Global Electric Commercial Vehicles Market Size 2024, Forecast To 2033
11 Mar, 2024
The electric commercial vehicles market has witnessed exponential growth, surging from $116.95 billion in 2023 to $154.64 billion in 2024, reflecting a compound annual growth rate (CAGR) of 32.2%. The historic period's growth is attributed to increasing government investments, the declining cost of electric vehicle batteries, and a growing demand for electric commercial vehicles in emerging markets. Projected to continue its rapid expansion, the market is expected to reach $447.04 billion in 2028, maintaining a CAGR of 30.4%. Drivers of growth in the forecast period include a rise in fuel rates, the increasing popularity of charging vehicles overnight at home for lower costs, rapid growth in e-commerce, and the impact of the coronavirus pandemic. Key trends involve the adoption of artificial intelligence, the use of electric RVs for camping, government initiatives in the electric commercial vehicle industry, the utilization of electric vehicles in logistics, the rising adoption of lithium-ion batteries, the use of 3D printing to manufacture light and inexpensive components, and an increase in mergers and acquisitions among electric commercial vehicle manufacturers.
Global Electric Commercial Vehicles Market Key Driver
Historic periods witnessed government subsidies significantly contributing to the electric commercial vehicle market's expansion. Initiatives like India's Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, allocating up to INR 2908 crores in subsidies, propelled market growth. Similarly, the Uttar Pradesh government's Manufacturing and Mobility policy 2022 extended subsidies to all-electric vehicles, including bikes, scooters, and cars. Subsidies of up to Rs 1 lakh for electric cars for three years were introduced, specifically targeting three and four-wheeled electric vehicles in commercial and fleet applications. The robust government support continues to drive the electric commercial vehicles market, reflecting in its market size in 2023, 2024, and 2028.
Get A Free Sample Of The Global Electric Commercial Vehicles Market ReportGlobal Electric Commercial Vehicles Market Segments
The electric commercial vehicles market covered in this report is segmented –
1) By Propulsion Type: BEV, PHEV, FCEV.
2) By Vehicle Type: Electric Bus, Electric Truck, Electric Van, Others
3) By Battery Type: Lithium-Iron-Phosphate (LFP), Lithium-Nickel-Manganese-Cobalt Oxide (NMC), Others.
4) By Technology: Battery Electric Commercial Vehicles, Plug-In Hybrids, Hybrids, Fuel Cell Electric Commercial Vehicles.
By Geography:The regions covered in the electric commercial vehicles market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
Asia-Pacific was the largest region in the electric commercial vehicles market in 2023. North America was the second largest region in the global electric commercial vehicles market share. The regions covered in the electric commercial vehicles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Electric Commercial Vehicles Industry Players
BYD Company Ltd., Zhengzhou Yutong Bus Co. Ltd, Daimler AG, Proterra, VDL Groep BV, Irizar, ZHONGTONGBUS Bus Holding Co., Ltd, Ebusco B.V., Navistar, Inc., Workhorse Group Incorporated, Mahindra Electric, Tata Motors, Hyundai, Ashok Leyland, Nissan, Honda Motor Co. Ltd., Toyota, SAIC Motor, NIO, Xpeng, Li Auto, WM Motor, Geely, Byton, Enovate, Zhiji Xiaomi, Dongfeng Motor, Chang’an Automobile, Guangzhou Automobile, Chery Automobile, FAW Group, Evergrande, BAIC Motor, Volkswagen, Renault, Audi, BMW, Mercedes Benz Motors, MAN Germany, DAF Trucks, Effigear EP Tender, Ze-Watt, Zembo, Ecovelo, Knave, SeaBubbles, Velco, Electra, EasyMile, MEDCOM, PERUN, Triggo, Varsovia Motor Company, Samocat Sharing, AVT & Co, PC Transport Systems, Carbogatto, Nucular, Via Motors, Tesla Inc, Hyliion, Ford, Lucid Motors, Chevrolet Bolt EV, Porsche, General Motors, Kia Motors, Origem, iPedal, Energica Motor Company, Bozankaya, EVT motor, Car4future, infinity, Schneider, Melex Electrovehicles, GridCars, Mazibuko Motor Company, El Nasr Automotive Manufacturing Company, Eleksa, Jet Motors
Get The Full Global Electric Commercial Vehicles Market Report
Electric Commercial Vehicles Market Overview
Electric commercial vehicles are electrically powered, self-propelled electric vehicles used for transportation that help reduce greenhouse gas emissions (GHG) and pollution and work with the help of both electric motors working in tandem.
Electric Commercial Vehicles Global Market Report 2023 provides data on the global electric commercial vehicles market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The electric commercial vehicles market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.