Global Electric Commercial Vehicle Market

Electric Commercial Vehicle Market Size, Share, Growth Analysis, By Vehicle Type (Trucks Vans), By Speed (100MPH to 125MPH, Less Than 100 MPH), By Class (Low Priced, Mid-Priced), By Component (Battery Packs, Electric Motors), 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 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

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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). 

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. '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) '

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 electric commercial vehicle market is attracting new players, including startups and established automotive companies. This is increasing competition and driving innovation in the market.

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. 

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Global Electric Commercial Vehicle Market

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