What are the latest figures on the electric van market’s size and projected CAGR?
The electric van market size has grown exponentially in recent years. It will grow from $20.79 billion in 2024 to $26.26 billion in 2025 at a compound annual growth rate (CAGR) of 26.3%. The growth in the historic period can be attributed to initiatives taken by the government, enhancement of charging infrastructure, growth in public and corporate awareness about climate change and environmental sustainability, increased adoption by businesses aiming to reduce their carbon footprint, lower running costs compared to internal combustion engine (ICE) vans, including fuel and maintenance savings, the introduction of low-emission zones in cities.
The electric van market size is expected to see exponential growth in the next few years. It will grow to $66.25 billion in 2029 at a compound annual growth rate (CAGR) of 26.0%. The growth in the forecast period can be attributed to ongoing and potentially increased government incentives and subsidies for electric vehicles, reduced production costs as electric van manufacturing scales up and supply chains mature, more businesses setting and pursuing aggressive carbon neutrality targets, significant investments in expanding and upgrading charging networks, including ultra-fast chargers, innovations in wireless and mobile charging solutions, growth in renewable energy sources reducing the carbon footprint of EV charging. Major trends in the forecast period include the development of solid-state batteries, advancement in battery technologies, the proliferation of ultra-fast charging stations and wireless charging options, integration of advanced driver-assistance systems, and development of connected vehicle technologies enabling real-time data exchange.
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What are the key drivers behind the rapid expansion of the electric van market?
Increasing demand for logistics and e-commerce is expected to propel the growth of the electric van market going forward. Logistics and e-commerce refer to the management and execution of the flow of goods, services, and information in online retail, from order placement to delivery. Logistics and e-commerce are rising due to increasing consumer demand for convenient, fast, and reliable online shopping and delivery services. Electric vans are used in logistics and e-commerce to reduce delivery costs and environmental impact while enhancing efficiency in urban deliveries. For instance, in May 2024, according to the United States Census Bureau, a US-based government agency, U.S. retail e-commerce sales for the first quarter of 2024, after adjusting for seasonal variation, reached $289.2 billion, marking a 2.1 percent (±0.7%) increase compared to the fourth quarter of 2023. Therefore, increasing demand for logistics and e-commerce will drive the electric van market.
What is the segmentation for the electric van market?
The electric van market covered in this report is segmented –
1) By Propulsion: Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicles (FCEV), Plug-In Hybrid Electric Vehicles (PHEV)
2) By Battery Type: Nickel Manganese Cobalt, Lithium-Ion, Other Battery Types
3) By Battery Capacity: Up To 50 kWh, Above 50 kWh
4) By Range: Up To 100 Miles, 100 To 200 Miles, Above 200 Mile
5) By End Use: Last Mile Delivery, Refrigerated Services, Field Services, Distribution Services
Subsegments:
1) By Battery Electric Vehicle (Bev): Standard Bev Vans, Long Range Bev Vans, Fast Charging Bev Vans
2) By Fuel Cell Electric Vehicle (Fcev): Hydrogen Fuel Cell Vans, Fuel Cell Vans For Urban Logistics, Fuel Cell Vans For Long-distance Travel
3) By Plug-In Hybrid Electric Vehicle (Phev): Phev Vans With Electric-Only Range, Phev Vans For Mixed Usage (Electric And Hybrid), Phev Vans For Commercial Fleets
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Who are the most influential companies in the electric van market?
Major companies operating in the electric van market are Volkswagen AG, Toyota Motor Corporation, Stellantis N.V., Ford Motor Group, Mercedes-Benz Group AG, General Motors Corporation, Honda Motor Company Ltd., Tesla Inc., Nissan Motor Co. Ltd., BYD Company Limited, Daimler AG, Renault S.A., Volvo Group, Uber Technologies Inc., Peugeot S.A., Rivian Automotive Inc., Euler Motors Pvt. Ltd., Phoenix Motorcars LLC, GreenPower Motor Company Inc., Lightning eMotors Inc.
What are the most influential trends expected to drive the electric van market forward?
Major companies operating in the electric van market are focused on developing commercial and fleet electric vans, such as battery-electric vehicle systems, to enhance sustainability and efficiency in commercial transportation. Commercial and fleet electric vans are electric-powered vehicles specifically designed for business purposes, including goods delivery and service operations, offering benefits such as lower operating costs and reduced environmental impact. For instance, in January 2024, Ram Trucks, a US-based automotive manufacturer, launched the Ram ProMaster electric van (EV), which represents a significant milestone in the brand’s efforts toward electrification. The new Ram ProMaster EV can achieve a targeted range of up to 162 miles in city driving, marking the brand’s first fully electrified vehicle. The ProMaster EV is equipped with a standard 110-kilowatt-hour (kWh) battery pack and provides Level 3 DC fast charging options of 50 kW, 85 kW, 125 kW, and 150 kW, as well as a wall box charger (Level 2) with up to 11 kW. The cargo van model can carry up to 3,020 pounds of payload, while the delivery configuration offers 2,030 pounds of payload.
What are the major regional insights for the electric van market, and which region holds the top position?
Asia-Pacific was the largest region in the electric van market in 2023. The regions covered in the electric van market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Electric Van Market Report 2025 Offer?
The electric van market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
An electric van refers to a commercial vehicle powered entirely or predominantly by electricity rather than traditional fossil fuels. These vans use electric motors and rechargeable batteries to operate, offering benefits such as reduced emissions, lower operating costs, and quieter operation compared to their internal combustion engine counterparts. They are increasingly popular for urban delivery services and other commercial applications aiming to reduce environmental impact.
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