United States Electric Truck Market Size, Industry Share, Trends 2024

United States Electric Truck Market Overview

Base Year: 2023

Historical Years: 2018-2023

Forecast Years: 2024-2032

Market Growth Rate: 48.80% (2024-2032)

The United States electric truck market is being driven by a growing awareness of environmental issues and the need to reduce greenhouse gas emissions. According to the latest report by IMARC Group, the e (CAGR) of 48.80% during 2024-2032.

In 2024, the Biden administration introduced stricter emissions standards for heavy-duty vehicles, further incentivizing the adoption of electric trucks. These regulations, coupled with increasing pressure from environmental groups and the public, are pushing fleet operators to transition to cleaner transportation solutions. Moreover, several states have implemented their own regulations and incentives to promote the adoption of electric trucks, creating a favorable environment for market growth. Technological advancements in battery technology, charging infrastructure, and vehicle design are playing a crucial role in shaping the United States electric truck market in 2024. Battery technology is constantly improving, leading to increased energy density, longer range, and faster charging times. This, combined with the declining cost of batteries, is making electric trucks more appealing to fleet operators. Additionally, the expanding charging infrastructure across the country is addressing range anxiety concerns and making it easier for fleet operators to adopt electric trucks.

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United States Electric Truck Market Trends and Drivers:

The demand for electric trucks is growing across various industries in the United States. In 2024, the logistics and transportation sector, particularly e-commerce and last-mile delivery companies, emerged as a major driver of electric truck adoption. These companies are increasingly looking to reduce their carbon footprint and improve their brand image by incorporating electric trucks into their fleets. Additionally, the construction and mining industries are also showing growing interest in electric trucks due to their lower operating costs and reduced emissions. The electric truck market in the United States is experiencing significant growth in 2024, driven by a confluence of factors. Technological advancements in battery technology are leading to longer ranges and faster charging times, making electric trucks more viable for long-haul transportation. Furthermore, the declining cost of batteries is making electric trucks more cost-competitive with diesel trucks, particularly when considering total cost of ownership. Additionally, supportive government policies, including tax incentives and infrastructure investments, are encouraging fleet operators to adopt electric trucks.

 United States Electric Truck Industry Segmentation:

The report has segmented the market into the following categories:

Breakup by Vehicle Type:

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

Breakup by Propulsion:

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

Breakup by Range:

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

Breakup by Application:

• Logistics
• Municipal
• Construction
• Mining
• Others

Breakup by Region:

• Northeast
• Midwest
• South
• West

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

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Key highlights of the Report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• COVID-19 Impact on the Market
• Porter’s Five Forces Analysis
• Strategic Recommendations
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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