Europe's electric truck market grows as diesel prices increase

The rise in diesel prices following the outbreak of the Iran war has helped make operating costs for electric trucks in Europe cheaper than their diesel-powered counterparts in six key markets, which account for about half of new truck sales in the European Union. A report by the Transport and Environment organization showed that electric trucks purchased in 2026 save approximately 100,000 euros over five years in the Netherlands, 85,000 euros in Germany, and 69,000 euros in Denmark compared to diesel vehicles. It also became evident that operating electric trucks has become cheaper than diesel in the markets of the Netherlands, Germany, Denmark, Sweden, France, and Belgium—representing 46% of heavy truck registrations in the EU—due to rising oil prices following deteriorating conditions in the Middle East. Brent crude prices increased by over 3% after the United States rejected Iran’s proposal to open the Strait of Hormuz, which pushed up fuel costs and boosted the financial viability of shifting to electric trucks. It is expected that Chinese electric trucks, which are about 30% cheaper than their European counterparts, will see prices decline further. Additionally, demand for used electric vehicles is increasing in the used car market driven by higher gasoline and diesel prices, with residual values of used electric cars rising from 1.4 percentage points between May and August in Germany—an indication of growing demand and a move toward electric transportation.

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