U.S. Electric Truck Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024 - 2030)

Market Overview

In 2023, the U.S. electric truck industry generated revenue of USD 730.6 million, which is projected to experience a CAGR of 54.3% over the projection period, to attain USD 15,143.4 million by 2030. This can be credited to the growing count of government initiatives to encourage e-mobility and severe emission rules placed on fossil-fuel-powered commercial vehicles.

A key trend in the U.S. electric truck industry is the growing usage of telematics facilities in these cars. Because of the growing competition in the industry, fleet operatives are in find of means to decrease the vehicles' operational expenses and surge the working efficacy of their fleet. Most of the fleet operatives use more than 90 performance indicators to track their vehicles, drivers, and freight and enhance their processes.

They are attaining additional info from the market 4.0 concept, also called the Fourth Industrial Revolution, which accompanies the present trend of automation and data exchange in industrial technologies. Furthermore, new telematics solutions are allowing this connectivity within the production landscape and transportation chain.

The functions that the telemetrics in the entire vehicle facilitate are preventive maintenance, repair, and theft tracking as well as integrated entertainment services; services that focus on drivers and drivers' safety, and fleet management and supply chain integration.

Key Insights

In 2023, the light-duty trucks category had the largest industry share, approximately 50%.

This can be credited to the high need for pickup trucks, propelled by several sectors.

Pickup trucks provide substantial opportunities for launching new electric variants.

Electric variants aid fleet owners in decreasing overall working costs, contributing to the acceptance of light-duty trucks.

By the end of the decade, battery electric vehicles are projected to grip the largest industry share, with an estimated CAGR of 54.7% over the projection period.

This development is mainly because of improvements in battery tech and government backing via monetary incentives for vehicle growth and purchase.

Suitable government schemes and programs precisely for battery electric trucks boost their adoption and support freight transport.

Constant research on battery tech by providers and partnerships with electric truck makers targets to advance energy density, surge battery life, and decrease battery cost, further propelling industry development in the BEV category.

The 0-150 miles driving range category has dominated the electric truck market from 2017 to 2023 and is projected to continue its dominance until 2030.

This dominance is the combined effect of the fact that class I and class II trucks which most often have a driving range of 0-150 miles, are the most popular.

Problems, such as the heavy weight of a battery, long charging time, and low level of battery energy density prevent the use of electric trucks with extended range.

On the other hand, the U.S. has quite a tough market for long-range electric trucks because people prefer the amount of mileage.

California is projected to dominate the U.S. electric truck industry with a share of approximately 35% and a CAGR of 54.7% over the projection period.

The state's dominance is due to strong government support through policy formulation and incentive plans that encourage EV adoption.