Market Size of united states electric pick-up trucks Industry
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Study Period | 2017 - 2030 |
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Market Size (2024) | USD 14.09 Billion |
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Market Size (2030) | USD 70.39 Billion |
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Largest Share by Fuel Category | BEV |
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CAGR (2024 - 2030) | 30.75 % |
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Fastest Growing by Fuel Category | BEV |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
United States Electric Pick-up Trucks Market Analysis
The United States Electric Pick-up Trucks Market size is estimated at 14.09 billion USD in 2024, and is expected to reach 70.39 billion USD by 2030, growing at a CAGR of 30.75% during the forecast period (2024-2030).
14.09 Billion
Market Size in 2024 (USD)
70.39 Billion
Market Size in 2030 (USD)
115.19 %
CAGR (2017-2023)
30.75 %
CAGR (2024-2030)
Largest Segment by Fuel Category
61.23 %
value share, BEV, 2023
Battery Electric Pick-up Trucks are the largest segment due to the growing demand for sustainable vehicles, advancements in electric truck technology, and significant government incentives.
Fastest-growing Segment by Fuel Category
35.97 %
Projected CAGR, BEV, 2024-2030
BEVs in the pick-up truck segment are experiencing the fastest growth due to increasing consumer interest in reducing carbon footprints, enhanced battery technology, and expanding EV infrastructure.
Leading Market Player
69.49 %
market share, Ford Motor Company, 2023
Ford leads the US pickup truck market with strong R&D capabilities and nine regional centers to develop and launch new vehicle models.
Second leading Market Player
15.68 %
market share, Toyota Motor Corporation, 2023
Toyota Motor Corporation holds a significant market share due to its reputation for reliability, innovative electric vehicle technology, and a strong commitment to expanding its e-pick-up truck offerings.
Third Leading Market Player
13.43 %
market share, Rivian Automotive Inc., 2023
Rivian Automotive Inc. is a key player due to its cutting-edge electric pick-up truck models, focus on adventure-ready vehicles, and strong backing from major investors and strategic partnerships.
With eco-centric business objectives intensifying, BEVs, offering zero emissions and competitive costs, are set to redefine commercial vehicular fleets
- In 2024, the EPA and NHTSA in the United States proposed the Safer Affordable Fuel-Efficient (SAFE) vehicles rule, slated for implementation from 2021 to 2026. This rule is set to establish standards for corporate average fuel economy and greenhouse gas emissions for both passenger and light trucks. Additionally, the Zero Emission Vehicles (ZEV) program mandates OEMs to sell a specific number of clean and zero-emission vehicles, encompassing electric, hybrid, and fuel cell-powered options. The ZEV program has set a target of 12 million ZEVs on the road by 2030.
- Major delivery firms are actively transitioning their fleets from gas-powered vehicles to electric or low-emission alternatives, driven by concerns over climate change and urban pollution. Leading e-commerce players have already made commitments to fully electrify their fleets. For instance, in March 2021, FedEx unveiled its global goal of having 50% of newly procured vehicles be electric by 2025, with a plan to reach 100% by 2030. FedEx's broader ambition is to achieve carbon-neutral operations worldwide by 2040, with a particular focus on electrifying its pick-up and delivery vehicles.
- The surging growth of the logistics and e-commerce sectors is expected to drive up the demand for light commercial vehicles (LCVs). In 2021, retail e-commerce sales in the United States reached an estimated USD 768 billion, marking a year-on-year growth of 19.25% from around USD 645 billion in 2020. The market for electric LCVs is projected to witness a CAGR of 4.8% during 2022-2028.
United States Electric Pick-up Trucks Industry Segmentation
BEV, HEV, PHEV are covered as segments by Fuel Category.
- In 2024, the EPA and NHTSA in the United States proposed the Safer Affordable Fuel-Efficient (SAFE) vehicles rule, slated for implementation from 2021 to 2026. This rule is set to establish standards for corporate average fuel economy and greenhouse gas emissions for both passenger and light trucks. Additionally, the Zero Emission Vehicles (ZEV) program mandates OEMs to sell a specific number of clean and zero-emission vehicles, encompassing electric, hybrid, and fuel cell-powered options. The ZEV program has set a target of 12 million ZEVs on the road by 2030.
- Major delivery firms are actively transitioning their fleets from gas-powered vehicles to electric or low-emission alternatives, driven by concerns over climate change and urban pollution. Leading e-commerce players have already made commitments to fully electrify their fleets. For instance, in March 2021, FedEx unveiled its global goal of having 50% of newly procured vehicles be electric by 2025, with a plan to reach 100% by 2030. FedEx's broader ambition is to achieve carbon-neutral operations worldwide by 2040, with a particular focus on electrifying its pick-up and delivery vehicles.
- The surging growth of the logistics and e-commerce sectors is expected to drive up the demand for light commercial vehicles (LCVs). In 2021, retail e-commerce sales in the United States reached an estimated USD 768 billion, marking a year-on-year growth of 19.25% from around USD 645 billion in 2020. The market for electric LCVs is projected to witness a CAGR of 4.8% during 2022-2028.
| Fuel Category | |
| BEV | |
| HEV | |
| PHEV |
United States Electric Pick-up Trucks Market Size Summary
The United States Electric Pick-up Trucks Market is poised for substantial growth, driven by a combination of regulatory initiatives and shifting consumer preferences. The implementation of the Safer Affordable Fuel-Efficient (SAFE) vehicles rule and the Zero Emission Vehicles (ZEV) program are pivotal in setting stringent standards for fuel economy and emissions, encouraging the adoption of electric and low-emission vehicles. These regulations, alongside the commitment from major delivery and e-commerce companies to transition their fleets to electric vehicles, underscore a significant shift towards sustainable transportation solutions. The logistics and e-commerce sectors, experiencing robust expansion, are further propelling the demand for electric light commercial vehicles, including pick-up trucks, as companies strive to meet environmental goals and regulatory requirements.
The market landscape is characterized by a high level of consolidation, with a few key players dominating the scene. Companies like Canoo Inc., Ford Motor Company, General Motors Company, Rivian Automotive Inc., and Toyota Motor Corporation are at the forefront, driving innovation and competition in the electric pick-up truck segment. The surge in electric vehicle adoption in the United States is also supported by governmental incentives and strategic initiatives aimed at enhancing domestic battery manufacturing and promoting electric mobility. These efforts are expected to significantly boost the market for electric pick-up trucks, aligning with the broader trend towards electrification and sustainability in the automotive industry.
United States Electric Pick-up Trucks Market Size - Table of Contents
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1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
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1.1 Fuel Category
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1.1.1 BEV
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1.1.2 HEV
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1.1.3 PHEV
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United States Electric Pick-up Trucks Market Size FAQs
How big is the United States Electric Pick-up Trucks Market?
The United States Electric Pick-up Trucks Market size is expected to reach USD 14.09 billion in 2024 and grow at a CAGR of 30.75% to reach USD 70.39 billion by 2030.
What is the current United States Electric Pick-up Trucks Market size?
In 2024, the United States Electric Pick-up Trucks Market size is expected to reach USD 14.09 billion.
