Electric Commercial Vehicle Market Size is Projected To Exhibit Growth Rate 26.91% CAGR During 2024-2032

IMARC Group, a leading market research company, has recently released a report titled “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”. The study provides a detailed analysis of the industry, including the global electric commercial vehicle market trends, share, size, and industry trends forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

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.

Global Electric Commercial Vehicle Market Trends:

The rising consumer demand for last-mile delivery services, spurred by the exponential growth of e-commerce platforms is contributing to the market growth. As online shopping becomes increasingly prevalent, companies are seeking cost-effective and environmentally friendly transportation solutions to meet the growing demand for efficient logistics and delivery operations.

Moreover, the expansion of urban infrastructure and the consequent congestion issues are driving the electric commercial vehicle market. With cities becoming more crowded, there's a heightened need for vehicles that produce fewer emissions and can navigate dense urban environments efficiently, making electric commercial vehicles an attractive solution for businesses operating in urban areas.

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Factors Affecting the Growth of the Electric Commercial Vehicle Industry:

• Escalating environmental concerns:

Environmental concerns play a significant role in driving the adoption of electric commercial vehicles. With growing awareness of climate change and the environmental impact of traditional fossil fuel-powered vehicles, there is increasing pressure on industries to reduce carbon emissions. Electric vehicles (EVs) offer a cleaner alternative, as they produce zero tailpipe emissions during operation. This makes them particularly attractive for businesses seeking to reduce their carbon footprint and comply with stricter environmental regulations.

Additionally, the shift towards renewable energy sources further enhances the environmental benefits of EVs, as they can be charged using electricity generated from clean sources such as solar or wind power.

• Ongoing technological advancements:

Ongoing technological advancements are fueling the growth of the electric commercial vehicle market. Over the past decade, significant progress has been made in battery technology, leading to improvements in energy density, cost reduction, and charging infrastructure. Lithium-ion batteries, in particular, have emerged as the preferred choice for electric vehicle manufacturers due to their high energy density and long lifespan. Moreover, advancements in electric drivetrain technology have resulted in increased efficiency and performance of electric vehicles, making them more competitive with their traditional counterparts.

Additionally, the development of autonomous driving technology is expected to further boost the adoption of electric commercial vehicles, as it promises to enhance efficiency, safety, and productivity in logistics and transportation operations.

• Favorable regulatory policies:

Supportive regulatory policies are playing a crucial role in driving the transition to electric commercial vehicles. Governments around the world are implementing various incentives and mandates to promote the adoption of electric vehicles and achieve emissions reduction targets. These incentives include tax credits, subsidies, and grants for purchasing electric vehicles, as well as incentives for installing charging infrastructure. In addition, several countries have announced plans to ban the sale of new internal combustion engine vehicles in the coming years, further incentivizing the transition to electric vehicles.

Furthermore, cities are implementing low-emission zones and congestion pricing schemes, which favor electric vehicles over traditional diesel or gasoline-powered vehicles. As a result, businesses are increasingly considering EVs as a viable option to comply with regulations and avoid potential penalties associated with non-compliance.

Electric Commercial Vehicle Market Report Segmentation:

By Vehicle Type:

• Electric Bus

• Electric Pickup Truck

• Electric Truck

• Electric Van

Based on the vehicle type, the market has been divided into electric bus, electric pickup truck, electric truck, and electric van.

By Propulsion Type:

• BEV

• HEV

• FCEV

• PHEV

Based on propulsion, the market has been categorized into BEV, HEV, FCEV, and PHEV.

By Application:

• Cargo

• Passenger

Based on the application, the market has been bifurcated into cargo and passenger.

By Battery Type:

• Lithium-Nickel-Manganese-Cobalt Oxide Batteries

• Lithium-Iron-Phosphate Batteries

• Others

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.

By Battery Capacity:

• Less Than 50 kWh

• 50-250 kWh

• Above 250 kWh

Based on the battery capacity, the market has been divided into less than 50 kWh, 50-250 kWh, and above 250 kWh.

Regional Insights:

• North America

• Asia Pacific

• Europe

• Latin America

• Middle East and Africa

On a regional basis, the market is segregated into North America (the United States, and 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).

Competitive Landscape with Key Players:

The competitive landscape of the electric commercial vehicle market size has been studied in the report with the detailed profiles of the key players operating in the market.

Some of These Key Players 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.

• Zhongtong Bus Holding Co. Ltd.

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Key Highlights of the Report:

• Market Performance (2018-2023)

• Market Outlook (2024-2032)

• Market Trends

• Market Drivers and Success Factors

• Impact of COVID-19

• Value Chain Analysis

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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