US Electric Truck Market Size 2024-2030: Volvo Trucks, Stellantis, Nikola Motor Co., Tesla Inc. , Ford Motor Co.

According to MarkNtel Advisors study 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.

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Key Findings of the Study: US Electric Truck market

The US Electric Truck Market Driver:    

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.

The US Electric Truck Market Challenge:

Extended Charging Hours Slowing Down the Market’s Growth Pace – Although electric trucks have low maintenance costs and better performance, certain fleet operators and logistics companies are showcasing their redundancy to integrate these trucks into their fleets. This hesitancy among fleet managers is mainly due to the extended charging hours of electric freight carriers which increases the overall duration of trips. As per the American Trucking Association, contemporary long-haul battery electric trucks range about 150-330 miles and take 10 hours to charge fully. The extended charging hours are not suitable for many essential commodities in transit. Also, the longer duration of trips enhances the cost of trips, hampering the overall margin of logistics companies. Owing to this, many establishments in the logistics sector are not electrifying their fleet, which is hampering the US Electric Truck Market’s potentiality.

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Scope of the Report and US Electric Truck Market Segmentation:

By Vehicle Type

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

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

Battery Electric Vehicle accounted for the potential share in the US Electric Truck Market over the past few years.

US Electric Truck Market Development:

• 2024: Volvo’s subsidiary Volvo Trucks North America (VTNA) and Volvo Financial Services (VFS) partnered for a collaborative initiative for the Truck-as-a-Service (TaaS) business model. This collaboration is called “Volvo on Demand” and it was developed to simplify the acquisition and reduce the major upfront investment in battery-electric vehicles.
• 2023: Stellantis unveiled an electric pick-up truck 2025 Ram 1500 Ramcharger, with a range of 690 miles.

Geographical Analysis:

By Region

• North East
• Mid-West
• West
• South

Note: If you require specific information not covered in the current report, we can provide it through customized option

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