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)
The North America electric trucks market is expected to grow from US$ 1390.19 million in 2022 to US$ 5652.14 million by 2028. It is estimated to grow at a CAGR of 26.3% from 2022 to 2028.
The rising concern regarding the transportation sector's impact on the environment has led to an unprecedented global requirement of decarbonizing transportation to meet climate goals and limit global warming, thereby increasing the adoption of low-carbon technology in the transportation sector. Rising concerns about the adverse impact of transportation-related emissions and the shift of consumer behavior toward zero-emission vehicles have resulted in a significant increase in the adoption of light-duty passenger vehicles across the region. Additionally, the constantly rising demand for EVs is fueled by huge investments made by automotive giants in the research & development, and production of electric vehicles. For instance, General Motors, Volkswagen, Volvo, BMW, Nissan, and Audi have collectively invested approximately US$ 150 billion in manufacturing electric vehicles and launched new models throughout 2020–2021.
Furthermore, with the fall in prices of EVs and the availability of a greater number of models, electric vehicle production is set for exponential growth in various countries, subject to countries' overall economic growth and policy support from the government. Transportation is the primary source of pollution across the region, and heavy-duty vehicles, such as trucks and buses, are the major contributors to this category. The high efficiency of electric trucks over conventional diesel and natural gas vehicles is another factor expected to drive this segment's growth in the coming years.
With still in the initial growth stages, this segment is anticipated to see impressive growth with the increasing push for the electrification of the transport sector across the region. The future production of these heavy electric vehicles, such as heavy-duty trucks, depends on various factors such as improvements in fuel efficiency, energy costs, reducing emissions, declining costs of batteries, and alternative fuels. With fast-changing electric vehicle technology, improvements in batteries, and a favorable regulatory environment, the demand for electric trucks and other heavy-duty electric vehicles is anticipated to grow at an impressive rate. Therefore, with the growing production and sales of EVs, the need for electric trucks is also increasing.
Vendors can attract new customers and expand their footprints in emerging markets with new features and technologies. This factor is likely to drive the North America electric trucks market at a promising CAGR during the forecast period.
North America Electric Trucks Market Revenue and Forecast to 2028 (US$ Million)
North America Electric Trucks Market Segmentation
The North America electric trucks market is segmented on the basis of propulsion type, vehicle type, range, level of automation, and country.
Based on propulsion, the market is segmented into BEV, FCV, and PHEV. The BEV segment is the dominant one in 2022 and is expected to be the fastest-growing segment during the forecast period.
Based on vehicle type, the market is bifurcated into LCVs and medium & HCVs. The LCV segment is the dominant one in 2022 and is expected to be the fastest-growing segment during the forecast period.
Based on range, the market is segmented into less than 200 miles and more than 200 miles. The more than 200 miles segment has emerged as the dominating one in 2022 and is expected to be the fastest-growing segment during the forecast period.
Based on level of automation, the market is segmented into semi-autonomous and fully autonomous. The fully autonomous segment has been dominant in 2022 and is expected to be the fastest-growing segment during the forecast period.
Based on country, the regional market is segmented into the US, Canada, and Mexico.
AB Volvo; BYD Company Ltd.; Daimler AG; FAW Group Co., Ltd; Navistar, Inc.; PACCAR Inc.; Proterra Inc.; Rivian; Scania; and Tesla, Inc. are the leading companies in the North America electric trucks market.
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 North America Electric Trucks Market – By Propulsion
1.3.2 North America Electric Trucks Market – By Vehicle Type
1.3.3 North America Electric Trucks Market – By Range
1.3.4 North America Electric Trucks Market – By Level of Automation
1.3.5 North America Electric Trucks Market – By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Electric Trucks Market Landscape
4.1 Market Overview
4.2 North America PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. North America Electric Trucks Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Government Initiatives and Stringent Emission Rules to Boost the Electric Trucks Growth
5.1.2 Surge in Production and Sales of EVs
5.2 Market Restraints
5.2.1 Low Penetration of Electric Powertrain in Heavy Commercial Vehicles (HCV)
5.3 Market Opportunities
5.3.1 Manufacturing of Self-Driving Truck Technology
5.4 Future Trends
5.4.1 Smart Charging and Connected Infrastructure
5.5 Impact Analysis of Drivers and Restraints
6. Electric Trucks Market – North America Market Analysis
6.1 North America Electric Trucks Market Overview
6.2 North America Electric Trucks Market Forecast and Analysis
7. North America Electric Trucks Market Revenue and Forecast to 2028 – Type
7.1 Overview
7.2 North America Electric Trucks Market, By Propulsion Type (2021 and 2028)
7.3 BEV
7.3.1 Overview
7.3.2 BEV: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
7.4 PHEV
7.4.1 Overview
7.4.2 PHEV: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
7.5 FCV
7.5.1 Overview
7.5.2 FCV: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
8. North America Electric Trucks Market – By Vehicle Type
8.1 Overview
8.2 North America Electric Trucks Market, By Vehicle Type (2021 and 2028)
8.3 LCV
8.3.1 Overview
8.3.2 LCV: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Medium and HCV
8.4.1 Overview
8.4.2 Medium and HCV: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
9. North America Electric Trucks Market – By Range
9.1 Overview
