Electric Light Commercial Vehicle Market Expansion 2024-2033: Growth Drivers and Dynamics

The electric light commercial vehicle 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 Vehicle 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 vehicle market size has grown rapidly in recent years. It will grow from $27.34 billion in 2023 to $32.46 billion in 2024 at a compound annual growth rate (CAGR) of 18.7%. The growth in the historic period can be attributed to the government regulations, incentives and subsidies, better charging infrastructure, lower operating costs, sustainable development measures.

The electric light commercial vehicle market size is expected to see rapid growth in the next few years. It will grow to $65.11 billion in 2028 at a compound annual growth rate (CAGR) of 19.0%. The growth in the forecast period can be attributed to the stricter emission standards, increased adoption in fleets, growing demand for sustainable transportation, rising growth in e-commerce and last-mile delivery demand, rising fossil fuel prices. Major trends in the forecast period include accelerated electrification efforts, advancements in battery technology, development of wireless EV charging technology, adoption of last-mile delivery solutions, enhanced battery efficiency and energy density.

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Scope Of Electric Light Commercial Vehicle 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 Vehicle Market Overview

Market Drivers –

The rising fossil fuel prices are expected to propel the growth of the electric light commercial vehicle market going forward. Fossil fuel is a hydrocarbon-containing material of biological origin used as an energy source. The rising fossil fuel prices are due to fluctuations in global oil supply and demand, increasing production costs due to advanced extraction methods, and market speculation. Electric light commercial vehicles offer a compelling alternative to traditional fossil fuel-powered vehicles, providing cost savings, environmental benefits, and operational efficiency, which are particularly advantageous during periods of high fossil fuel prices. For instance, according to the United States Department of Energy, a US-based government agency, the average fuel price increased from $2.64 per Gasoline gallon equivalent (GGE) in 2020 to $3.93 per GGE in 2023. Therefore, the rising fossil fuel prices are driving the growth of the electric light commercial vehicle market.

Market Trends –

Major companies operating in the electric light commercial vehicle market are developing vehicles with lithium-ion battery packs to enhance performance, range, and durability. The lithium-ion battery pack offers several advantages over traditional lead-acid batteries, including higher energy density, faster charging times, and longer lifespan. For instance, in April 2024, Switch Mobility, a UK-based bus manufacturer, launched an IeV 4 electric light commercial vehicle powered by a 32.2 kWh lithium-ion battery pack. The IeV 4 is designed for various applications such as cargo transportation, container handling, waste collection, and refrigerated vans and is expected to produce approximately 3,000 units annually. The vehicle is tailored for urban transport, with a certified lifting capacity of 4000 kg (8800 lbs). It’s well-suited for smaller garages and tire centers, offering a lifting range from 230 mm to 1900 mm (9 to 75 in). You can find it for purchase on the Snap-on website and various other online platforms.

The electric light commercial vehicle market covered in this report is segmented –

1) By Vehicle: Light-Duty Trucks, Vans, Pickup Trucks
2) By Propulsion: Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicle (FCEV), Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV)
3) By Gross Vehicle Weight (GVW): Below 6,000 lbs, 6,001 lbs- 10,000 lbs, 10,001 lbs – 14,000 lbs
4) By Application: Commercial, Industrial

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Regional Insights –

Asia-Pacific was the largest region in the electric light commercial vehicle market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the electric light commercial vehicle 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 vehicle market are <b>Volkswagen Group, Toyota Motor Corporation, Mercedes-Benz Group AG, Ford Motor Company, General Motors, Hyundai Motor Company, Nissan Motor Corporation, BYD Company Ltd., Nikola Corporation, AB Volvo, Traton SE, Paccar Inc., Iveco S.p.A., Navistar International Corporation, Ashok Leyland, DAF Trucks, Rivian Automotive Inc., Proterra, Orange EV, Quantron AG, Alkè, London EV Company Limited</b>

Table of Contents
1. Executive Summary
2. Electric Light Commercial Vehicle Market characterstics
3. Electric Light Commercial Vehicle Market Trends And Strategies
4. Electric Light Commercial Vehicle Market – Macro Economic Scenario
5. Global Electric Light Commercial Vehicle Market Size And Growth
…..

32. Global Electric Light Commercial Vehicle Market Competitive Benchmarking
33. Global Electric Light Commercial Vehicle Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Electric Light Commercial Vehicle Market
35. Electric Light Commercial Vehicle Market Future Outlook and Potential Analysis
36. Appendix

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