Overview and Scope
Commercial electric vehicles are electrically powered, self-propelled electric vehicles used for transportation that help reduce greenhouse gas emissions (GHG) and pollution and work with the help of both electric motors working in tandem.
Sizing and Forecast
The commercial electric vehicles market size has grown exponentially in recent years. It will grow from $116.95 billion in 2023 to $154.64 billion in 2024 at a compound annual growth rate (CAGR) of 32.2%. The growth in the historic period can be attributed to government incentives, rising fuel costs, corporate sustainability initiatives, environmental concerns, public awareness and sustainability initiatives.
The commercial electric vehicles market size is expected to see exponentially grown in the next few years. It will grow to $447.04 billion in 2028 at a compound annual growth rate (CAGR) of 30.4%. The growth in the forecast period can be attributed to increasing charging infrastructure, increasing urbanization and last-mile delivery demand, public awareness and education, investments in the automotive industry. Major trends in the forecast period include electrification of fleets, electrification of commercial transit, integration of autonomous technology, battery recycling and second-life applications, fleet management solutions, electrification of medium and heavy-duty vehicles.
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The commercial electric vehicles market covered in this report is segmented –
1) By Technology: Battery Electric Vehicles, Hybrid Electric Vehicles, Plug-in Hybrid Electric Vehicles
2) By Vehicle: Bus, Truck, Pick-Up Truck, Van
3) By Charging Infrastructure: Pantograph, Plug-in, Inductive
Asia-Pacific was the largest region in the commercial electric vehicles market in 2023. The regions covered in the commercial electric vehicles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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Major Driver Impacting Market Growth
Government subsidies to consumers and manufacturers help with the adoption of electric vehicles. The adoption of electric vehicles has been identified as an effective method to reduce carbon emissions and dependency on fossil fuels. So, the governments of many countries are providing direct subsidies to both buyers and manufacturers to increase the adoption rate of electric vehicles. For example, in order to make electric vehicles (EVs) accessible to all Americans for both short- and long-distance travel, the federal government has set the 2030 target of having half of all new vehicles sold in the country be zero-emissions vehicles. It has also committed to developing a practical and equitable network of 500,000 chargers.
Key Industry Players
Major companies operating in the commercial electric vehicles market include Tesla Inc., Nissan Motor Co. Ltd., Bayerische Motoren Werke AG, General Motors Company, Ford Motor Company, Volkswagen AG, Kia Corporation, Audi AG, BYD Co. Ltd., Daimler AG, Volvo Group, JAC Motors, Zhejiang Geely Holding Group Co. Ltd., Hyundai Motor Company, ZD (Zhongsheng Group), Zotye Auto Co. Ltd., Beijing Automotive Industry Group Co. Ltd., Tata Motors Limited, Hero Electric Vehicles Pvt. Ltd., Mahindra Electric Mobility Limited, YOBykes Electric Bikes, TVS Motor Company, Ashok Leyland Limited, Emflux Motors Pvt. Ltd., Menza Motors, Fiat Group Automobiles S.p.A., Renault Group, Škoda Auto a.s., Infiniti a division of Nissan Motor Co. Ltd., Stellantis N.V., GAC Group, SAIC Motor Corporation Limited, Chery Automobile Co. Ltd., Polestar AB, Changan Automobile Co. Ltd., DAF Trucks N.V., Dongfeng Motor Corporation, Great Wall Motors Company Limited, Hino Motors Ltd., Isuzu Motors Limited, Mitsubishi Fuso Truck and Bus Corporation, Navistar International Corporation, Nikola Corporation, PACCAR Inc., Proterra Inc., Traton SE
The commercial electric vehicles market report table of contents includes:
1. Executive Summary
2. Commercial Electric Vehicles Characteristics
3. Commercial Electric Vehicles Trends And Strategies
4. Commercial Electric Vehicles – Macro Economic Scenario
5. Global Commercial Electric Vehicles Size and Growth
…..
32. Global Commercial Electric Vehicles Competitive Benchmarking
33. Global Commercial Electric Vehicles Competitive Dashboard
34. Key Mergers And Acquisitions In The Commercial Electric Vehicles
35. Commercial Electric Vehicles Future Outlook and Potential Analysis
36. Appendix
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