According to MarkNtel Advisors’ research report “US Electric Truck Market Analysis, 2021," the market is likely to grow at a CAGR of 60% during 2021-26 due to the various government regulations to reduce nitrogen oxide & carbon dioxide emissions. It will promote zero-emission freight vehicles and increase electrification to help the road freight transport sector. Moreover, rising advancements in electric-vehicle technology, burgeoning development & testing of the battery-electric model by truck manufacturers, and snowballing investments in hydrogen fuel cell technology are factors propelling the growth of the electric truck market.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Region Covered||California, New York, Washington, Florida, Texas, & Others|
|Key Companies Profiled||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|
|Unit Denominations||USD Million/Billion|
Impact of COVID-19
In 2020, the COVID-19 pandemic affected the Electric Truck Market due to numerous safety measures taken by the government, which resulted in lockdown imposition across the country. Besides, layoffs and furloughing of key staff, and lack of cash flow also have an extensive impact on the ongoing research and development in the electric truck. However, in the post-Covid-19 era, the boom in developing electric trucks is likely to happen due to surging advancements in electric trucks and favorable zero-emission vehicle regulations by the government.
Heavy-Duty Trucks Attain Highest CAGR
Based on the Vehicle Type, Heavy-duty trucks are likely to attain the highest CAGR in the US Electric Truck market during the forecast year due to various regulations by the government for a heavy-duty truck to achieve 100% zero-emission heavy-duty truck sales by 2050. Hence, this is increasing the inclination of manufacturers to deploy heavy-duty electric trucks in their operations, thereby strongly contributing to the market growth in the future, reveals MarkNtel Advisors in their research report, "US Electric Truck Market Analysis, 2021."
Battery Electric Vehicle Acquired Significant Market Share
Based on Propulsion, Battery Electric Vehicle acquired a significant market share in the US Electric Truck Market. The demand for battery electric vehicles in light & medium trucks is surging at a robust rate due to the increasing production of battery-electric trucks by the manufacturer and extensive improvements in battery technology. Moreover, rising demand for battery-electric trucks and burgeoning collaboration among the battery manufacturers and truck producers to elevate the energy density of batteries are further likely to bolster the demand for battery-electric trucks in the forecast period.
Surging Demand for Electric Trucks in Logistics Operations
The rapid growth in the e-commerce industry has escalated the demand for deploying electric trucks in the logistics firms due to snowballing need for faster deliveries, thereby inclining the focus of several logistics companies toward sustainable technology. E-commerce companies like Amazon and Walmart to achieve their corporate sustainability targets and are planning to roll out electric light trucks for deliveries. Thus, this is further likely to promulgate the electric truck market growth in the country over the forecast period.