Market Overview: US Electric Truck Market FY2024-2030
This reports provides an essential and dependable overview of the US Electric Truck Market, serving as a guide for stakeholders navigating the industry's future trajectory. It covers critical aspects, guiding through challenges and opportunities, shedding light on the market landscape, key insights, driving forces, major competitors, regulatory framework, potential growth, ongoing trends, supply chain dynamics, evolving policies, segments and prominent players.
US Electric Truck Market Report Coverage Details:
- Base Year: 2023
- Historical Data: 2019-22
- Forecast Period: 2024-2030
- CAGR: 36.16% (2024-2030)
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.
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US Electric Truck Market Opportunity:
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.
US Electric Truck Market Segmentation Analysis – FY2024-2030
Discover a comprehensive evaluation of every segment and its subdivisions, allowing our clients to gain a deep understanding of the US Electric Truck Market (2024-2030). We prioritize uncovering the pivotal factors that presently drive and will shape the industry's growth moving forward. Our goal is to empower our esteemed clients by optimizing their end-user positioning and revenue generation through a thorough analysis of market size, share and all the latest market scope across diverse segmentation categories.
The US Electric Truck Market segmentation is enlisted below:
By Vehicle Type
- Light-Duty Truck–Market Size & Forecast 2019–2030F, Thousand Units
- Medium & Heavy Duty Truck–Market Size & Forecast 2019-2030F, Thousand Units
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
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
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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
By Region
- North East
- Mid-West
- West
- South
US Electric Truck Market Competitive Landscape
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.
US Electric Truck Industry News:
- 2024: Volvo’s subsidiary Volvo Trucks North America (VTNA) and Volvo Financial Services (VFS) partnered for a collaborative initiative for the Truck-as-a-Service (TaaS) business model. This collaboration is called “Volvo on Demand” and it was developed to simplify the acquisition and reduce the major upfront investment in battery-electric vehicles.
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Key Report Highlights
- Market Dimensions & Projections
- Pricing Evaluation,
- Recent Strategic Moves by Companies,
- Primary Stakeholders,
- Analysis of Import and Export Trends,
- Competitive Landscape Assessment,
- Emerging Opportunities,
- Market Trends and Indicators
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