Hybrid Truck Market Insights: Size, Share, Growth Analysis & Forecast (2024-2029)
The report covers a comprehensive analysis segmented by Technology (Parallel Hybrid, Series Hybrid, Series-parallel Hybrid, Plug-in Hybrid), By Hybrid Type (Full Hybrid, Micro Hybrid, Mild Hybrid), By Vehicle Type (Light-duty Trucks, Heavy-duty Trucks), By Geography (North America, South America, Asia Pacific, Europe, the Middle East, Africa).
Hybrid Truck Market Snapshot
Hybrid Truck Market Overview
The global hybrid truck market is estimated to be at $27.28 Bn in 2024 and is anticipated to reach $34.70 Bn in 2029. The global hybrid truck market is registering a CAGR of 4.93% during the forecast period 2024-2029.
Hybrid trucks are designed for a variety of applications, including urban distribution, regional distribution, waste collection, utilities and port operations. Hybrid trucks offer benefits such as reduced fuel consumption, reduced emissions, quiet operation and improved reliability, making them ideal for use in crowded areas and environments. They come in many configurations, such as series hybrid, parallel hybrid, and series parallel hybrid. Series hybrid cars rely mostly on electric propulsion, with the internal combustion engine acting as a generator to charge the battery. A hybrid system uses two energy sources simultaneously, with the electric motor assisting the engine during acceleration. Series-parallel hybrid systems combine elements of series and parallel systems for efficiency and performance.
Many players wield substantial influence in the hybrid truck market, encompassing top-tier car manufacturers and technology firms. These players are developing and commercializing hybrid truck models tailored to various applications, including urban delivery, regional distribution, and vocational use.
​​​Hybrid Truck Market Coverage
| Historical & Forecast Period | 2018-2029 |
| Base Year | 2023 |
| Forecast Period | 2024-2029 |
| Units | Billion US$ |
| Segments | Technology, Hybrid Type, Vehicle Type |
| Geographies | North America, South America, Asia Pacific, Europe, the Middle East, Africa |
| Key Vendors |
BYD Motors Corp., Eaton Corp., Azure Dynamics Corp., Renault Trucks, Nikola Corp. |
Key Geographies of Hybrid Truck Market, 2023
Porter’s 5 Forces Analysis of Hybrid Truck Market
Hybrid Truck Market Trends
The hybrid truck market experienced a notable increase in the adoption of telematics and connectivity solutions. Fleet managers are being prompted to adopt data-driven solutions in order to improve route planning, track fuel consumption, and maximize vehicle performance. This led to improved efficiency and decreased operational expenses. Concurrently, there was a major shift towards electric power trains within the trucking industry, as numerous companies directed investment towards developing plug-in hybrid trucks. This transition was driven by advancements in battery technology, and government incentives aimed at promoting electrification. Major truck manufacturers worldwide were progressively integrating hybrid technology into their fleets to improve fuel efficiency and reduce emissions. Collaboration between truck manufacturers, technology firms and energy companies saw a rise, with the aim of accelerating innovation. This, in turn, resulted in fostering the development of new hybrid technologies, and establishing robust charging infrastructure to facilitate the widespread adoption of hybrid trucks.
Furthermore, government initiatives and regulations aimed at reducing greenhouse gas emissions and fostering environmentally sustainable transportation played a crucial role in incentivizing the global adoption of hybrid trucks. The primary role of artificial intelligence (AI) in hybrid truck technology is to improve energy efficiency. AI algorithms analyses data collected from sensors, batteries, and different vehicle components to swiftly adjust and optimize energy usage. These algorithms can fine-tune the powertrain and regulate regenerative braking. It can also predict energy requirements based on factors such as driving habits, weather conditions, and traffic patterns.
Hybrid Truck Market Driving Factors
The surge in fuel costs and the pressing need for fleet operators to trim operational expenditures are driving the demand for hybrid trucks. Hybrid technology enhances fuel efficiency by integrating conventional engines with electric propulsion systems, leading to significant long-term cost savings. Advancements in battery technology, electric motors, and power electronics are elevating the efficiency, reliability, and cost-effectiveness of hybrid trucks. Continuous adoption of hybrid powertrain technology is broadening the hybrid truck market and spurring adoption across various segments of the trucking industry. Numerous companies are setting ambitious sustainability targets to reduce their carbon footprint and promote environmental stewardship.
