US Electric Truck Market Growth Trends, Volume Insights and Outlook 2030

Future of US Electric Truck Market: Key Dynamics, Size Share Analysis

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. The demand for electric trucks in the US has showcased stable growth over the historical period. This is attributed to the incentives provided by the government and the corporate sustainability goals of companies operating across different sectors. The past years have witnessed the announcement of various government initiatives like the Advanced Clean Trucks Rule and the National Zero-Emission Freight Corridor Strategy. These initiatives have reinforced fleet operators to shift to electric trucks from diesel trucks, which increased the market size of electric trucks in the US.

Top Challenges Impacting the US Electric Truck Market Growth

Extended Charging Hours Slowing Down the Market’s Growth Pace – Although electric trucks have low maintenance costs and better performance, certain fleet operators and logistics companies are showcasing their redundancy to integrate these trucks into their fleets. This hesitancy among fleet managers is mainly due to the extended charging hours of electric freight carriers which increases the overall duration of trips. As per the American Trucking Association, contemporary long-haul battery electric trucks range about 150-330 miles and take 10 hours to charge fully. The extended charging hours are not suitable for many essential commodities in transit. Also, the longer duration of trips enhances the cost of trips, hampering the overall margin of logistics companies. Owing to this, many establishments in the logistics sector are not electrifying their fleet, which is hampering the US Electric Truck Market’s potentiality.

Understanding the Core Segments in the US Electric Truck Market

US Electric Truck Market Size, Share Industry Trends Analysis- By Vehicle Type (Light-Duty Truck, Medium Heavy Duty Truck), By Propulsion (Battery Electric Truck, Hybrid Electric Truck, Fuel Cell Electric Truck), By Range (Up to 150 Miles, 151-250 Miles, 251-500 Miles, 500 Miles), By Battery Type (Lithium-Ion Batteries, Lithium-Iron-Phosphate, Others), By Battery Capacity (100 kWh, 100- 200 kWh, Above 200 kWh), By Application (Logistics, Construction) and others.

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Geographical Analysis of the US Electric Truck Market

North East
Mid-West
West
South

Who Dominates the US Electric Truck Market Insights on Key Industry Players?

Companies are strengthening their presence in the consumer electronics market by adopting strategies such as forming strategic alliances, leveraging AI, entering partnerships, pursuing mergers and acquisitions, expanding into new regions, and introducing innovative products and services.d

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 and others.

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