USD 57.18 Billion
Electric Commercial Vehicle Market Size, Share, Growth Analysis, By Vehicle Type(Pickup Trucks, Trucks (Medium-duty trucks, Heavy-duty trucks), Vans (Light vans), By Propulsion(BEVS, FCEVS), By Battery Type(NMC Batteries, LFP Batteries, Solid-state Batteries, Others), By Battery Capacity(Less Than 60 KWH, 60–120 KWH, 121–200 KWH, 201–300 KWH), By Power Output(Less Than 100 KW, 100–250 KW, Above 250 KW), By Speed(Less Than 100 MPH, 100MPH to 125MPH and Above 125 MPH), By Range(Less Than 150 Miles, 151–300 Miles, Above 300 Miles), By Class(Low Classed, Mid Classed, High Classed), By End Use(Last-mile Delivery, Field Services, Distribution Services, Long-haul Transportation), By Body Construction(Integrated, Semi-integrated, Full-sized), By Component(Battery Packs, Onboard Chargers, Electric Motors, Inverters), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20V2006 |
Region:
Global |
Published Date: August, 2024
Pages:
202
|Tables:
62
|Figures:
77
Electric Commercial Vehicle Market Insights
Global Electric Commercial Vehicle Market size was valued at USD 57.17 Billion in 2022 and is poised to grow from USD 71.04 Billion in 2023 to USD 405.01 Billion by 2031, growing at a CAGR of 24.3% in the forecast period (2024-2031).
The newest trend for governmental entities, non-profit organisations, and many commercial businesses supporting sustainable development is fleets of vehicles powered by renewable resources. Initiatives for technical innovation and advancements in transportation have grown during the last few years. By 2030, the IEA predicts there will be 145 million electric vehicles on the road, which may result in a 5.3 million barrel per day drop in global oil demand. By 2040, sales of new passenger cars are predicted to be 58% electric globally and up to 81% in Europe. Furthermore, the report predicts that by the middle of the 2020s, battery costs will have decreased and production volumes will have increased to the point where electric vehicles will be priced similarly to conventional vehicles. The fact that there are more electric vehicle charging points in the nation than there are petrol and diesel stations can be used to measure the growth of the hybrid and electric vehicle markets. Governments also support EV sales by providing subsidies, which is a significant role in the market's expansion. The Indian government provides a subsidy of Rs 5,000 per kWh of battery capacity up to Rs 30,000 for two- and four-wheeled cars, together with registration and road tax savings. For two- and four-wheeled vehicles, the subsidy is Rs 10,000 per kWh of battery capacity up to Rs 1.5 lakh.
US Electric Commercial Vehicle Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
FWD
Fastest Growth
AWD
Growth Rate
24.3% CAGR
Global Electric Commercial Vehicle Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Electric Commercial Vehicle Market Segmental Analysis
Global Electric Commercial Vehicle Market is segmented based on vehicle type, class, propulsion, battery type, battery capacity, power output, speed, range, end use, body construction, component, and region. Based on vehicle type, the market is segmented into Pickup Trucks, Trucks (Medium-duty trucks, Heavy-duty trucks), Vans (Light vans, Full-size vans), and Buses & Coaches. Based on propulsion, the market is segmented into BEVS, and FCEVS. Based on Battery Type, the market is segmented into NMC Batteries, LFP Batteries, Solid-state Batteries, Others. Based on Battery Capacity, the market is segmented into Less Than 60 KWH, 60–120 KWH, 121–200 KWH, 201–300 KWH, 301–500 KWH, 501–1,000 KWH. Based on Power Output, the market is segmented into Less Than 100 KW, 100–250 KW, and above 250 KW. Based on speed, the market is segmented into Less Than 100 MPH, 100MPH to 125MPH and Above 125 MPH. Based on Range, the market is segmented into Less Than 150 Miles, 151–300 Miles, and above 300 Miles. Based on class, market is segmented into low classed, mid classed and High Classed. Based on End Use, the market is segmented into Last-mile Delivery, Field Services, Distribution Services, Long-haul Transportation, Refuse Trucks. Based on Body Construction, the market is segmented into Integrated, Semi-integrated, and Full-sized. Based on Component, the market is segmented into Battery Packs, Onboard Chargers, Electric Motors, Inverters, DC-DC Converters, and Fuel-cell Stacks. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Electric Commercial Vehicle Market Analysis by Speed
With 69.1% of the market, the 100–125 mph category had the biggest share in 2023. The market for 100- to 125-mile per hour vehicles is expanding due to the rising demand for electric vehicles, particularly high-speed electric two-wheelers and electric three-wheelers. Electric cars with top speeds of between 100 and 125 mph are growing in appeal as buyers look for vehicles that combine performance and sustainability.