9.2 North America Electric Trucks Market, By Range (2021 and 2028)
9.3 Less than 200 miles
9.3.1 Overview
9.3.2 Less than 200 miles: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
9.4 More than 200 miles
9.4.1 Overview
9.4.2 More than 200 miles: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
10. North America Electric Trucks Market – By Level of Automation
10.1 Overview
10.2 Electric Trucks Market, By Level of Automation (2021 and 2028)
10.3 Semi-Autonomous
10.3.1 Overview
10.3.2 Semi-Autonomous: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
10.4 Fully-Autonomous
10.4.1 Overview
10.4.2 Fully-Autonomous: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
11. North America Electric Trucks Market – Country Analysis
11.1 Overview
11.1.1 North America: Electric Trucks Market, by Key Country
11.1.1.1 US: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
11.1.1.1.1 US: Electric Trucks Market, By Propulsion Type
11.1.1.1.2 US: Electric Trucks Market, By Vehicle Type
11.1.1.1.3 US: Electric Trucks Market, By Level of Automation
11.1.1.2 Canada: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
11.1.1.2.1 Canada: Electric Trucks Market, By Propulsion Type
11.1.1.2.2 Canada: Electric Trucks Market, By Vehicle Type
11.1.1.2.3 Canada: Electric Trucks Market, By Level of Automation
11.1.1.3 Mexico: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
11.1.1.3.1 Mexico: Electric Trucks Market, By Propulsion Type
11.1.1.3.2 Mexico: Electric Trucks Market, By Vehicle Type
11.1.1.3.3 Mexico: Electric Trucks Market, By Range
11.1.1.3.4 Mexico: Electric Trucks Market, By Level of Automation
12. Industry Landscape
12.1 Market Initiative
12.2 New Development
13. Company Profile
13.1 AB Volvo
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 BYD Company Ltd
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Daimler AG
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 FAW Group Co.,Ltd.
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Navistar, Inc.
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 PACCAR Inc.
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Proterra Inc.
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Rivian
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Scania
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Tesla, Inc.
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Glossary
LIST OF TABLES
Table 1. North America Electric Trucks Market, Revenue and Forecast, 2019–2028 (US$ Million)
Table 2. North America: Electric Trucks Market, by Country – Revenue and Forecast to 2028 (US$ Million)
Table 3. US: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)
Table 4. US: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 5. US: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)
Table 6. US: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)
Table 7. Canada: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)
Table 8. Canada: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 9. Canada: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)
Table 10. Canada: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)
Table 11. Mexico: Electric Trucks Market, By Propulsion Type – Revenue and Forecast to 2028 (US$ Million)
Table 12. Mexico: Electric Trucks Market, By Vehicle Type – Revenue and Forecast to 2028 (US$ Million)
Table 13. Mexico: Electric Trucks Market, By Range – Revenue and Forecast to 2028 (US$ Million)
Table 14. Mexico: Electric Trucks Market, By Level of Automation – Revenue and Forecast to 2028 (US$ Million)
Table 15. Glossary of Terms
LIST OF FIGURES
Figure 1. North America Electric Trucks Market Segmentation
Figure 2. North America Electric Trucks Market Segmentation – by Country
Figure 3. North America Electric Trucks Market Overview
Figure 4. North America Electric Trucks Market, By Vehicle Type
Figure 5. North America Electric Trucks Market, By Country
Figure 6. North America: PEST Analysis
Figure 7. Electric Trucks Market Ecosystem Analysis
Figure 8. Expert Opinion
Figure 9. North America Electric Trucks Market: Impact Analysis of Drivers and Restraints
Figure 10. North America Electric Trucks Market, Forecast and Analysis (US$ Million)
Figure 11. North America Electric Trucks Market Revenue Share, By Propulsion Type (2021 and 2028)
Figure 12. North America BEV: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 13. North America PHEV: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 14. North America FCV: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 15. North America Electric Trucks Market Revenue Share, By Vehicle Type (2021 and 2028)
Figure 16. North America LCV: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. North America Medium and HCV: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 18. North America Electric Trucks Market Revenue Share, By Range (2021 and 2028)
Figure 19. North America Less than 200 miles: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 20. North America More than 200 miles: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. North America Electric Trucks Market Revenue Share, By Level of Automation (2021 and 2028)
Figure 22. North America Semi-Autonomous: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. North America Fully-Autonomous: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. North America: Electric Trucks Market Revenue Share, by Key Country (2021 & 2028)
Figure 25. North America: Electric Trucks Market Revenue Share, by Key Country (2021 & 2028)
Figure 26. US: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 27. Canada: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
Figure 28. Mexico: Electric Trucks Market – Revenue and Forecast to 2028 (US$ Million)
- AB Volvo
- BYD Company Ltd.
- Daimler AG
- FAW Group Co., Ltd
- Navistar, Inc.
- PACCAR Inc.
- Proterra Inc.
- Rivian
- Scania
- Tesla, Inc.
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America electric trucks market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the North America electric trucks market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth North America market trends and outlook coupled with the factors driving the electric trucks market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution