US Electric Truck Market: Comprehensive Analysis and Forecast 2024 to 2030

Business Feb 12, 2025 11 Add to Reading List

US Electric Truck Market Overview and Insights:

US Electric Truck Market research is an ongoing process. Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size & Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.

What is the Future Market Size of the US Electric Truck Industry and its Yearly Growth Rate?

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.

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Who are the Main Competitors Driving the US Electric Truck Market Forward?

The prominent players essentially operating in the US Electric Truck Market are as follows:

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
Others

What are the key Drivers Defining the US Electric Truck Market Size?

Supportive Administrative Frameworks to Stimulate Market Growth – In the US, the government significantly focuses on reducing emissions of pollutants like nitrogen oxides and particulate matter. For this, the government is supporting the transition to electric vehicles, as they consider it a key strategy to reduce carbon footprints. In line with this, the administration has introduced various initiatives to increase electric truck adoption. For instance:

In 2024, the government passed the Inflation Reduction Act, which provides USD 1 billion in support for increasing adoption of electric trucks.

The presence of these supportive government initiatives has enhanced the adoption of electric trucks by logistics companies. Furthermore, it is targeted by the US administration to touch 100% zero-emission truck sales by 2035, and a near-zero-emission transportation sector by 2050. In line with these ambitions, the government would continue to incentivize the rates of electric trucks. Hence, this support would continue to catalyze the market size during the forecast period.

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What is the Segmentation of the US Electric Truck Market?

The US Electric Truck market covered in this report is segmented –

By Vehicle Type
- Light-Duty Truck–Market Size & Forecast 2019–2030F, Thousand Units
- Medium & Heavy Duty Truck–Market Size & Forecast 2019-2030F, Thousand Units

Medium & Heavy Duty Trucks have showcased a high-growth prospectus. In the US, establishments across verticals have enhanced their focus on sustainability, owing to which they are trying to electrify their supply chain.

By Propulsion
- Battery Electric Truck -Market Size & Forecast 2019-2030F, Thousand Units
- Hybrid Electric Truck-Market Size & Forecast 2019-2030F, Thousand Units
- Fuel Cell Electric Truck-Market Size & Forecast 2019-2030F, Thousand Units
By Range
- Up to 150 Miles- Market Size & Forecast 2019-2030F, Thousand Units
- 151-250 Miles- Market Size & Forecast 2019-2030F, Thousand Units
- 251-500 Miles- Market Size & Forecast 2019-2030F, Thousand Units
- >500 Miles- Market Size & Forecast 2019-2030F, Thousand Units
By Battery Type
- Lithium-Ion Batteries - Market Size & Forecast 2019-2030F, Thousand Units
- Lithium-Iron-Phosphate- Market Size & Forecast 2019-2030F, Thousand Units
- Others- Market Size & Forecast 2019-2030F, Thousand Units
By Battery Capacity
- <100 kWh- Market Size & Forecast 2019-2030F, Thousand Units
- 100- 200 kWh Market Size & Forecast 2019-2030, Thousand Units
- Above 200 kWh- Market Size & Forecast 2019-2030F, Thousand Units
By Application
- Logistics - Market Size & Forecast 2019-2030F, Thousand Units
- Construction- Market Size & Forecast 2019-2030F, Thousand Units
- Others - Market Size & Forecast 2019-2030F, Thousand Units
By Region
- North East
- Mid-West
- West
- South

Key Questions Answered in the Research Report

What is the predicted US Electric Truck market size and growth rate for the years 2024-30?
What challenges are restricting the growth of the US Electric Truck market?
Which segment accounted for the largest market share in the US Electric Truck market?
Which prominent companies are leading growth in the US Electric Truck market?
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How long does it take for customers to receive the reports provided by Markntel Advisors?
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