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Electric Pickup Truck Market Forecast 2032 | Industry Growth & Analysis

  • Writer: Pallavi Garudkar
    Pallavi Garudkar
  • 24 hours ago
  • 3 min read
Electirc Pickup Truck Market
Electirc Pickup Truck Market

According to Fortune Business Insights the global electric pickup truck market size was valued at USD 4.23 billion in 2024. The market is projected to grow from USD 4.50 billion in 2025 to USD 7.12 billion by 2032, exhibiting a CAGR of 6.8% during the forecast period. The market is segmented by truck type (small, medium, large), components (drivetrain, chassis, electronics, interior), and regions (North America, Europe, Asia Pacific, Middle East & Africa, Latin America). 

Key Market Drivers:

The electric pickup truck market is driven by strict emission regulations pushing automakers toward EVs, lower operating costs that attract both consumers and fleets, rapid expansion of fast-charging infrastructure, and battery technology improvements that boost range, performance, and cost efficiency.

Market Segmentation:

  • By Vehicle Type:: The market is segmented into small, medium, and large electric pickup trucks, with each category catering to different load capacities, performance needs, and consumer preferences.

  • By Component: Key components considered in the segmentation include the drivetrain, chassis, battery and electronic systems, and interior and exterior components, all of which play a crucial role in vehicle performance and cost structure.

  • By Range: Electric pickup trucks are categorized based on driving range into below 200 miles, 200–400 miles, and above 400 miles, addressing varying customer demands for daily commuting, commercial use, and long-distance travel.

  • By Propulsion: The market includes battery electric vehicles (BEVs) and hybrid electric pickup trucks, offering buyers options based on charging access, performance preferences, and environmental goals.

  • By Application: Segmentation by application covers commercial usage—such as logistics, construction, and fleet operations—and personal usage for individual consumers seeking performance, utility, and lower operating costs.

  • By Region: Geographically, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, each showing varying adoption levels depending on EV policies, infrastructure, and consumer demand.

Regional Insights:

North America

  • The largest market, driven by strong pickup culture and major OEM presence.

  • Increasing investments in EV charging networks across U.S. and Canada.

Europe

  • Adoption supported by strict emissions norms and fleet electrification goals.

  • Compact and mid-size pickups gain more traction compared to full-size models.

Asia Pacific

  • Fastest-growing region due to government EV policies and entry of new electric pickup models.

  • China, India, Thailand, and South Korea playing significant roles.

Rest of the World

  • Gradual adoption in Latin America, Middle East & Africa, driven by charging infrastructure expansion and fleet modernization.

List of Key Players Profiled in the Report:

  • Ford Motor Company (U.S.)

  • FAW Group (China)

  • Fiat Chrysler Automobile (Netherlands)

  • General Motors (U.S.)

  • Honda Motor (Japan)

  • Isuzu Motor (Japan)

  • Mercedes Benz (Germany)

  • Nissan Motor Company (Japan)

Key Industry Development:

  • August 2025: South Korea's energy giant SK Group's battery subsidiary, K On Co., reached a supply deal with an electric vehicle manufacturing start up Slate Auto.

  • April 2025: Isuzu began the mass production of its first fully electric 1-ton pickup, the D-MAX EV, at its Thailand plant. Initially launching the left-hand drive version targeted at European markets, the shipment is set for set for Q3 2025.

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