North America Electric Truck Market Size - By Vehicle, By Axle, By Application, By Propulsion, By Superstructure, By Battery Capacity, By Range Capacity, Analysis, Share, Growth Forecast, 2024 - 2032

North America Electric Truck Market Size

The North America electric truck market size was valued at USD 1.6 billion in 2023 and is projected to grow at a CAGR of 71.3% between 2024 and 2032. In North America, the restrictions on emissions are becoming more and more tightly controlled which is pushing the rise of electric trucks. Such policies have been put in place by both federal and state governments to enable a reduction from fossil fueled vehicles to electric ones.
 

For instance, the U.S Environmental Protection Agency has set standards for medium-duty vehicles, light-duty trucks, and passenger vehicles in March 2024 that is expected to cut out pollution by over 7 billion tons of carbon emission. This means that businesses now have the motivators to invest in electric trucks for them to follow the guidelines which will be beneficial to them from a business perspective.

Large companies are giving more attention to lowering their carbon footprints. Fleet managers in logistics and retail are investing heavily in electric trucks in an attempt to meet these sustainability targets. For instance, in March 2024, Stellantis declared a partnership agreement with the California Air Resources Boards (CARB) which implies the Company’s readiness to pursue this ambitious target of being carbon net zero by 2038.
 

This change in reducing carbon emissions is particularly notable in some corporates such as Walmart and Amazon who openly report their environmental performance. In May 2024, for example, Amazon launched its largest fleet of 50 heavy-duty electric trucks in Southern California to serve its ocean freight operations.
 

North America Electric Truck Market Trends

• Advancements in technology like lithium acid batteries and battery swapping are making electric trucks more efficient. The introduction of solid-state batteries along with the inflow of energy are addressing range concerns which increases the capability of electric trucking over longer distances.
   
• For instance, Clean Electric launched an innovative battery technology that is capable of fully charging electric vehicles under twelve minutes back in June 2024. This is a major achievement for the EV industry. This modification is expected to greatly improve the abusive standard industry charging times of 60 to 120 minutes.
   
• An enhancement of electrification charging infrastructure will be very beneficial in assisting the use of electric trucks. The public sector along with private capital are actively working in the development of the electricity network for electric vehicles.
   
• An instance of this is in September of 2024, when the US Department of Energy (DOE) allocated 68 million dollars towards EV infrastructure development for medium- and heavy-duty electric trucks. The emphasis will be on the design, development and demonstration of innovative electric truck charging sites.
   
• North America electric truck market is undergoing a transition with the introduction of Charging-as-a-Service (CaaS) that will help fleet operators to focus on their core business and replying on service providers to handle charging infrastructure. These set of services include set up, service, and management of charging stations.
   
• In October 2023, Electrada, a fleet electrification solutions provider, partnered with Daimler Truck Financial Services to support the adoption of sustainable means of transport. This partnership integrates Electrada's all-encompassing 360 Charging-as-a-Service with Daimler's know-how in commercial battery electric vehicles (BEVs).
   

North America Electric Truck Market Analysis

Based on vehicle, the market is divided into light duty trucks, medium duty trucks, and heavy duty trucks.
 

• In 2023, the light duty trucks segment dominates the North America electric truck market and generated revenue of around USD 900 million with a CAGR of around 64% during the forecast period.
   
• The North American electric truck market is undergoing significant expansion in the light-duty segment owing to the growing requirement for effective last-mile delivery services. The growth of e-commerce has increased the requirement for packages to be delivered to urban and suburban areas, and this very phenomenon is making it easier for light-duty electric trucks to flaunt their effectiveness and agility.
   
• The E-commerce Logistics market is estimated to register a CAGR of more than 14% from 2024 to 2032 and is expected to reach cross USD 1 trillion by 2032. This logistic sector, over the years, in line with the rise of e-commerce will also increase the demand of light-duty electric vehicles which will help in the overall market growth.
   
• Moreover, large companies like Amazon and UPS are working towards the turnover of emission-free delivery fleets, which greatly increases the demand for light duty electric trucks. For instance, in June 2024, UPS launched over 100 new EV’s in Paris as part of a more extensive rollout throughout Europe, with campaigns of more than 600 electric vehicles delivering for our customers before the end of 2024.

