Inquire Before Buying - US Electric Truck Market Size, Share, Revenue, & Growth Forecast to 2030

US Electric Truck Market Research Report: Forecast (2024-2030)

US Electric Truck Market - By Vehicle Type (Light-Duty Truck, Medium & Heavy Duty Truck), By Propulsion (Battery Electric Truck, Hybrid Electric Truck, Fuel Cell Electric Truck), B......y 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 Read more

Automotive
Jul 2024
Pages 103
Report Format: PDF, Excel, PPT

Market Insights & Analysis: The US Electric Truck Market (2024-30):

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.

Report Coverage	Details
Study Period	Historical Data: 2019-22
	Base Year: 2023
	Forecast Period: 2024-30
CAGR (2024-2030)	36.16%
Region Covered	Northeast, Mid-West, West, South
Key Companies Profiled	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
Market Value (2023)	USD 711.42 Million
Market Value (2030)	USD 13.92 Billion

Moreover, many companies operating in sectors, like FMCG, e-commerce, and heavy industries have set ambitious goals to reduce their carbon footprints. Owing to this, many companies are focusing on the electrification of their logistic ecosystem. As a result, they are outsourcing their logistics duties to third-party transporters with electric truck fleets. For instance:

In 2024, Frito-Lay North America, Inc. a division of PepsiCo, announced third-party shipment on an electric truck with Schneider National Inc., a logistics services provider. In accordance with the partnership, Schneider National proclaimed the utilization of almost 100 new medium and heavy-duty trucks for Frito-Lay’s logistics transfer service.

Hence, the sustainability goals of various establishments are driving them to adopt cleaner technologies, which is increasing the integration of electric trucks into their commercial vehicle fleet. Furthermore, as e-commerce is rapidly expanding, the network of last-mile delivery services is also growing. These last-mile delivery operating in the nation, are now focusing on more sustainable last-mile logistics solutions. As a result, these companies are also adopting electric trucking solutions. For instance:

In 2023, Bolloré Logistics and Sarcona announced the commissioning of electric trucks into their fleet, to deliver between New Jersey and New York.

Along with this, the government is increasing its efforts to optimize the domestic supply chain through initiatives like Freight Logistics Optimization Works (FLOW). This initiative is a public-private partnership between government and logistics enterprises to improve supply chain conditions. Following this government initiative, the supply chain sector would expand, and this expansion would enhance the demand for new trucking fleets. This growth in demand for trucking fleets, coupled with government initiatives and establishments' CSR policies would continue to increase the demand for electric trucks during the forecast period.

