U.S. Electric Truck Market Expected to Surge in California in Future

With the rise in the air pollution levels, both the federal and the state governments in the U.S. are implementing policies aimed at encouraging the adoption of environment-friendly vehicles, especially for commercial transportation. Moreover, the governments are also enacting strict emission norms for reducing nitrous oxide and carbon dioxide emissions in the country. This is positively impacting the sales of eco-friendly vehicles such as electric trucks all over the country.

Since the withdrawal of the U.S. from the Paris Agreement, as many as 23 states in the country and the District Of Colombia have been focusing on aiming for a 26−28% reduction in toxic emissions from vehicles by 2025 from the levels reported in 2005. Furthermore, in California, which already witnesses huge sales of electric trucks every year, vouchers and funds are being provided for augmenting the sales of electric trucks.

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According to several reports, funds up to $20 million were provided for electric truck purchase in the state till 2020. Besides these factors, the lower maintenance and operating costs of electric trucks than the conventionally used vehicles are also fueling their demand in the country. Unlike the traditional diesel trucks, electric trucks don’t require the regular replacement of fuel filters, oils, spark plugs, and various other components. This allows manufacturers to save heavily in overall parts and components costs.

Moreover, these vehicles need less maintenance than the traditionally used diesel trucks, which causes them to have a significantly longer vehicle uptime. This massively benefits the electric truck fleet owners. Due to these factors, the popularity of electric trucks is growing rapidly in the U.S. This is, in turn, driving the expansion of the U.S. electric truck market. The market value is predicted to grow from $211.5 million in 2019 to $15,084.3 million by 2030.

Furthermore, the market will advance at a CAGR of 51.6% between 2020 and 2030. When propulsion is taken into consideration, electric trucks are classified into hybrid electric vehicles (HEVs), fuel cell electric vehicles (FCEVs), battery electric vehicles (BEVs), and plug-in hybrid electric vehicles (PHEVs). Amongst these, the demand for BEVs was found to be the highest in the country during the last few years. This was because of the enactment of favorable government policies regarding BEV deployment in the country.

In the U.S., the sales of electric trucks were observed to be the highest in California in the past years and this trend will continue in the upcoming years as well, as per the estimates of P&S Intelligence, a market research company based in India. This will be because of the increasing implementation of favorable government policies and legislations and the provision of government incentives and other financial assistance regarding the adoption of electric trucks in the state.

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Hence, it is safe to say that the demand for electric trucks will rise enormously in the U.S. in the coming years, primarily because of the growing requirement for environment-friendly modes of transportation and the increasing enactment of favorable government policies regarding electric truck deployment in the country.

Prajneesh Kumar
P&S Intelligence
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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.