Europe Electric Truck Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 – 2032
Europe Electric Truck Market, valued at USD 1.4 billion in 2023, is projected to grow at a CAGR of 50% from 2024 to 2032. A key factor fueling this expansion is the establishment of low-emission zones (LEZs) in urban centers across Europe. As cities intensify efforts to reduce air pollution and enhance air quality, they increasingly restrict access to high-emission vehicles, including conventional diesel trucks. This regulatory environment drives fleet operators to transition to electric trucks, which can freely operate within these zones. The spread of LEZs strengthens the market for electric trucks by making them a more practical and desirable option for urban logistics.
With an increasing number of cities adopting eco-friendly policies, the demand for electric trucks is set to rise, boosting investments in electric vehicle infrastructure and technology. This trend creates a positive cycle: as businesses seek to comply with environmental regulations, the incorporation of zero-emission vehicles accelerates, highlighting their regulatory compliance benefits and operational advantages. The market is segmented by vehicle type into light-duty, medium-duty, and heavy-duty trucks. In 2023, heavy-duty trucks commanded a significant portion of the market, with a valuation surpassing USD 1 billion.
Financial incentives, including subsidies, grants, and tax reductions, make these heavy-duty electric trucks more accessible. These government-provided benefits help offset the higher initial purchase cost of electric trucks relative to diesel alternatives, lowering the upfront investment. Tax breaks also reduce the overall cost of ownership, making electric heavy-duty trucks increasingly appealing to businesses looking to switch to cleaner transport options. Based on propulsion, the market encompasses BEV, HEV, PHEV, and FCEV options.
As of 2023, plug-in hybrid electric vehicles (PHEVs) held over 64% of the market share. PHEVs offer businesses a practical means of meeting stringent pollution standards by combining electric and traditional power sources. This dual system is advantageous in low-emission zones, allowing compliance without sacrificing operational flexibility. By utilizing electric power in restricted zones, PHEVs help avoid penalties, while the hybrid configuration permits diesel use for longer distances or challenging tasks.
This balance supports emissions reductions without compromising performance or efficiency. Germany electric truck market represented 20% of the revenue share in 2023, solidifying its role as a leading contributor within Europe. Home to some of the world’s largest automotive manufacturers, Germany invests significantly in electric vehicle technology, supporting electric truck production and innovation. Western Europe’s development of an extensive EV charging network further underpins this growth, establishing a robust infrastructure critical to the widespread adoption of electric trucks.
With an increasing number of cities adopting eco-friendly policies, the demand for electric trucks is set to rise, boosting investments in electric vehicle infrastructure and technology. This trend creates a positive cycle: as businesses seek to comply with environmental regulations, the incorporation of zero-emission vehicles accelerates, highlighting their regulatory compliance benefits and operational advantages. The market is segmented by vehicle type into light-duty, medium-duty, and heavy-duty trucks. In 2023, heavy-duty trucks commanded a significant portion of the market, with a valuation surpassing USD 1 billion.
Financial incentives, including subsidies, grants, and tax reductions, make these heavy-duty electric trucks more accessible. These government-provided benefits help offset the higher initial purchase cost of electric trucks relative to diesel alternatives, lowering the upfront investment. Tax breaks also reduce the overall cost of ownership, making electric heavy-duty trucks increasingly appealing to businesses looking to switch to cleaner transport options. Based on propulsion, the market encompasses BEV, HEV, PHEV, and FCEV options.
As of 2023, plug-in hybrid electric vehicles (PHEVs) held over 64% of the market share. PHEVs offer businesses a practical means of meeting stringent pollution standards by combining electric and traditional power sources. This dual system is advantageous in low-emission zones, allowing compliance without sacrificing operational flexibility. By utilizing electric power in restricted zones, PHEVs help avoid penalties, while the hybrid configuration permits diesel use for longer distances or challenging tasks.
