Europe Electric Truck Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 to 2032
Market Report I 2024-09-23 I 180 Pages I Global Market Insights
Europe Electric Truck Market was worth USD 1.4 billion in 2023 and will expand at 50% CAGR throughout 2024-2032, propelled by urbanization and the rising demand for last-mile delivery. As cities expand and e-commerce flourishes, the need for efficient, environmentally friendly delivery solutions becomes crucial. Electric trucks are ideal for urban logistics, offering lower emissions and noise levels. Additionally, increased investment in electric vehicle technology enhances battery performance and charging infrastructure, making electric trucks more viable for businesses. This combination of urban growth and technological advancements positions the electric truck industry for substantial expansion in Europe.
The Europe electric truck market is classified based on vehicle, axle, application, propulsion, superstructure, battery capacity, range capacity, and region.
Theheavy duty truck segment captured USD 1 billion in 2023, driven by the increasing demand for efficient and sustainable logistics solutions. Heavy-duty electric trucks are essential for long-haul transportation, as they offer significant reductions in greenhouse gas emissions compared to traditional diesel trucks. As regulatory pressures intensify and companies prioritize sustainability, the adoption of heavy-duty electric trucks becomes more favorable. Also, advancements in battery technology improve range and performance, making these trucks an attractive option for fleet operators in the region.
The PHEV segment achieved a 64% share in 2023 due to its versatility and range capabilities. PHEVs combine traditional internal combustion engines with electric propulsion, offering the flexibility of using both electric and gasoline or diesel power. This dual capability makes them particularly appealing for fleet operators seeking to balance environmental concerns with operational efficiency. As businesses aim to reduce emissions while maintaining performance, the adoption of PHEVs in commercial applications will grow, solidifying their dominant market position.
Germany accumulated a 20% share in 2023, attributed to its robust automotive industry and strong commitment to sustainability. As a leading manufacturer of commercial vehicles, Germany is at the forefront of electric truck innovation and production. The country's stringent emissions regulations and supportive government policies, including subsidies and incentives for electric vehicle adoption, further promote market growth. Besides, the expansion of charging infrastructure enhances the viability of electric trucks, making Germany a central contributor to the overall Europe electric truck industry.
Report Content
Chapter 1 Methodology & Scope
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates & calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
Chapter 2 Executive Summary
2.1 Industry synopsis, 2021-2032
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Raw material supplier
3.2.2 Component supplier
3.2.3 Manufacturers
3.2.4 Technology providers
3.2.5 Service providers
3.2.6 Distributor
3.3 Profit margin analysis
3.4 Key news & initiatives
3.5 Regulatory landscape
3.6 Pricing analysis
3.7 Total cost of ownership, by product, 2023
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Rising demand for electric trucks in logistics and other industries
3.8.1.2 Expansion of low-emission zones in urban areas
3.8.1.3 Technological Advancements in Battery Technology
3.8.1.4 Increased investment in charging infrastructure
3.8.2 Industry pitfalls & challenges
3.8.2.1 Battery degradation & replacement cost
3.9 Growth potential analysis
3.10 Porter's analysis
3.11 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
Chapter 5 Market Estimates & Forecast, By Vehicle, 2021-2032 (USD Billion) (Units)
5.1 Key trends
5.2 Light duty trucks
5.3 Medium duty trucks
5.4 Heavy duty trucks
Chapter 6 Market Estimates & Forecast, By Axle, 2021-2032 (USD Billion) (Units)
6.1 Key trends
6.2 2-axle
6.3 3-axle
6.4 4-axle
Chapter 7 Market Estimates & Forecast, By Application, 2021-2032 (USD Billion) (Units)
7.1 Key trends
7.2 On-road
7.3 Off-road
Chapter 8 Market Estimates & Forecast, By Propulsion, 2021-2032 (USD Billion) (Units)
8.1 Key trends
8.2 Battery electric trucks (BEV)
8.3 Hybrid electric trucks (PHEV)
8.4 Plug-in hybrid electric trucks (FCEV)
8.5 Fuel cell electric trucks (ICE)
Chapter 9 Market Estimates & Forecast, By Superstructure, 2021-2032 (USD Billion) (Units)
9.1 Key trends
9.2 Box body
9.3 Refrigerated body
9.4 Flatbed body
9.5 Curtainside body
9.6 Tanker body
9.7 Tipper body
9.8 Crane body
9.9 Skip loader body
9.10 Fire engine body
9.11 Hooklift body
9.12 Spreading
9.13 Ploughing
9.14 Concrete mixer
9.15 Refuse collector
9.16 Sweeper
9.17 Recovery vehicle
Chapter 10 Market Estimates & Forecast, By Battery Capacity, 2021-2032 (USD Billion) (Units)
10.1 Key trends
10.2 Below 100 kWh
10.3 100-300 kWh
10.4 Above 300 kWh
Chapter 11 Market Estimates & Forecast, By Range Capacity, 2021-2032 (USD Billion) (Units)
11.1 Key trends
11.2 Short range (Up to 150 miles)
11.3 Medium range (150 to 250 miles)
11.4 Long range (Over Range 250 miles)
Chapter 12 Market Estimates & Forecast, By Region, 2021-2032 (USD Billion) (Million Units)
12.1 Key trends
12.2 Northern Europe
12.2.1 Denmark
12.2.2 Estonia
12.2.3 Finland
12.2.4 Iceland
12.2.5 Ireland
12.2.6 Latvia
12.2.7 Lithuania
12.2.8 Norway
12.2.9 Sweden
12.2.10 UK
12.3 Western Europe
12.3.1 Austria
12.3.2 Belgium
12.3.3 France
12.3.4 Germany
12.3.5 Liechtenstein
12.3.6 Luxembourg
12.3.7 Netherlands
12.3.8 Switzerland
12.4 Eastern Europe
12.4.1 Belarus
12.4.2 Bulgaria
12.4.3 Czech Republic
12.4.4 Hungary
12.4.5 Moldova
12.4.6 Poland
12.4.7 Romania
12.4.8 Russia
12.4.9 Slovakia
12.4.10 Ukraine
12.5 Southern Europe
12.5.1 Albania
12.5.2 Bosnia and Herzegovina
12.5.3 Croatia
12.5.4 Cyprus
12.5.5 Greece
12.5.6 Italy
12.5.7 Kosovo
12.5.8 Malta
12.5.9 Montenegro
12.5.10 North Macedonia
12.5.11 Portugal
12.5.12 Serbia
12.5.13 Slovenia
12.5.14 Spain
Chapter 13 Company Profiles
13.1 BYD
13.2 DAF Trucks
13.3 Daimler
13.4 FOTON
13.5 Fuso
13.6 Goupil
13.7 Hino
13.8 Isuzu
13.9 Iveco
13.10 Jungheinrich
13.11 Mack Trucks
13.12 MAN Truck
13.13 Mercedes-Benz Trucks
13.14 Nikola
13.15 PACCAR
13.16 Quantron
13.17 Renault Trucks
13.18 Tevva Motors
13.19 Volta Trucks
13.20 Volvo
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