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North America Electric Truck Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 - 2032
Market Report I 2024-09-25 I 180 Pages I Global Market Insights
North America Electric Truck Market was valued at USD 1.6 billion in 2023 and is projected to witness a staggering CAGR of over 71% from 2024 to 2032. The push for electric trucks in North America is largely driven by stringent emission regulations. Both federal and state governments are setting ambitious targets to reduce carbon emissions, urging fleets to shift from diesel to electric vehicles. Numerous major cities are instituting low-emission zones, and enforcing penalties or restrictions on diesel vehicles. For example, in March 2024, the Environmental Protection Agency of the U.S. unveiled finalized national pollution standards for medium-duty vehicles, passenger cars, and light-duty trucks. These standards, effective from model years 2027 through 2032 and beyond, are anticipated to curb over 7 billion tons of carbon emissions.
The overall North America electric truck industry is classified based on vehicle, axel, application, propulsion, superstructure, battery capacity, range capacity, and country.
The market is segmented by vehicle type into light-duty, medium-duty, and heavy-duty trucks. In 2023, the light-duty segment was valued at over USD 900 million. The light-duty segment is witnessing robust growth in the North American electric truck market, primarily due to the rising demand for efficient last-mile delivery solutions. With the e-commerce boom, urban and suburban delivery demands have skyrocketed, creating a prime opportunity for light-duty electric trucks to shine. Their compact size and lighter weight allow for easy navigation in city streets, all while boasting lower operational costs than their heavier electric counterparts. Government incentives promoting electric vehicle adoption in urban settings have further fueled this segment's growth.
The market is divided by propulsion into BEV, HEV, PHEV, and FCEV categories. In 2023, the PHEV segment commanded a market share of over 55%. Plug-in hybrid electric vehicles (PHEVs) dominate the North American electric truck landscape, thanks to their adaptability and extended range. By merging a traditional engine with an electric battery, PHEVs offer fleets the advantage of operating in areas with limited charging infrastructure. They facilitate long-distance travel while curbing emissions.
In the U.S. electric truck market, regulatory incentives and corporate sustainability goals are key drivers. The Biden administration's emphasis on clean energy and zero-emission vehicle objectives is spurring investments in electric truck infrastructure, such as broader charging networks and tax breaks for electric vehicle acquisitions. At the same time, major logistics players like FedEx and Walmart are pledging to shift their fleets to electric trucks, aligning with their overarching sustainability agendas. California, with its rigorous emission regulations and generous state-level incentives, has emerged as a pivotal market for electric truck adoption in the U.S.
Report Content
Chapter 1 Methodology & Scope
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates & calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
Chapter 2 Executive Summary
2.1 Industry synopsis, 2021-2032
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Raw material supplier
3.2.2 Component supplier
3.2.3 Manufacturers
3.2.4 Technology providers
3.2.5 Service providers
3.2.6 Distributor
3.3 Profit margin analysis
3.4 Key news & initiatives
3.5 Regulatory landscape
3.6 Pricing analysis
3.7 Total cost of ownership, by product, 2023
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Rising fleet electrification to meet sustainability goals
3.8.1.2 Government subsidies boosting electric truck adoption
3.8.1.3 Technological advancements in electric powertrains
3.8.1.4 Increasing corporate focus on carbon footprint reduction
3.8.2 Industry pitfalls & challenges
3.8.2.1 High upfront costs compared to diesel trucks
3.8.2.2 Limited charging infrastructure in rural areas
3.9 Growth potential analysis
3.10 Porter's analysis
3.11 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
Chapter 5 Market Estimates & Forecast, By Vehicle, 2021-2032 (USD Billion) (Units)
5.1 Key trends
5.2 Light duty trucks
5.3 Medium duty trucks
5.4 Heavy duty trucks
Chapter 6 Market Estimates & Forecast, By Axle, 2021-2032 (USD Billion) (Units)
6.1 Key trends
6.2 2-axle
6.3 3-axle
6.4 4-axle
Chapter 7 Market Estimates & Forecast, By Application, 2021-2032 (USD Billion) (Units)
7.1 Key trends
7.2 On-road
7.3 Off-road
Chapter 8 Market Estimates & Forecast, By Propulsion, 2021-2032 (USD Billion) (Units)
8.1 Key trends
8.2 Battery electric trucks (BEV)
8.3 Hybrid electric trucks (PHEV)
8.4 Plug-in hybrid electric trucks (FCEV)
8.5 Fuel cell electric trucks (ICE)
Chapter 9 Market Estimates & Forecast, By Superstructure, 2021-2032 (USD Billion) (Units)
9.1 Key trends
9.2 Box body
9.3 Refrigerated body
9.4 Flatbed body
9.5 Curtainside body
9.6 Tanker body
9.7 Tipper body
9.8 Crane body
9.9 Skip loader body
9.10 Fire engine body
9.11 Hooklift body
9.12 Spreading
9.13 Ploughing
9.14 Concrete mixer
9.15 Refuse collector
9.16 Sweeper
9.17 Recovery vehicle
Chapter 10 Market Estimates & Forecast, By Battery Capacity, 2021-2032 (USD Billion) (Units)
10.1 Key trends
10.2 Below 100 kWh
10.3 100-300 kWh
10.4 Above 300 kWh
Chapter 11 Market Estimates & Forecast, By Range Capacity, 2021-2032 (USD Billion) (Units)
11.1 Key trends
11.2 Short range (Up to 150 miles)
11.3 Medium range (150 to 250 miles)
11.4 Long range (Over Range 250 miles)
Chapter 12 Market Estimates & Forecast, By Region, 2021-2032 (USD Billion) (Million Units)
12.1 Key trends
12.2 North America
12.2.1 U.S.
12.2.2 Canada
Chapter 13 Company Profiles
13.1 Bollinger Motors
13.2 BYD
13.3 Daimler AG (Freightliner)
13.4 Ford
13.5 Foton
13.6 GM (Chevrolet)
13.7 Hino Motors (Toyota Group)
13.8 Hyundai Motor Company
13.9 Isuzu
13.10 Lion Electric
13.11 Lordstown Motors
13.12 Meritor
13.13 Navistar International
13.14 Nikola Corporation
13.15 Paccar Inc. (Kenworth & Peterbilt)
13.16 Rivian
13.17 SEA Electric
13.18 Tesla
13.19 Volvo Trucks
13.20 Workhorse Group
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