Based on propulsion, the North America electric truck market is segmented into BEV, HEV, PHEV, FCEV. In 2023, the PHEV segment dominates the market with 55% of market share and is expected to grow at CAGR of over 63% from 2024 to 2032.
 

• Plug-in hybrid electric vehicles (PHEVs) spearhead the North American electric trucks market because of their multi-functional properties and long-range support. Such vehicles are powered by both – an internal combustion engine and an electric battery, which enhances the flexibility of fleet operation to areas with limited charging facilities.
   
• In April 2024, Nissan and Mitsubishi have announced a collaboration to build electric pickup trucks for the United States market. Both manufacturers are eager to strengthen their position in the intensifying global competition. In particular, this partnership aims to focus on making Northeastern Nissan Motors Corporation’s Frontier PHEV model in addition to the electric Frontier pickup truck.
   

Based on axle, the North America electric truck market is segmented into 2-axle, 3-axle, and 4-axle, with the 2-axle category expected to dominate due to low weight, high efficiency, and compatibility with existing charging infrastructure which greatly benefits the 2-axle category.
 

• 2 axle electric trucks are in service in the light and medium duty segments especially for urban logistics and last-mile deliveries. They are being deployed by companies such as Amazon, Fed Ex, and UPS to achieve their sustainability targets.
   
• As an example, in May 2024, Hexagon Purus collaborated with Hino Trucks to launch new electric truck brand Tern, the RC8. RC8 is a class 8 battery-electric truck designed for the US market. The RC8 is constructed using Hino's XL Series 4x2 chassis and integrates state-of-the-art Hexagon Purus zero-emission technology.
   

Based on application, the North America electric truck market is further divided into on-road and off-road, categories with the former expected to dominate owing to greater need of last-mile delivery services, freight transport, and municipal applications.
 

• The regulation of California’s Advanced Clean Trucks (ACT) provides government incentives along with a mandate for zero emissions, thus expanding fleet electrification. Furthermore, advancements like improved battery range and fast-charging infrastructure facilitate long-haul and regional trucking.
   
• On the other hand, off-road functions like mining and construction are less popular because these sectors require greater power and have infrastructure limitations therefore, the on-road segment continues to advance the most.

• In 2023, the U.S. region dominated the North America electric truck market with around 73% market share and generates around USD 1.2 billion in revenue. The region’s market growth is driven by regulatory incentives and corporate sustainability initiatives.
   
• Tax incentives for EV purchases, along with the construction of charging stations, is being promoted for investment with encouragement from the Biden administration's emphasis on clean energy and zero-emission vehicles.
   
• For instance, in September 2024, Electrify America in partnership with 4 Gen Logistics launched a new electric truck charging station in Rialto, California, aimed at tackling sustainable logistics and emission reduction in the region. This site is equipped with 14 Hyper-Fast chargers, each providing charging speeds of up to 350 kW.
   
• California has emerged as one of the most important markets for the use of electric trucks due to its strict emission regulations and significant state-level subsidies, creating a healthy appetite for electric trucks in the country.
   
• For instance, in September 2024, Volvo Trucks North America delivered 70 electric VNR trucks to multiple fleet operators in Southern California. These trucks will serve regional transport and drayage purposes and are part of the SHIFT ON subsidized program.
   
• The electric truck market in Canada is driven by the government efforts to reduce greenhouse gas emissions. Significant rebates for electric vehicle purchases and stringent emission regulations are motivating fleet operators to switch to electric trucks.
   
• Canada's dedication to reduction of the carbon footprint particularly in the big cities such as Toronto and Vancouver is boosting the electric truck industry. This growth remains backed by the federal government and provincial governments.
   
• For instance, in April 2024, the RIZON brand of Daimler Trucks launched the Class 4 and 5 electric commercial vehicles in Canada, which is another significant step towards achieving zero-emission commercial vehicles in the country.
   

North America Electric Truck Market Share

• Top 7 companies of North America electric truck industry are Isuzu, Daimler, PACCAR, BYD, Volvo, Nikola, and Traton holding around 45% of the market in 2023.
   
• Volvo commands a solid position in the electric truck segment, utilizing its well-established competitive position in the global trucking industry. The company is widening its offering of electric trucks and includes the Volvo VNR Electric which is used for urban and metropolitan area transports.
   
