Global Electric Commercial Vehicle Market, By Propulsion (Battery Electric Vehicle, Hybrid Electric Vehicle and Plug-in Hybrid Electric Vehicle and Fuel Cell Electric Vehicle), Vehicle (Bus, Trucks, Pick-up Trucks and Van), Range (0-150 Miles, 151-250 Miles, 251-500 Miles, and 500 Miles & Above), Component (Electric Motor, EV Battery and Hydrogen Fuel Cell) – Industry Trends and Forecast to 2030.
Electric Commercial Vehicle Market Analysis and Size
Electric commercial vehicles have gained immense popularity as an eco-friendly alternative to gasoline-powered vehicles. These vehicles provide operational benefits and low maintenance costs in the commercial sector. Electric commercial vehicles are widely adopted across several industries, including logistics, mining, and construction. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
Data Bridge Market Research analyses that the global electric commercial vehicle market which was USD 94.74 billion in 2022, is expected to reach USD 1426.37 billion by 2030, and is expected to undergo a CAGR of 40.35% during the forecast period 2023-2030. This indicates the market value. “Battery Electric Vehicle” dominates the propulsion segment of the global electric commercial vehicle market due to battery technology has advanced significantly, leading to improved energy density, longer range, and faster charging times. These advancements have made BEVs more practical for commercial applications, reducing concerns about range anxiety. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Electric Commercial Vehicle Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Propulsion (Battery Electric Vehicle, Hybrid Electric Vehicle and Plug-in Hybrid Electric Vehicle and Fuel Cell Electric Vehicle), Vehicle (Bus, Trucks, Pick-up Trucks and Van), Range (0-150 Miles, 151-250 Miles, 251-500 Miles, and 500 Miles & Above), Component (Electric Motor, EV Battery and Hydrogen Fuel Cell)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of the Middle East and Africa
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Market Players Covered
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Ford Motor Company (U.S.), General Motors (U.S.), AUDI AG (Germany), Kia Motors Corporation (South Korea), Groupe Renault (France), Groupe PSA (France), SAIC Motor Corporation Limited (China), Tesla (U.S.), Daimler AG (Germany), BMW AG (Germany), Hyundai Motor Company (South Korea), BYD Company Ltd. (China), Continental AG (Germany), TOYOTA MOTOR CORPORATION (Japan), Nissan Motor Co., LTD. (Japan), Volkswagen AG (Germany), AB Volvo (Sweden), Honda Motor Co., Ltd. (Japan)
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Market Opportunities
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Market Definition
The electric commercial vehicle is an automobile which can be driven by one or more motors operated by electricity. These automobiles are not limited to only roads and rail vehicles but these automobiles are made for surface and underwater vessels, electric aircraft and electric spacecraft.
Global Electric Commercial Vehicle Market Dynamics
Drivers
- Rising Electric Vehicle (EV) Sales
The increase in the electric vehicle (EV) sales across the globe acts as one of the major factors driving the growth of global electric commercial vehicle market. The consumer preference is rapidly inclining towards passenger and commercial electric vehicle (EV) due to the rising environmental consciousness.
- Increasing Digitalization of Vehicles
The rapid digitalization of vehicles accelerate the market growth. The need for achieving improved productivity, profitability at reduced costs and operational efficiency have a positive impact on the market. The surge in government funding on technological improvisation of these trucks and substantial infrastructure drives the market further.
- Growing Demand for Fuel-Efficient Vehicles
The increase in demand for fuel-efficient, low-emission and high-performance vehicles further influence the market. The presence of stringent government rules and regulations toward vehicle emission, and reduction in cost of electric vehicle batteries have a positive impact on the market growth.
Additionally, rapid urbanization, change in lifestyle, surge in investments and increased consumer spending positively impact the global electric commercial vehicle market.
Opportunity
- Rising E-Commerce and Last-Mile Delivery
The growth of e-commerce and the increased demand for last-mile delivery services have created a substantial opportunity for electric delivery vans and light trucks. Companies are looking to electrify their delivery fleets to reduce operating costs and meet sustainability goals.
Restraints/ Challenges
- High Initial Costs
Electric commercial vehicles often have a higher upfront purchase price compared to their traditional internal combustion engine (ICE) counterparts. This can be a significant barrier for fleet operators, particularly small and medium-sized businesses.
- Limited Range for Some Applications
Although battery technology is improving, some electric commercial vehicles may still have limited range compared to their ICE counterparts. This can be a concern for long-haul trucking and other applications requiring extended travel distances.
This global electric commercial vehicle market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global electric commercial vehicle market contact the Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.
Recent Developments
- In December 2021, BYD launched an electric van model ETP3 possessing a 50.3 kWh NMC battery. This electric van is 4.46-meter-long having a payload capacity of 720 kg with a range of 269 km
- In January 2022, AB Volvo launched an enhanced version of Volvo VNR Electric. This version is known to possess 85% increased range and faster charging
Global Electric Commercial Vehicle Market Scope
The global electric commercial vehicle market is segmented on the basis of propulsion, vehicle, range and component. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Propulsion
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-in Hybrid Electric Vehicle
- Fuel Cell Electric Vehicle
Vehicle
- Bus
- Trucks
- Pick-up Trucks
- Van
Range
- 0-150 Miles
- 151-250 Miles
- 251-500 Miles
- 500 Miles
- Above
Component
- Electric Motor
- EV Battery
- Hydrogen Fuel Cell
Global Electric Commercial Vehicle Market Analysis/Insights
The global electric commercial vehicle market is analyzed and market size insights and trends are provided by country, propulsion, vehicle, range and component, as referenced above.
The regions covered in the global electric commercial vehicle market are North America, South America, Europe, Asia-Pacific, and the Middle East and Africa. The countries covered in the global electric commercial vehicle market report are U.S., Canada, Mexico, Brazil, Argentina, the Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of the Middle East and Africa.
North America dominates the global electric commercial vehicle market because of the introduction of advanced technology along with rising number of research and development activities within the region. Asia-Pacific (APAC) is expected to witness significant growth during the forecast period of 2023-2030 due to the prevalence of incentives in the form of subsidies from the government for the adoption of electric vehicle in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Electric Commercial Vehicle Market Share Analysis
The global electric commercial vehicle market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the global electric commercial vehicle market.
Some of the major players operating in the global electric commercial vehicle market are:
- Ford Motor Company (U.S.)
- General Motors (U.S.)
- AUDI AG (Germany)
- Kia Motors Corporation (South Korea)
- Groupe Renault (France)
- Groupe PSA (France)
- SAIC Motor Corporation Limited (China)
- Tesla (U.S.)
- Daimler AG (Germany)
- BMW AG (Germany)
- Hyundai Motor Company (South Korea)
- BYD Company Ltd. (China)
- Continental AG (Germany)
- TOYOTA MOTOR CORPORATION (Japan)
- Nissan Motor Co., LTD. (Japan)
- Volkswagen AG (Germany)
- AB Volvo (Sweden)
- Honda Motor Co., Ltd. (Japan)
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