The market for vehicles under 100 mph is predicted to rise as high-speed electric two- and three-wheelers become more and more popular. There is a growing demand for electric scooters and motorcycles that can go faster on wide highways and quickly manoeuvre through crowded city streets due to urbanisation and the necessity for eco-friendly transportation options.
Electric Commercial Vehicle Market Analysis by Class
In 2023, the market was dominated by the low-cost electric vehicle sector, which held a substantial share of over 47.4%. Due to increased consumer desire for cheaper EVs, government incentives, and developments in EV technology that have made electric cars more accessible to a wider audience, EVs currently hold a large market share.
However, during the forecast period, the low-cost electric vehicle segment is anticipated to grow at the quickest rate. This expected growth can be ascribed to several things, such as ongoing advancements in battery technology that lower costs and extend the driving range of affordable EVs.
Electric Commercial Vehicle Market Analysis by Type
In 2023, the Front-wheel Drive (FWD) segment accounted for the greatest portion of the market, with 58.5%. FWD is becoming more and more popular in manufacturing because of how economical it is. Production costs are decreased by the fact that front-wheel drive vehicles require fewer components than rear-wheel drive systems. Car manufacturers are able to provide consumers with more competitively priced vehicles because of this cost advantage.
Between 2024 and 2030, the All-wheel Drive (AWD) market is anticipated to develop significantly. The versatility of AWD in driving circumstances is the reason for its adoption. Safety is a top priority for consumers, and AWD provides better traction and stability, particularly in inclement weather like rain and snow. In addition, the demand for AWD systems has increased due to the growing popularity of SUVs and crossovers.
Global Electric Commercial Vehicle Market By Type
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Electric Commercial Vehicle Market Regional Insights
More than 60% of all electric vehicle sales worldwide in 2022 were in the Asia-Pacific region, with China alone accounting for 41% of those sales. In addition, the study notes that the Asia Pacific region is anticipated to maintain its dominance in the global market during the projected period because of the favourable government regulations and rising demand for environmentally friendly automobiles in the region. According to the International Energy Agency (IEA), China has the largest electric car market in the world, with more than 5.92 million electric vehicles shipped there in 2022.
Market conditions in North America have significantly improved. A competitive advantage in terms of logistics assistance is provided by developed nations like the United States, Canada, and Germany, which have made considerable advancements in public transportation and logistics. By 2029, the North American market for electric commercial vehicles is expected to have grown to US$ 107.62 billion from its estimated value of US$ 11.76 billion in 2022. According to forecasts, the market for electric commercial vehicles will expand at a CAGR of 37.2%.
Global Electric Commercial Vehicle Market By Region
- Largest
- Fastest
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Electric Commercial Vehicle Market Dynamics
Electric Commercial Vehicle Market Drivers
Advancements in Battery Technology to Boost Sales
- Advances in battery technology have made electric commercial vehicles more practical and cost-effective. The development of longer-lasting and faster-charging batteries has increased the range and performance of electric commercial vehicles, making them more viable for commercial use.
- The expansion of charging infrastructure is a key trend in the electric commercial vehicle market, as it is essential to support the growth of the market. Governments and businesses are investing in the development of new charging infrastructure to support the adoption of electric commercial vehicles
Electric Commercial Vehicle Market Restraints
High Upfront Costs to Hinder Market Growth
- Electric commercial vehicles are generally more expensive than traditional vehicles due to the cost of batteries and other components. This can make them less attractive to buyers, especially in price-sensitive markets.
