The electric light commercial vehicles global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Electric Light Commercial Vehicles Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The electric light commercial vehicles market size has grown rapidly in recent years. It will grow from $14.30 billion in 2023 to $16.38 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to urbanization and congestion, rising environmental awareness, consumer demand for sustainable products, infrastructure development, and cost reductions in electric vehicle manufacturing.
The electric light commercial vehicles market size is expected to see rapid growth in the next few years. It will grow to $28.28 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%. The growth in the forecast period can be attributed to decreasing battery costs, corporate sustainability goals, rising fuel prices, consumer and business preferences, and consumer and business preferences. Major trends in the forecast period include advanced battery technologies, vehicle-to-grid integration, enhanced charging infrastructure, autonomous driving features, and smart fleet management.
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Scope Of Electric Light Commercial Vehicles Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Electric Light Commercial Vehicles Market Overview
Market Drivers –
The rising expansion of the e-commerce industry is expected to propel the growth of the electric light commercial vehicles market going forward. The rise in the e-commerce industry is driven by increasing online shopping convenience and consumer preference for digital transactions. Electric light commercial vehicles (eLCVs) are utilized in the e-commerce industry for last-mile deliveries, offering a sustainable and cost-effective solution for transporting goods to customers while reducing emissions and operational costs. For instance, in May 2024, according to a report published by the Census Bureau of the Department of Commerce, a US-based governmental organization, e-commerce sales reached approximately $1,118.7 billion in 2023. For the first quarter of 2024, total retail sales were estimated at $1,820.0 billion. E-commerce sales during this period saw an 8.5% increase (±1.1%) from the same quarter in 2023, while total retail sales grew by 2.8% (±0.5%). Therefore, the rising expansion of the e-commerce industry is driving the growth of the electric light commercial vehicles market.
Market Trends –
Major companies operating in the electric light commercial vehicles market are adopting a strategic partnership approach to enhance technology integration and expand market reach. A strategic partnership refers to a collaborative agreement between companies to leverage each other’s strengths, such as technology, manufacturing, distribution, or market access, to accelerate the development, production, and deployment of electric commercial vehicles. For instance, in April 2024, Chery Automobile Co. Ltd., a China-based automobile manufacturer, partnered with B-ON, a Luxembourg-based manufacturer of electric vans and tools, to launch a new Pelkan electric light commercial vehicle in mainland Europe. Under the partnership, B-ON will leverage its sales and aftersales network in Europe and North America, along with its expertise in engineering design and product development. Meanwhile, Chery commercial vehicles will contribute to engineering, supply chain support, and manufacturing capabilities.
The electric light commercial vehicles market covered in this report is segmented –
1) By Type: Vans, Pickup
2) By Propulsion: Battery Electric Vehicle, Fuel Cell Electric Vehicle, Hybrid Electric Vehicle, Plug-In Hybrid Electric Vehicle
3) By Battery Type: Lithium-Ion Batteries, Lead-Acid Batteries, Nickel-Metal Hybrid Batteries, Other Battery Types
4) By Configuration: Left-Hand Drive, Right-Hand Drive
5) By End-Use: Facility Management, Last-Mile Delivery, Industrial, Agricultural, Other End-Uses
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Regional Insights –
Asia-Pacific was the largest region in the electric light commercial vehicles market in 2023. The regions covered in the electric light commercial vehicles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the electric light commercial vehicles market are Volkswagen AG, Stellantis N.V., Ford Motor Company, General Motors Company, SAIC Motor Corporation Limited, FCA US LLC, Nissan Motor Co. Ltd., BYD Company Limited, Daimler AG, Mitsubishi Fuso Truck and Bus Corporation, Isuzu Motors Limited, Mahindra & Mahindra Limited, Dongfeng Motor Corporation, Ashok Leyland Limited, Piaggio Group, Rivian Automotive Inc., Arrival UK Ltd., Beijing Automotive Industry Holding Co. Ltd., Bollinger Motors Inc., Cenntro Electric Group Limited, Goupil, Addax Motors N.V.
Table of Contents
1. Executive Summary
2. Electric Light Commercial Vehicles Market Report Structure
3. Electric Light Commercial Vehicles Market Trends And Strategies
4. Electric Light Commercial Vehicles Market – Macro Economic Scenario
5. Electric Light Commercial Vehicles Market Size And Growth
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27. Electric Light Commercial Vehicles Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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