Press Release Description

USA Electric Truck Market is Anticipated to Attain a CAGR of Around 60% During 2021-26

The growth of the US Electric Truck market is driven primarily by 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 & heavy-duty straight trucks, and burgeoning availability in various propulsion options.

The US Electric Truck Market is likely to attain a CAGR of around 60% during 2021-26. The growth attributes to the massive investments toward producing electric trucks, investments in fuel cell technology, especially for haul heavy-load trucks that travel longer distances, and surging collaborations among automobile manufacturers to develop & commercialize fuel cell systems.

Key questions answered in the study:

1. What are the current and future trends of the US Electric Truck market?
2. How has the industry been evolving in terms of end-user demand and application areas?
3. What are the plans and customer expectations of end-users across the region?
4. How has the competition been shaping across the countries, followed by their comparative factorial indexing?
5. What are the key growth drivers and challenges for the US Electric Truck market?
6. What are the customer orientation, purchase behavior, and expectations from the Electric Truck companies across various regions?

According to MarkNtel Advisors' research report "US Electric Truck Market Analysis 2021," the market is likely 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 the previous few years.

The market growth attributes to the increasing electrification of light-duty trucks, surging 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 companies in electric trucks 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 competitors' success and strategic factorial indexing to measure their capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.     

California Acquired the Significant Market Share

Based on the region, California is likely to attain the highest CAGR in the US Electric Truck market during 2021-26. The boost in government incentives and the formulation of various new regulations played a vital role in the astronomical growth of electric trucks 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 has an ambitious plan to achieve 100% zero-emission medium and heavy-duty truck sales by 2050. Thus, this is projected to propel the growth of the Electric Truck market in the forecast period, states MarkNtel Advisors in their 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 NV, 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 NV)