Electric Commercial Vehicle Market Size was valued at USD 56.5 billion in 2023 and is expected to reach USD 315.80 billion by 2031 and grow at a CAGR of 24% over the forecast period 2024-2031.
The term electric commercial vehicles refer to a diverse range of light- to heavy-duty motor vehicles that are powered by electric engines that are powered batteries. The majority of them consist of automobiles such as buses, trucks, vans, tractors, harvesters, loaders, excavators, and other similar machines. Due to the fact that they produce no carbon emissions, electric commercial vehicles have recently gained popularity as a more environmentally friendly alternative to gasoline-powered cars. The electric commercial vehicle market is mostly reliant on technical use since the majority of its operations in the production of electric cars are predicated on the utilization of modern technology, such as advanced batteries, plug-ins, advanced charging systems, and so on. Because of this, technology plays a significant part in the process of growing the overall market share.
Ford Motor Company launched an all-electric version of the F-150 pickup vehicle in July 2021. The truck is powered by two motors that produce 563bhp and 1050Nm of torque.
KEY DRIVERS:
Electric commercial vehicles are gaining popularity due to their reduced running costs than ICE vehicles.
Due to the lower cost of electricity, as the price of fossil fuels goes up, more people will want to buy ECVs.
Awareness of oil and diesel automobiles has boosted this industry.
The introduction of favorable rules relevant to the decrease of fuel-powered vehicles is also driving this desire.
RESTRAINTS:
Insufficient EV charging infrastructure will limit the ECV market's growth.
Due to modern technology, these vehicles have substantial development costs.
OPPORTUNITIES:
On-the-go EV charging will be fueled by the development of wireless charging technology.
Increasing public and private investments in charging and hydrogen infrastructure will benefit OEMs.
CHALLENGES:
Lithium is a big hurdle to the rapid rise of EV demand because of the limited supply of lithium.
National lockdowns have reduced transportation and logistical demand for these vehicles.
The pandemic caused by the novel coronavirus, also known as Covid 19, has had a detrimental impact on the market for electric commercial cars, as a result of which there has been a significant drop in the demand for electric vehicles, and consequently, profits have gradually reduced. As a result of the lockdowns in a number of nations and the limits that have been placed as a result of those lockdowns, the demand for cars has been steadily reducing, which has resulted in the production units being sore.
The influence that COVID 19 has had on the market can be plainly observed in the fact that the majority of the industry's major firms have been compelled to close their primary production facilities and have also been required to let go of staff. On the other hand, it is forecasted that there will undoubtedly be a pick-up in growth for the market as soon as the restrictions on people's movement are lifted and they are allowed to do so freely. After that, the sector for electric commercial vehicles would anticipate a significant increase in the demand for electric vehicles in order to make up for previous losses and keep up with anticipated growth rates.
The global market has been divided into Battery Cells & Packs, On-Board chargers, Motor, Reducer, Fuel Stack, Power Control units, Battery Management systems, Fuel Processor, Power conditioners, Air compressors, and humidifiers based on the component segment. In terms of revenue, the pre-cure segment was the most important part of the global retreaded tire market
Market, By Propulsion:
The global market has been divided into BEV, FCEV, and PHEV Based on the propulsion segment. In terms of revenue, the BEV segment was the most important part of the global retreaded tire market. Battery-powered vehicles (BEVs) typically have a range of 150 to 200 miles, depending on the type of battery used. The overall cost of BEVs is likely to reduce in the near future due to improvements in battery technology and declining battery pricing.
Market, By Vehicle Type:
The global market has been divided into buses, pickup trucks, trucks, and vans based on the vehicle type segment. In terms of revenue, the buses segment was the most important part of the global retreaded tire market. Electric buses are more comfortable than gas or diesel. Unlike traditional diesel buses, electric buses have reduced NVH, enhancing passenger comfort. Limited vibrations and moving mechanical parts enhance vehicle life, save maintenance costs, and provide passenger comfort.