Embracing hybrid trucks aligns with these objectives by reducing emissions and demonstrating a commitment to sustainability in the transportation sector. The expansion of charging infrastructure and support services for hybrid trucks is crucial for their widespread acceptance. Governments, utilities, and private enterprises are investing in deploying charging infrastructure, grid integration, and initiatives for fleet electrification to facilitate the transition of transportation technologies. Governments worldwide are offering incentives and subsidies to encourage the adoption of hybrid vehicles, including hybrid trucks. These incentives include tax credits, grants, rebates, and favorable regulations, making hybrid trucks more appealing to fleet operators and truck buyers.
Hybrid Truck Market Challenges
Hybrid trucks necessitate specialized maintenance and service protocols due to the intricate nature of their hybrid systems. It is vital to provide training to technicians and establish a robust support network for maintenance and repairs to ensure the reliability and operational continuity of hybrid trucks. Battery technology persists in confronting challenges despite advancements, encompassing issues such as limited range, weight, and lifespan. Enhancing battery energy density and durability stands as a pivotal measure to enhance the performance and longevity of hybrid trucks.
In contrast to their traditional counterparts, hybrid trucks typically entail higher initial expenses, primarily attributed to the heightened complexity of hybrid systems and battery technology. This upfront investment may present a hurdle for fleet operators, particularly smaller businesses with constrained capital. Hybrid truck manufacturers grapple with the task of striking a delicate balance between fuel efficiency, performance, and payload capacity. The degree of market acceptance for hybrid trucks can fluctuate due to various factors such as perceived reliability, resale value, and total cost of ownership. Informing customers about the benefits of hybrid technology and addressing apprehensions regarding performance and reliability constitute crucial measures for bolstering market acceptance.
Hybrid Truck Market – Key Industry News
- In July 2023, Robert Bosch GmbH started volume production of fuel-cell modules for hydrogen-electric trucks. Robert Bosch GmbH is one of the few companies that are capable of mass-producing hydrogen fuel-stacks for mobility, including important components such as electric air-compressors and the recirculation blowers.
- In May 2023, Italy’s Iveco Group has agreed to buy the full ownership of its joint venture with the U.S. startup Nikola Corp. The joint venture is dedicated to the development of battery electric and fuel cell heavy-duty trucks, and the acquisition was valued at $48 million.
- In January 2022, Scania AB has introduced a novel line up of hybrid and plug-in hybrid trucks capable of cutting fuel consumption by as much as 40%.
Hybrid Truck Market Competitive Landscape
Technology firms like Tesla, Inc., Nikola Corp., and Rivian Automotive Inc. are reshaping the trucking sector with innovative hybrid truck solutions. Their focus on innovative technology and sustainability ignites competition and spurs traditional manufacturers to hasten their hybrid development initiatives. Established truck manufacturers such as Volvo Group, The Mercedes-Benz Group AG, and Scania AB play vital roles in the hybrid truck market. They often leverage their extensive expertise and resources to develop hybrid models and seamlessly integrate them into their product portfolios. Battery manufacturers also play a critical role in the hybrid truck market by supplying advanced battery technologies that power hybrid vehicles.
Companies like Panasonic Corp. and LG Chem Ltd., compete to deliver high-performance batteries tailored to the specific demands of hybrid trucks. Collaborations among truck manufacturers, technology firms, battery manufacturers, and energy companies are widespread in the hybrid truck market. These partnerships facilitate the pooling of resources, sharing of knowledge, and acceleration of innovation, thereby enhancing competitive positions. Customer preferences for sustainability, reliability, and overall cost of ownership influence the competitive landscape. Companies that align their hybrid truck offerings with customer needs and preferences gain a competitive advantage in this market.
