NEW YORK, March 17, 2022 /PRNewswire/ — The U.S. electric truck market revenue in 2030 is expected to be $15,084.3 million, growing at a massive 54.0% CAGR. According to the latest report published by P&S Intelligence. Seeing the lucrative opportunities, automotive OEMs operating the country in the commercial vehicle segment have begun launching newer electric truck models. For instance, the 6R Class 6 zero-emission refuse truck was launched by BYD. Co. Ltd. in the country in October 2021. Its 200kWh battery supports DC CCS1 charging at 120 kW.
Truck manufacturers in the country are majorly encouraged by the initiatives taken at the federal, state, and county levels to phase out conventional vehicles and replace them with zero-emission variants. For instance, with the relaunching of the Clean Trucks Program in June 2020, the State of New York aims to have 4,000 operational electric vehicles by 2025, compared to 2,100 in 2020. Similarly, corporate average greenhouse gas emission and fuel economy standards have been set on commercial vehicles by the federal government, to promote EVs.
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Key Findings of U.S. Electric Truck Market Report
- Light-duty variants of electric trucks are the most bought in the country because of a rich culture of pickup trucks, especially in the semi-urban and rural areas. As a result, light-duty trucks made over 90% of the commercial vehicle sales in the U.S. in 2021.
- However, the HDT category is set to witness the fastest growth in the U.S. electric truck market in the coming years, based on vehicle type. Among all modes of transportation, trucks carry the greatest volume of freight across the country, often across long distances.
- This reflects the indispensable nature of high-capacity trucks for the country’s logistics industry, which is already the largest buyer of electric trucks here.
- Thus, since these vehicles need to travel long distances at a stretch, the demand for those with a battery capacity of more than 300 kWh and range of over 500 miles will witness the fastest rise in demand in the years to come.
- In this regard, a key driver for the U.S. electric truck market is the declining cost of batteries, which is essential for making these automobiles cost-effective. Since the battery is the most-important component of any EV, especially pure-battery variants, it accounts for almost 30% of the vehicle purchase cost.
- Through continuous advancements in the cathode and increase in production, automotive lithium-ion battery prices are predicted to come down from $130 per kWh in 2010 to $100 per kWh by 2024.
Browse detailed report on U.S. Electric Truck Market Size, Share, Growth and Forecast Report 2021-2030
The biggest influence of all these factors is being seen in California, which has been the highest revenue contributor to electric truck OEMs in the country till now. Additionally, driven by the government’s EV initiatives, experts project that the state will have at least 1.2 million electric trucks by 2035. In a positive sign toward the achievement of this target, California already recorded sales of 1 million electric pickup trucks, cars, SUVs, and motorcycles in 2021, and as of February 2022, it accounts for more than 40% of the zero-emission vehicles operational in the country.
Therefore, apart from launching newer models, U.S. electric truck market players are focusing on partnerships and customer acquisitions. The major OEMs taking such measures to up their revenue include Chanje Energy Inc., Mitsubishi Fuso Truck & Bus Corp., Orange EV, Nikola Motor Company, Ford Motor Company, Tesla Inc., General Motors Company, BYD Co. Ltd., Workhorse Group Inc., and Stellantis N.V.
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