Global Electric Commercial Vehicle Market

Global Electric Commercial Vehicle Market Size, Share, Growth Analysis, By Charger(Normal and Fast), By Type(BEV, FCEV) - Industry Forecast 2023-2030


Report ID: SQMIG20V2006 | Region: Global | Published Date: April, 2024
Pages: 202 | Tables: 62 | Figures: 77

Global Electric Commercial Vehicle Market Insights

Global Electric Commercial Vehicle Market size was valued at USD 57.18 Billion in 2022 and is poised to grow from USD 71.07 Billion in 2023 to USD 405.01 Billion by 2031, growing at a CAGR of 24.3% in the forecast period (2024-2031).

The newest trend for governmental entities, non-profit organisations, and many commercial businesses supporting sustainable development is fleets of vehicles powered by renewable resources. Initiatives for technical innovation and advancements in transportation have grown during the last few years. By 2030, the IEA predicts there will be 145 million electric vehicles on the road, which may result in a 5.3 million barrel per day drop in global oil demand. By 2040, sales of new passenger cars are predicted to be 58% electric globally and up to 81% in Europe. Furthermore, the report predicts that by the middle of the 2020s, battery costs will have decreased and production volumes will have increased to the point where electric vehicles will be priced similarly to conventional vehicles. The fact that there are more electric vehicle charging points in the nation than there are petrol and diesel stations can be used to measure the growth of the hybrid and electric vehicle markets. Governments also support EV sales by providing subsidies, which is a significant role in the market's expansion. The Indian government provides a subsidy of Rs 5,000 per kWh of battery capacity up to Rs 30,000 for two- and four-wheeled cars, together with registration and road tax savings. For two- and four-wheeled vehicles, the subsidy is Rs 10,000 per kWh of battery capacity up to Rs 1.5 lakh.

US Electric Commercial Vehicle Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2024-2031

Global Market Size

USD 57.18 Billion

Largest Segment

Normal

Fastest Growth

Normal

Growth Rate

24.3% CAGR

Global Electric Commercial Vehicle Market ($ Bn)
Country Share for Asia Pacific Region (%)
Global Electric Commercial Vehicle Market By Charger ($ Bn)
Global Electric Commercial Vehicle Market By Charger (%)

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Global Electric Commercial Vehicle Market Segmental Analysis

Global Electric Commercial Vehicle Market is segmented on the basis of type, vehicle type, charger and region. By vehicle type, the market is segmented into bus, truck, others. By type, market is segmented into BEV, FCEV, PHEV, HEV. by charger the market is segmented into normal and fast. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Electric Commercial Vehicle Market Analysis by Charger

Due to its widespread availability and low cost, the normal charger segment continues to dominate the market for electric vehicles. For overnight charging at home or at the office, normal chargers typically offer a charging speed of 6-7 kW. However, the normal charger market is anticipated to grow more slowly going forward due to the growing demand for fast charging.

Due to the rising need for quick charging choices, it is predicted that the fast charger category would expand at the quickest CAGR throughout the projection period. Fast chargers enable consumers to quickly charge their automobiles by offering charging speeds of up to 350 kW. Fast chargers are being placed at public charging stations and along roads since they are perfect for long-distance driving. Major automakers are also introducing electric vehicles that can use fast chargers, helping to accelerate the growth of this market.

Electric Commercial Vehicle Market Analysis by Type

In the market for electric vehicles worldwide, the Fuel Cell Electric Vehicle (FCEV) segment is also expanding. Electricity is produced and the electric motor is powered by hydrogen fuel cells in FCEVs. Being one of the most environmentally friendly options available, these vehicles only produce heat and water as byproducts. For long-distance driving, FCEVs are the best option because they have a greater range than battery electric cars and can be refueled in a short period of time.

Due to its dual fuel-use capability, which offers customers freedom and convenience, the Plug-in Hybrid Electric Vehicle (PHEV) market is also experiencing tremendous growth. In comparison to BEVs, PHEVs have a greater driving range because, once the battery is depleted, they can switch to a petrol engine. The market now offers PHEV vehicles from well-known automakers like BMW, Volvo, and Mitsubishi.

