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North America Electric Truck Market Share, Size, Trends, Growth, Analysis: By Propulsion: Battery Electric Truck, Hybrid Electric Truck, Plug-in Hybrid Electric Truck, Fuel Cell Electric Truck, Others; By Vehicle Type: Light Duty, Medium Duty, Heavy Duty; By Range; By Battery Capacity; By Application; Regional Analysis; Competitive Landscape; 2023-2028
North America Electric Truck Market Outlook
The North America electric truck market is expected to grow at a CAGR of 52.40% between 2023 and 2028. 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
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Propulsion |
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| Breakup by Vehicle Type |
|
| Breakup by Range |
|
| Breakup by Battery Capacity |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 North America Electric Truck Market Analysis
8.1 Key Industry Highlights
8.2 North America Electric Truck Historical Market (2018-2022)
8.3 North America Electric Truck Market Forecast (2023-2028)
8.4 North America Electric Truck Market by Propulsion
8.4.1 Battery Electric Truck
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Hybrid Electric Truck
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 Plug-in Hybrid Electric Truck
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.4.4 Fuel Cell Electric Truck
8.4.4.1 Market Share
8.4.4.2 Historical Trend (2018-2022)
8.4.4.3 Forecast Trend (2023-2028)
8.4.5 Others
8.5 North America Electric Truck Market by Vehicle Type
8.5.1 Light Duty
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Medium Duty
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.3 Heavy Duty
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2022)
8.5.3.3 Forecast Trend (2023-2028)
8.6 North America Electric Truck Market by Range
8.6.1 Up to 200 Miles
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Above 200 Miles
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.7 North America Electric Truck Market by Battery Capacity
8.7.1 Less than 100 kWh
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2022)
8.7.1.3 Forecast Trend (2023-2028)
8.7.2 100 to 300 kWh
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2022)
8.7.2.3 Forecast Trend (2023-2028)
8.7.3 More than 300 kWh
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2022)
8.7.3.3 Forecast Trend (2023-2028)
8.8 North America Electric Truck Market by Application
8.8.1 Delivery
8.8.1.1 Market Share
8.8.1.2 Historical Trend (2018-2022)
8.8.1.3 Forecast Trend (2023-2028)
8.8.2 Municipal
8.8.2.1 Market Share
8.8.2.2 Historical Trend (2018-2022)
8.8.2.3 Forecast Trend (2023-2028)
8.8.3 Others
8.9 North America Electric Truck Market by Country
8.9.1 Market Share
8.9.1.1 United States of America
8.9.1.2 Canada
9 Regional Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
11 Competitive Landscape
11.1 Market Structure
11.2 Company Profiles
11.2.1 AB Volvo
11.2.1.1 Company Overview
11.2.1.2 Product Portfolio
11.2.1.3 Demographic Reach and Achievements
11.2.1.4 Certifications
11.2.2 Daimler Truck AG
11.2.2.1 Company Overview
11.2.2.2 Product Portfolio
11.2.2.3 Demographic Reach and Achievements
11.2.2.4 Certifications
11.2.3 Nikola Corporation
11.2.3.1 Company Overview
11.2.3.2 Product Portfolio
11.2.3.3 Demographic Reach and Achievements
11.2.3.4 Certifications
11.2.4 Paccar Company
11.2.4.1 Company Overview
11.2.4.2 Product Portfolio
11.2.4.3 Demographic Reach and Achievements
11.2.4.4 Certifications
11.2.5 BYD Motors Inc.
11.2.5.1 Company Overview
11.2.5.2 Product Portfolio
11.2.5.3 Demographic Reach and Achievements
11.2.5.4 Certifications
11.2.6 Rivian LLC
11.2.6.1 Company Overview
11.2.6.2 Product Portfolio
11.2.6.3 Demographic Reach and Achievements
11.2.6.4 Certifications
11.2.7 Navistar, Inc.
11.2.7.1 Company Overview
11.2.7.2 Product Portfolio
11.2.7.3 Demographic Reach and Achievements
11.2.7.4 Certifications
11.2.8 Workhorse
11.2.8.1 Company Overview
11.2.8.2 Product Portfolio
11.2.8.3 Demographic Reach and Achievements
11.2.8.4 Certifications
11.2.9 Others
12 Key Trends and Developments in the Market
List of Figures and Tables
1. North America Electric Truck Market: Key Industry Highlights, 2018 and 2028
2. North America Electric Truck Historical Market: Breakup by Propulsion (USD Million), 2018-2022
3. North America Electric Truck Market Forecast: Breakup by Propulsion (USD Million), 2023-2028
4. North America Electric Truck Historical Market: Breakup by Vehicle Type (USD Million), 2018-2022
5. North America Electric Truck Market Forecast: Breakup by Vehicle Type (USD Million), 2023-2028
6. North America Electric Truck Historical Market: Breakup by Range (USD Million), 2018-2022
7. North America Electric Truck Market Forecast: Breakup by Range (USD Million), 2023-2028
8. North America Electric Truck Historical Market: Breakup by Battery Capacity (USD Million), 2018-2022
9. North America Electric Truck Market Forecast: Breakup by Battery Capacity (USD Million), 2023-2028
10. North America Electric Truck Historical Market: Breakup by Application (USD Million), 2018-2022
11. North America Electric Truck Market Forecast: Breakup by Application (USD Million), 2023-2028
12. North America Electric Truck Historical Market: Breakup by Country (USD Million), 2018-2022
13. North America Electric Truck Market Forecast: Breakup by Region (USD Million), 2023-2028
14. North America Electric Truck Market Structure
Key Questions Answered in the Report
The market for electric trucks in North America is expected to grow at a CAGR of 52.40% between 2023 and 2028.
The major market drivers are regulations and policies by governments, increase in environmental concerns, and adoption of electric vehicles for delivery.
The key trends of the market are low maintenance requirements of electric trucks, reduced noise pollution, and investments by the manufacturers.
Key market players include AB Volvo, Daimler Truck AG, Nikola Corporation, Paccar Company, BYD Motors Inc., Rivian LLC, Navistar, Inc., and Workhorse, among others.
The North America electric truck market is segmented based on propulsion, vehicle type, range, battery capacity, application, and country.
An electric truck is a large vehicle that is fuelled by electricity with the help of batteries.
The primary applications of electric trucks are delivery and municipal, among others.
The various propulsion types in the market include battery electric truck, hybrid electric truck, plug-in hybrid electric truck, and fuel cell electric truck, among others.
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