Global Hybrid Electric Truck (HET) Market Research Report 2024

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The global Hybrid Electric Truck (HET) market size was valued at US$ 7.23 billion in 2024 and is projected to reach US$ 18.56 billion by 2030, at a CAGR of 17.0% during the forecast period 2024-2030.

The United States Hybrid Electric Truck (HET) market size was valued at US$ 2.15 billion in 2024 and is projected to reach US$ 5.34 billion by 2030, at a CAGR of 16.4% during the forecast period 2024-2030.

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Hybrid Electric Trucks (HETs) combine conventional internal combustion engines with electric propulsion systems, offering improved fuel efficiency and reduced emissions compared to traditional trucks.

The global Hybrid Electric Truck market is growing rapidly, driven by the need for immediate emissions reduction solutions and the flexibility offered by hybrid powertrains. In 2023, total unit sales reached 180,000, with medium-duty trucks accounting for 55% of sales volume. The heavy-duty construction vehicle segment is the fastest-growing at 22% annually. The market saw a 40% increase in demand for plug-in hybrid electric trucks (PHETs) in 2023, reflecting the desire for extended electric-only driving ranges. Parallel hybrid systems dominate with a 70% market share, but series-parallel (power-split) hybrid systems are growing at 25% annually due to their versatility.

North America leads with a 40% market share, while Asia Pacific is the fastest-growing region at 19% CAGR. The industry is focusing on developing more efficient power management systems, with a 50% increase in R&D investments for AI-driven hybrid control algorithms. There's also a growing trend towards mild hybridization of existing truck models, with a 35% year-over-year increase in 48V hybrid system adoptions for quick market penetration.

Report Overview

An electric truck is an electric vehicle powered by batteries designed to deliver cargo.

This report provides a deep insight into the global Hybrid Electric Truck (HET) market covering all its essential aspects. This ranges from a macro overview of the market to micro details of the market size, competitive landscape, development trend, niche market, key market drivers and challenges, SWOT analysis, value chain analysis, etc.

The analysis helps the reader to shape the competition within the industries and strategies for the competitive environment to enhance the potential profit. Furthermore, it provides a simple framework for evaluating and accessing the position of the business organization. The report structure also focuses on the competitive landscape of the Global Hybrid Electric Truck (HET) Market, this report introduces in detail the market share, market performance, product situation, operation situation, etc. of the main players, which helps the readers in the industry to identify the main competitors and deeply understand the competition pattern of the market.

In a word, this report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the Hybrid Electric Truck (HET) market in any manner.

Global Hybrid Electric Truck (HET) Market: Market Segmentation Analysis

The research report includes specific segments by region (country), manufacturers, Type, and Application. Market segmentation creates subsets of a market based on product type, end-user or application, Geographic, and other factors. By understanding the market segments, the decision-maker can leverage this targeting in the product, sales, and marketing strategies. Market segments can power your product development cycles by informing how you create product offerings for different segments.

Key Company

BYD

Daimler

Dongfeng Motor Group

Hino Motors

Isuzu Motors

Navistar International

PACCAR

Renault Trucks

Volkwagen

Zenith Motors

Alke

Nikola

Market Segmentation (by Type)

Below 80kWh

80-130kWh

130-165kWh

Above 165kWh

Market Segmentation (by Application)

Fire Truck

Van Truck

Sprinkler Truck

Clean Truck

Other

Geographic Segmentation

North America (USA, Canada, Mexico)

Europe (Germany, UK, France, Russia, Italy, Rest of Europe)

Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)

South America (Brazil, Argentina, Columbia, Rest of South America)

The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)

Key Benefits of This Market Research:

Industry drivers, restraints, and opportunities covered in the study

Neutral perspective on the market performance

Recent industry trends and developments

Competitive landscape & strategies of key players

Potential & niche segments and regions exhibiting promising growth covered

Historical, current, and projected market size, in terms of value

In-depth analysis of the Hybrid Electric Truck (HET) Market

Overview of the regional outlook of the Hybrid Electric Truck (HET) Market:

Key Reasons to Buy this Report:

Access to date statistics compiled by our researchers. These provide you with historical and forecast data, which is analyzed to tell you why your market is set to change

This enables you to anticipate market changes to remain ahead of your competitors

You will be able to copy data from the Excel spreadsheet straight into your marketing plans, business presentations, or other strategic documents

The concise analysis, clear graph, and table format will enable you to pinpoint the information you require quickly

Provision of market value (USD Billion) data for each segment and sub-segment

Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market

Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region

Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled

Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players

The current as well as the future market outlook of the industry concerning recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions

Includes in-depth analysis of the market from various perspectives through Porter.

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