Electric Commercial Vehicle Market

Market Overview:

The global electric commercial vehicle market size reached US$ 119.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,023.0 Billion by 2032, exhibiting a growth rate (CAGR) of 26.91% during 2024-2032.

Electric commercial vehicles include a wide variety of low- to heavy-duty automobiles that operate on battery-based electric engines. They majorly include buses, trucks, vans, tractors, harvesters, loaders, excavators, etc. Electric commercial vehicles have gained traction as an eco-friendly alternative to gasoline-powered vehicles owing to their zero carbon emissions. Furthermore, these vehicles also offer low maintenance costs and various operational benefits in the commercial sector. As a result, electric commercial vehicles are widely adopted across several industries, including transportation, logistics, construction, mining, etc.

Electric Commercial Vehicle Market Trends and Drivers:

In recent times, several upgradations in the automobile sector have led to the development of economically sustainable electric vehicle for commercial purposes. The rising consumer awareness towards the low maintenance and operational costs of these vehicles is currently driving the market growth. Additionally, the implementation of favorable regulations pertaining to the reduction of fuel-driven vehicles is also inducing the demand for electric commercial vehicles. Furthermore, several government bodies are providing subsidies or tax benefits on the purchase of e-vehicles, thus promoting the adoption of these vehicles in the commercial sector. The increasing focus on the electrification of public transport fleets coupled with the rising adoption of electric vehicles for several logistic applications is also driving the market growth. Moreover, continuous efforts are being made by the battery manufacturers to provide reliable, safe, and environmentally conducive batteries for powering heavy-duty electric vehicles. The declining costs of high capacity Li-ion batteries have provided ample opportunities for lowering the overall vehicle cost, thereby bolstering the global demand. Moreover, the growing investments in the upgradation of several vehicle charging infrastructures are also propelling the demand for electric commercial vehicles. Besides this, the increasing penetration of smart vehicle technologies, including wireless connectivity, telematics devices, Advanced driver-assistance systems (ADAS), GPS, touch sensors, etc., is further driving the market growth.

The recent outbreak of the COVID-19 pandemic, in early 2020, however, has negatively impacted the electric commercial vehicle market. Due to national lockdowns, the demand for these vehicles in the transportation and logistics sectors has declined. Furthermore, the global lockdowns have also resulted in the temporary shutdown of plants which manufacture these vehicles.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global electric commercial vehicle market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on vehicle type, propulsion type, application, battery type and battery capacity.

Breakup by Vehicle Type:

• Electric Bus
• Electric Pickup Truck
• Electric Truck
• Electric Van
   

Breakup by Propulsion Type:

• BEV
• HEV
• FCEV
• PHEV
   

Breakup by Application:

• Cargo
• Passenger
   

Breakup by Battery Type:

• Lithium-Nickel-Manganese-Cobalt Oxide Batteries
• Lithium-Iron-Phosphate Batteries
• Others
   

Breakup by Battery Capacity:

• Less Than 50 kWh
• 50-250 kWh
• Above 250 kWh
   

Breakup by Region:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
  • Turkey
  • Saudi Arabia
  • Others

Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the key players being AB Volvo, Anhui Ankai Automobile Co. Ltd., BYD Company Ltd., Construcciones y Auxiliar de Ferrocarriles S.A., Daimler AG, Ebusco B.V., King Long United Automotive Industry Co. Ltd, NFI Group Inc., Proterra Inc., VDL Groep B.V., Zhengzhou Yutong Bus Co. Ltd. and Zhongtong Bus Holding Co. Ltd.

Report Coverage: