Market Research Report
U.S. Electric Truck Market Research Report: By Vehicle Type, Propulsion, Range, Battery Capacity, Application - Industry Analysis and Growth Forecast to 2030
|U.S. Electric Truck Market Research Report: By Vehicle Type, Propulsion, Range, Battery Capacity, Application - Industry Analysis and Growth Forecast to 2030|
Published: September 1, 2020
Prescient & Strategic Intelligence Private Limited
Content info: 177 Pages
Delivery time: 2-3 business days
U.S. Electric Truck Market Research Report: By Vehicle Type (Light-Duty Truck, Medium-Duty Truck, Heavy-Duty Truck), Propulsion (Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-In Hybrid Electric Vehicle, Fuel Cell Electric Vehicle), Range (0-150 Miles, 151-250 Miles, 251-500 Miles, >500 Miles), Battery Capacity (300 kWh), Application (Logistics, Municipal) - Industry Analysis and Growth Forecast to 2030.
The U.S. electric truck market is expected to generate a revenue of $15,084.3 by 2030, increasing from $211.5 million in 2019, and the market is expected to witness robust growth of 51.6% CAGR during the forecast period (2020-2030). The market is growing due to the increasing government support for the deployment of electric trucks in the country and the falling process of battery packs. In addition to this, electric trucks are cheaper to maintain and operate as compared to traditional diesel trucks.
On the basis of vehicle type, the U.S. electric truck market is divided into heavy-duty truck (HDT), light-duty truck (LDT), and medium-duty truck (MDT). Out of these, the LTDs are predicted to account for the largest share of the market in 2030, owing to the increasing demand for pickup trucks in the country. In the U.S., LTDs accounted for more than 85% of the sales of commercial vehicles. Other than this, the HDT division is predicted to grow at the fastest pace during the forecast period.
The supportive government policies are the major reason for the growth of the U.S. electric truck market. Governments on both the state and federal level have set strict targets for reducing carbon dioxide and nitrogen oxide emissions from vehicles. Moreover, in California, which is also the largest market for electric trucks in the country, vouchers and funds are being provided for the purchase of electric vehicles. Up to $20 million are supposed to be provided for the same purpose in the state till 2020.
In conclusion, the demand for electric trucks in the U.S. is growing due to the favorable government policies and expansion of the logistics sector.