CHICAGO, March 4, 2024 /PRNewswire/ -- Electric Commercial Vehicle Market is projected to grow from USD 70.9 billion in 2024 to USD 255.6 billion by 2030, registering a CAGR of 23.8%, according to a new report by MarketsandMarkets. ECVs aim to provide a cleaner and more sustainable alternative to traditional fossil fuel-powered commercial vehicles, thereby reducing greenhouse gas emissions, air pollution, and reliance on finite fossil fuel resources. ECVs serve to lower the overall operational costs for businesses through reduced fuel and maintenance expenses. Electric vehicles have fewer moving parts and require less frequent maintenance compared to internal combustion engine vehicles, resulting in lower total cost of ownership over the vehicle's lifespan. Additionally, ECVs benefit from increasing energy efficiency and advancements in battery technology, leading to longer driving ranges and faster charging times, which enhance their practicality and appeal for commercial applications.
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Browse in-depth TOC on "Electric Commercial Vehicle Market".
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350 - Pages
Electric Commercial Vehicle Market Scope:
Report Coverage | Details |
Market Size | USD 255.6 billion by 2030 |
Growth Rate | 23.8% of CAGR |
Largest Market | Asia Pacific |
Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
Forecast Period | 2024-20230 |
Forecast Units | Value (Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Vehicle Type (Pickups, Medium and Heavy-Duty Trucks, Vans, Buses), Propulsion, Range, Battery Type, Power Output, Battery Capacity, Component, End User, Body Construction and Region |
Geographies Covered | Asia Pacific, Europe, and North America |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Development of wireless EV charging technology for on-the-go charging |
Key Market Drivers | Rising Fossil Fuel Prices |
The Heavy-duty truck market is expected to show a significant growth rate during the forecast period.
The heavy-duty truck market is projected to register a CAGR of 35.3% during the forecast period. Stringent emissions regulations and targets set by the European Union (EU) are expected to drive the adoption of electric heavy-duty trucks. Regulations such as the Euro 6 standards and potential future mandates for zero-emission vehicles can incentivize fleet operators to switch to electric trucks. Subsidies, grants, tax credits, and other financial incentives provided by governments can significantly reduce the upfront costs of purchasing electric heavy-duty trucks, making them more economically viable for fleet operators. The EU provides incentives for electric vehicles (EVs), such as battery electric vehicles (BEVs) and fuel cell electric vehicles (FCEVs). EVs registered until December 31, 2025, are exempt from ownership tax for 10 years. This exemption is valid until 31 December 2030 in Germany. Thus, such government initiatives will support the market for electric trucks in ECV market.
Additionally, increasing demand for emission-free public transport options in developed and emerging economies is projected to rapidly boost the electric buses segment in the near future. Growing awareness of climate change and stricter regulations on emissions are pushing cities and governments to adopt cleaner transportation solutions. Electric buses offer zero tailpipe emissions, significantly reducing greenhouse gases and air pollution in urban areas. In January 2024, BYD Mexico delivered 20 electric buses to Mexico City Metrobus (Mexico). These buses have a low floor and a length of 15 meters. They can carry up to 130 passengers, have a range of 200 kilometres, and a battery capacity of 300 kWh. The charging time is three hours. This supply involves a total of 55 pure electric buses. Metrobus expects that the use of these new buses will prevent 5,845 tons of CO2 emissions annually.
The 121 - 200 kWh battery capacity segment to show signifinat growth during the forecast period.
The 121-200 kWh battery capacity segment of the electric commercial vehicle market is witnessing substantial growth for several reasons. This battery capacity range caters to applications demanding extensive range and robust performance, making it suitable for long-haul transportation, heavy-duty trucks, and other commercial vehicles with high energy requirements. As industries increasingly prioritize sustainability and emissions reduction, the demand for electric vehicles in this segment has surged, driven by the need to replace traditional diesel-powered fleets. Various OEMs offer electric commercial vehicles with battery capacities ranging between 121 and 200 kWh. For instance, BYD (China) offers the T5 light-duty delivery trucks with a battery capacity range of 150 kWh. The battery-electric MAN eTGM by MAN Truck & Bus (Germany) is also scheduled for large-scale mass production in 2025. It will come with lithium-ion NMC with a capacity of 185 kWh. Such developments will drive the 121-200 kWh segment of the electric commercial vehicle Industry during the forecasted period.
North America will be the prominent growing market for electric commercial vehicle during the forecast period.
The North American electric commercial vehicle market is experiencing significant growth driven by various factors, including tightening emission regulations, increasing environmental awareness, and advancements in electric vehicle (EV) technology. With a focus on reducing greenhouse gas emissions and dependence on fossil fuels, governments, businesses, and consumers in North America are increasingly turning to electric commercial vehicles as a sustainable transportation solution. In North America, there has been significant investment in charging networks, including fast-charging stations along major transportation routes and in urban areas. For instance, in January 2024, the US government invested USD 623 million in charging infrastructure. In February 2024, the first public 500 kW charging station for North America was unveiled at Mercedes-Benz USA Headquarters in Sandy Springs, Georgia. In May 2023, PACCAR Inc. (US) and Toyota Motor North America, Inc. collaborated to expand their joint efforts to develop and produce hydrogen fuel cell (FCEV) Kenworth and Peterbilt trucks, which are powered by Toyota hydrogen fuel cell modules. North America is home to renowned OEMs that specialize in producing high-quality and high-performance vehicles, driving the growth of the electric commercial vehicle market. These manufacturers, including Tesla, Inc. (US), PACCAR Inc. (US), Ford Motor Company (US), WorkHorse Group (US), and General Motors (US), are increasingly focusing on developing faster, cleaner, and more efficient electric commercial vehicles. The region is also home to top electric medium-duty and heavy-duty truck manufacturers such as Chanje Energy Inc. (US), Mitsubishi (Japan), and Orange EV (US). Thus, all such factors are expected to boost the North American electric commercial vehicle market during the forecast period.
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Key Market Players:
The major players in global electric commercial vehicle companies include BYD (China), Mercedes-Benz Group AG (Germany), Yutong (China), AB Volvo (Sweden), and Ford Motor Company (US).
Recent Developments:
- In January 2024, Dongfeng Motor Corporation (Dongfeng) and Huawei Technologies Co., Ltd. (Huawei) entered into a partnership to collaborate on Dongfeng's Voyah brand of "new energy" vehicles. Through this partnership, Dongfeng will include various Huawei technologies in its vehicles, such as autonomous driving and infotainment software.
- In January 2024, Tesla, Inc. announced its plan to set up a factory in India and may invest USD 30 billion over the next 5 years.
- In October 2023, The Infrastructure & Transport Ministry of Greece signed a contract with Yutong for 250 e-buses. This contract will facilitate green and sustainable development and improve public transport conditions in Greece.
- In June 2023, Ford Motor Company opened the Electric Vehicle Center, an electric vehicle production facility in Germany, to serve the European markets.
- In May 2023, Mercedes-Benz Group AG released the EQT van (Electric Van), which is equipped with a 90-kW electric motor, two sliding doors, the MBUX infotainment system, and numerous safety and assistance systems.
- In May 2023, AB Volvo launched an Augmented Reality (AR) safety app for electric trucks designed to support responders in an emergency. The app provides valuable real-time information from the electric truck to guide emergency services for safe rescue operations.
- In April 2023, Scania AB launched an all-electric car transporter with a GVWR of 42 tons and a battery capacity of 230 kWh.
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