This balance supports emissions reductions without compromising performance or efficiency. Germany electric truck market represented 20% of the revenue share in 2023, solidifying its role as a leading contributor within Europe. Home to some of the world’s largest automotive manufacturers, Germany invests significantly in electric vehicle technology, supporting electric truck production and innovation. Western Europe’s development of an extensive EV charging network further underpins this growth, establishing a robust infrastructure critical to the widespread adoption of electric trucks.
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 definition
CHAPTER 2 EXECUTIVE SUMMARY
2.1 Industry 360° 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 AREA, 2021-2032 (USD BILLION, UNITS)
7.1 Key trends
7.2 On-road
7.3 Off-road
CHAPTER 8 MARKET ESTIMATES & FORECAST, BY APPLICATION, 2021-2032 (USD BILLION, UNITS)
8.1 Key trends
8.2 Urban
8.3 Rural
CHAPTER 9 MARKET ESTIMATES & FORECAST, BY PROPULSION, 2021-2032 (USD BILLION, UNITS)
9.1 Key trends
9.2 BEV
9.3 HEV
9.4 PHEV
9.5 FCEV
CHAPTER 10 MARKET ESTIMATES & FORECAST, BY SUPERSTRUCTURE, 2021-2032 (USD BILLION, UNITS)
10.1 Key trends
10.2 Box body
10.3 Refrigerated body
10.4 Flatbed body
10.5 Curtainside body
10.6 Tanker body
10.7 Tipper body
10.8 Crane body
10.9 Skip loader body
10.10 Fire engine body
10.11 Hooklift body
10.12 Spreading
10.13 Ploughing
10.14 Concrete mixer
10.15 Refuse collector
10.16 Sweeper
10.17 Recovery vehicle
CHAPTER 11 MARKET ESTIMATES & FORECAST, BY BATTERY CAPACITY, 2021-2032 (USD BILLION, UNITS)
11.1 Key trends
11.2 Below 100 kWh
11.3 100-300 kWh
11.4 Above 300 kWh
CHAPTER 12 MARKET ESTIMATES & FORECAST, BY RANGE CAPACITY, 2021-2032 (USD BILLION, UNITS)
12.1 Key trends
12.2 Short range (Up to 150 miles)
12.3 Medium range (150 to 250 miles)
12.4 Long range (Over Range 250 miles)
CHAPTER 13 MARKET ESTIMATES & FORECAST, BY REGION, 2021-2032 (USD BILLION, UNITS)
13.1 Key trends
13.2 Northern Europe
13.2.1 Denmark
13.2.2 Estonia
13.2.3 Finland
13.2.4 Iceland
13.2.5 Ireland
13.2.6 Latvia
13.2.7 Lithuania
13.2.8 Norway
13.2.9 Sweden
13.2.10 UK
13.3 Western Europe
13.3.1 Austria
13.3.2 Belgium
13.3.3 France
13.3.4 Germany
13.3.5 Liechtenstein
13.3.6 Luxembourg
13.3.7 Netherlands
13.3.8 Switzerland
13.4 Eastern Europe
13.4.1 Belarus
13.4.2 Bulgaria
13.4.3 Czech Republic
13.4.4 Hungary
13.4.5 Moldova
13.4.6 Poland
13.4.7 Romania
13.4.8 Russia
13.4.9 Slovakia
13.4.10 Ukraine
13.5 Southern Europe
13.5.1 Albania
13.5.2 Bosnia and Herzegovina
13.5.3 Croatia
13.5.4 Cyprus
13.5.5 Greece
13.5.6 Italy
13.5.7 Kosovo
13.5.8 Malta
13.5.9 Montenegro
13.5.10 North Macedonia
13.5.11 Portugal
13.5.12 Serbia
13.5.13 Slovenia
13.5.14 Spain
CHAPTER 14 COMPANY PROFILES
