North America Electric Truck Market Size

North America Electric Truck Market Size

North America Electric Truck Market size was valued at USD 1.6 billion in 2023 and is estimated to grow at a CAGR of over 71% from 2024 to 2032. Stringent emission regulations in North America are propelling the adoption of electric trucks. Federal and state governments are implementing strict targets to curb carbon emissions, compelling fleets to transition from diesel to electric vehicles. Many major cities are establishing low-emission zones, imposing penalties or restrictions on diesel-powered vehicles. For instance, in March 2024, U.S. Environmental Protection Agency announced final national pollution standards for light-duty trucks, passenger cars and medium-duty vehicles.

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These standards, applicable to model years 2027 through 2032 and beyond, are projected to prevent more than 7 billion tons of carbon emissions. They are expected to provide nearly USD 100 billion in annual net benefits to society, including USD 13 billion in annual public health benefits from improved air quality and USD 62 billion in reduced annual fuel, maintenance, and repair costs for drivers. This regulatory landscape motivates businesses to invest in electric trucks, enabling them to comply with regulations while reaping the benefits of reduced long-term operational costs, particularly in fuel and maintenance.
 

Corporate sustainability initiatives are fueling the demand for electric trucks. Major companies are establishing ambitious targets to decrease their carbon emissions, with transportation playing a vital role in their strategies. Fleet operators across logistics, retail, and construction sectors are making significant investments in electric trucks to fulfill these sustainability pledges. This trend is particularly noticeable among corporations that publicly disclose their environmental performance, such as Walmart and Amazon. The adoption of electric trucks allows these businesses to showcase their commitment to corporate responsibility while reaping economic benefits through reduced operational costs and enhanced brand image among environmentally conscious consumers.