Market Overview:
MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the US Electric Truck Market, 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. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight & sustainable materials, rising demand for luxury & customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the US Electric Truck Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.
Industry Outlook & Forecasts:
- Forecast Period: 2024-2030
- Market Size by 2023: 711.42 million
- CAGR (2024-2030): 36.16%
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US Electric Truck Market Segmentation Breakdown:
The US Electric Truck Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
- By Vehicle Type
- Light-Duty Truck–Market Size & Forecast 2019–2030F, Thousand Units
- Medium & Heavy Duty Truck–Market Size & Forecast 2019-2030F, Thousand Units
Medium & Heavy Duty Trucks have showcased a high-growth prospectus. In the US, establishments across verticals have enhanced their focus on sustainability, owing to which they are trying to electrify their supply chain.
- By Propulsion
- Battery Electric Truck -Market Size & Forecast 2019-2030F, Thousand Units
- Hybrid Electric Truck-Market Size & Forecast 2019-2030F, Thousand Units
- Fuel Cell Electric Truck-Market Size & Forecast 2019-2030F, Thousand Units
Battery Electric Vehicle accounted for the potential share in the US Electric Truck Market over the past few years.
- By Range
- Up to 150 Miles- Market Size & Forecast 2019-2030F, Thousand Units
- 151-250 Miles- Market Size & Forecast 2019-2030F, Thousand Units
- 251-500 Miles- Market Size & Forecast 2019-2030F, Thousand Units
- >500 Miles- Market Size & Forecast 2019-2030F, Thousand Units
- By Battery Type
- Lithium-Ion Batteries – Market Size & Forecast 2019-2030F, Thousand Units
- Lithium-Iron-Phosphate- Market Size & Forecast 2019-2030F, Thousand Units
- Others- Market Size & Forecast 2019-2030F, Thousand Units
- By Battery Capacity
- <100 kWh- Market Size & Forecast 2019-2030F, Thousand Units
- 100- 200 kWh Market Size & Forecast 2019-2030, Thousand Units
- Above 200 kWh- Market Size & Forecast 2019-2030F, Thousand Units
- By Application
- Logistics – Market Size & Forecast 2019-2030F, Thousand Units
- Construction- Market Size & Forecast 2019-2030F, Thousand Units
- Others – Market Size & Forecast 2019-2030F, Thousand Units
Geographical Growth Insights:
By Region
- North East
- Mid-West
- West
- South
MarkNtel Advisors Highlights Key Market Drivers for US Electric Truck Market:
Supportive Administrative Frameworks to Stimulate Market Growth – In the US, the government significantly focuses on reducing emissions of pollutants like nitrogen oxides and particulate matter. For this, the government is supporting the transition to electric vehicles, as they consider it a key strategy to reduce carbon footprints. In line with this, the administration has introduced various initiatives to increase electric truck adoption. For instance:
- In 2024, the government passed the Inflation Reduction Act, which provides USD 1 billion in support for increasing adoption of electric trucks.
The presence of these supportive government initiatives has enhanced the adoption of electric trucks by logistics companies. Furthermore, it is targeted by the US administration to touch 100% zero-emission truck sales by 2035, and a near-zero-emission transportation sector by 2050. In line with these ambitions, the government would continue to incentivize the rates of electric trucks. Hence, this support would continue to catalyze the market size during the forecast period.
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A Comprehensive Analysis of Leading Companies in US Electric Truck Market
- 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
- Others
What are the growth Opportunity driving the US Electric Truck Market?
Government Plans to Expand Charging Infrastructure for Freight – In the US, the government’s aim towards achieving sustainability and climate goals has enhanced its focus on encouraging the adoption of zero-emission vehicles. Therefore, to vitalize the enterprises to adopt electric truck fleets the government is trying to attempt to increase the availability of charging infrastructure and for this, the government is launching various initiatives. For instance:
- In 2024, the government launched the National Zero-Emission Freight Corridor Strategy, which aims to increase the deployment of medium & heavy-duty vehicle electric charging infrastructure through 2040.
This would increase the network of charging stations across the country solving issues regarding range anxiety, and amplify the appeal of electric trucks to fleet operators. Hence, the government plans to strengthen the charging infrastructure network for freight trucks, which would escalate the market’s potentiality and generate a remarkable opportunity for electric truck companies in the US.
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MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.
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