Electric Truck Market Poised for Rapid Growth

A joint report by C40 Cities, the University of Exeter and Arup finds that urban areas worldwide could accelerate the shift from diesel‑powered to electric heavy‑duty trucks, cutting transport‑related CO₂ emissions. While electric trucks currently represent only about 8% of new truck sales, China accounts for roughly 80% of global electric‑truck sales and could see cost parity with diesel trucks within a decade, especially as cities adopt low‑emission zones and fast‑charging infrastructure.

Business Market Insights projects that the global electric light commercial vehicle (eLCV) market will expand to US$125.7 billion by 2033, up from US$28.9 billion in 2025, driven by a 20.2% CAGR. Growth is fueled by rising e‑commerce demand, stricter emission regulations, declining battery costs and manufacturers’ shift to purpose‑built skateboard platforms that lower total cost of ownership compared with conventional diesel fleets.