COVID-19 impact analysis on U.S. Electric Truck Market. Insights on strategies of key players | Workhorse Group Inc., Mitsubishi Fuso Truck and Bus Corporation, Orange EV, Tesla, Nikola Motor Company,

Due to the high amounts of greenhouse gases (GHG) being emitted from vehicles, the federal and state governments in the U.S. are stepping up efforts to make transportation cleaner. Since the exit of the nation from the Paris Climate Change Agreement, 23 states, along with the District of Columbia, have set strict GHG emission reduction targets. Under the terms, emission of nitrogen oxide and carbon dioxide are to be reduced by 28% by 2025, from the levels registered in 2005.

Top key Players are Electric Truck Market in U.S.:
1- Workhorse Group Inc.
2- Mitsubishi Fuso Truck and Bus Corporation
3- Orange EV
4- Tesla
5- Nikola Motor Company

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Due to this reason, the revenue generated in the U.S. electric truck market, which was $211.5 million in 2019, is projected to increase to $30,335.3 million in 2030, at a CAGR of 58.2% between 2020 and 2030 (forecast period). Additionally, the government, in California, which is the largest user of electric trucks in the nation, is providing $12-20 million, annually till 2020, for the purchase of these automobiles.

In 2030, the battery electric vehicle (BEV) category is expected to dominate the U.S. electric truck market, on account of the government support which encourages the adoption of full-electric trucks. Moreover, with the decline in battery prices and increase in the life and energy density of the batteries, the demand for BEVs would rise further.

Market Players Leveraging Opportunities Created by Product Launches

Considering the rapidly increasing demand for clean transportation, U.S. electric truck market players are rapidly launching new variants, which:

o Offer a high driving range and power and faster acceleration
o Lead to minimal negative impact on the environment
o Come with higher battery capacities
o Fit various budgets
o Are available in various propulsion options

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The major companies in the U.S. electric truck market are Chanje Energy Inc., BYD Co. Ltd., Workhorse Group Inc., Tesla Inc., Orange EV, Mitsubishi Fuso Truck and Bus Corp., Nikola Motor Co., Rivian Automotive Inc., Fiat Chrysler Automobiles N.V., Hino Motors Ltd., BOLLINGER MOTORS LLC, Ford Motor Co., Daimler AG, Iveco S.p.A., Volvo AB, Cummins Inc., ISUZU MOTORS LIMITED, Dongfeng Motor Corp., Stichting Hytruck, Tevva Motors Ltd., Emoss BV, Xos Trucks Inc., General Motors Co., Kaiyun Motors Co. Ltd. E-Force One AG, Toyota Motor Corp., Lordstown Motors Corp., DAF, Trucks N.V., Hercules Electric Vehicles, Croyance Automotive Pvt. Ltd., Avevai Pte. Ltd., Atlis Motor Vehicles Inc., Canadian Electric Vehicles Ltd., Arrival Ltd., Motiv Power Systems Inc., Boulder Electric Vehicle, Balqon Corp., MAN Truck & Bus SE, Alkane Truck Co., Foton Motor Group, and Ev Fleet Inc.

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