What is the global market size of the Electric Commercial Vehicle Market?

Global Electric Commercial Vehicle Market size was valued at USD 306.65 billion in 2021 and is poised to grow from USD 381.17 billion in 2022 to USD 1747.48 billion by 2030, at a CAGR of 24.3% during the forecast period (2023-2030).

Which region accounted for the largest share in the Global Electric Commercial Vehicle 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 as a result of the favorable 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.

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 2025-2032

Report ID: SQMIG20V2006 | Region: Global | Published Date: August, 2024
Pages: 202 | Tables: 62 | Figures: 77

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.

Electric Commercial Vehicle Market Report Snapshots

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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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Electric Commercial Vehicle Market Dynamics

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