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Report overview
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.
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.
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