Electric Commercial Vehicle Market Report by Vehicle Type (Electric Bus, Electric Pickup Truck, Electric Truck, Electric Van), Propulsion Type (BEV, HEV, FCEV, PHEV), Application (Cargo, Passenger), Battery Type (Lithium-Nickel-Manganese-Cobalt Oxide Batteries, Lithium-Iron-Phosphate Batteries, and Others), Battery Capacity (Less Than 50 kWh, 50-250 kWh, Above 250 kWh), and Region 2024-2032

Electric Commercial Vehicle Market Report by Vehicle Type (Electric Bus, Electric Pickup Truck, Electric Truck, Electric Van), Propulsion Type (BEV, HEV, FCEV, PHEV), Application (Cargo, Passenger), Battery Type (Lithium-Nickel-Manganese-Cobalt Oxide Batteries, Lithium-Iron-Phosphate Batteries, and Others), Battery Capacity (Less Than 50 kWh, 50-250 kWh, Above 250 kWh), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A2356
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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.

Report Attribute
 Key Statistics 
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 119.8 Billion
Market Forecast in 2032
US$ 1,023.0 Billion
Market Growth Rate 2024-2032 26.91%


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.

Global Electric Commercial Vehicle Market

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.

 

 
 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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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:

 

 
 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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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:

 

 
 

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  • 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 2023
Historical Period 2018-2023
Forecast Period 2024-2032
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$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
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

The global electric commercial vehicle market was valued at US$ 119.8 Billion in 2023.

We expect the global electric commercial vehicle market to exhibit a CAGR of 26.91% during 2024-2032.

The rising consumer preference towards electric commercial vehicles as an alternative to gasoline-powered automobiles, owing to their lower carbon footprints and better vehicular efficiency, is primarily driving the global electric commercial vehicle market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous automobile manufacturing units, thereby negatively impacting the global market for electric commercial vehicles.

Based on the vehicle type, the global electric commercial vehicle market has been segmented into electric bus, electric pickup truck, electric truck, and electric van. Among these, electric bus currently holds the majority of the total market share.

Based on the propulsion type, the global electric commercial vehicle market can be divided into BEV, HEV, FCEV, and PHEV. Currently, BEV exhibits a clear dominance in the market.

On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where Asia Pacific currently dominates the global market.

Some of the major players in the global electric commercial vehicle market include 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.

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Electric Commercial Vehicle Market Report by Vehicle Type (Electric Bus, Electric Pickup Truck, Electric Truck, Electric Van), Propulsion Type (BEV, HEV, FCEV, PHEV), Application (Cargo, Passenger), Battery Type (Lithium-Nickel-Manganese-Cobalt Oxide Batteries, Lithium-Iron-Phosphate Batteries, and Others), Battery Capacity (Less Than 50 kWh, 50-250 kWh, Above 250 kWh), and Region 2024-2032
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