Europe Electric Trucks Market Share

Europe Electric Trucks Market Overview

Europe Electric Trucks Market Size was valued at USD 0.5 Billion in 2022. The Global Europe electric trucks industry is projected to grow from USD 0.82 Billion in 2023 to USD 32.88 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 58.60% during the forecast period (2023 - 2032).The European market for electric trucks is expanding as a result of market drivers such rising government measures to promote e-mobility, stricter emission regulations placed on commercial vehicles that run on fossil fuels, and falling prices for electric vehicle batteries.

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

Europe Electric Trucks Market Trends

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  Growing Need for Electric Trucks in the Logistics Industry is Driving Market Growth

  
  

There is a decrease in the harmful gas emissions from cars as the demand for environmentally friendly transportation grows worldwide, particularly in the freight transportation industry, which contributes significantly to carbon dioxide emissions. Government initiatives to promote the use of electric trucks and the replacement of commercial diesel vehicles with electric vehicles are also anticipated to fuel the growth of the electric truck market. Supply chains and logistics firms are actively replacing their fleet of cars with greener vehicles due to the increased need for logistical services brought on by the e-commerce, retail, and industrial industries. For example, UK logistics companies have started to prepare to add more commercial electric vehicles to their fleet in the next years.

Emissions regulations and laws aimed at lowering vehicle emissions are being enforced globally by governments and environmental organizations in response to growing environmental concerns. Significant regulatory efforts include stringent emission goals to reduce atmospheric carbon dioxide (CO2) and nitrogen oxide (NOx) concentrations. The Paris Agreement (COP21) included a commitment by the European Union (EU) to fulfill the Kyoto Protocol's 2020 greenhouse gas reduction target of 20%. A 40% reduction in greenhouse gas emissions by 2040 and net-zero emissions by 2050 are other objectives established by the EU. As such, the imposition of emission regulations on fossil fuel-powered vehicles has placed an increasing pressure on vehicle manufacturers, especially those of the commercial variety. Consequently, it is projected that demand for electric trucks would rise. Thus, driving the Europe Electric Trucks market revenue.

Europe Electric Trucks Market Segment Insights:

Europe Electric Trucks Propulsion Type Insights

The Europe Electric Trucks market segmentation, based on propulsion type includes Plug-In Hybrid, Fuel Cell Electric, and Battery-Electric. The fuel cell electric segment dominated the market mostly. The market is growing faster due to the growing demand for zero-emission transportation options. Due to their ability to operate without emitting any hazardous pollutants, these trucks present a competitive alternative to traditional diesel trucks. This trait is in line with sustainability objectives and environmental laws established by governments and corporations globally.

Europe Electric Trucks Type Insights

The Europe Electric Trucks market segmentation, based on truck type, includes Light Truck, Medium-Duty Truck, and Heavy-Duty Truck. The heavy-duty truck category generated the most income. A number of interrelated variables are propelling the adoption of these cars, giving them considerable momentum. The first reason electric heavy-duty trucks are becoming more popular is because of environmental concerns and the demand for sustainable transportation options. These trucks are a good substitute for conventional diesel-powered trucks since they emit no tailpipe emissions, which lowers air pollution and greenhouse gas emissions.

Figure 1: Europe Electric Trucks Market, by Truck Type, 2022 & 2032 (USD Billion)

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

Europe Electric Trucks Application Insights

The Europe Electric Trucks market segmentation, based on application, includes logistics, Municipal, and Other Applications. The logistics category generated the most income. There is a growing need for cars that can maneuver through metropolitan areas with ease due to the growth of e-commerce and last-mile deliveries. Because of their quiet operation and mobility, Electric Trucks are ideal for these kinds of jobs. They are able to deliver goods in places that are sensitive to noise and navigate crowded metropolitan streets without creating any disturbances.

Europe Electric Trucks Regional Insights

The Europe Electric Trucks market is growing rapidly over the forecast period because of the increased demand for electric trucks due to their low emissions and cheaper cost of transportation. The lightest commercial vehicle was offered for sale in Europe in 2021. This may be an indication that most electric long-range vehicles are purchased for particular purposes inside designated delivery zones and may not require a longer driving range. The demand for the product will rise exponentially as a result. Additionally, the demand for commercial electric vehicles in Europe is rising as a result of stricter emission regulations and laws being implemented by European governments and environmental organizations in response to growing environmental concerns. For example, the European Union (EU) is determined to meet its 2020 greenhouse gas reduction target of 20% as part of the Kyoto Protocol's second phase.

Figure 2: EUROPE ELECTRIC TRUCKS MARKET SHARE BY REGION 2022 (USD Billion)

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

Europe Electric Trucks Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Europe Electric Trucks market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, electric trucks industry must offer cost-effective items.

Europe Electric Trucks Market  Industry Developments

In March 2023, The European Union approved new CO2 standards for e-vans, e-cars, and e-trucks that will result in reducing emissions from such newly made cars by even up to fifty-five percent until the year two thousand thirty (2030).

By May 2023, carriers using zero-emission trucks, i.e., battery-electric or hydrogen, must allow at least a 50% reduction in distance-based road tolls. Alternatively, member states can impose added CO2-based charges on fossil fuel lorries or combine both approaches.

In May 2022, Volvo Trucks and Deutsche Post DHL Group entered into a partnership to expedite the penetration of zero-emission vehicles. To reduce its dependence on big electric vehicles, DHL will deploy 44 new electric models of Volvo trucks on European routes.

In June 2022, Scania introduced "the next level of battery-electric trucks (BEV)" from Sweden. In terms of charging capacity, these new e-trucks can be charged at a maximum rate of 375 kW if one-hour charges add up to some 270 to 300 km range, and this means that a Scania’s power output level is equal to some 560 hp or just over 410 kW for a Scania 45 R or S.

Key Companies in the Europe Electric Trucks market include

• AB Volvo


• Volta Trucks


• Daimler Trucks (Mercedes Benz Group AG )


• DAF Trucks NV (PACCAR Inc.)


• E-Trucks Europe BE


• Renault Trucks


• Tesla Motors Inc.


• Einride AB


• Tevva Motors Limited


• BYD Co. Ltd


• Scania AG


• MAN SE (Volkaswagen AG)


• IVECO SpA


• E-Force One AG