The US Electric Truck Market size is valued at USD 711.42 million in 2023 and is projected to reach USD 13.92 billion by 2030. The market is also estimated to grow at a CAGR of around 36.16% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report. The market size of electric trucks is gradually increasing in the country, mainly due to corporate sustainability targets of different business establishments and grants provided by the government. Transport and logistics companies are steadily integrating electric trucks into their fleet administrative schemes like the Clean Truck Program, and Inflation Reduction. To achieve the target, the incentives for electric truck purchases would continue to be active, catalyzing the market growth during the forecast period.
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Furthermore, to encourage the adoption of zero-emission vehicles, the government is planning to increase the availability of charging infrastructure. This would make electric trucks a more attractive option for fleet companies, thereby increasing their demand during forecast years. Additionally, many businesses in sectors like e-commerce, FMCG, and heavy industries are aiming to reduce their carbon footprints, therefore, companies are transforming their supply & procurement ecosystem.
As a result, they are outsourcing their logistics to third parties having integrated electric trucks into their fleets. Hence, the sustainability goals of companies stimulating the adoption of cleaner technologies would increase the demand for electric trucks, further states the research report, “The US Electric Truck Market Analysis, 2024.”
The US Electric Truck Market Segmentation Analysis
Demand for Medium & Heavy Duty Electric Trucks to Continue Surge
Based on the vehicle type, the market is divided into Light-Duty Truck, and Medium & Heavy Duty Truck. In the US, drayage carriers are attempting to transform their vehicle fleets, owing to which they are significantly adopting medium & heavy-duty trucks. The clientele of these carriers is enhancing their focus on sustainability, and as a result, the drayage establishments are increasingly adopting medium & heavy-duty trucks. Due to this, the market share of medium and heavy-duty trucks is witnessing steady surge.
Battery Electric Vehicle to Continue Dominate Market in the US
Based on propulsion, the market is further bifurcated into Battery Electric Truck, Hybrid Electric Truck, and Fuel Cell Electric Truck. Growing charging infrastructure coupled with government incentives have enhanced the market share of Battery Electric Trucks in the US. Additionally, the country also has strict emission regulations to reduce pollution. The hybrid electric trucks, which use both internal combustion engines and electric propulsion, only partially reduce emissions. Therefore, this intermediate approach does not align as well with the strict regulations, owing to which there is no incentive or subsidizes on them, as result individuals in the US mostly prefer battery-electric trucks.
In addition to this, many market players are increasingly producing new battery-electric trucks with extensive improvements in battery technology. As a result, product availability and consumer inclination towards battery electric vehicles would further surge, which increase its market share during the forecast period.
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Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Volvo Trucks, Stellantis, Nikola Motor Co., Tesla Inc. Ford Motor Co., General Motors Co., Workhorse Group Inc., BYD Co. Ltd., Nu Ride Inc., Daimler Truck AG, Rivian, etc., are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the US Electric Truck Market?
- What key factors would propel and impede the industry across the country?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping in the country?
- How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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