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 

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.