Last year, the demand for electric truck batteries rose by over 70%, but the future remains uncertain.

      Ford

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      Electric trucks are not particularly environmentally friendly, practical, or affordable. Yet, there is a market for models like the Ford F-150 Lightning, which saw significant growth last year. According to the International Energy Agency, the demand for electric truck batteries surged by more than 70% in 2024 compared to 2023. However, this trend may not persist.

      Data from the IEA reveals that electric truck battery demand was 14 gigawatt-hours in 2023, rising to 24 gigawatt-hours in 2024. This increase correlates with the sales figures of leading electric pickups such as the F-150 Lightning, which jumped from 24,165 units in 2023 to 33,510 last year—an increase of about 39%. While Ford is a major player in this market, other new models that launched late in 2023 or early in 2024 also contribute to the growth. The Tesla Cybertruck significantly impacted these numbers, with around 39,000 registrations in its first full year of sales.

      Vehicle sales are a crucial factor for overall battery demand, but they are not the only consideration. The battery capacity also plays a vital role and can vary widely among models. For instance, the Tesla Cybertruck can be equipped with a 123-kilowatt-hour battery, while the Chevy Silverado EV can offer a 200-kWh pack. Therefore, it takes fewer Silverado EVs to match the battery demand of a parking lot filled with Cybertrucks.

      Sales of electric pickups are already declining in 2025. Based on first-quarter data, the Cybertruck is projected to achieve fewer than 30,000 sales this year, and although the F-150 Lightning is slightly ahead, it is unlikely to surpass last year's figures. The Silverado EV and its GMC Sierra EV counterparts are seeing an increase, but not enough to compensate for the decline of other models.

      Other segments of EV battery demand also increased in 2024, notably a substantial rise for light-duty vehicles. This is not unexpected, given that smaller passenger EVs dominate the market, but the leap from 713 gWh in 2023 to 884 gWh the following year indicates a 24% increase. This underscores that electric trucks are only a small segment of the overall EV market, and this is likely to continue in 2025.

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