Zero Emission Trucks Market Size To Cross USD 60.78 Bn By 2032

adminJanuary 15, 2024

The global zero emission trucks market size is expected to increase USD 60.78 billion by 2032 from USD 5.93 billion in 2023 with a CAGR of 29.50% between 2023 and 2032.

Key Takeaways

North America is projected to hold a significant share in the market during the forecast period.
Asia Pacific is expected to witness a significant expansion during the projected timeframe.
By vehicle type, the electric light-duty trucks segment dominated the zero emission trucks market in 2022.
By vehicle type, the electric medium-duty trucks segment is observed to expand at the fastest rate during the forecast period.
By source, the battery electric trucks segment dominated the market in 2022.
By source, the hybrid electric trucks segment is observed to witness the fastest expansion over the forecast period.
By application, the logistics and transportation segment dominated the market in 202

Zero Emission Trucks Market Size 2023 To 2032

The Zero Emission Trucks Market is witnessing significant growth as global attention shifts towards sustainable and environmentally friendly transportation solutions. With a growing emphasis on reducing carbon footprints and mitigating climate change, the market for zero-emission trucks has gained traction. These vehicles, powered by electric or hydrogen fuel cell technologies, represent a crucial component of the broader push for cleaner and greener transportation alternatives.

Growth Factors:

Several factors contribute to the robust growth of the Zero Emission Trucks Market. Government initiatives and stringent emissions regulations play a pivotal role, incentivizing both manufacturers and consumers to adopt eco-friendly transport solutions. Increasing awareness about the environmental impact of traditional diesel trucks, coupled with the decreasing costs of electric vehicle technologies, further fuels the market’s expansion. Additionally, a surge in corporate sustainability goals and the integration of renewable energy sources in the transportation sector contribute to the positive growth trajectory.

Zero Emission Trucks Market Scope

Report Coverage	Details
Growth Rate from 2023 to 2032	CAGR of 29.50%
Market Size in 2023	USD 5.93 Billion
Market Size by 2032	USD 60.78 Billion
Largest Market	North America
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	By Vehicle Type, By Source, and By Application
Regions Covered	North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Drivers:

The Zero Emission Trucks Market is primarily driven by advancements in battery technology and charging infrastructure. Improvements in energy storage capacity and charging speed address the historical challenges of electric trucks, enhancing their viability for long-haul transportation. Additionally, rising fuel prices, coupled with the decreasing costs of renewable energy, make zero-emission trucks economically attractive. The growing demand for last-mile delivery services and urban logistics also serves as a driving force, given the efficiency and reduced environmental impact of electric trucks in these settings.

Trends:

Several trends shape the Zero Emission Trucks Market. The integration of smart technologies, such as telematics and connectivity, enhances the efficiency and operational capabilities of zero-emission trucks. The rise of autonomous driving technologies is another significant trend, promising further efficiency gains and safety improvements. Fleet electrification is becoming a common trend among logistics companies, with an increasing number of them committing to transitioning their entire fleet to zero-emission vehicles in the coming years.

Competitive Landscape:

The competitive landscape of the Zero Emission Trucks Market is characterized by a mix of established automakers and innovative startups. Major players are investing heavily in research and development to improve battery technologies, increase vehicle range, and enhance overall performance. Collaborations between manufacturers and technology companies are common, aiming to accelerate the development and adoption of zero-emission trucks. The market also witnesses partnerships with energy companies to bolster charging infrastructure. As the market evolves, strategic alliances, mergers, and acquisitions are likely to reshape the competitive dynamics, emphasizing a commitment to sustainable transportation solutions.

Vehicle Type

Commercial Vehicles:

The Zero Emission Trucks Market encompasses various vehicle types, with a significant focus on commercial vehicles. This category includes electric and hydrogen fuel cell trucks designed for transporting goods over short and long distances. The commercial segment is crucial for addressing the environmental impact of freight transportation, a sector traditionally associated with high emissions.

Public Transport Vehicles:

Public transportation is another key area within the Zero Emission Trucks Market. This includes electric and hydrogen-powered buses that cater to urban and suburban transit needs. Governments and municipalities are increasingly adopting zero-emission public transport options to reduce air pollution and promote sustainable mobility solutions.

Source

Electric Trucks:

Electric trucks are a major source of innovation within the Zero Emission Trucks Market. These vehicles rely on electric power stored in batteries, offering a clean and efficient alternative to traditional diesel trucks. The development of advanced battery technologies and charging infrastructure is pivotal for the widespread adoption of electric trucks in various applications.

Hydrogen Fuel Cell Trucks:

Hydrogen fuel cell trucks represent another significant source in the market. These vehicles use hydrogen gas to generate electricity through fuel cells, emitting only water vapor as a byproduct. The hydrogen fuel cell technology addresses challenges related to longer ranges and quicker refueling times, making it suitable for applications like long-haul transportation.

Application

Urban Distribution and Delivery

One prominent application of zero-emission trucks is in urban distribution and delivery services. Electric trucks are well-suited for short-distance deliveries within cities, contributing to reduced emissions and improved air quality in urban areas. This application aligns with the growing emphasis on sustainability in the logistics and e-commerce sectors.

Long-Haul Transportation

Zero-emission trucks, particularly those powered by hydrogen fuel cells, are increasingly being explored for long-haul transportation. The need for extended ranges and faster refueling times makes hydrogen fuel cell technology a viable option for trucking companies engaged in cross-country or inter-city transportation, offering a sustainable alternative to traditional diesel-powered trucks.

Public Transit

The use of zero-emission trucks extends to public transit applications, specifically in the form of electric buses. These buses contribute to cleaner air in urban environments, addressing the environmental concerns associated with traditional diesel buses. Governments and transit agencies are investing in electrified public transport fleets to reduce greenhouse gas emissions and improve air quality for urban dwellers.

Recent Developments

In December 2023, the Middle East’s first all-electric, zero-emission ready-mix truck was unveiled by CEMEX. The truck can carry a full load of concrete and is fully functional, according to the manufacturer. It has a 350kWh battery that is state-of-the-art and can run the device for an average workday on a single charge. In order to find, test, learn from, and scale the long-term solutions required for hybrid and zero-emission vehicles to be widely available, CEMEX is working with manufacturers and partners.
In September 2023, Alfa Laval and Scan Global Logistics announced the launch of their first electric scania truck as part of zero emissions partnership. The zero-emission truck is manufactured in close collaboration with Scania, which will operate a designated lane between Alfa Laval’s manufacturing sites in Sweden along with SGL in Denmark.