influence in the transportation and industrial sectors. In September 2023, Volvo Trucks North America customer, Coke Canada Bottling Limited introduced its inaugural Volvo VNR Electric trucks. These electric vehicles are a pivotal component of a six-truck pilot initiative aimed at serving the renowned 'Red Fleet' customer delivery routes in the Greater Montreal Area. Notably, Coke Canada Bottling emerged as the first Canadian food and beverage manufacturer to declare the integration of electric Class 8 trucks into its fleet, marking a significant stride toward a more sustainable future.

Key Companies in the Electric Pickup Vehicle market include

• AB Volvo


• Workhorse


• Dongfeng Motor Company


• Paccar Inc.


• Geely Automobiles Holdings Ltd.


• Man SE


• BYD Company Ltd.


• Tata Motors


• Daimler AG


• Scania

Electric Pickup Truck Industry Developments

July 2023: Commencing series production in 2024 at its Munich facility, MAN Truck & Bus is gearing up for the release of its new electric truck. With a robust focus on safety, the company has successfully trained 2,600 employees in high-voltage technology and electric components, utilizing over 17,000 dedicated training hours at the purpose-built eMobility Centre. Anticipated to reach customers in the first half of 2024, the initial electric trucks have already garnered significant demand, with over 500 order requests for the long-distance transport-suited electric lion, well ahead of the official sales launch scheduled in four months.

August 2023: Eicher Trucks and Buses, a division of VE Commercial Vehicles Limited (VECV), has announced a partnership with Amazon to accelerate the electrification of Amazon's middle-mile and last-mile delivery services in India. The collaboration aims to introduce up to 1,000 state-of-the-art, zero-emission electric trucks across various payload categories into Amazon's delivery operations over the next five years. These electric vehicles will be deployed through Amazon's transport service partners, focusing on both the intermediate transportation leg (middle mile) and the final transportation leg (last mile) to enhance the sustainability of Amazon's delivery operations in the country.

Electric Pickup Vehicle Market Segmentation

Electric Adventure Vehicles Propulsion Outlook

• Battery Electric Truck


• Hybrid Electric Truck


• Plug-in Hybrid Electric Truck


• Fuel Cell Electric Truck

Electric Adventure Vehicles Range Outlook

• Upto 150 Miles


• 151-300 Miles


• Above 300 Miles

Electric Adventure Vehicles End User Outlook

• Last Mile Delivery


• Long Haul Transportation


• Refuse Services


• Field Services


• Distribution Services

Electric pickup truck Battery Capacity Outlook

• Less Than 50 kWh


• 50-250 KWh


• Above 250 KWh

Electric pickup truck Payload Capacity Outlook

• Upto 10,000 lbs


• 10,001-26,000 lbs


• Above 26,001 lbs

Electric pickup truck Level of Automation Outlook

• Semi-autonomous


• Autonomous

Electric pickup truck Regional Outlook

• 
  
  Middle East
  
  


• 
  
  Africa
  
  


• 
  
  Latin America