US ZE Trucks Market Analysis by Size, Share, Growth, Trends and...

US ZE Trucks Market Analysis by Size, Share, Growth, Trends and Forecast (2023–2030) | UnivDatos

Posted 2024-11-21 12:50:58

According to UnivDatos Market Insights, The US ZE Trucks Market is expected to grow at a strong CAGR of around 15% during the forecast period 2023-2030. Governments in California are increasingly concerned about carbon emissions and their impact on the environment. As a result, there is a growing focus on promoting the adoption of electric vehicles (EVs) as a means of reducing emissions. For instance, in 2023, the Biden administration granted California the legal authority to require that half of all garbage trucks, tractor-trailers, cement mixers and other heavy vehicles sold in the state must be all-electric by 2035, an aggressive plan designed to clean up the worst polluters on the road. Further, in California, the government is providing subsidies and incentives to promote the adoption of EV trucks. For instance, Through the Hybrid and Zero Emission Truck and Bus Voucher Incentive Project (HVIP) and Low Oxide of Nitrogen (NOx) Engine Incentives, the California Air Resources Board provides vouchers to eligible fleets to reduce the incremental cost of qualified electric, hybrid, or natural gas trucks and buses at the time of purchase. California government has also set a goal of achieving carbon neutrality by 2035, which is expected to drive the adoption of EV trucks in the state. For instance, in 2022, the California Air Resources Board approved the trailblazing Advanced Clean Cars II rule that sets California on a path to rapidly growing the zero-emission car, pickup truck, and SUV market and delivering cleaner air and massive reductions in climate-warming pollution. The rule establishes a year-by-year roadmap so that by 2035 100% of new cars and light trucks sold in California will be zero-emission vehicles.

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On the basis of battery capacity, the market is segmented into less than 50 kWh, 50-250 kWh, and more than 250 kWh. Less than 50 kWh is expected to grow with a significant CAGR during the forecast period. This is due to the growing number and adoption of light-duty vehicles. Light-duty electric trucks with smaller battery capacities are optimized for shorter distances and are not typically intended for long-haul or extensive use. By focusing on shorter trips, these trucks can maintain a compact size and weight, allowing for better maneuverability in urban environments and reducing the overall cost of the vehicle.

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Based on vehicle type, the market is segmented into light duty, medium duty, and heavy duty. Light-duty electric trucks, which are typically used for short-haul delivery and other local applications, are expected to be the fastest-growing segment of the zero-emission truck market in the US. This is due to a number of factors, including increasing demand for electric delivery vehicles from retailers and consumers, as well as the availability of government incentives to encourage the adoption of electric vehicles. Additionally, advances in battery technology have made it possible for light-duty electric trucks to travel longer distances on a single charge, making them more practical for a wider range of applications.

Top Company Profiles

· Hyzon Motors

· Tesla

· BYD Motors Inc.

· Ford Motor Company

· General Motors

· Stellantis NV

· Nikola Corporation

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· Toyota Motor Corporation

· Hyundai Motor Company

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