By Component:
Battery Cells & Packs
On-Board Charger
Motor
Reducer
Fuel Stack
Power Control Unit
Battery Management System
Fuel Processor
Power Conditioner
Air Compressor
Humidifier
By Propulsion:
BEV
FCEV
PHEV
By Vehicle Type:
Bus
Pickup Truck
Truck
Van
In every region throughout the world, the market trends for electric commercial vehicles are moving in the direction of growth. The shift toward environmentally friendly technologies and the ongoing push for a cleaner environment have both contributed to the rising demand for electric vehicles. Countries such as Japan, Korea, China, and India have created a huge market for electric vehicles, and it is expected that the majority of revenue will come from this region. Early growth has been seen in the Asia-Pacific region, which is also expected to account for the majority of the total revenue. In terms of logistics vehicles and the vehicles used in public transport, developed countries like the United States of America, Canada, and Germany have shown significant post-lockdown improvements. These improvements have provided this region with a competitive advantage in terms of logistics support. North America and Europe are also regions that have shown significant post-lockdown improvements.
REGIONAL COVERAGE:
North America
The USA
Canada
Mexico
Europe
Germany
The UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
Tesla (US), Continental (Germany), Siemens (Germany), Nissan (Japan), BYD (China), Daimler (Germany), ABB (Switzerland), Mitsubishi Electric (Japan), Proterra (US), LG Chem (South Korea), Zhongtong Bus Holding Co., Ltd (China), Panasonic (Japan). Delphi (US), Toshiba (Japan), and Ballard Power Systems (Canada) are some of the affluent competitors with significant market share in the Electric Commercial Vehicle Market.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 56.5 Billion |
| Market Size by 2031 | US$ 315.80 Billion |
| CAGR | CAGR of 24% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by Component (Battery Cells & Packs, On-Board Charger, Motor, Reducer, Fuel Stack, Power Control Unit, Battery Management System, Fuel Processor, Power Conditioner, Air Compressor, Humidifier) • by Propulsion (BEV, FCEV, PHEV) • by Vehicle Type (Bus, Pickup Truck, Truck, Van) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Tesla (US), Continental (Germany), Siemens (Germany), Nissan (Japan), BYD (China), Daimler (Germany), ABB (Switzerland), Mitsubishi Electric (Japan), Proterra (US), LG Chem (South Korea), Zhongtong Bus Holding Co., Ltd (China), Panasonic (Japan). Delphi (US), Toshiba (Japan), and Ballard Power Systems (Canada) |
| Key Drivers | •Electric commercial vehicles are gaining popularity due to their reduced running costs than ICE vehicles. •Due to the lower cost of electricity, as the price of fossil fuels goes up, more people will want to buy ECVs. |
| RESTRAINTS | •Insufficient EV charging infrastructure will limit the ECV market's growth. •Due to modern technology, these vehicles have substantial development costs. |
Ans:- The market size is expected to reach USD 56.5 billion by 2023.
Ans:- Components, Propulsion, and Vehicle type are the different segments of the market.
Ans:- Due to the lower cost of electricity, as the price of fossil fuels, goes up and awareness of oil and diesel automobiles are the most promising aspects/opportunities of the Electric Commercial Vehicle Market.
Ans:- Yes.
ans:- Raw material vendors, Distributors/traders/wholesalers/suppliers, Regulatory authorities, government agencies and NGOs, Commercial research & development (R&D) institutions, Importers and exporters, and End-use industries are the stakeholder of this report.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Electric Commercial Vehicle Market Segmentation, By Component
8.1 Battery Cells & Packs
8.2 On-Board Charge
8.3 Motor
8.4 Reducer
8.5 Fuel Stack
8.6 Power Control Unit
8.7 Battery Management System
8.8 Fuel Processor
8.8 Power Conditioner
8.9 Air Compressor
8.10 Humidifier
9. Global Electric Commercial Vehicle Market Segmentation, By Propulsion
9.1 BEV
9.2 FCEV
9.3 PHEV
10. Global Electric Commercial Vehicle Market Segmentation, By Vehicle Type
10.1 Bus
10.2 Pickup Truck
10.3 Truck
10.4 Van
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 the USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 the UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Continental AG (Germany),
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Tesla (US)
12.3 Siemens (Germany)
12.4 Nissan (Japan)
12.5 BYD (China)
12.6 Daimler (Germany)
12.7 ABB (Switzerland)
12.8 Mitsubishi Electric (Japan)
12.9 Proterra (US)
12.10 LG Chem (South Korea)
12.11 Zhongtong Bus Holding Co., Ltd (China)
12.12 Panasonic (Japan)
12.13 Delphi (US)
12.14 Toshiba (Japan)
12.15 Ballard Power Systems (Canada)
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share analysis
13.3 Recent Developments
14. Conclusion
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