United States Electric Truck Market

United States Electric Truck Market Size:

The United States electric truck market size is projected to exhibit a growth rate (CAGR) of 48.80% during ​2024-2032​. The increasing shift toward sustainable and electrified transportation, rising government incentives and regulations, the growing emphasis on corporate social responsibility, augmenting demand for reduced maintenance costs in fleet operations, and rapid advancements in battery technology are some of the factors propelling the market growth.

United States Electric Truck Market Analysis:

• Major Market Drivers: The United States electric truck market is experiencing robust growth owing to the increasing need for sustainable vehicles in the logistics sector.
• Key Market Trends: Some of the major drivers include the increasing purchase of electric vehicles (EVs) and heightened construction of charging infrastructure throughout the region.
• Competitive Landscape: Some of the well-known market players in the United States electric truck industry include AB Volvo, BYD Motors Inc. (BYD Co. Ltd.), Navistar Inc. (Traton SE), Nikola Corporation, and Tesla Inc., among many others.
• Challenges and Opportunities: Certain challenges include the higher prices of batteries and several complications associated with the maintenance of electric trucks. Nonetheless, United States electric truck market recent opportunities like the increasing installation of charging stations and the heightened focus on environmental sustainability among the masses are projected to overcome these challenges.

United States Electric Truck Market Trends:

Growing Adoption of Electric Trucks

The market outlook is promising, with expanding infrastructure, technological advancements, and supportive policies. Environmental awareness, technological United States electric truck market recent developments, and regulatory pressures are all contributing to the impressive rise in the use of electric trucks in the United States. Businesses are using electric trucks as part of their sustainability initiatives as worries about climate change are growing. Given the implementation of stricter emissions laws and the increasing focus on corporate social responsibility (CSR), electric trucks present a convincing way to decrease carbon emissions and lessen their environmental effect. Government regulations and incentives encourage the switch to electric vehicles (EVs), offering financial rewards and legal protection to businesses that make investments in more environment friendly modes of transportation. Particularly fleet managers and logistics firms are seeing the long-term benefits of electric vehicles, which include less maintenance expenses, lower running costs, and improved brand reputation. According to the International Energy Agency (IEA), new electric car registrations counted 1.4 million in the US in 2023, which is a more than 40% increase compared to 2022.

Expansion of Charging Infrastructure

At present, infrastructure for charging electric trucks is expanding in the US to meet the growing need for these vehicles. Moreover, for solving the range limitations of EVs and eliminating issues associated with charging accessibility, infrastructure expansion is crucial, thereby propelling the United States electric truck market growth. Companies are investing lump sums to build charging infrastructures at various key regions within the US that are frequently visited by various commercial vehicles, along with important and busy transportation routes. In addition, the development of charging stations makes it effortless to incorporate EVs into the existing logistical networks, facilitating smoother operations and heightened fleet productivity. Moreover, this infrastructure investment improves economic growth by generating jobs and fostering innovation. As per the U.S. Department of Energy, in Q3 of 2023, there was an increment of 7.7% in the number of EV charging ports in the Station Locator.

Innovation in Vehicle Technology

The United States electric truck market statistics reveal a trend of sustainability, which is facilitating advancements in vehicle technology. Rapid advancements in the production and creation of electric truck in the US is primarily caused by innovations in vehicle technology that aim to improve the performance and user experience of electric trucks. Automobile companies are investing heavy amounts on research operations to uplift the battery technology, extending vehicle range and shortening charging requirements. Moreover, electric trucks are undergoing major changes due to advancements like solid-state batteries and spontaneous charging capabilities, which solves major problems like range anxiety and limited charging infrastructure. For example, Daimler Truck launched Rizon in 2023, which is a medium duty truck brand for the U.S.

The United States electric truck market revenue is projected to experience significant growth in the coming years, driven by increasing demand for sustainable transportation solutions and investments in electrification initiatives.

United States Electric Truck Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country and regional levels for ​2024-2032​. Our report has categorized the market based on vehicle type, propulsion, range, and application.

Breakup by Vehicle Type:

• Light-duty Truck
• Medium-duty Truck
• Heavy-duty Truck
   

The report has provided a detailed breakup and analysis of the market based on the vehicle type. This includes light-duty truck, medium-duty truck, and heavy-duty truck.

