Electric Commercial Vehicle Market Report Scope & Overview:

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.

Electric Commercial Vehicle Market Revenue Analysis

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.



  • 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.


  • Insufficient EV charging infrastructure will limit the ECV market's growth.

  • Due to modern technology, these vehicles have substantial development costs.


  • 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.


  • 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.

Market, By Component:

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

Electric Commercial Vehicle Market Segment Analysis


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.


  • 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.

Tesla (US)-Company Financial Analysis

Electric Commercial Vehicle Market Report Scope:
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.

Frequently Asked Questions

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 US Canada Germany France United Kingdom China Japan South Korea 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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Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

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This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

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Data Bank Validation

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