Electric Commercial Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Electric Commercial Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Report Format: PDF+Excel | Report ID: SR112023A2356
Buy Now

Market Overview:

The global electric commercial vehicle market is expected to exhibit a CAGR of 31.8% during 2022-2027.

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 sub-segment of the global electric commercial vehicle market report, along with forecasts at the global, regional and country level from 2022-2027. 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:

Report Features Details
Base Year of the Analysis 2021
Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Billion, Units
Segment Coverage Vehicle Type, Propulsion Type, Application, Battery Type, Battery Capacity, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico, Turkey, Saudi Arabia
Companies Covered 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.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


Key Questions Answered in This Report:

  • How has the global electric commercial vehicle market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the global electric commercial vehicle market?
  • What are the key regional markets?
  • What is the breakup of the market based on the vehicle type?
  • What is the breakup of the market based on the propulsion type?
  • What is the breakup of the market based on the application?
  • What is the breakup of the market based on the battery type?
  • What is the breakup of the market based on the battery capacity?
  • What are the various stages in the value chain of the industry?
  • What are the key driving factors and challenges in the industry?
  • What is the structure of the global electric commercial vehicle market and who are the key players?
  • What is the degree of competition in the industry?

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Electric Commercial Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
Select Licence Type



Benefits of Customization

Personalize This Research

Triangulate with your Data

Get Data as per your Format and Definition

Gain a Deeper Dive into a Specific Application, Geography, Customer or Competitor

Any level of Personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-713-2163

Email: sales@imarcgroup.com

Clients Testimonial

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Bayer AH

It was indeed a great experience to work with IMARC on the assignment on Aqua market. The team had done a fantastic job in terms of what was expected, what was assured and what was the result… the report gave us many insights and market know how which allowed us to work on our strength and define exact strategies…

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARTI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More