North America Electric Truck Market Report and Forecast 2024-2032

North America Electric Truck Market Outlook

The North America electric truck market is expected to grow at a CAGR of 52.40% between 2024 and 2032. Key market drivers are regulations and policies by governments in the region, increase in environmental concerns, and adoption of electric vehicles for deliveries.

Key Trends in the Market

An electric truck is a large vehicle that is fuelled by electricity with the help of batteries. It is mainly used for transportation purposes to move cargos and payloads along with other utilitarian tasks. Electric vehicles tend to be heavier than their gas counterpart but offer improved safety, lower maintenance, and reduced pollution emissions. 

• With fewer fluids involved, there are lower maintenance requirements. Lower maintenance requirements help users save on maintenance costs which is increasing the demand for electric trucks, supporting the overall North America electric truck market in growing rapidly.

• Manufacturers are investing in the advancement of technologies to develop improved power batteries and better charging systems which will increase the demand, thereby helping the market expansion.

• Motors in electric truck have fewer parts involved in the vehicle’s movement as compared to conventional trucks which allows it to run without multi speed transmissions, reducing noise pollution and increasing its desirability.

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Market Analysis

Based on propulsion, the market can be divided into battery electric truck, hybrid electric truck, plug-in hybrid electric truck, and fuel cell electric truck, among others. On the basis of vehicle type, the market is divided into light duty, medium duty, and heavy duty. By range, the market is bifurcated into up to 200 miles and above 200 miles. On the basis of battery capacity, the market is segmented into less than 100 kWh, 100 to 300 kWh, and more than 300 kWh. Based on application, the market is categorised into delivery, municipal, and other uses. By country, the market is divided into the United States and Canada.  

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the North America electric truck market covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.  

• AB Volvo

• Daimler Truck AG

• Nikola Corporation

• Paccar Company

• BYD Motors Inc.

• Rivian LLC

• Navistar, Inc.

• Workhorse

• Others

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Market Share by Vehicle Type

Heavy duty electric trucks are expected to account for a large share in the North America electric truck market. Long distance transportations are primarily done through heavy duty electric trucks, and these trucks also have higher storage capacities, suited for transporting cargo in high volumes. 

Light duty electric trucks are capable of carrying relatively lighter loads as compared to medium and heavy-duty electric trucks, differing primarily based on the capacity of the truck and its handling strength while on the road. Accordingly, light and medium duty electric trucks are typically used for transportation purposes over short distances. 

Market Share by Application

Delivery applications are expected to hold the largest share in the North America electric truck market, as currently a large portion of deliveries are conducted by traditional trucks that can be effectively replaced with electric trucks. These electric trucks are available in varying capacities for different types of deliveries and distances. They have the capability to deliver in zero emission zones because of absence of exhaust gas production. Moreover, electric trucks deliver quietly and have low operational costs and maintenance costs, resulting in greater savings for delivery providers. 

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Competitive Landscape

AB Volvo was established in 1927 and is headquartered in Gothenburg, Sweden. It is a multinational financial services company that is involved in the production and supply of buses, trucks, and construction materials. It also provides industrial systems and marine and financial service. 

Daimler Truck AG founded in 2019 is based out of Germany. It is a commercial vehicle company which manufactures trucks and buses and also provides financial services to its customers worldwide. 

Nikola Corporation was founded in 2014 and has its headquarter in Arizona, United States. It is a manufacturer of heavy duty battery electric vehicles and fuel cell electric vehicles that also provides energy solutions to its customers. 

Other market players include Paccar Company, BYD Motors Inc., Rivian LLC, Navistar, Inc., and Workhorse, among others.

Key Highlights of the Report