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.
Accelerating EV Adoption to Drive Transportation Decarbonization
Growing concerns over the environmental impact of the transportation sector have created an urgent global push to decarbonize transportation, meet climate goals, and mitigate global warming. This shift has fueled the widespread adoption of low-carbon technologies, particularly in the automotive industry. Increasing awareness of transportation-related emissions and a shift in consumer preferences toward zero-emission vehicles have significantly boosted the adoption of light-duty electric passenger vehicles across the region.
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The rising demand for electric vehicles (EVs) is further driven by substantial investments from leading automakers in research, development, and production. Companies such as General Motors, Volkswagen, Volvo, BMW, Nissan, and Audi have collectively invested approximately $150 billion in EV manufacturing and launched new models between 2020 and 2021.
Additionally, the declining cost of EVs and the growing availability of diverse models are set to accelerate EV production and adoption. However, this growth is contingent on economic conditions and supportive government policies in various countries. Given that transportation remains a leading source of pollution, heavy-duty vehicles—including trucks and buses—are among the biggest contributors. The superior efficiency of electric trucks compared to conventional diesel and natural gas vehicles is expected to further 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
