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.
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Growing concerns about the environmental impact of the transportation sector have created an urgent global need to decarbonize transportation in order to meet climate goals and mitigate global warming. This has accelerated the adoption of low-carbon technologies within the industry. Increasing awareness of the harmful effects of transportation-related emissions, coupled with a shift in consumer preferences toward zero-emission vehicles, has led to a substantial rise in the adoption of light-duty passenger vehicles worldwide.
Moreover, the surge in demand for electric vehicles (EVs) is being driven by significant investments from major automotive companies in the research, development, and production of EVs. For example, industry leaders such as General Motors, Volkswagen, Volvo, BMW, Nissan, and Audi collectively invested around $150 billion in electric vehicle manufacturing and introduced new models between 2020 and 2021. Additionally, the declining prices of EVs and the expanding variety of available models are expected to fuel exponential growth in electric vehicle production across multiple countries.
This growth, however, will depend on factors such as overall economic development and government policy support. Transportation remains a leading source of pollution in many regions, with heavy-duty vehicles like trucks and buses being major contributors. The superior efficiency of electric trucks compared to traditional diesel and natural gas vehicles is another key factor anticipated to drive the growth of this segment in the coming years.
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Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights