Electric Commercial Vehicle Market Size

Electric Commercial Vehicle Market size was valued at USD 71.04 Billion in 2023 and is poised to grow from USD 88.3 Billion in 2024 to USD 503.43 Billion by 2032, growing at a CAGR of 24.3% during the forecast period (2025-2032).

'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 because of the favourable 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.