USD 306.65 billion
Report ID: SQMIG20V2006 | Region: Global | Published Date: May, 2023 | Pages: 157 | Tables: 62 | Figures: 77
Global Electric Commercial Vehicle Market size was valued at USD 306.65 billion in 2021 and is poised to grow from USD 381.17 billion in 2022 to USD 1747.48 billion by 2030, at a CAGR of 24.3% during the forecast period (2023-2030).
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.
Global Market Size
USD 306.65 billion
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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.
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.
Analysis by TypeIn 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.
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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%.
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Advancements in Battery Technology to Boost Sales
High Upfront Costs to Hinder Market Growth
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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.
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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.
|Market size value in 2021||USD 306.65 billion|
|Market size value in 2030||USD 381.17 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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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.
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