U.S. Electric Truck Market To Generate Revenue Worth $15,084.3 Million by 2030
- Published: March 2022
The U.S. electric truck market is projected to generate $15,084.3 million revenue by 2030, advancing at a mammoth CAGR of 54.0% during 2021–2030. The low operating and maintenance cost and increasing adoption of these automobiles in logistics applications are the major factors propelling the market growth.
The U.S. electric vehicle component industry is highly dependent on Chinese imports. Therefore, the lockdown in China due to COVID-19, especially in Wuhan, slashed the inventory of batteries, motors, and other electrical and electronic components. Despite the negative impact of the pandemic, investments in EV charging infrastructure and hydrogen stations, increased in the first five months of 2020.
0–150 Miles Range Category To Hold Largest Share throughout Forecast Period
The 0–150 miles category dominated the market during 2014–2021, and it is expected to retain its dominance through to 2030. This is attributed to the high preference for class I and II trucks, which mostly have a driving range of 0–150 miles. Moreover, issues such as the high battery weight, long charging time, and low battery energy density have restricted the usage of longer-range electric trucks.
However, the major growth opportunity for electric truck manufacturers in the U.S. is the increasing demand for long-range variants. With vehicle mileage being the primary concern, electric trucks with long ranges are rising in demand among users. In order to overcome the range anxiety during occasional inter-city travel, OEMs are primarily focusing on increasing the range of their offerings, in order to boost their sales.
For instance, Atlis Motor Vehicles Inc., an Arizona-based company, is working on the range of its fully electric pickup truck, Atlis XT, which is yet to be launched. The Atlis XT is expected to be launched in three battery variants, with ranges of 480 km, 640 km, and 800 km. The batteries are expected to be fast-charging variants with the conventional lithium–nickel–manganese–cobalt oxide (Li-NMC) chemistry.
Based on battery capacity, the >300 kWh category is set to be the fastest-growing during the forecast period. This can be attributed to the fact that the major manufacturers of electric trucks in the U.S. are focusing on the development of HDTs with a higher battery capacity, to cater to the growing demand for them among logistics companies.
Partnerships Are Most-Effective Strategic Measures
Players in the industry have been involved in partnerships and other developments to remain competitive. For instance, in May 2021, Nikola Corporation announced a collaboration with Total Transportation Services Inc. (TTSI), a port trucking company, to expedite zero-emission transportation at the Port of Los Angeles/Long Beach. The collaboration includes vehicle trials and a letter of intent (LOI) for 100 Nikola Class 8 BEV and FCEV semi-trucks.
Moreover, in August 2020, Orange EV entered into a partnership with Firefly Transportation Services LLC in order to offer a new pure-electric T-Series Tandem (TST) axle yard truck, enabling zero-emission goods movement.
The major players operating in the U.S. electric truck market are Chanje Energy Inc., Orange EV, Mitsubishi Fuso Truck & Bus Corp, Nikola Motor Company, Tesla Inc, Ford Motor Company, General Motors Company, and Workhorse Group Inc.