CHICAGO, June 28, 2023 /PRNewswire/ -- Electric Commercial Vehicle Market size is projected to grow from 519.4 thousand units in 2023 to 2,155.1 thousand units by 2030, at a CAGR of 22.5%, according to a new report by MarketsandMarkets. Factors such as growing demand zero emissions commuting and governments supporting low emission vehicles through subsidies & tax rebates has resulted in automakers adopting to EV's and growth of electric commercial vehicle market. Rising concerns over increased pollution by the automotive industry is the main reason for which government bodies are promoting zero emission vehicles over ICE ones. People have identified the need for promoting zero emission vehicles to reduce the increasing pollution. To encourage people to buy ECV's, government bodies of different countries are introducing lucrative schemes and incentives that include discounts, lower vehicle acquisition taxes, lower road taxes for zero emission vehicles etc.
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Browse in-depth TOC on "Electric Commercial Vehicle Market".
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280 - Pages
Electric Commercial Vehicle Market Scope:
Report Coverage | Details |
Market Size | 2,155.1 thousand units by 2030 |
Growth Rate | 22.5% of CAGR |
Largest Market | Asia Pacific |
Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
Forecast Period | 2023-20230 |
Forecast Units | Value (Units) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | by Propulsion (BEVs & FCEVs), Vehicle Type (Pickups, Medium and Heavy-Duty Trucks & Vans), Range, Battery Type, Power Output, Battery Capacity, Component, End User, Body Construction and Region |
Geographies Covered | North America, Europe, Rest of The World and Asia Pacific |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Development of wireless EV charging technology for on-the-go charging to fuel market |
Key Market Drivers | Reducing price of EV batteries to increase demand for ECVs |
60-120 kWh is expected to be the largest market during the forecast
The increasing adoption of zero-emission vehicles with a battery capacity of 60-120 kWh by the logistics sector drives this segment. The increasing consumer awareness toward zero-emission vehicles and subsidies offered by authorities drive the demand for electric commercial vehicles with this battery capacity range. The charging time required for these batteries is less. In May 2022, company launched E-Transit in Europe with battery capacity of 68 kWh. In April 2023, Ford Motor Company announced to supply 9,250 E-Transit vans for delivery purpose. The increasing demand for electric vans in logistics is expected to boost this segment, as most affordable and efficient electric vans use lower-capacity batteries.
Less than 100 Kw segment is expected to be the largest market during the forecast
Motors generating an output of <100 kW are generally used in small electric commercial vehicles such as electric vans. Many leading OEMs are introducing electric commercial vehicles with power outputs below 100 kW, as the demand for sustainable last mile delivering, intracity applications have greatly increased. For instance, Tata Motors (India) targeted the intra-city cargo transport operators for e-commerce, FMCG and courier businesses and has begun the deliveries of the electric Ace in 2023, with a power output of 27 kW for offering lower total cost of ownership. In June 2022, launched Master E-Tech Electric which is equipped with lithium-ion battery with capacity of 52 kWh and motor capacity of 92 Kw. A smaller motor may cost less to manufacture, which could result in lower costs for consumers.
Asia Pacific is expected to be the largest market in the forecast
In this report, the Asia Pacific region is segmented into China, India, Japan, and South Korea. The electric commercial vehicle industry in the Asia Pacific region is increasing due to the need to reduce urban pollution and the dependence on fossil fuels. China accounts for the highest share of electric vehicles in the region, which will drive the electric commercial vehicle market. The governments of Asia Pacific have recognized the potential of the automotive industry and have taken different initiatives to promote the use of electric commercial vehicles. For instance, in 2021, the Japanese government announced an investment of USD 911 million to build EV Charger stations and stimulate the development of the electric vehicle market. The growth in per capita income would play a key role in the growth of the market in the Asia Pacific during the forecast period. Furthermore, several European and American automobile manufacturers, such as Volkswagen (Germany), Mercedes Benz Group AG (Germany), and General Motors (US), have shifted their production plants to emerging economies. The Chinese government encourages state governments and public organizations to increase the use of electric vehicles for logistics to more than 50% by 2025. In India, the electric commercial vehicle market is at a nascent stage. However, the government is undertaking various initiatives to promote the use and sale of electric vehicles.
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Key Market Players:
The major players in global electric commercial vehicle companies include BYD (China), Mercedes Benz Group AG (Germany), AB Volvo (Sweden), Tesla, Inc (US), and PACCAR Inc (US)
Recent Developments:
- In March 2023, Volvo Trucks and Boliden announced to collaborate on deployment of underground electric trucks for mining.
- In December 2022, AB Volvo announced the launch of rigid versions of its heavy electric trucks for distribution in urban and rural areas. The new heavy rigid trucks are designed to carry electric superstructures for a wide range of specialized transport assignments, including goods distribution, refuse collection and construction work.
- In December 2022, Tesla, Inc officially launched the Semi, the heavy-duty electric truck. The Semi is currently the only electric commercial vehicle that offers a range of 800 Km on a single charge.
- In October 2022, Electric truck rental company Sixt announced to purchase 100,000 electric vehicles from BYD through 2028. Sixt will deploy the vehicles to Germany, France, the Netherlands, and the U.K.
- In September 2022, Mercedes Benz Group AG launched its long-range electric truck eActros Long Haul. It is equipped with battery capacity of 600 kWh, uses LFP battery cells and has range of 500 kms.
- In September 2022, DAF launched electric trucks for distribution and logistical purposes. The electric truck offers battery pack of 315 kWh to 525 kWh and offers range of over 500 kms.
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