Hybrid Electric Truck (HET) Market size was valued at USD 5.2 Billion in 2024 and is forecasted to grow at a CAGR of 12.7% from 2026 to 2033, reaching USD 15.4 Billion by 2033.
As Malaysia accelerates its commitment to sustainable transportation, the Hybrid Electric Truck (HET) market is experiencing significant growth. This surge is driven by the nation's ambitious targets: aiming for EVs and hybrids to constitute 20% of new car sales by 2030, escalating to 50% by 2040, and reaching 80% by 2050. These goals underscore Malaysia's dedication to reducing carbon emissions and fostering a greener automotive landscape.
Recent developments highlight this momentum. In December 2024, Proton unveiled its inaugural electric vehicle, the e.MAS 7, marking a pivotal step in the country's EV journey. This launch aligns with Malaysia's strategy to enhance local manufacturing capabilities and integrate into the global EV supply chain. Similarly, Volvo Trucks commenced sales of heavy battery electric trucks in Malaysia, introducing models like the Volvo FM Electric. This initiative positions Volvo as the first manufacturer to offer zero-exhaust emission trucks in the Malaysian market, catering to the evolving needs of the logistics sector.
Infrastructure advancements are also pivotal. The establishment of Malaysia's first electric truck-ready charging hub at Tangkak Pitstop exemplifies the nation's commitment to supporting HET operations. Equipped with a total charging capacity of 400kW across eight charging points, this hub addresses the critical need for reliable and high-powered EV charging solutions, especially for commercial fleets operating along key routes.
Industries are increasingly recognizing the benefits of integrating HETs into their operations. The logistics sector, in particular, stands to gain from reduced fuel costs and lower carbon footprints. Companies like Swift Haulage Berhad are leading the way by incorporating electric trucks into their fleets, reflecting a broader industry trend towards sustainable practices.
However, challenges remain. As of October 2024, Malaysia had installed 3,354 EV chargers, falling short of the national target of 10,000 by 2025. To meet this goal, approximately 554 chargers would need to be installed monthly, a significant increase from the current average rate. Addressing this infrastructure gap is crucial to support the growing number of HETs and ensure seamless operations for industries adopting this technology.
In conclusion, Malaysia's HET market is poised for substantial growth, driven by governmental initiatives, industry adoption, and infrastructure development. While challenges persist, the collective efforts of stakeholders signal a promising trajectory towards a sustainable and efficient transportation ecosystem.
Get an In-Depth Research Analysis of the Malaysia Hybrid Electric Truck (HET) Market Size And Forecast [2025-2032]
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BYD
Daimler
Dongfeng Motor Group
Hino Motors
Isuzu Motors
Navistar International
PACCAR
Renault Trucks
Volkwagen
Zenith Motors
Alke
Nikola
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By 2030, Malaysia is expected to witness significant momentum in the market research industry, aligning with the global projection of surpassing $120 billion, driven by a compound annual growth rate (CAGR) of over 5.8% from 2023 to 2030. The industry in Malaysia is being reshaped by technological disruptions, particularly through the adoption of machine learning, artificial intelligence, and advanced data analytics. These technologies provide businesses with predictive analysis and real-time consumer insights, enabling smarter and more precise decision-making. As part of the broader Asia-Pacific region, Malaysia is positioned to contribute substantially to the over 35% revenue growth expected from this region. Additionally, the adoption of innovative techniques such as mobile surveys, social listening, and online panels is rapidly gaining ground in Malaysia, emphasizing speed, precision, and customization, and driving a new era of data-driven strategies across industries.
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Growing demand for below applications around the world has had a direct impact on the growth of the Malaysia Hybrid Electric Truck (HET) Market
Light-Duty Hybrid Electric Trucks
Medium-Duty Hybrid Electric Trucks
Heavy-Duty Hybrid Electric Trucks
Series Hybrid Electric Trucks
Parallel Hybrid Electric Trucks
Plug-in Hybrid Electric Trucks
Lithium-Ion Battery
Nickel-Metal Hydride Battery
Solid-State Battery
Logistics and Transportation
Construction and Mining
Agriculture
Public Sector and Municipalities
Up to 5,000 lbs
5,001 lbs - 10,000 lbs
Above 10,000 lbs
1. Singapore
Relationship: Strong economic ties; major trading partner.
Highlights: Advanced financial and logistics hub; shares deep cross-border business and travel links with Malaysia.
2. Indonesia
Relationship: Largest ASEAN economy; close cultural and linguistic ties.
Highlights: Major market for Malaysian exports; shared initiatives in palm oil, labor, and regional security.
3. Thailand
Relationship: Land-border neighbor with active cross-border trade.
Highlights: Strong tourism, agricultural, and automotive collaboration.
4. Brunei
Relationship: Close diplomatic and energy-sector ties.
Highlights: Joint ventures in oil & gas; similar Malay cultural heritage.
5. Philippines
Relationship: Regional partner in ASEAN; maritime neighbor.
Highlights: Collaborations in education, labor migration, and disaster relief.
6. Vietnam
Relationship: Growing trade and investment partner.
Highlights: Rising manufacturing hub; strong demand for Malaysian technology and services.
7. Cambodia, Laos, and Myanmar
Relationship: Developing ASEAN members with growing economic ties to Malaysia.
Highlights: Opportunities in construction, retail, and financial services.
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1. Introduction of the Malaysia Hybrid Electric Truck (HET) Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Malaysia Hybrid Electric Truck (HET) Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Malaysia Hybrid Electric Truck (HET) Market, By Type
6. Malaysia Hybrid Electric Truck (HET) Market, By Application
7. Malaysia Hybrid Electric Truck (HET) Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia
Vietnam
8. Malaysia Hybrid Electric Truck (HET) Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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