Market Segmentation
Introduction
1. Product Definition
2. Research Process
3. Assumptions
Executive Summary
The US Electric Truck Market Supply Chain Analysis
The US Electric Truck Market Trends & Developments
The US Electric Truck Market Dynamics
1. Drivers
2. Challenges
The US Electric Truck Market Hotspot & Opportunities
The US Electric Truck Market Regulations & Policy
The US Electric Truck Market Outlook, 2019-2030F
1. Market Size & Analysis
  1. By Revenues (USD Million)
  2. By Units Sold (Thousand)
2. Market Size & Analysis
  1. By Vehicle Type
    1. Light-Duty Truck–Market Size & Forecast 2019–2030F, Thousand Units
    2. Medium & Heavy Duty Truck–Market Size & Forecast 2019-2030F, Thousand Units
  2. By Propulsion
    1. Battery Electric Truck -Market Size & Forecast 2019-2030F, Thousand Units
    2. Hybrid Electric Truck-Market Size & Forecast 2019-2030F, Thousand Units
    3. Fuel Cell Electric Truck-Market Size & Forecast 2019-2030F, Thousand Units
  3. By Range
    1. Up to 150 Miles- Market Size & Forecast 2019-2030F, Thousand Units
    2. 151-250 Miles- Market Size & Forecast 2019-2030F, Thousand Units
    3. 251-500 Miles- Market Size & Forecast 2019-2030F, Thousand Units
    4. >500 Miles- Market Size & Forecast 2019-2030F, Thousand Units
  4. By Battery Type
    1. Lithium-Ion Batteries - Market Size & Forecast 2019-2030F, Thousand Units
    2. Lithium-Iron-Phosphate- Market Size & Forecast 2019-2030F, Thousand Units
    3. Others- Market Size & Forecast 2019-2030F, Thousand Units
  5. By Battery Capacity
    1. <100 kWh- Market Size & Forecast 2019-2030F, Thousand Units
    2. 100- 200 kWh Market Size & Forecast 2019-2030, Thousand Units
    3. Above 200 kWh- Market Size & Forecast 2019-2030F, Thousand Units
  6. By Application
    1. Logistics - Market Size & Forecast 2019-2030F, Thousand Units
    2. Construction- Market Size & Forecast 2019-2030F, Thousand Units
    3. Others - Market Size & Forecast 2019-2030F, Thousand Units
  7. By Region
    1. North East
    2. Mid-West
    3. West
    4. South
  8. By Competition
    1. Competition Characteristics
    2. Market Share Analysis
The US Light-Duty Electric Truck Market Outlook, 2019-2030F
1. Market Size & Analysis
  1. By Revenues (USD Million)
  2. By Units Sold (Thousand)
2. Market Share & Analysis
  1. By Propulsion- Market Size & Forecast 2019-2030F, Thousand Units
  2. By Range- Market Size & Forecast 2019-2030F, Thousand Units
  3. By Battery Type- Market Size & Forecast 2019-2030F, Thousand Units
  4. By Battery Capacity- Market Size & Forecast 2019-2030F, Thousand Units
  5. By Application- Market Size & Forecast 2019-2030F, Thousand Units
The US Medium & Heavy Duty Electric Truck Market Outlook, 2019-2030F
1. Market Size & Analysis
  1. By Revenues (USD Million)
  2. By Units Sold (Thousand)
2. Market Share & Analysis
  1. By Propulsion- Market Size & Forecast 2019-2030F, Thousand Units
  2. By Range- Market Size & Forecast 2019-2030F, Thousand Units
  3. By Battery Type- Market Size & Forecast 2019-2030F, Thousand Units
  4. By Battery Capacity- Market Size & Forecast 2019-2030F, Thousand Units
  5. By Application- Market Size & Forecast 2019-2030F, Thousand Units
The US Electric Truck Market Key Strategic Imperatives for Growth & Success
Competition Outlook
1. Company Profiles
  1. Volvo Trucks
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  2. Stellantis
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  3. Nikola Motor Co.
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  4. Tesla Inc.
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  5. Ford Motor Co.
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  6. General Motors Co.
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  7. Workhorse Group Inc.
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  8. BYD Co. Ltd.
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  9. Nu Ride Inc.
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  10. Daimler Truck AG
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  11. Rivian
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  12. Others
Disclaimer

MarkNtel Advisors follows a robust and iterative research methodology designed to ensure maximum accuracy and minimize deviation in market estimates and forecasts. Our approach combines both bottom-up and top-down techniques to effectively segment and quantify various aspects of the market. A consistent feature across all our research reports is data triangulation, which examines the market from three distinct perspectives to validate findings. Key components of our research process include:

1. Scope & Research Design At the outset, MarkNtel Advisors define the research objectives and formulate pertinent questions. This phase involves determining the type of research—qualitative or quantitative—and designing a methodology that outlines data collection methods, target demographics, and analytical tools. They also establish timelines and budgets to ensure the research aligns with client goals.

2. Sample Selection and Data Collection In this stage, the firm identifies the target audience and determines the appropriate sample size to ensure representativeness. They employ various sampling methods, such as random or stratified sampling, based on the research objectives. Data collection is carried out using tools like surveys, interviews, and observations, ensuring the gathered data is reliable and relevant.

3. Data Analysis and Validation Once data is collected, MarkNtel Advisors undertake a rigorous analysis process. This includes cleaning the data to remove inconsistencies, employing statistical software for quantitative analysis, and thematic analysis for qualitative data. Validation steps are taken to ensure the accuracy and reliability of the findings, minimizing biases and errors.

4. Data Forecast and FinalizationThe final phase involves forecasting future market trends based on the analyzed data. MarkNtel Advisors utilize predictive modeling and time series analysis to anticipate market behaviors. The insights are then compiled into comprehensive reports, featuring visual aids like charts and graphs, and include strategic recommendations to inform client decision-making

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