The U.S. electric truck market will power at a mammoth compound annual growth rate of 54% by the end of this decade to reach a value of USD 15,084.3 million by 2030.
The development of the industry has a lot to do with the growing number of measures of the government for promoting e-mobility and strict emission standards with regards to fossil fuel-powered commercial vehicles.
The initiatives, which are taken by the government of the country for promoting e-mobility, for example the emission regulations and monetary incentives on purchasing electric vehicles, will power the growth of the industry in the future as well.
Resultingly, in 2021, LDTs had over 90% of the total sales of the commercial vehicles in the country. They have an enormous opportunity to the main players for the introduction of new EVs, for helping fleet owners reduce general costs of operations.
Battery electric vehicles are the most used, and that’s the major reason they will have the fastest growth in the years to come. This has a lot to do with the lowering battery cost, developments in the battery technology, and the support of the government as financial incentives for the expansion and purchase of these vehicles.
California will lead the U.S. electric truck market and will grow significantly in the years to come. The ascendency of the state on the sector is credited to the vast government support as policy formulation and incentive plans encouraging the acceptance of EVs in the state.
Furthermore, the state’s expanding zero-emission vehicle is setting an example for the nation, with Governor Gavin Newsom praising the state for selling over 1 million pickup trucks, plug-in e- cars, SUVs, and motorcycles in 2021. As per new data, in the month of February 2022, California had almost 40% of all zero emission vehicles in the nation, despite having just 10% cars of the U.S.
It is because of the low cost of operations and maintenance, supportive measures of the government in the nation and the declining cost of batteries, the demand for electric trucks in the U.S. will continue to go up in the years to come.
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