Electric Commercial Vehicle Market Size Share & Report, 2024

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 share, trends, 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.

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Global Electric Commercial Vehicle Market Trends:

The increasing urbanization and congestion in cities prompted governments and businesses to invest in electric buses and delivery vehicles to reduce traffic noise, improve air quality, and enhance overall urban mobility and logistics efficiency, impelling the market growth.

Concurrently, ongoing advancements in autonomous driving technologies, which are enhancing the feasibility and safety of electric trucks and delivery vans for logistics and freight operations, reducing labor costs, and improving fleet efficiency and reliability, are creating a positive outlook for market expansion.

Furthermore, increasing investments in sustainable supply chains by major corporations, which prioritize reducing carbon footprints and meeting environmental targets through the adoption of electric trucks and vans for freight transportation and last-mile delivery operations, is supporting the market expansion.

Factors Affecting the Growth of the Electric Commercial Vehicle Industry:

• Stringent environmental regulations and sustainability goals:

Governments worldwide are implementing stricter emission standards to combat air pollution and reduce greenhouse gas (GHG) emissions. Electric vehicles (EVs), including commercial trucks and buses, offer zero tailpipe emissions, making them attractive solutions for meeting regulatory requirements and achieving environmental targets. In regions like Europe and China, stringent emission norms and urban air quality regulations are accelerating the adoption of electric commercial vehicles (ECVs) in urban logistics and public transportation fleets.

Additionally, corporate sustainability initiatives and consumer demand for eco-friendly transportation options towards ECVs position them as key contributors to sustainable mobility solutions, strengthening the market growth.

• Advancements in battery technology:

Lithium-ion batteries, the predominant power source for EVs, have undergone significant improvements in energy density, charging efficiency, and durability. These advancements enable ECVs to achieve longer driving ranges on a single charge, making them more viable for daily operations in logistics, delivery services, and passenger transport.

Moreover, ongoing research and development (R&D) investments in battery technology aim to reduce costs, enhance performance, and extend battery life, addressing key barriers to widespread adoption, such as range anxiety and charging infrastructure limitations. Innovations such as solid-state batteries and fast-changing technologies continue to reshape the landscape of electric mobility, offering potential solutions to enhance competitiveness and attractiveness, thus bolstering the market growth.

• Cost-efficiency considerations:

Cost-efficiency considerations are driving the adoption of ECVs among fleet operators and businesses. While upfront costs for EVs tend to be higher than their diesel or gasoline counterparts, the total cost of ownership (TCO) over the vehicle's lifecycle often proves to be lower. Electric vehicles benefit from lower maintenance costs, reduced fuel expenses, and potential incentives such as tax credits and subsidies offered by governments to promote EV adoption. Besides this, ongoing advancements in manufacturing processes and economies of scale are gradually driving down the production costs of ECVs, making them more financially competitive in the market. Fleet operators are increasingly recognizing the long-term cost savings and operational benefits of EVs, driving significant investments in electrifying their commercial vehicle fleets to achieve sustainability goals, is aiding the market demand.

Electric Commercial Vehicle Market Report Segmentation:

By Vehicle Type:

• Electric Bus

• Electric Pickup Truck

• Electric Truck

• Electric Van

Electric buses account for the majority of shares due to their suitability for public transportation, government incentives, and environmental benefits in reducing urban emissions.

By Propulsion Type:

• BEV

• HEV

• FCEV

• PHEV

Battery electric vehicles (BEV) dominate the market because of their zero-emission capability, advancements in battery technology, and growing infrastructure for electric vehicle charging.

By Application:

• Cargo

• Passenger

On the basis of application, the market is segmented into cargo and passenger.

By Battery Type:

• Lithium-Nickel-Manganese-Cobalt Oxide Batteries

• Lithium-Iron-Phosphate Batteries

• Others

Based on the battery type, the market is classified 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

On the basis of battery capacity, the market is 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

Asia Pacific enjoys the leading position due to supportive government policies, rapid urbanization, and increasing adoption of electric vehicles in densely populated cities like Beijing, Tokyo, and Seoul.

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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