At what pace is the electric light commercial vehicles market growing, and what is its estimated value?
The electric light commercial vehicles market size has grown rapidly in recent years. It will grow from $16.38 $ billion in 2024 to $18.79 $ billion in 2025 at a compound annual growth rate (CAGR) of 14.8%. 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 $32.37 $ billion in 2029 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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What are the top drivers to the rising demand in the electric light commercial vehicles market?
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.
How is the electric light commercial vehicles market segmented?
The electric light commercial vehiclesmarket 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
Subsegments:
1) By Vans: Panel Vans, Cargo Vans, Passenger Vans, Chassis Cab Vans, Refrigerated Vans
2) By Pickup: Compact Pickup, Mid-Size Pickup, Full-Size Pickup, Crew Cab Pickup, Extended Cab Pickup, Single Cab Pickup
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Who are the top competitors in the electric light commercial vehicles market?
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.
What significant trends should we anticipate in the electric light commercial vehicles market over the forecast period?
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.
Which regional trends are influencing the electric light commercial vehicles market, and which area dominates the industry?
Asia-Pacific was the largest region in the electric light commercial vehicles market in 2024. 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.
What Does The Electric Light Commercial Vehicles Market Report 2025 Offer?
The electric light commercial vehicles market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Electric light commercial vehicles (eLCVs) are electric-powered vehicles designed for commercial use, typically including vans and trucks, with a gross vehicle weight rating of up to 7.5 tons. They are used for urban deliveries and other business purposes, offering lower emissions and operational costs compared to traditional internal combustion engine vehicles.
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