Hybrid Truck Market Company Share Analysis, 2023 (%)
Hybrid Truck Market – Key Companies
Reason to Buy from us
Table of Contents
| 1. Introduction |
|---|
| 1.1. Research Methodology |
| 1.2. Scope of the Study |
| 2. Market Overview / Executive Summary |
| 2.1. Global Hybrid Truck Market (2018 – 2022) |
| 2.2. Global Hybrid Truck Market (2023 – 2029) |
| 3. Market Segmentation |
| 3.1. Global Hybrid Truck Market by Technology |
| 3.1.1. Parallel Hybrid |
| 3.1.2. Series Hybrid |
| 3.1.3. Series-parallel Hybrid |
| 3.1.4. Plug-in Hybrid |
| 3.2. Global Hybrid Truck Market by Hybrid Type |
| 3.2.1. Full Hybrid |
| 3.2.2. Micro Hybrid |
| 3.2.3. Mild Hybrid |
| 3.3. Global Hybrid Truck Market by Vehicle Type |
| 3.3.1. Light-duty Trucks |
| 3.3.2. Heavy-duty Trucks |
| 4. Regional Segmentation |
| 4.1. North America |
| 4.1.1. The U.S |
| 4.1.2. Canada |
| 4.1.3. Mexico |
| 4.2. South America |
| 4.2.1. Brazil |
| 4.2.2. Argentina |
| 4.2.3. Colombia |
| 4.2.4. Chile |
| 4.2.5. Rest of South America |
| 4.3. Asia Pacific |
| 4.3.1. China |
| 4.3.2. India |
| 4.3.3. Japan |
| 4.3.4. South Korea |
| 4.3.5. Rest of Asia Pacific |
| 4.4. Europe |
| 4.4.1. UK |
| 4.4.2. Germany |
| 4.4.3. Italy |
| 4.4.4. France |
| 4.4.5. Spain |
| 4.4.6. Rest of Europe |
| 4.5. The Middle East |
| 4.5.1. Turkey |
| 4.5.2. UAE |
| 4.5.3. Saudi Arabia |
| 4.5.4. Rest of the Middle East |
| 4.6. Africa |
| 4.6.1. Egypt |
| 4.6.2. South Africa |
| 4.6.3. Rest of Africa |
| 5. Value Chain Analysis of the Global Hybrid Truck Market |
| 6. Porter Five Forces Analysis |
| 6.1. Threats of New Entrants |
| 6.2. Threats of Substitutes |
| 6.3. Bargaining Power of Buyers |
| 6.4. Bargaining Power of Suppliers |
| 6.5. Competition in the Industry |
| 7. Trends, Drivers and Challenges Analysis |
| 7.1. Market Trends |
| 7.1.1. Market Trend 1 |
| 7.1.2. Market Trend 2 |
| 7.1.3. Market Trend 3 |
| 7.1.4. Market Trend 4 |
| 7.1.5. Market Trend 5 |
| 7.2. Market Drivers |
| 7.2.1. Market Driver 1 |
| 7.2.2. Market Driver 2 |
| 7.2.3. Market Driver 3 |
| 7.2.4. Market Driver 4 |
| 7.2.5. Market Driver 5 |
| 7.3. Market Challenges |
| 7.3.1. Market Challenge 1 |
| 7.3.2. Market Challenge 2 |
| 7.3.3. Market Challenge 3 |
| 7.3.4. Market Challenge 4 |
| 7.3.5. Market Challenge 5 |
| 8. Regulatory Landscape |
| 9. Competitive Landscape |
| 9.1. BYD Motors Corp. |
| 9.2. Eaton Corp. |
| 9.3. Azure Dynamics Corp. |
| 9.4. Renault Trucks |
| 9.5. Nikola Corp. |
| 9.6. Company 6 |
| 9.7. Company 7 |
| 9.8. Company 8 |
| 9.9. Company 9 |
| 9.10. Company 10 |
Hybrid Truck Market – Frequently Asked Questions (FAQs)
What is the current size of the global hybrid truck market?
The market size for the global hybrid truck market in 2024 is $27.28 Bn.
Who are the major vendors in the global hybrid truck market?
The major vendors in the global hybrid truck market are BYD Motors Corp., Eaton Corp., Azure Dynamics Corp., Renault Trucks, Nikola Corp.
Which segments are covered under the global hybrid truck market segments analysis?
This report offers in-depth insights into each technology, hybrid type, vehicle type.