The global electric commercial vehicle market size was US$ 194.7 billion in 2021 and is projected to reach US$ 1190.2 billion by 2030, growing at a compound annual growth rate (CAGR) of 22.1% during the forecast period from 2022-2030.
COVID-19 Impact Analysis
The COVID-19 adversely affected the entire automotive sector. Manufacturing companies had to close their plants for a short time period. It is because of the shortage of laborers and the ban on import-export activities. Thus, the global electric commercial vehicles market witnessed significant disruptions during the initial phase of the pandemic.
Factors Influencing
- Continuous advancements and reductions in battery prices are forecast to play a favorable role in the market growth.
- The growing adoption of commercial electric vehicles, including buses, vans, and favorable government initiatives to promote the use of electric vehicles, would benefit the industry in the future. Governments in various countries are providing subsidies or tax benefits on the purchase of e-vehicles. As a result, it would propel market growth.
- Rapidly growing advancements in the automobile sector and rising consumer awareness related to environmental pollution are forecast to play a significant role in the market growth.
- The benefits of electric vehicles, such as low maintenance and operational cost, and the introduction of smart vehicle technologies, such as GPS, touch sensors, telematics devices, wireless connectivity, advanced driver-assistance systems (ADAS), etc., would surge the market growth in the coming years.
- The limited battery capacity of the electric commercial vehicles may hamper the market growth during the analysis period.
- The increasing demand for electric commercial vehicles from the logistics sector would accelerate the market growth. Moreover, rising fuel prices would result in creating favorable growth opportunities for the market players in the global electric commercial vehicle market.
- Rapidly growing urbanization in developing countries may escalate market growth during the study period.
Geographic Analysis
Regionally, the Asia-Pacific region holds the highest share in the global electric commercial vehicle market. The region is forecast to dominate the market in terms of revenue, all because of the favorable government strategies in emerging countries like China. Moreover, growing demand for electric buses and rising investments in the industry would benefit the market. In addition, the rapidly growing logistics sector may fuel the growth of the electric commercial vehicle market in the Asia-Pacific region.
Competitors in the Market
- Tesla
- Daimler
- Panasonic
- Nissan
- Proterra
- ABB
- BYD
- LG Chem
- Delphi
- Samsung SDI
- Continental
- Other prominent players
Market segmentation
Insight by Component
- Electric Motor
- Hydrogen Fuel Cell
- EV Battery
Insight by Range
- Battery Electric Vehicle (BEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
- Fuel Cell Electric Vehicle (FCEV)
Insight by Power Output
- Less Than 100KW
- 100-250KW
- Above 250 KW
Insight by Vehicle Type
- Electric Bus
- Electric Van
- Electric Trucks
- Electric Pick-Up Trucks
Insight by Cell Format
Insight by Battery Type
- Lithium-Iron-Phosphate (LFP)
- Lithium-Nickel-Manganese-Cobalt Oxide (NMC)
- Others
Insight by Battery Capacity
- Less Than 50kwh
- 50-250 kwh
- Above 250kwh
Insight by Application
- Last-Mile Delivery
- Distribution Services
- Field Service
- Refuse Service
- Long Haul Transportation
Insight by Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