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Electric Commercial Vehicle Market Competitive Landscape
Electric buses, light trucks, and passenger cars are just a few of the many various kinds of electric vehicles that manufacturers are offering to consumers. Businesses are working extremely hard to introduce cutting-edge, technologically advanced products to the market. They are also looking into strategic initiatives including mergers and acquisitions, strategic partnerships, and collaborations to improve their position in the market.
Electric Commercial Vehicle Market Top Player’s Company Profiles
- Tesla, Inc. (USA)
- Daimler AG (Germany)
- Volvo Group (Sweden)
- BYD Auto Co., Ltd. (China)
- Proterra Inc. (USA)
- Wrightspeed Inc. (USA)
- Cummins Inc. (USA)
- Dongfeng Motor Corporation (China)
- Hino Motors Ltd. (Japan)
- Scania AB (Sweden)
- Navistar International Corporation (USA)
- Nikola Motor Company (USA)
- Tata Motors Limited (India)
- VDL Groep (Netherlands)
- Rivian Automotive LLC (USA)
- Chanje Energy Inc. (USA)
- Arrival Ltd. (UK)
- Foton Motor Group (China)
- Lion Electric Company (Canada)
- Mahindra & Mahindra Ltd. (India)
- Xpeng Inc. (China)
- NFI Group Inc. (Canada)
Electric Commercial Vehicle Market Recent Developments
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In June 2024, Tata Motors is planning to split its automotive business into two separate entities, one for commercial vehicles and another for passenger vehicles. Girish Wagh, Executive Director of Tata Motors, believes this move will make their commercial vehicle vertical more adaptable and allow them to seize opportunities worldwide.
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In April 2024, Daimler India's eCanter, a CO2-neutral all-electric truck, targets global markets by 2050, with an Indian launch in 6-12 months.
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In March 2024, China’s Clean-Truck Surprise Defies the EV Slowdown Narrative.
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In March 2022, BYD Auto Industry Company Limited (hence referred to as "BYD") and Mobility Solutions Auto Trade Company together conducted a press conference for the introduction of BYD passenger vehicles. The two companies also presented popular new energy passenger vehicle goods for the Jordanian market.
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In November 2022, Official delivery of the E200S mini-trucks to Chile was made by Farizon New Energy Commercial Vehicles (Farizon), a Geely subsidiary, from the Shenzhen port in the Guangdong Province. After the shipment to Costa Rica in June 2022, this is the second mass export consignment to South America.
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In November 2022, A partnership between Elimen Group and Flash Electronics to create EV components was announced. The two businesses will work together to create traction motors and controllers for all types of electric vehicles, including two- and three-wheelers, passenger and commercial vehicles, and electric buses with capacities up to 300 kW.
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In January 2022, up to 85% more range and quicker charge are features of the upgraded Volvo VNR Electric, which was released by AB Volvo.
Electric Commercial Vehicle Key Market Trends
- The electric commercial vehicle market is attracting new players, including startups and established automotive companies. This is increasing competition and driving innovation in the market.
Electric Commercial Vehicle Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global electric commercial vehicle market is growing rapidly, driven by factors such as government support and regulations, cost savings, and environmental concerns. The market is expected to continue to grow in the coming years, as more businesses and governments shift towards electric vehicles as a means of reducing emissions and promoting sustainability. There are also several challenges facing the market, including high upfront costs, limited range, and a lack of charging infrastructure in many areas. These challenges will need to be addressed in order to support the continued growth of the market. This competition is driving innovation and technological advancements in the industry, leading to new and improved electric commercial vehicles. With the expansion of charging infrastructure and the increasing focus on sustainability, the global electric commercial vehicle market is poised for continued growth in the coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 57.17 Billion |
| Market size value in 2031 | USD 405.01 Billion |
| Growth Rate | 24.3% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Electric Commercial Vehicle Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Electric Commercial Vehicle Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Electric Commercial Vehicle Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Electric Commercial Vehicle Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Electric Commercial Vehicle Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Electric Commercial Vehicle Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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