Light-duty trucks are made for relatively light-duty applications like light business use, personal mobility, and the occasional minor cargo towing or hauling. Moreover, they are less capable of pulling and carrying payloads than heavy-duty vehicles. Customers like light-duty trucks because they are versatile and provide a good mix of utility, comfort, and fuel efficiency. They are frequently employed in light-duty applications, such as landscaping, small-scale building projects, family transportation, daily commuting, and other situations where it is necessary to combine passenger comfort and load carrying capability, thereby driving the United States electric truck demand.

Medium-duty trucks, provide a combination of adaptability and capabilities. These trucks are made for jobs where less towing power and a higher payload are needed. Mid-duty trucks are better suited for a variety of tasks than light-duty trucks because they have a more robust chassis and potent engines. These tasks include local deliveries, urban transportation, small-scale construction, and landscaping.

Heavy-duty trucks are sturdy automobiles built to tackle the most difficult towing and transporting jobs. Strong engines, a reinforced chassis, and a large payload capacity define these vehicles. In the logistics sector, heavy-duty trucks are essential for efficiently and dependably carrying items over long distances. They are generally utilized for long-haul transportation of goods. They are also used for transporting bulky equipment and supplies in the mining, construction, and agricultural sectors.

Breakup by Propulsion:

• Battery Electric Truck
• Hybrid Electric Truck
• Plug-in Hybrid Electric Truck
• Fuel Cell Electric Truck
   

A detailed breakup and analysis of the market based on the propulsion have also been provided in the report. This includes battery electric truck, hybrid electric truck, plug-in hybrid electric truck, and fuel cell electric truck.

Battery electric trucks are referred to as trucks powered by a wide range of batteries, generating zero tailpipe emissions. These are highly beneficial for preventing air pollution caused by vehicular exhausts. They are charged by plugging into electric charging stations and also offer an ecofriendly alternative to traditional trucks that run on fossil fuels. Moreover, the United States electric truck market overview highlights the heightened demand for battery electric trucks in the region owing to the rising environmental awareness among the masses.

Hybrid electric trucks utilize both an internal combustion engine and an electric motor for propulsion. They improve fuel efficiency by switching between power sources based on driving conditions, making them suitable for stop-and-go city driving and reducing emissions compared to traditional diesel trucks.

Plug-in hybrid electric trucks combine a conventional internal combustion engine with an electric motor and a larger battery pack that can be charged via an external power source. They offer an extended electric-only driving range, making them ideal for short to medium-range deliveries while providing the flexibility of using gasoline for longer trips.

Fuel cell electric trucks use hydrogen fuel cells to generate electricity, which powers an electric motor. They produce zero emissions and offer long-range capabilities, with quick refueling times compared to battery electric trucks. According to the United States electric truck market share, fuel cell trucks are gaining traction in heavy-duty transportation and long-haul applications.

Breakup by Range:

• 0-150 Miles
• 151-300 Miles
• Above 300 Miles
   

The report has provided a detailed breakup and analysis of the market based on the range. This includes 0-150 miles, 151-300 miles, and above 300 miles.

Short-range or urban-use vehicles often include trucks with a range of 0-150 miles. These vehicles are mostly intended for short-distance transportation jobs, including numerous stops and starts, city logistics, and local deliveries. Due to their restricted range, last-mile delivery services, municipal fleets, and courier services are among the industries that benefit most from them.

Trucks with a range of 150–300 miles are generally regarded as being appropriate for medium-distance haulage, intercity transit, and local delivery. Compared to short-range vehicles, these trucks provide more flexibility and coverage, which makes them appropriate for companies that operate in larger geographic areas. Distributors, commercial fleets, and logistics firms frequently employ them to move goods between cities or areas.

Long-range trucks are defined as those with a range of more than 300 miles. They are ideal for long-haul freight, interstate transportation, and extended-duration operations. These trucks are ideal for applications where efficiency, dependability, and range are critical, like long-distance logistics, cross-country freight, and intercontinental shipping.

Breakup by Application:

• Logistics
• Municipal
• Construction
• Mining
• Others
   

A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes logistics, municipal, construction, mining, and others.