Global Electric Commercial Vehicle Market By Charger, 2022 (%)

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Global Electric Commercial Vehicle Market Regional Insights

More than 60% of all electric vehicle sales worldwide in 2022 were in the Asia-Pacific region, with China alone accounting for 41% of those sales. In addition, the study notes that the Asia Pacific region is anticipated to maintain its dominance in the global market during the projected period as a result of the favorable government regulations and rising demand for environmentally friendly automobiles in the region. According to the International Energy Agency (IEA), China has the largest electric car market in the world, with more than 5.92 million electric vehicles shipped there in 2022.

Market conditions in North America have significantly improved. A competitive advantage in terms of logistics assistance is provided by developed nations like the United States, Canada, and Germany, which have made considerable advancements in public transportation and logistics. By 2029, the North American market for electric commercial vehicles is expected to have grown to US$ 107.62 billion from its estimated value of US$ 11.76 billion in 2022. According to forecasts, the market for electric commercial vehicles will expand at a CAGR of 37.2%.

Global Electric Commercial Vehicle Market By Region, 2024-2031
  • Largest
  • Fastest

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Global Electric Commercial Vehicle Market Dynamics

Electric Commercial Vehicle Market Drivers

Advancements in Battery Technology to Boost Sales

  • Advances in battery technology have made electric commercial vehicles more practical and cost-effective. The development of longer-lasting and faster-charging batteries has increased the range and performance of electric commercial vehicles, making them more viable for commercial use.
  • The expansion of charging infrastructure is a key trend in the electric commercial vehicle market, as it is essential to support the growth of the market. Governments and businesses are investing in the development of new charging infrastructure to support the adoption of electric commercial vehicles

Electric Commercial Vehicle Market Restraints

High Upfront Costs to Hinder Market Growth

  • Electric commercial vehicles are generally more expensive than traditional vehicles due to the cost of batteries and other components. This can make them less attractive to buyers, especially in price-sensitive markets.

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Global Electric Commercial Vehicle Market Competitive Landscape

Electric buses, light trucks, and passenger cars are just a few of the many various kinds of electric vehicles that manufacturers are offering to consumers. Businesses are working extremely hard to introduce cutting-edge, technologically advanced products to the market. They are also looking into strategic initiatives including mergers and acquisitions, strategic partnerships, and collaborations to improve their position in the market.

Electric Commercial Vehicle Market Top Player’s Company Profiles

  • Daimler AG (Germany)
  • BYD Auto Co., Ltd. (China)
  • Wrightspeed Inc. (USA)
  • Cummins Inc. (USA)
  • Dongfeng Motor Corporation (China)
  • Hino Motors Ltd. (Japan)
  • Scania AB (Sweden)
  • Navistar International Corporation (USA)
  • Nikola Motor Company (USA)
  • Tata Motors Limited (India)
  • VDL Groep (Netherlands)
  • Rivian Automotive LLC (USA)
  • Chanje Energy Inc. (USA)
  • Arrival Ltd. (UK)
  • Foton Motor Group (China)
  • Lion Electric Company (Canada)
  • Mahindra & Mahindra Ltd. (India)
  • Xpeng Inc. (China)
  • NFI Group Inc. (Canada)

Electric Commercial Vehicle Market Recent Developments

  • In March 2022, BYD Auto Industry Company Limited (hence referred to as "BYD") and Mobility Solutions Auto Trade Company together conducted a press conference for the introduction of BYD passenger vehicles. The two companies also presented popular new energy passenger vehicle goods for the Jordanian market.
  • In November 2022, Official delivery of the E200S mini-trucks to Chile was made by Farizon New Energy Commercial Vehicles (Farizon), a Geely subsidiary, from the Shenzhen port in the Guangdong Province. After the shipment to Costa Rica in June 2022, this is the second mass export consignment to South America.
  • In November 2022, A partnership between Elimen Group and Flash Electronics to create EV components was announced. The two businesses will work together to create traction motors and controllers for all types of electric vehicles, including two- and three-wheelers, passenger and commercial vehicles, and electric buses with capacities up to 300 kW.
  • In January 2022, up to 85% more range and quicker charge are features of the upgraded Volvo VNR Electric, which was released by AB Volvo.

Global Electric Commercial Vehicle Key Market Trends

  • The electric commercial vehicle market is attracting new players, including startups and established automotive companies. This is increasing competition and driving innovation in the market.

