Insight by Abdul Wasay, Chief Operating Officer at The Business Research Company
In response to fluctuating tariffs and geopolitical trade developments, the Electric Light Commercial Vehicle Market Outlook 2025 analyses how businesses are adapting through supply chain diversification and strategic sourcing.
What Are the Expected Market Growth Rates for the Electric Light Commercial Vehicle Market?
The Electric Light Commercial Vehicle Global Market Report found that the market size for this industry has significantly expanded in the past few years. The market was valued at $32.46 billion in 2024 and is projected to reach $38.35 billion in 2025, marking a compound annual growth rate (CAGR) of 18.2%.
What Are the Expected Market Growth Trends for the Electric Light Commercial Vehicle Market Through 2029?
The Electric Light Commercial Vehicle Global Market is predicted to grow to $71.73 billion by 2029, with a compound annual growth rate (CAGR) of 16.9%.
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What Are the Key Business Drivers in the Electric Light Commercial Vehicle Market Landscape?
The key drivers in the electric light commercial vehicle market are:
• Strict emission standards spurring demand for low-emission vehicles
• Increased incorporation of electric vehicles in fleet services
• Rising demand for sustainable, eco-friendly transportation options
• Growth in e-commerce and subsequent increase in need for efficient last-mile delivery solutions.
How Is the Electric Light Commercial Vehicle Market Divided Across Key Categories?
The electric light commercial vehicle market covered in this report is segmented –
1) By Vehicle: Light-Duty Trucks, Vans, Pickup Trucks
2) By Propulsion: Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicle (FCEV), Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV)
3) By Gross Vehicle Weight (GVW): Below 6,000 lbs, 6,001 lbs- 10,000 lbs, 10,001 lbs - 14,000 lbs
4) By Application: Commercial, Industrial
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What Are the Ongoing Trends in the Electric Light Commercial Vehicle Market?
The key trends in the electric light commercial vehicle market are:
• Accelerated electrification efforts are trending in the market.
• There are advancements in battery technology that are shaping the future of the industry.
• Development of wireless EV charging technology is an emerging trend.
• Adoption of last-mile delivery solutions is a key trend in the market.
Which Companies are Expanding in the Electric Light Commercial Vehicle Industry?
Major players in the electric light commercial vehicle market are:
• Volkswagen Group
• Toyota Motor Corporation
• Mercedes-Benz Group AG
• Ford Motor Company
• General Motors
• Hyundai Motor Company
• Nissan Motor Corporation
• BYD Company Ltd.
• Nikola Corporation
• AB Volvo
• Traton SE
• Paccar Inc.
• Iveco S.p.A.
• Navistar International Corporation
• Ashok Leyland
• DAF Trucks
• Rivian Automotive Inc.
• Proterra
• Orange EV
• Quantron AG
• Alkè
• London EV Company Limited
Which is the Largest Region the Global Electric Light Commercial Vehicle Market?
Asia-Pacific was the largest region in the electric light commercial vehicle market in 2024
