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U.S. Electric Truck Market Report 2021: Battery Electric Vehicles Acquired Significant Market Share

·4 min read

Dublin, Dec. 03, 2021 (GLOBE NEWSWIRE) -- The "USA Electric Truck Market Research Report: Forecast (2021-2026)" report has been added to ResearchAndMarkets.com's offering.

The US Electric Truck market is forecast to grow at a CAGR of 60% during 2021-26 due to the various government regulations to reduce nitrogen oxide & carbon dioxide emissions. It will promote zero-emission freight vehicles and increase electrification to help the road freight transport sector.

Moreover, rising advancements in electric-vehicle technology, burgeoning development & testing of the battery-electric model by truck manufacturers, and snowballing investments in hydrogen fuel cell technology are factors propelling the growth of the electric truck market.

Impact of COVID-19

In 2020, the COVID-19 pandemic affected the Electric Truck Market due to numerous safety measures taken by the government, which resulted in lockdown imposition across the country. Besides, layoffs and furloughing of key staff, and lack of cash flow also had an extensive impact on the ongoing research and development in the electric truck market. However, in the post-Covid-19 era, the boom in developing electric trucks is likely to happen due to surging advancements in electric trucks and favorable zero-emission vehicle regulations by the government.

Market Segmentation

Heavy-Duty Trucks Attain Highest CAGR

Based on the Vehicle Type, Heavy-duty trucks are likely to attain the highest CAGR in the US Electric Truck market during the forecast year due to various regulations by the government for a heavy-duty truck to achieve 100% zero-emission heavy-duty truck sales by 2050. Hence, this is increasing the inclination of manufacturers to deploy heavy-duty electric trucks in their operations, thereby strongly contributing to the market growth in the future.

Battery Electric Vehicle Acquired Significant Market Share

Based on Propulsion, Battery Electric Vehicle acquired a significant market share in the US Electric Truck Market. The demand for battery electric vehicles in light & medium trucks is surging at a robust rate due to the increasing production of battery-electric trucks by the manufacturer and extensive improvements in battery technology. Moreover, rising demand for battery-electric trucks and burgeoning collaboration among the battery manufacturers and truck producers to elevate the energy density of batteries are further likely to bolster the demand for battery-electric trucks in the forecast period.

Market Drivers

Surging Demand for Electric Trucks in Logistics Operations

The rapid growth in the e-commerce industry has escalated the demand for deploying electric trucks in logistics firms due to snowballing need for faster deliveries, thereby inclining the focus of several logistics companies toward sustainable technology. E-commerce companies like Amazon and Walmart are planning to roll out electric light trucks for deliveries. Thus, this is further likely to drive electric truck market growth in the country over the forecast period.

Competitive Landscape

The key players with a considerable market share in the US Electric Truck market include Chanje Energy Inc., Orange EV, Mitsubishi Fuso Truck & Bus Corp., Nikola Motor Co., Tesla Inc., Ford Motor Co., General Motors Co., Workhorse Group Inc., BYD Co. Ltd., Fiat Chrysler Automobiles NV, etc.

Key Questions Answered in the Market Research Report:

  • What are the overall market statistics or market estimates (Market Overview, Market Size- By Value, Forecast Numbers, Market Segmentation, Market Shares) of the US Electric Truck market?

  • What is the region-wise industry size, growth drivers, and challenges key market trends?

  • What are the key innovations, technology upgrades, opportunities, regulations, growth drivers, and challenges in the US Electric Truck market?

  • Who are the key competitors or market players, and how do they perform in the US Electric Truck market based on a competitive benchmarking matrix?

  • What are the key results derived from the market surveys conducted during the US Electric Truck market study?

Companies Mentioned

  • Chanje Energy Inc.

  • Orange EV

  • Mitsubishi Fuso Truck & Bus Corp.

  • Nikola Motor Co.

  • Tesla Inc.

  • Ford Motor Co.

  • General Motors Co.

  • Workhorse Group Inc.

  • BYD Co. Ltd.

  • Fiat Chrysler Automobiles NV

For more information about this report visit https://www.researchandmarkets.com/r/6jw2n0

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