United States Electric Commercial Vehicles Market Insights Forecasts to 2033

• The Market is growing at a CAGR of 41.70% from 2023 to 2033
• The United States Electric Commercial Vehicles Market Size is Expected to hold a significant share by 2033.

The United States Electric Commercial Vehicles Market is Anticipated to hold a significant share by 2033, growing at a CAGR of 41.70% from 2023 to 2033. Increasing electric commercial vehicle manufacturing and production activities.  

Market Overview

Electric commercial vehicles are those that use electricity instead of gasoline or diesel fuel. The most frequent electric commercial vehicles on US roads are buses, vans, lorries, agricultural vehicles including combine harvesters or tractors, and construction gear like excavators. Electric commercial cars are both cost-effective and environmentally benign, emitting nearly no CO2. As a result of the low carbon emissions of electric commercial vehicles, the manufacturing and production industries, as well as other businesses, are increasingly turning to them. The United States has been progressively growing in regards to commercial mobilization, with more and more connections of talks being held across for renewable energy-based procurement and installations being set up at varied amounts of items. This means that the country is continuously developing its commercial vehicle market to have a potential fleet market for electronic commercial vehicles throughout the country. Since trucks require a lot of power to move heavy objects, they have not been electrified until recently. Fortunately, battery manufacturers are currently working to increase the efficiency of their batteries, make them capable of moving heavy loads, and reduce their size and cost, which is increasing demand for electric commercial vehicles in the US.

Report Coverage

This research report categorizes the market for the United States electric commercial vehicles market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the United States electric commercial vehicles market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the United States electric commercial vehicles market.

Driving Factors

The US government is dedicated to reducing the nation's carbon emissions, mostly via reducing the use of fossil fuels in automobiles. To raise its share in the business market, it has therefore taken the necessary steps to promote and extend the manufacture and manufacturing of commercial electric vehicles. Additionally, EV manufacturers are producing newer models with greater battery life and technology. Electric commercial vehicle manufacturers make large investments in research and development to innovate and expand their product ranges. Governments globally have introduced laws and policies into place to encourage the use of electric vehicles. To encourage consumers to buy electric vehicles, financial incentives are being offered in the form of tax credits and rebates. Customers can now purchase electric automobiles at a lower initial cost due to these incentives.

Restraining Factors

Commercial electric vehicle manufacturing requires significant investment due to the high cost of components and technologies including lithium-ion batteries, monitoring systems, etc. The substantial capital expenditure serves as a primary impediment to the expansion of the electric commercial vehicle sector in the United States. Furthermore, the production of commercial electric vehicles is limited by the high cost of infrastructure, meaning that only the top EV manufacturers compete in this market. Small manufacturers are forced to rely on either private investment or government subsidies.

Market Segmentation

The United States electric commercial vehicles market share is classified into vehicle type and propulsion type.

• The electric van segment is expected to hold the largest market share through the forecast period.    

The United States electric commercial vehicles market is segmented by vehicle type into electric bus, electric truck, electric pick-up truck, and electric van. Among these, the electric van segment is expected to hold the largest market share through the forecast period. Due to their broad application in logistics industries, electric vans have the biggest market share. As more industrial and production organizations require electric vans to operate within their facilities, they prove to be an affordable choice.   

• The battery segment is expected to hold a significant share of the United States electric commercial vehicles market during the forecast period.       

Based on the propulsion type, the United States electric commercial vehicles market is divided into battery, hybrid, plug-in hybrid, and fuel cell. Among these, the battery segment is expected to hold a significant share of the United States electric commercial vehicles market during the forecast period. A major driver contributing to the growth of this market is the fact that battery-powered cars only need electricity. As a result, they almost emit no carbon. Additionally, the battery types show to be economical due to their spare car owners from having to pay for fossil fuels including gasoline and diesel.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the United States electric commercial vehicles market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Tesla
• Volkswagen AG
• Ford Motor Company
• Lucid
• Proterra Inc.
• Rivian Automotive, LLC
• Lion Electric Company (U.S. operations)
• Lightning eMotors
• Workhorse Group Inc.
• General Motors CompanyOthers

Key Target Audienc

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In June 2023, Volkswagen Commercial Vehicles is planned to test autonomous driving capabilities with the self-driving all-electric Volkswagen ID. Volkswagen Group of America in Texas, USA, has already started the testing program.

Market Segment

This study forecasts revenue at the US, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the United States Electric Commercial Vehicles Market based on the below-mentioned segments:

United States Electric Commercial Vehicles Market, By Vehicle Type

• Electric Bus
• Electric Truck
• Electric Pick-up Truck
• Electric Van

United States Electric Commercial Vehicles Market, By Propulsion Type

• Battery
• Hybrid
• Plug-in Hybrid
• Fuel Cell