Government support for electric trucks is quite high in the U.S., and the prices of battery packs are also witnessing a slump. Further, these vehicles are cheaper to operate and maintain than conventional diesel trucks. Because of these factors, the U.S. electric truck market is projected to grow to $30,335.3 million by 2030, from merely $211.5 million in 2019, at a 58.2% CAGR during 2020–2030 (forecast period).
U.S. Electric Truck Market Segmentation
In 2019, the battery electric vehicle (BEV) category held a significant share in the U.S. electric truck market, owing to the increasing government support, in the form of financial incentives, on their purchase and the constant drop in the cost of the battery. Further, market players are collaborating with battery developers for bringing down the battery costs further and increasing their life and energy density.
The logistics division would witness the highest CAGR in the U.S. electric truck market during the forecast period, owing to the growing retail, e-commerce, and manufacturing sectors, which is resulting in an increasing demand for logistics services throughout the country. In 2019, e-commerce sales in the U.S. were worth $601.8 billion, increasing by 14.9% from the previous year. The demand for electric trucks from the logistics sector is increasing rapidly; in September 2019, Amazon.com ordered 100,000 electric trucks from Rivian Automotive Inc., with all the deliveries being planned to be completed by 2030.
Receipt of Funding Characterizes Market Competitive Landscape
U.S. electric truck market players are successfully raising funding to expand their production capacity and develop the technology for electric trucks. For instance, in December 2019, Rivian Automotive Inc. received funding of $1.3 billion from numerous major companies, such as Amazon.com, Ford Motor Co., and T. Rowe Price. The funds will be used for the development of electric sport utility vehicles (SUV) and pickup trucks.
Browse report overview with detailed TOC on "U.S. Electric Truck Market Research Report: By Vehicle Type (Light-Duty Truck, Medium-Duty Truck, Heavy-Duty Truck), Propulsion (Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-In Hybrid Electric Vehicle, Fuel Cell Electric Vehicle), Range (0–150 Miles, 151–250 Miles, 251–500 Miles, >500 Miles), Battery Capacity (<100 kWh, 100–200 kWh, 201–300 kWh, >300 kWh), Application (Logistics, Municipal)- Industry Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/us-electric-truck-market
Similarly, Robert Bosch GmbH and Hanwha Group invested a total of $230 million in Nikola Motor Co. in September 2019, to develop the requisite infrastructure and hydrogen technology for alternative-fuel vehicles.
Workhorse Group Inc., Chanje Energy Inc., BYD Co. Ltd., Mitsubishi Fuso Truck and Bus Corp., Tesla Inc., Orange EV, Fiat Chrysler Automobiles N.V., Nikola Motor Co., Rivian Automotive Inc., Ford Motor Co., Hino Motors Ltd., BOLLINGER MOTORS LLC, Volvo AB, Daimler AG, Iveco S.p.A., Dongfeng Motor Corp., Cummins Inc., ISUZU MOTORS LIMITED, Xos Trucks Inc., Tevva Motors Ltd., Emoss BV, Toyota Motor Corp., General Motors Co., E-Force One AG, Hercules Electric Vehicles, Lordstown Motors Corp., DAF Trucks N.V., Atlis Motor Vehicles Inc., Croyance Automotive Pvt. Ltd., Avevai Pte. Ltd., Motiv Power Systems Inc., Canadian Electric Vehicles Ltd., Arrival Ltd., MAN Truck & Bus SE, Boulder Electric Vehicle, Balqon Corp., Ev Fleet Inc., Alkane Truck Co., Foton Motor Group, Stichting Hytruck, and Kaiyun Motors Co. Ltd. are the key players in the U.S. electric truck market.