Global Electric Commercial Vehicle Market to Reach US$ 1,023.0 Billion by 2032, Propelled by the Increasing Focus on Environmental Sustainability

July 13, 2023 | Automotive Industry

According to the latest report by IMARC Group, titled “Electric Commercial Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” the global electric commercial vehicle market size reached US$ 119.8 Billion in 2023. An electric commercial vehicle (ECV) is a type of vehicle that is powered by electricity and is specifically designed for commercial purposes. It consists of an electric motor, a battery pack, power electronics, a charging system, a vehicle control unit (VCU), and auxiliary systems. These vehicles are utilized for various applications, such as transporting goods, making deliveries, providing services, and performing other commercial tasks. They utilize electric motors and rechargeable batteries as their primary power source, converting electrical energy into mechanical power to propel the vehicle. There are various advantages of electric commercial vehicles, such as zero tailpipe emissions, reduced noise levels, high torque at low speeds, regenerative braking capabilities, and lower operating and fuel costs. 

Global Electric Commercial Vehicle Market Trends:

The increasing adoption of electric commercial vehicles (ECVs) due to their zero or significantly lower tailpipe emissions and the implementation of stricter government regulations across the globe are some of the key factors driving the market growth. Moreover, ECV offers an effective cost-saving strategy in the long run with lower operating costs, including reduced fuel expenses and fewer maintenance requirements, which is providing a considerable boost to the market growth. In line with this, the implementation of various government incentives that offer incentives, such as tax credits and subsidies that further encourage the adoption of ECVs, is acting as another growth-inducing factor. Additionally, rapid advancements in electric vehicle technology, such as improvements in battery technology, charging infrastructure, and electric drivetrain efficiency, are supporting the market growth. In confluence with this, the widespread product adoption owing to the expansion of charging networks and the deployment of fast-charging stations are positively impacting the market growth. In addition to this, the increasing public awareness of environmental issues and the demand for sustainable solutions are influencing the choices made by consumers and businesses alike, are contributing to the market growth. Furthermore, the integration of renewable energy sources, such as solar and wind, with ECVs, creates an opportunity for cleaner and more sustainable transportation, which in turn, is creating a positive outlook for the market. Looking forward, the market value is projected to reach US$ 1,023.0 Billion by 2032, expanding at a CAGR of 26.91% during 2024-2032.

Market Summary:

  • Based on the vehicle type, the market has been divided into electric bus, electric pickup truck, electric truck and electric van.
  • On the basis of propulsion, the market has been categorized into BEV, HEV, FCEV, PHEV.
  • Based on the application, the market has been bifurcated into cargo and passenger.
  • On the basis of the battery type, the market has been segmented into lithium-nickel-manganese-cobalt oxide batteries, lithium-iron-phosphate batteries and others.
  • On the basis of battery capacity, the market has been divided into less than 50 kWh, 50-250 kWh and above 250 kWh.
  • Region-wise, the market has been divided into North America (the United States, Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdon, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and the Middle East and Africa (Turkey, Saudi Arabia and others). 
  • The competitive landscape of the market 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 Scope:

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.
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Global Electric Commercial Vehicle Market to Reach US$ 1,023.0 Billion by 2032, Propelled by the Increasing Focus on Environmental Sustainability
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