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Decarbonizing road freight transport is difficult due to its reliance on fossil fuel internal combustion engine vehicles (ICEVs). The role of powertrain electrification in achieving deep decarbonization in road freight transport was studied using a vehicle stock turnover model, focusing on Japan. Twelve vehicle types were considered; combining four powertrains, ICEV, hybrid electric vehicle (HEV), battery electric vehicle (BEV) and fuel cell electric vehicle (FCEV); and three vehicle size classes, normal, compact and mini-sized vehicles. A scenario-based approach was used; considering a Base scenario, and three alternative scenarios targeting powertrain electrification. Between 2012 and 2050, tank to wheel CO2 emissions decrease 42.8% in the Base scenario, due to the reduction of vehicle stock, the improvement of vehicle fuel consumption and the adoption of HEVs. Diffusion of FCEVs in normal vehicles and BEVs in compact and mini-sized vehicles achieves the largest tank to wheel CO2 emissions reductions, up to 44.6% compared with the 2050 baseline value. The net cash flow is positive over the whole time horizon, peaking at 6.7 billion USD/year in 2049 and reaching 6.6 billion USD/year by 2050. Powertrain electrification is not enough to achieve any of the CO2 emissions reduction targets in road freight transport. [ABSTRACT FROM AUTHOR]