How is E-Commerce Industry Fuelling Expansion of U.S. Electric Truck Market?

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The value of the U.S. electric truck market is expected to rise from $211.5 million to $30,335.3 million from 2019 to 2030. The market is predicted to advance at a CAGR of 58.2%  during the forecast period (2020—2030). 

Electric trucks are of three types, namely heavy-duty truck (HDT), light-duty truck (LDT), and medium-duty truck (MDT). Out of these, the LDTs are predicted to be the most in demand in the coming years. Companies in the domain are targeting fleet owners, who are focusing on reducing their operational expenditure, and are offering them electric variants of pickup trucks. These trucks have different ranges— 0–150 miles, 151–250 miles, 251–500 miles, and >500 miles. Electric trucks in the range of 151–250 miles were the most in demand in 2019, as the preference of class I and II trucks is high. 

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In addition to this, trucks having higher range have not yet been able to address issues such as long charging time, high battery weight, and low battery energy density. In terms of propulsion, there are four types of electric trucks, namely fuel cell electric vehicle (FCEV), battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), and hybrid electric vehicle (HEV). BEVs were most in demand in the past, which can be ascribed to the rising government support in the form of incentives. Moreover, companies in the domain are collaborating with battery manufacturers to bring down the battery cost further and increase their energy density and life span. 

Therefore, it can be said with certainty that the sales of electric trucks will increase considerably in the U.S. in the upcoming years, on account of the increasing incentives being provided by the government for the purchase of electric trucks, thriving e-commerce industry, and growing demand for advanced logistics solutions in the country. 

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