U.S. electric truck market expected to be worth $15B by 2030

U.S. electric truck market expected to be worth $15B by 2030

The U.S. electric truck market revenue in 2030 is expected to be $15.084 billion, growing at a 54.0% CAGR, according to a recent report on the U.S. electric truck market by Researchandmarketing.com.

Additional findings of the report include:

  • Light-duty variants of electric trucks are the most bought in the U.S. because of a rich culture of pickup trucks, especially in the semi-urban and rural areas. As a result, light-duty trucks made over 90% of the commercial vehicle sales in the U.S. in 2021.
  • However, the heavy-duty truck category is set to witness the fastest growth in the U.S. electric truck market in the coming years, based on vehicle type. Among all modes of transportation, trucks carry the greatest volume of freight across the country, often across long distances.
  • This reflects the indispensable nature of high-capacity trucks for the country’s logistics industry, which is already the largest buyer of electric trucks in the U.S.
  • Since these vehicles need to travel long distances at a stretch, the demand for those with a battery capacity of more than 300 kWh and a range of over 500 miles will witness the fastest rise in demand in the years to come.
  • In this regard, a key driver for the U.S. electric truck market is the declining cost of batteries, which is essential for making these automobiles cost-effective. The battery accounts for almost 30% of the vehicle purchase cost.
  • Through continuous advancements in the cathode and an increase in production, automotive lithium-ion battery prices are predicted to come down from $130 per kWh in 2010 to $100 per kWh by 2024.

The biggest influence of all these factors is being seen in California, which has been the highest revenue contributor to electric truck OEMs in the country until now, the report shows. Additionally, driven by the government’s EV initiatives, experts project that the state will have at least 1.2 million electric trucks by 2035.

California already recorded sales of 1 million electric pickup trucks, cars, SUVs, and motorcycles in 2021, and as of February 2022, it accounts for more than 40% of the zero-emission vehicles operational in the country, the report shows.

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