According to Custom Market Insights (CMI), the Global Electric Commercial Vehicle Market size was estimated at USD 67 Billion in 2021 and is expected to hit around USD 280 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 26% from 2022 to 2030. The report analyses the Electric Commercial Vehicle Market’s drivers and restraints, as well as the impact they have on demand throughout the projection period. In addition, the report examines global opportunities in the global Electric Commercial Vehicle Market.
Electric Commercial Vehicle Market: Overview
Due to significant growth in industries like logistics and supply chain organizations, the adoption of electric vehicles is pretty evident in many growing economies. Additionally, the industry is progressing because of the harsh pollution restrictions in many nations around the world that are pressing many businesses to electrify their automobiles. Governments around the world are pressuring automakers to invest in the development of electric vehicles in order to minimize carbon emissions brought on by the combustion of diesel fuel and combat greenhouse gas emissions. Low-emission zones, meanwhile, are pushing fleets to switch out diesel trucks for cleaner models.
Browse the full “Electric Commercial Vehicle Market Size, Trends, and Insights By Propulsion (BEV, PHEV, FCEV), By Vehicle Type (Bus, Truck, Pick-up Truck, Electric Van), By Power Output (Less than 150 kW, 150 – 250 kW, Above 250 kW), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030″ report at https://www.custommarketinsights.com/report/electric-commercial-vehicle-market/
One of the main motives for government organizations is to support zero-emission vehicles over petrol or diesel ones owing to rising concerns about the environment changing as a result of excessive pollution by the automobile sector. OEMs have begun creating plans for their new car lines that will embrace an all-electric future. This covers the creation of electric vans, trucks, pickups, and buses. Governments all around the world are offering lucrative programs and incentives, such as discounts, lower vehicle acquisition taxes, faster loan application processes, etc., for electric commercial vehicles to entice and encourage customers to buy ECVs. The aforementioned factors are expected to propel the demand for the global commercial electric vehicle market.
The market for Electric Commercial vehicles is segmented into propulsion, vehicle type, and power output. The categories of the global electric commercial vehicle market based on vehicle type include electric buses, electric trucks, electric pick-up trucks, and electric vans. During the projection period, the electric van segment is anticipated to grow at the fastest rate and hold the largest market share. The widespread use of electric vehicles has the potential to enhance air quality, particularly in metropolitan areas, as they emit neither CO2 nor NOx. Although these vehicles are quieter than diesel vans, they do not have the same range as regular vans on a single tank of fuel.
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The Asia Pacific region is estimated to lead the global electric commercial vehicle market in 2021. Due to the increasing demand for electric buses and the government-led measures to encourage the development of electric cars in nations like China, Japan, and India, the market for commercial electric vehicles in the Asia-Pacific region is anticipated to increase dramatically. The market is expanding in this region as a result of rising demand for the construction of charging infrastructure and growing regional OEM partnerships.
The North American region is expected to witness a high CAGR. One of the most technologically advanced automotive markets in North America. For innovations, cutting-edge R&D, and technological breakthroughs in electric commercial vehicles, North America is a major location. The largest market for electric commercial vehicles in North America is in the US, which has historically been a technological powerhouse, followed by Canada. In the North American EV industry, leading battery suppliers, as well as startups, have teamed with OEMs. For its EV batteries, GM has a collaboration with LG Chem. Samsung SDI and Stellantis have a partnership for EV batteries. Ford and SK Innovation are collaborating on the North American EV market.
Market leaders, including BYD, Yutong, AB Volvo, VDL Group, and CAF, dominate the market for electric commercial vehicles. ECV sales and a specific proportion of segmental revenue for each of the aforementioned companies were taken into account while determining the market ranking. These businesses also provide a wide range of goods and services to the car sector. These businesses engage extensively in R&D to create new products, and they have robust global distribution networks.
- AB Volvo
- Daimler AG
- PACCAR Inc.
- BYD Company Limited
- Renault Trucks
- KING LONG
- NFI Group Inc.
- Anhui Ankai Automobile Co. Ltd.
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