Global Electric Commercial Vehicle Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analyses, the global electric commercial vehicle market is growing rapidly, driven by factors such as government support and regulations, cost savings, and environmental concerns. The market is expected to continue to grow in the coming years, as more businesses and governments shift towards electric vehicles as a means of reducing emissions and promoting sustainability. There are also several challenges facing the market, including high upfront costs, limited range, and a lack of charging infrastructure in many areas. These challenges will need to be addressed in order to support the continued growth of the market. This competition is driving innovation and technological advancements in the industry, leading to new and improved electric commercial vehicles. With the expansion of charging infrastructure and the increasing focus on sustainability, the global electric commercial vehicle market is poised for continued growth in the coming years.

Report Metric Details
Market size value in 2022 USD 57.18 Billion
Market size value in 2031 USD 405.01 Billion
Growth Rate 24.3%
Base year 2022
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Charger
    • Normal and Fast
  • Type
    • BEV, FCEV, PHEV, HEV
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Daimler AG (Germany)
  • BYD Auto Co., Ltd. (China)
  • Wrightspeed Inc. (USA)
  • Cummins Inc. (USA)
  • Dongfeng Motor Corporation (China)
  • Hino Motors Ltd. (Japan)
  • Scania AB (Sweden)
  • Navistar International Corporation (USA)
  • Nikola Motor Company (USA)
  • Tata Motors Limited (India)
  • VDL Groep (Netherlands)
  • Rivian Automotive LLC (USA)
  • Chanje Energy Inc. (USA)
  • Arrival Ltd. (UK)
  • Foton Motor Group (China)
  • Lion Electric Company (Canada)
  • Mahindra & Mahindra Ltd. (India)
  • Xpeng Inc. (China)
  • NFI Group Inc. (Canada)
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Electric Commercial Vehicle Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Electric Commercial Vehicle Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Electric Commercial Vehicle Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Electric Commercial Vehicle Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Electric Commercial Vehicle Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Electric Commercial Vehicle Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Electric Commercial Vehicle Market size was valued at USD 57.18 Billion in 2022 and is poised to grow from USD 71.07 Billion in 2023 to USD 405.01 Billion by 2031, growing at a CAGR of 24.3% in the forecast period (2024-2031).

Electric buses, light trucks, and passenger cars are just a few of the many various kinds of electric vehicles that manufacturers are offering to consumers. Businesses are working extremely hard to introduce cutting-edge, technologically advanced products to the market. They are also looking into strategic initiatives including mergers and acquisitions, strategic partnerships, and collaborations to improve their position in the market. 'Tesla, Inc. (USA)', 'Daimler AG (Germany)', 'Volvo Group (Sweden)', 'BYD Auto Co., Ltd. (China)', 'Proterra Inc. (USA)', 'Wrightspeed Inc. (USA)', 'Cummins Inc. (USA)', 'Dongfeng Motor Corporation (China)', 'Hino Motors Ltd. (Japan)', 'Scania AB (Sweden)', 'Navistar International Corporation (USA)', 'Nikola Motor Company (USA)', 'Tata Motors Limited (India)', 'VDL Groep (Netherlands)', 'Rivian Automotive LLC (USA)', 'Chanje Energy Inc. (USA)', 'Arrival Ltd. (UK)', 'Foton Motor Group (China)', 'Lion Electric Company (Canada)', 'Mahindra & Mahindra Ltd. (India)', 'Xpeng Inc. (China)', 'NFI Group Inc. (Canada)'

Advances in battery technology have made electric commercial vehicles more practical and cost-effective. The development of longer-lasting and faster-charging batteries has increased the range and performance of electric commercial vehicles, making them more viable for commercial use.

The electric commercial vehicle market is attracting new players, including startups and established automotive companies. This is increasing competition and driving innovation in the market.

More than 60% of all electric vehicle sales worldwide in 2022 were in the Asia-Pacific region, with China alone accounting for 41% of those sales. In addition, the study notes that the Asia Pacific region is anticipated to maintain its dominance in the global market during the projected period as a result of the favorable government regulations and rising demand for environmentally friendly automobiles in the region. According to the International Energy Agency (IEA), China has the largest electric car market in the world, with more than 5.92 million electric vehicles shipped there in 2022.

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Global Electric Commercial Vehicle Market

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