• Volvo invests heavily in research and development of battery technologies and autonomous drivers. This partnership with a major player in this industry, which is a well-known logistics provider, Amazon, strengthens the company’s position even further. Besides, Volvo provides state of the art fleet management systems based on telematics and management of the charging facilities of electric trucks.
   
• Daimler is an important contender in the North American electric truck industry under its brand Freightliner. It has model contributions such as eCascadia which services both long-distance and city transport.
   
• Daimler is also developing his production facilities to meet the demand of electric trucks while investing in battery manufacturing. To avoid worrying about range issues, the company works with many integrators of the charging infrastructure. Daimler is also concerned with the total fleet operating costs and works partnership to gain competitive strength as well as provide fleet services.
   
• As Traton, via its Navistar International affiliate, grows its brand of electric trucks in North America, the company is focused on battery electric technologies enhancements, fleet demonstration projects, and infrastructure development. They seek to improve vehicle range, charging, and cost-of-ownership margins to appeal to fleet buyers. Their efforts are supplemented by strategic relations with energy companies and government support schemes to increase EV uptake.
   

North America Electric Truck Market Companies

Major players operating in the North America electric truck industry are:

• BYD
• DAF Trucks
• Daimler
• Hino
• Isuzu
• Nikola Corporation
• PACCAR
• Renault
• Traton
• Volvo
   

Market leaders are constantly capitalizing on different market opportunities such as formations of partnerships and collaboratives, mergers and acquisitions, new launches and innovations, investment in research and development and so on. This is useful as it allows the integration of new features and technologies. Similarly, manufacturers merging or acquiring other forces in the market allows for improved business reach, resources, and innovation into their offerings.
 

North America Electric Truck Industry News

• In September 2024, Volvo Technology of America got funding of $208 million from Department of Energy in order to increase the supply of electric trucks for heavy duty usage as well as electricity powered train devices. This funding will greatly enhance operations at Volvo’s Lehigh Valley Operations in Macungie, Pennsylvania and the New River Valley facility in Dublin, Virginia, which is the largest truck manufacturer in the world.
   
• In May 2024, Daimler Truck North America (DTNA) expanded the use of electric vehicles (EVs) in its logistics operations as part of a broader strategy to decarbonize its supply chain. This initiative involves integrating Freightliner eCascadia semi-trucks and eM2 box trucks into their logistics network, focusing on transporting components to manufacturing plants and parts distribution centers across several states.
   
• In May 2024, Hyundai Motor Company (Hyundai Motors) together with Plus, a firm specializing in autonomous driving software, revealed the cutting-edge Level 4 autonomous hydrogen fuel cell electric truck in the United States at the Advanced Clean Transportation Expo (ACT), which is the largest North American exhibition on clean transportation technology and fleets. The USA is currently starting the independence driving test of Level 4 autonomous XCIENT Fuel Cell truck.
   
• In September 2023, Nikola revealed its plans for launching a fuel cell electric vehicle truck. The range of Nikola's hydrogen fuel cell electric truck can reach 500 miles and can be refueled within 20 minutes. It is expected to rank among the highest for range in a commercially available zero-emission Class 8 trucks. The applications of this vehicle are drayage, intermodal transport, metro-regional truckload, less-than-truckload and other specialized hauling operations.
   

The North America electric truck market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue ($ Mn/Bn) & volume (Units) from 2021 to 2032, for the following segments:

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Market, By Vehicle

• Light duty trucks
• Medium duty trucks
• Heavy duty trucks

Market, By Axle

• 2-axle
• 3-axle
• 4-axle

Market, By Application

• On-road
• Off-road

Market, By Propulsion

• Battery electric trucks (BEV)
• Hybrid electric trucks (PHEV)
• Plug-in hybrid electric trucks (FCEV)
• Fuel cell electric trucks (ICE)

Market, By Superstructure

• Box body
• Refrigerated body
• Flatbed body
• Curtainside body
• Tanker body
• Tipper body
• Crane body
• Skip loader body
• Fire engine body
• Hooklift body
• Spreading
• Ploughing
• Concrete mixer
• Refuse collector
• Sweeper
• Recovery vehicle

Market, By Battery Capacity

• Below 100 kWh
• 100-300   kWh
• Above 300 kWh

Market, By Range Capacity

• Short range (up to 150 miles)
• Medium range (150 to 250 miles)
• Long range (over Range 250 miles)

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada