Report : North America Electric Trucks Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Propulsion (BEV, PHEV, and FCV), Vehicle Type (LCV and Medium & HCV), Range (Less than 200 miles and More than 200 Miles), and Level of Automation (Semi-Autonomous and Fully Autonomous)
At 26.3% CAGR, the North America Electric Trucks Market is speculated to be worth US$ 5652.14 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America electric trucks market was valued at US$ 1390.19 million in 2022 and is expected to reach US$ 5652.14 million by 2028, registering an annual growth rate of 26.3% from 2022 to 2028. surge in production and sales of EVs and government initiatives and stringent emission rules to boost the electric trucks growth are the critical factors attributed to the market expansion.
In the past few years, government initiatives to promote the adoption of advanced transportation solutions such as electrification in both light and heavy vehicles. The first factor accelerating the use of electric components in heavy vehicles such as tractors and agricultural machinery is pressure from legislators and authorities for emissions control to reduce carbon dioxide and boost fuel efficiency. Integrating electrification in the automotive industry would significantly enhance ambient air quality standards in urban areas. Secondly, there would be a rising concern towards corporate social responsibility for major fleets and operators to maintain environmental ethics. Trucks with ranges from 150-300 km, with batteries, are supposed to play a vital role in urban areas where concern for air quality is high, and therefore need for stringent emissions laws is mandatory. Furthermore, according to the International Energy Association (IEA), governments spent US$ 14,000 million on direct purchase incentives and tax exemptions for electric vehicles in 2020. Additionally, several governments responded to the economic slowdown brought by the COVID-19 epidemic with incentive programs and tax concessions that helped boost electric vehicle sales. Thus, electric trucks market is growing due to the aforementioned factors.
On the contrary, low penetration of electric powertrain in heavy commercial vehicles (HCV) secret hurdles the growth of North America electric trucks market.
Based on propulsion, the North America electric trucks market is segmented into BEV, PHEV and FCV. The BEV segment held 77.2% market share in 2022, amassing US$ 1073.01 million. It is projected to garner US$ 5189.51 million by 2028 to expand at 30.0% CAGR during 2022–2028.
Based on vehicle type, the North America electric trucks market is segmented into LCV and Medium & HCV. The LCV segment held 83.2% market share in 2022, amassing US$ 1181.02 million. It is projected to garner US$ 5300.05 million by 2028 to expand at 28.4% CAGR during 2022–2028.
Based on range, the North America electric trucks market is segmented into Less than 200 miles and More than 200 Miles. The more than 200 miles segment held 77.9% market share in 2022, amassing US$ 1120.02 million. It is projected to garner US$ 5238.44 million by 2028 to expand at 29.3% CAGR during 2022–2028.
Based on level of automation, the North America electric trucks market is segmented into Semi-Autonomous and Fully Autonomous. The semi-autonomous segment held 96.0% market share in 2022, amassing US$ 1155.31 million. It is projected to garner US$ 1575.88 million by 2028 to expand at 5.3% CAGR during 2022–2028
Based on country, the North America electric trucks market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 59.9% market share in 2022. It was assessed at US$ 842.50 million in 2022 and is likely to hit US$ 3717.87 million by 2028, exhibiting a CAGR of 28.1% during the forecast period.
Key players dominating the North America electric trucks market are AB Volvo; BYD Company Ltd.; Daimler AG; FAW Group Co., Ltd; Navistar, Inc.; PACCAR Inc.; Proterra Inc.; Rivian; Scania; and Tesla, Inc. among others.
- In 2020, Kenworth Truck and Toyota Motor North America collaborate on fuel cell electric vehicles working to develop Kenworth T680 with Integrated Toyota Hydrogen Fuel Cell Technology.
- In 2021, Volvo Trucks wins award for outstanding design quality of its new Volvo FM model.
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