The U.S. electric truck market is expected to generate a revenue of $15,084.3 by 2030, increasing from $211.5 million in 2019, and the electric truck market in U.S. is expected to witness robust growth of 51.6% CAGR during the forecast period (2020–2030). The market is growing due to the increasing government support for the deployment of electric trucks in the country and the falling process of battery packs. In addition to this, electric trucks are cheaper to maintain and operate as compared to traditional diesel trucks.
The U.S. is home to one of the largest trucking industries in the world, with these vehicles ferrying 11,520,318 thousand tons of freight, worth $12,421,511 million, across the country in 2017, as per the U.S. Bureau of Transportation Statistics. Apart from the well-established logistics sector for conventional modes of shopping (physical stores), the growing e-commerce industry in the country is also driving truck sales to freight companies. The U.S. e-commerce sector grew by 14.9% from 2018 to reach $601.8 billion in 2019. In a conscious effort to save the environment, logistics and e-commerce companies are rapidly electrifying their truck fleet.
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Though light-duty trucks (LDT) are the most popular in the country now, the demand for electric variants of heavy-duty trucks (DHT) is set to increase the fastest in the years to come, due to the expanding logistics industry. HDTs are ideal for bulk transportation of goods across long distances, and with numerous government initiatives promoting electric vehicles, e-commerce and logistics companies are rapidly procuring e-HDTs. Further, since among all types of diesel trucks, the GHG emissions of HDTs are the highest, they need to be replaced with electric variants at a rapid pace.
Electric trucks are available in the battery (BEV), hybrid (HEV), plug-in hybrid (PHEV), and fuel cell (FCEV) variants. Among these, the demand for BEVs is set to grow massively in the country, as they are the cleanest of all electric trucks. They only have an electric battery, which is why their operational emissions are non-existent, which is why the government in the country offers the strongest support for these types of trucks. In addition, extensive R&D is being undertaken to reduce the battery size and cost and increase the energy density, to allow for a longer driving range per full charge.
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The decreasing battery cost is already a significant factor encouraging companies to buy electric trucks. Because battery prices have a huge role to play in deciding the purchase price of any EV, the high battery prices have acted as a deterrent in the adoption of electric trucks. With the demand shifting from lead–acid batteries to the expensive lithium-ion batteries, a reduction in the latter’s prices is necessary to boost electric truck adoption. This is why battery manufacturers are ramping up their output, so they can achieve economies of scale and benefit despite reducing the product prices.