USD 8.1 billion
Electric Van Market Size, Share, Growth Analysis, By Battery Capacity(Up to 50 kWh, and Above 50 kWh), By Application(Personal, Commercial), By Range(Up to 100 miles, 100 to 200 miles, and Above 200 miles), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25C2128 |
Region:
Global |
Published Date: April, 2024
Pages:
223
|Tables:
88
|Figures:
71
Electric Van Market Insights
Global Electric Van Market size was valued at USD 8.1 billion in 2022 and is poised to grow from USD 9.81 billion in 2023 to USD 45.07 billion by 2031, growing at a CAGR of 21% in the forecast period (2024-2031).
Vans that are powered by electric motors are known as electric vans and the growing focus on sustainability is projected to bolster the demand for these over the coming years. Growing popularity of electric vehicles and increasing consumer awareness regarding the benefits associated with the same are also slated to uplift electric van sales in the future. Imposition of stringent vehicle emission mandates around the world to reduce greenhouse gases and stop global warming are also predicted to favor the demand for electric vans across the forecast period and beyond. Developed countries with a better EV charging infrastructure will witness higher electric van sales as compared to developing countries that lack the same going forward.
Increasing investments in the development of a better charging infrastructure are estimated to create new opportunities for electric van companies through 2031. On the contrary, range limitations and high initial costs are projected to impede the overall electric van market development scope in the future.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Personal
Fastest Growth
Commercial
Growth Rate
21% CAGR
Global Electric Van Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Electric Van Market Segmental Analysis
The global electric van market is segmented based on propulsion, range, application, battery capacity, and region. In terms of propulsion, the market is segmented into battery electric van and plug-in hybrid electric van. Based on range, the market is bifurcated into up to 100 miles, 100 to 200 miles, above 200 miles. In terms of application, the market is divided into personal and commercial. Based on battery capacity, the market is divided into up to 50 kWh and above 50 kWh. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Application
Electric vans for personal application account for a prominent share of the global marketplace. This can be attributed to the growing awareness regarding environmental and capital benefits associated with the use of electric vehicles. Increasing prices of fossil fuels and the development of charging infrastructure are also slated to bolster the demand for electric vans in this segment going forward.
On the other hand, the demand for electric vans in commercial applications is slated to surge at a rapid pace across the forecast period and beyond. Increasing use of electric vans to for delivery in e-commerce applications and logistics industry to improve profitability and comply with modern emission regulations are allowing this segment to expand at a notable pace in the global electric van marketplace.
Analysis by Range
The 100 to 200 miles range segment is projected to account for a notable share of the global electric van marketplace. Growing adoption of electric vans for last mile delivery and other logistics operations is predicted to be a key factor promoting the market growth via this segment. This range is perfect for short city commutes and allows companies to reduce their operational costs.
Meanwhile, the demand for electric vans with a range of more than 200 miles is projected to surge rapidly in the future. Advancements in battery technology and optimization of efficiency of electric vehicles are projected to create new opportunities for electric van companies in this applcation segment. Efforts of companies to comply with modern sustainability mandates are also slated to bolster market growth via this segment.
Global Electric Van Market By Application
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Electric Van Market Regional Insights
The Asia Pacific region is slated to emerge as the dominant market for electric vans and this can be directly linked to high adoption of electric vehicles in countries such as India, China, and South Korea. Robust growth in electric vehicle production and imposition of stringent vehicle emission control mandates are forecasted to boost electric van demand outlook in this region. Rising consumer awareness regarding benefits of electric vehicles and development of modern EV charging infrastructure are also allowing the Asia Pacific region to account for a dominant share in the global electric van marketplace.
Meanwhile, Europe is slated to emerge as the fastest-expanding regional market for electric van companies in the long run. High focus on sustainability in European countries has led to increased adoption of electric vehicles, which in turn, is slated to benefit electric van market development as well. Germany, United Kingdom, and France are estimated to be some of the most lucrative markets for electric van suppliers across the forecast period and beyond.
Global Electric Van Market By Region
- Largest
- Fastest
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Electric Van Market Dynamics
Drivers
Imposition of Strict Emission Mandates
- Governments and regulatory bodies around the world are implementing new regulations and norms to curb emissions caused by vehicles. To comply with these regulations and promote sustainability, people have increased the adoption of electric vehicles such as electric bikes and electric vans.
Operational Cost Benefits for Organization
- Companies can utilize electric vans to save on the costs of fuel and further push their sustainability agenda. Investing in an electric van can pay off big time for organizations and improve their profit margins as well, this is a key factor that will promote electric van market growth in the future.
Restraints
Range Limitations
- Electric vehicles come with a limited range and need to be recharged periodically to keep them functional. These vehicles need a charging infrastructure to keep them operational over long distances and the absence of the same is projected to impede market development.
High Initial Costs
- Getting an electric van is quite expensive as compared to a traditional van owing to the high costs of battery technology. Not all people and organizations are willing to spend a high amount initially and this trend is slated to hurt electric van sales outlook in the future.
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Electric Van Market Competitive Landscape
Electric van manufacturers should focus on developing new vehicles with better range and efficiency to maximize their sales potential. Companies can also collaborate with energy providers and governments to boost the development of EV charging infrastructure over the coming years. Electric van market players should invest extensively in the research and development of new battery technology and design to optimize their revenue generation potential across the forecast period.
Top Player’s Company Profiles
- Tesla Inc
- Mercedes-Benz Group AG
- Renault
- BYD Company Ltd.
- General Motors
- Rivian
- Toyota Motor Corporation
- Dongfeng Motor Corporation
- Hyundai Motor Company
- Daimler Trucks
- Honda Motor Company Ltd.
- Nissan Motor Co. Ltd
- Lucid Motors
- Volkswagen AG
- Stellantis N.V.
Recent Developments
- In October 2023., AT&T, a leading name in the telecommunications space, announced that it would be adding Rivian’s electric vans to its fleet in 2024. This is part of AT&T’s electrification initiative to promote sustainability.
- In March 2024, Zeekr, an automotive company owned by Geely, announced that it had started taking preorders for its luxury electric van called Zeekr 009 and Zeekr X in Thailand.
- In February 2024, Hyundai, a leading name in the automotive industry, announced that it had made a deal with Iveco Group to supply its electric vehicle platform to develop a new electric van.
Electric Van Key Market Trends
- Development of Charging Infrastructure: Electric van manufacturers can capitalize on the rapid expansion of new charging infrastructure networks around the world. Companies can advertise the benefits of this newly developed charging infrastructure to showcase the long-term cost savings offered by electric vans and other types of electric vehicles.
Electric Van 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 robust Secondary Desk research.
As per our analysis, surging focus on sustainability and imposition of stringent vehicle emission mandates around the world are forecasted to bolster the demand for electric vans over the coming years. Growing availability of different types of electric vehicles around the world is also creating new opportunities for electric van companies. However, range limitations are projected to impede electric van market growth potential across the forecast period and beyond. The Asia Pacific region is slated to emerge as the fastest-expanding regional market for electric van suppliers owing to high adoption of electric vehicles in China, India, and South Korea. Development of wider charging infrastructure networks is slated to offer new growth scope for electric van providers in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 8.1 billion |
| Market size value in 2031 | USD 45.07 billion |
| Growth Rate | 21% |
| 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 Van 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 Van 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 Van 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 Van 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 Van Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Electric Van 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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