North America Electric Trucks Market Forecast to 2028 – COVID

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)

Report Code : BMIRE00025898 | Region : North America | Industry : Automotive and Transportation | Published Date : 15/Sep/2022

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.

At 26.3% CAGR, the North America Electric Trucks Market is speculated to be worth US$ 5652.14 million by 2028, says The Insight Partners

According to The Insight Partners’ 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.

TABLE OF CONTENTS

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)

The List of Companies - North America Electric Trucks Market

● 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

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