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The increasing number of incentives, in the form of funds and other investments, being provided by the state and federal governments is one of the major factors propelling the demand for electric trucks in the U.S. The various state governments in the country have set strict targets for reducing the nitrogen oxide and carbon dioxide emissions from automobiles, with 23 states aiming for a reduction of 26−28% in vehicular emissions by 2025, from the ones recorded in 2005. Furthermore, in California, as much as $20 million are to be given for the purchase of electric trucks.
The other important factors boosting the sales of electric trucks in the U.S. are the reducing prices of the batteries used in these vehicles and the lower maintenance and operating costs of these vehicles as compared to the ones running on fossil fuels. Driven by these factors, 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).
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One of the key trends presently being observed in the U.S. electric truck market is the rising adoption of electric trucks by the logistics companies in the country. Since the last few years, there has been a huge growth in the logistics sector in the U.S., mainly because of the boom of the e-commerce industry and this has massively pushed the demand for faster deliveries, which has in turn, increased the utilization of electric trucks in logistics services in the country.
Therefore, it can be said with certainty that the sales of electric trucks in US 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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Market Segmentation by Vehicle Type
Market Segmentation by Propulsion
Market Segmentation by Range
Market Segmentation by Battery Capacity
Market Segmentation by Application
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