Electric trucks are revolutionizing the logistics industry by offering emission-free transportation solutions for urban deliveries and last-mile distribution. They reduce operating costs and carbon footprints, making them ideal for fleet operators and logistics companies aiming to achieve sustainability goals while improving the efficiency and reliability of goods delivery.

Municipalities are increasingly incorporating electric trucks into their fleets for tasks, such as waste collection, street cleaning, and maintenance operations. These vehicles help reduce air and noise pollution in urban areas, contributing to cleaner and healthier communities while aligning with local sustainability initiatives and environmental regulations.

Electric trucks are finding applications in the construction industry for transporting materials, equipment, and personnel on job sites. Their quiet operation, low emissions, and efficient performance make them well-suited for urban construction projects where noise and pollution reduction are priorities while also offering cost savings and operational flexibility for contractors.

Electric trucks are emerging as viable alternatives for haulage operations in the mining industry, offering reduced emissions, lower operating costs, and improved safety compared to traditional diesel vehicles. They provide efficient transportation of materials within mines, contributing to a cleaner and more sustainable mining environment while meeting stringent regulatory requirements.

Breakup by Region:

• Northeast
• Midwest
• South
• West
   

The report has also provided a comprehensive analysis of all the major markets in the United States, which include Northeast, Midwest, South, and West.

The northeast region comprises several states like Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, Vermont, New Jersey, New York, and Pennsylvania. In the northeast region of the United States, stringent emissions regulations, government incentives, and a strong emphasis on environmental sustainability are supporting the United States electric truck market outlook, encouraging fleet operators and logistics companies to invest in cleaner transportation solutions to meet regulatory requirements and reduce carbon footprints.

Some of the states in the midwest region are Illinois, Indiana, Iowa, Kansas, Michigan, and Minnesota, among others. In these states government incentives are encouraging companies to invest in electric trucks as sustainable modes of transportation.

The southern region of the United States comprises Alabama, Arkansas, Delaware, Georgia, Kentucky, Louisiana, Maryland, and Mississippi, along with several other states. The growing awareness about the harmful impacts of vehicular exhausts is driving the adoption of electric trucks in this region.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major united states electric truck companies have been provided. Some of the major market players in the United States electric truck industry include AB Volvo, BYD Motors Inc. (BYD Co. Ltd.), Navistar Inc. (Traton SE), Nikola Corporation, and Tesla Inc., among many others.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• Key market players are investing in manufacturing electric trucks tailored to various industry needs, including urban delivery, long-haul transportation, and specialty applications, such as refuse collection and construction. These electric trucks feature advanced battery technology, efficient drivetrains, and innovative features to enhance performance, range, and reliability. Top companies are collaborating with other companies to expand their electric vehicle charging infrastructure across the country. This includes establishing charging networks along major transportation routes, in urban centers, and at distribution hubs to support the widespread adoption of electric trucks. Leading companies are focusing on developing innovative electric trucks. For example, renowned automobile manufacturer Tesla developed the Cybertruck, which is an all-electric pickup truck. 

United States Electric Truck Market News:

• November 2023: AB Volvo unveiled the updated medium-duty electric trucks, which are designed for urban developments, enabling safe and zero emission city transport and logistics. 
• April 2024: Nikola Corporation produced 43 and wholesale 40 class 8 Nikola hydrogen fuel cell electric trucks for U.S. customers.

United States Electric Truck Market Report Coverage:

Key Questions Answered in This Report:

• How has the United States electric truck market performed so far, and how will it perform in the coming years?
• What has been the impact of COVID-19 on the United States electric truck market?
• What is the breakup of the United States electric truck market on the basis of vehicle type?
• What is the breakup of the United States electric truck market on the basis of propulsion?
• What is the breakup of the United States electric truck market on the basis of range?
• What is the breakup of the United States electric truck market on the basis of application?
• What are the various stages in the value chain of the United States electric truck market?
• What are the key driving factors and challenges in the United States electric truck market?
• What is the structure of the United States electric truck market, and who are the key players?
• What is the degree of competition in the United States electric truck market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the United States electric truck market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the United States electric truck market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the United States electric truck industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.