Electric Trucks Market Booming, says Volvo

Volvo Trucks has now sold more than 4,300 electric trucks globally in more than 38 countries, while in Europe it is leading the way with a 32 per cent share of the market for heavy electric CVs/lorries. In 2022, Europe’s heavy electric CV market grew by 200 per cent to 1,041 units, with Volvo setting the pace.

Roger Alm, President of Volvo Trucks, says: “We are determined to lead the electric truck transformation and our market leading position in 2022, not only in Europe, but also in North America, is proof that we are doing just that. Although the market for electric trucks is still small compared to the traditional diesel variants, the trend is clear: many of our customers are now starting their own shift to electric. We intend to be the catalyst for this transition and aim for 50 per cent of our global sales of new trucks to be electric in 2030.”

Since Volvo Trucks started production of fully electric CVs in 2019, the company has sold more than 4,300 electric trucks/lorries in more than 38 countries around the world. Volvo currently offers the industry’s broadest product line-up of electric models in series production, catering to a very wide variety of operational domains both in and between cities.

“We now have a product portfolio that can cover most types of transportation for all kinds of customers,” adds Alm. “Looking at the goods flow patterns in Europe, it’s clearly possible to electrify nearly half of all those transport operations with our line-up of electric lorries. We see it as our mission to support our customers in making that happen.”

The 10 largest markets for electric lorries, based on number of registrations ≥16 tonnes, in Europe are:

1. Germany – 198
2. Sweden – 169
3. Norway – 150
4. France – 118
5. Switzerland – 103
6. UK – 101
7. Netherlands – 89
8. Spain – 79
9. Denmark – 48
10. Belgium – 17

The Volvo market share and overall growth data referenced for heavy electric CVs/lorries in Europe includes content supplied by IHS Markit.