U.S. Electric Truck Market Provides Detailed Insight by Trends, Challenges, Opportunities, and Competitive Analysis | Chanje Energy Inc., Ford Motor Co., Tesla Inc., Mitsubishi Fuso Truck and Bus Corp.

The U.S. federal government and state governments are setting up stringent targets for reducing carbon dioxide (CO2) and nitrous oxide (N2O) emissions from vehicles. In the country, 23 states and the District of Colombia have set the target of reducing 26–28% vehicle emissions from the 2005 levels, by 2025. Furthermore, as of 2020, 11 states– Colorado, California, Connecticut, Rhode Island, New York, New Jersey, Maryland, Maine, Massachusetts, Oregon, and Vermont– have adopted the low-emission vehicle (ELV) and zero-emission vehicle (ZEV) standards that mandate automakers to sell a certain number of ZEVs each year.

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Owing to the increasing implementation of government initiatives, primarily on account of the escalating environmental concerns, the U.S. electric truck market will advance at 51.6% CAGR during the forecast period (2020–2030). The market revenue stood at $211.5 million in 2019 and it is projected to reach $15,084.3 million by 2030. Currently, the surging deployment of electric trucks in logistics operations has become a prominent market trend, due to the burgeoning demand for faster and convenient delivery options in the e-commerce industry.

Logistics companies are focusing on electrifying their fleet due to the lesser maintenance and operating costs of electric trucks than the fossil fuel-powered trucks. Unlike diesel trucks, these new energy vehicles do not require the replacement of spark plugs, fuel filters, and oils, which helps in reducing the overall component cost. Like other electric vehicles (EVs), electric trucks also use regenerative braking systems, which protect the brakes from excessive wear and tear.

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Thus, the growing government support toward EVs, escalating focus of logistics companies on electrifying their fleet, and declining battery prices will fuel the adoption of electric trucks in the U.S.

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