14.1 BYD
14.2 DAF Trucks
14.3 Daimler
14.4 FOTON
14.5 Fuso
14.6 Goupil
14.7 Hino
14.8 Isuzu
14.9 Iveco
14.10 Jungheinrich
14.11 Mack Trucks
14.12 MAN Truck
14.13 Mercedes-Benz Trucks
14.14 Nikola
14.15 PACCAR
14.16 Quantron
14.17 Renault Trucks
14.18 Tevva Motors
14.19 Volta Trucks
14.20 Volvo
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 definition
CHAPTER 2 EXECUTIVE SUMMARY
2.1 Industry 360° 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 AREA, 2021-2032 (USD BILLION, UNITS)
7.1 Key trends
7.2 On-road
7.3 Off-road
CHAPTER 8 MARKET ESTIMATES & FORECAST, BY APPLICATION, 2021-2032 (USD BILLION, UNITS)
8.1 Key trends
8.2 Urban
8.3 Rural
CHAPTER 9 MARKET ESTIMATES & FORECAST, BY PROPULSION, 2021-2032 (USD BILLION, UNITS)
9.1 Key trends
9.2 BEV
9.3 HEV
9.4 PHEV
9.5 FCEV
CHAPTER 10 MARKET ESTIMATES & FORECAST, BY SUPERSTRUCTURE, 2021-2032 (USD BILLION, UNITS)
10.1 Key trends
10.2 Box body
10.3 Refrigerated body
10.4 Flatbed body
10.5 Curtainside body
10.6 Tanker body
10.7 Tipper body
10.8 Crane body
10.9 Skip loader body
10.10 Fire engine body
10.11 Hooklift body
10.12 Spreading
10.13 Ploughing
10.14 Concrete mixer
10.15 Refuse collector
10.16 Sweeper
10.17 Recovery vehicle
CHAPTER 11 MARKET ESTIMATES & FORECAST, BY BATTERY CAPACITY, 2021-2032 (USD BILLION, UNITS)
11.1 Key trends
11.2 Below 100 kWh
11.3 100-300 kWh
11.4 Above 300 kWh
CHAPTER 12 MARKET ESTIMATES & FORECAST, BY RANGE CAPACITY, 2021-2032 (USD BILLION, UNITS)
12.1 Key trends
12.2 Short range (Up to 150 miles)
12.3 Medium range (150 to 250 miles)
12.4 Long range (Over Range 250 miles)
CHAPTER 13 MARKET ESTIMATES & FORECAST, BY REGION, 2021-2032 (USD BILLION, UNITS)
13.1 Key trends
13.2 Northern Europe
13.2.1 Denmark
13.2.2 Estonia
13.2.3 Finland
13.2.4 Iceland
13.2.5 Ireland
13.2.6 Latvia
13.2.7 Lithuania
13.2.8 Norway
13.2.9 Sweden
13.2.10 UK
13.3 Western Europe
13.3.1 Austria
13.3.2 Belgium
13.3.3 France
13.3.4 Germany
13.3.5 Liechtenstein
13.3.6 Luxembourg
13.3.7 Netherlands
13.3.8 Switzerland
13.4 Eastern Europe
13.4.1 Belarus
13.4.2 Bulgaria
13.4.3 Czech Republic
13.4.4 Hungary
13.4.5 Moldova
13.4.6 Poland
13.4.7 Romania
13.4.8 Russia
13.4.9 Slovakia
13.4.10 Ukraine
13.5 Southern Europe
13.5.1 Albania
13.5.2 Bosnia and Herzegovina
13.5.3 Croatia
13.5.4 Cyprus
13.5.5 Greece
13.5.6 Italy
13.5.7 Kosovo
13.5.8 Malta
13.5.9 Montenegro
13.5.10 North Macedonia
13.5.11 Portugal
13.5.12 Serbia
13.5.13 Slovenia
13.5.14 Spain
CHAPTER 14 COMPANY PROFILES
14.1 BYD
14.2 DAF Trucks
14.3 Daimler
14.4 FOTON
14.5 Fuso
14.6 Goupil
14.7 Hino
14.8 Isuzu
14.9 Iveco
14.10 Jungheinrich
14.11 Mack Trucks
14.12 MAN Truck
14.13 Mercedes-Benz Trucks
14.14 Nikola
14.15 PACCAR
14.16 Quantron
14.17 Renault Trucks
14.18 Tevva Motors
14.19 Volta Trucks
14.20 Volvo
