US Electric Truck Market Analysis 2024–2030: Size, Share & Future Outlook

Market Size, Growth & Valuation (2024-30)

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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US Electric Truck Market Structure – Segmentation & Geography

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

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

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 Growth Trends (2024-2030)

Introduction of Medium-Duty Electric Truck Models by Market Players – In the US, the demand for medium-duty trucks is growing to a large extent due to surging demand from urban delivery services and municipal services. Along with this, the technology used in medium-duty electric trucks is more mature, compared to heavy-duty electric. Owing to this, end users planning to electrify their vehicle fleet are more likely to electrify their medium-duty vehicle fleet. In line with this, emerging market trend many vehicle manufacturers are launching these types of electric trucks in the US. For instance:

In 2023, Daimler Truck announced the launch of a new line of medium electric trucks in the US market under the brand name RIZON.

Furthermore, the e-commerce ecosystem is rapidly growing in the US due to surging consumer inclination. This growth in e-commerce would increase demand for delivery vehicles, and as delivery companies are moving towards sustainability, the affinity towards medium-duty electric trucks would surge.

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Research Methodology

MarkNtel Advisors employs a thorough and iterative research methodology to enhance accuracy in market estimates. Our process combines bottom-up and top-down approaches, focusing on data triangulation for validation. It includes defining research objectives, selecting representative samples, and collecting data through surveys and interviews. Post-collection, we analyze and validate the data using statistical tools, ensuring reliability. Finally, we forecast market trends through predictive modeling, compiling our insights into detailed reports with charts and strategic recommendations for informed decision-making.

Competitive Analysis Framework

The US Electric Truck industry is moderately fragmented, with key players focusing on technological advancements and strategic partnerships. A detailed competitive analysis helps businesses benchmark against industry leaders and identify growth opportunities.

Leading US Electric Truck Companies are:

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

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Key Questions Answered in This Report:

What is the current market size of US Electric Truck, and what growth rate is projected by 2030?
Which key trends are driving US Electric Truck market expansion in the next five years?
How does market segmentation impact industry dynamics?
Which geographic regions offer the highest growth potential?
What are the primary challenges hindering US Electric Truck industry growth?
How do regulatory policies influence market development?
What are the latest technological advancements impacting the sector?
Who are the leading US Electric Truck companies, and what are their market shares?
What strategies are top competitors adopting to maintain dominance?
What are the emerging niche segments with high growth potential?
How do macroeconomic factors affect market performance?
What are the investment opportunities for new entrants?
How does pricing strategy vary across different market segments?
What are the future innovation trends expected in this industry?

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