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The growth of the US Electric Truck market is driven by the factors such as a boost in the number of truck companies piloting electric trucks in their operations, a rising government initiative to mandate the sales of zero-emission light, medium-duty commercial vehicles and heavy-duty straight trucks and burgeoning availability in various propulsion options. The US Electric Truck Market is anticipated to attain a CAGR of around 60% during 2021-26 on account of snowballing investment by the companies for the production of electric trucks, soaring spending in the fuel cell technology especially for haul heavy loads trucks that travel longer distances and growing collaboration among the automobile manufacturer to develop and commercialize fuel cell systems for heavy-duty trucks.
Key questions answered in the study:
According to MarkNtel Advisors’ research report “US Electric Truck Market Analysis, 2021”, the market is anticipated to grow at a CAGR of around 60% during 2021-26. Based on Range, 0–150 miles acquired the majority market share in the US Electric Truck market in 2019. The growth of the segment is attributed to increasing electrification of light-duty trucks, upsurge in the demand for pick-up trucks for commercial purposes due to rapid expansion in the logistics industry in the e-commerce sector and burgeoning investment by the companies in the electric truck with a range of 150 miles.
“US Electric Truck Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Electric Truck providers across the region. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
California Acquired the Significant Market Share
Based on region, California holds the largest share and is expected to attain the highest CAGR in the US Electric Truck market during 2021-26. The boost in government incentives and formulation of various new regulation played a vital role in the astronomical growth of electric truck in the region. According to Advanced Clean Trucks (ACT) rule by California’s Air Resources Board (CARB), mandated the selling of zero-emissions trucks by commercial truck manufacturers. Moreover, California signed an agreement toward advancement in the electric truck market and also have an ambitious plan to achieve 100% zero-emission medium and heavy-duty truck sales by 2050. Thus, this is projected to proliferate the growth of the Electric Truck market in the forecast period as stated in MarkNtel Advisors’ research report “US Electric Truck Market Analysis, 2021”.
According to MarkNtel Advisors’, the key players with a considerable market share in the US Electric Truck market are Chanje Energy Inc., Orange EV, Mitsubishi Fuso Truck & Bus Corp., Nikola Motor Co., Tesla Inc., Ford Motor Co., General Motors Co., Workhorse Group Inc., BYD Co. Ltd., Fiat Chrysler Automobiles N.V. etc.
Market Segmentation:
1. By Vehicle Type (Light-Duty Truck, Medium-Duty Truck, Heavy-Duty Truck)
2. By Propulsion (Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-In Hybrid Electric Vehicle, Fuel Cell Electric Vehicle)
3. By Range (0–150 Miles, 151–250 Miles, 251–500 Miles, >500 Miles)
4. By Battery Capacity (<100 kWh, 100–200 kWh, 201–300 kWh, >300 kWh)
5. By Application (Logistic, Municipal)
6. By Region (California, New York, Washington, Florida, Texas, Others)
7. By Competitors (Chanje Energy Inc., Orange EV, Mitsubishi Fuso Truck & Bus Corp., Nikola Motor Co., Tesla Inc., Ford Motor Co., General Motors Co., Workhorse Group Inc., BYD Co. Ltd., Fiat Chrysler Automobiles N.V.)