NEW YORK, April 21, 2020 (GLOBE NEWSWIRE) -- 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.
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.
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Battery Electric Vehicles (BEV) to Hold Largest Share in Market
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.
Heavy-duty trucks (HDT) would witness the highest CAGR in the U.S. electric truck market, of 103.2%, in terms of value, during the forecast period. This is ascribed to the rising demand for freight services, as a result of the swift growth in the e-commerce industry. Seeing the demand and the supportive government regulations for electric vehicles, trucking firms are focusing on procuring electric HDTs for their fleet.
In the coming years, the fastest growth in the U.S. electric truck market would be experienced by the >500 miles division, due to the rising preference for long-range trucks that lead to almost zero emissions. To cater to the requirement, truck manufacturers are stepping up efforts to offer long-haul variants with hydrogen fuel cells.
The 100–200 kWh classification held the largest share in the U.S. electric truck market during the historical period (2014–2019). This was primarily because most of the batteries in light-duty trucks (LTDs), which are quite popular in the country, have a capacity of 100–200 kWh.
In 2019, the logistics classification generated the highest revenue in the U.S. electric truck market, and the situation would be the same in the coming years. This is attributed to the rising demand for logistics services on account of the expanding e-commerce, retail, and manufacturing sectors in the nation.
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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:
- Offer a high driving range and power and faster acceleration
- Lead to minimal negative impact on the environment
- Come with higher battery capacities
- Fit various budgets
- 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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Automotive Aftermarket
The demand for electric vehicles is increasing globally, owing to their eco-friendly nature. With the rising green consciousness and electrification of vehicles and power train systems, driven by government initiatives, the automotive aftermarket is expected to witness ample opportunities for growth during the forecast period.
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E-Bike Market
During the forecast period, the e-bike market is projected to witness fastest growth in North America, in terms of volume, mainly based on the increasing preference for using this category of low-speed electric two-wheelers for trekking and short-distance commutation.
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