The Asia Pacific region to dominate the Electric Commercial Vehicle Market in 2021
According to Custom Market Insights (CMI), the Global Electric Commercial Vehicle Market size was estimated at USD 67 Billion in 2021 and is expected to hit around USD 280 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 26% from 2022 to 2030. The report analyses the Electric Commercial Vehicle Market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Electric Commercial Vehicle Market.
Electric Commercial Vehicle Market: Overview
Due to significant growth in industries like logistics and supply chain organizations, the adoption of electric vehicles is pretty evident in many growing economies. Additionally, the industry is progressing because of the harsh pollution restrictions in many nations around the world that are pressing many businesses to electrify their automobiles. Governments around the world are pressuring automakers to invest in the development of electric vehicles to minimize carbon emissions brought on by the combustion of diesel fuel and combat greenhouse gas emissions. Low-emission zones, meanwhile, are pushing fleets to switch out diesel trucks for cleaner models.
Browse the full “Electric Commercial Vehicle Market Size, Trends, and Insights By Propulsion (BEV, PHEV, FCEV), By Vehicle Type (Bus, Truck, Pick-up Truck, Electric Van), By Power Output (Less than 150 kW, 150 – 250 kW, Above 250 kW), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032″ report at https://www.custommarketinsights.com/report/electric-commercial-vehicle-market/
Growth Factors
One of the main motives for government organizations is to support zero-emission vehicles over petrol or diesel ones owing to rising concerns about the environment changing as a result of excessive pollution by the automobile sector. OEMs have begun creating plans for their new car lines that will embrace an all-electric future. This covers the creation of electric vans, trucks, pickups, and buses. Governments all around the world are offering lucrative programs and incentives, such as discounts, lower vehicle acquisition taxes, faster loan application processes, etc., for electric commercial vehicles to entice and encourage customers to buy ECVs. The aforementioned factors are expected to propel the demand for the global commercial electric vehicle market.
Segmental Overview
The market for Electric Commercial vehicles is segmented into propulsion, vehicle type, and power output. The categories of the global electric commercial vehicle market based on vehicle type include electric buses, electric trucks, electric pick-up trucks, and electric vans. During the projection period, the electric van segment is anticipated to grow at the fastest rate and hold the largest market share. The widespread use of electric vehicles has the potential to enhance air quality, particularly in metropolitan areas, as they emit neither CO2 nor NOx. Although these vehicles are quieter than diesel vans, they do not have the same range as regular vans on a single tank of fuel.
Regional Overview
The Asia Pacific region is estimated to lead the global electric commercial vehicle market in 2021. Due to the increasing demand for electric buses and the government-led measures to encourage the development of electric cars in nations like China, Japan, and India, the market for commercial electric vehicles in the Asia-Pacific region is anticipated to increase dramatically. The market is expanding in this region as a result of rising demand for the construction of charging infrastructure and growing regional OEM partnerships.
The North American region is expected to witness a high CAGR. One of the most technologically advanced automotive markets in North America. For innovations, cutting-edge R&D, and technological breakthroughs in electric commercial vehicles, North America is a major location. The largest market for electric commercial vehicles in North America is in the US, which has historically been a technological powerhouse, followed by Canada. In the North American EV industry, leading battery suppliers, as well as startups, have teamed with OEMs. For its EV batteries, GM has a collaboration with LG Chem. Samsung SDI and Stellantis have a partnership for EV batteries. Ford and SK Innovation are collaborating on the North American EV market.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 67 Billion |
| Projected Market Size in 2030 | USD 280 Billion |
| Market Size in 2022 | USD 91 Billion |
| CAGR Growth Rate | 26% CAGR (2022-2030) |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Prominent Players | AB Volvo, Daimler AG, Tesla, Proterra, PACCAR Inc., BYD Company Limited, CAF, Scania, VDL, Renault Trucks, KING LONG, EBUSCO, Yutong, NFI Group Inc., Anhui Ankai Automobile Co. Ltd., and Others |
| Key Segment | By Propulsion (BEV, PHEV, FCEV), By Vehicle Type (Bus, Truck, Pick-up Truck, Electric Van), By Power Output (Less than 150 kW, 150 – 250 kW, Above 250 kW), and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Competitive Landscape
Market leaders, including BYD, Yutong, AB Volvo, VDL Group, and CAF, dominate the market for electric commercial vehicles. ECV sales and a specific proportion of segmental revenue for each of the aforementioned companies were taken into account while determining the market ranking. These businesses also provide a wide range of goods and services to the car sector. These businesses engage extensively in R&D to create new products, and they have robust global distribution networks.
Prominent Players
- AB Volvo
- Daimler AG
- Tesla
- Proterra
- PACCAR Inc.
- BYD Company Limited
- CAF
- Scania
- VDL
- Renault Trucks
- KING LONG
- EBUSCO
- Yutong
- NFI Group Inc.
- Anhui Ankai Automobile Co. Ltd.
The global Electric Commercial Vehicle Market is segmented as follows:
By Propulsion
- BEV
- PHEV
- FCEV
By Vehicle Type
- Bus
- Truck
- Pick-up Truck
- Electric Van
By Power Output
- Less than 150 kW
- 150 – 250 kW
- Above 250 kW
By Region
North America
- The U.S.
- Canada
- Mexico
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America