Global Electric Commercial Vehicles Market Size and Forecast 2024-2033|BYD Company Ltd., Zhengzhou Yutong Bus Co. Ltd., Daimler AG, Proterra, VDL Groep BV

Electric trucks in charging station

The Electric Commercial Vehicles by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Electric Commercial Vehicles, The electric commercial 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 increasing investments by governments, reducing cost of ev batteries, growing demand for electrical commercial vehicles in emerging markets.

The electric commercial vehicles market size is expected to see exponential growth 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 growth in the forecast period resulted from rise in fuel rates, rising popularity of charging vehicles overnight at home for lower costs, rapid growth in ecommerce, coronavirus pandemic. Major trends in the forecast period include adopting artificial intelligence, use of electric rv’s for camping, government initiatives in the electric commercial vehicle industry, use of electric vehicles in logistics, rising adoption of lithium-ion batteries, use of 3d printing to manufacture light and inexpensive components, increase in mergers and acquisitions among electric commercial vehicle manufacturers.

During the historic period, government subsidies on electric commercial vehicles market contributed to the growth of the electric commercial vehicle market. For instance, according to the Government of India Budget 2022-23, the faster adoption and manufacturing of hybrid and electric vehicles (FAME) scheme will provide a subsidy of up to INR 2908 crores. Similarly, according to the Uttar Pradesh government’s Manufacturing and Mobility policy 2022, all-electric vehicles will be subsidized including bikes, scooters, three-wheelers, and cars. As part of this new policy, the state government will offer subsidies of up to Rs 1 lakh for electric cars for three years. The subsidies were given to three and four-wheeled electric vehicles for commercial and fleet applications. The market is being driven by the government’s support for the use of growth of the electric commercial vehicles market.

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The electric commercial vehicles market covered in this report is segmented –

1) By Propulsion Type: BEV, PHEV, FCEV.

2) By Vehicle Type: Electric Bus, Electric Truck, Electric Van, Others

3) By Battery Type: Lithium-Iron-Phosphate (LFP), Lithium-Nickel-Manganese-Cobalt Oxide (NMC), Others.

4) By Technology: Battery Electric Commercial Vehicles, Plug-In Hybrids, Hybrids, Fuel Cell Electric Commercial Vehicles.

Electric commercial vehicles market companies are implementing strategic partnerships for the production of electric commercial vehicles. Strategic partnerships in electric commercial vehicles involve the sharing of resources and expertise that enhance the product and multiply the results. It attracts popularity from consumers and other stakeholders, helping to increase the investment while reducing costs. For instance, in 2020, in South Korea, Hyundai Motor Company and Kia Motors Corporation strategically partnered and are investing €100 million (about $110 million) in a UK-based electric vehicle startup company, ‘Arrival,’ for developing electric commercial vehicles such as eco-friendly vans and commercial vehicles for logistics.

The electric commercial vehicles market report table of contents includes:

1. Executive Summary

2. Electric Commercial Vehicles Market Characteristics

3. Electric Commercial Vehicles Market Trends And Strategies

4. Electric Commercial Vehicles Market – Macro Economic Scenario

5. Global Electric Commercial Vehicles Market Size and Growth

26. South America Electric Commercial Vehicles Market

27. Brazil Electric Commercial Vehicles Market

28. Middle East Electric Commercial Vehicles Market

29. Africa Electric Commercial Vehicles Market

30. Electric Commercial Vehicles Market Competitive Landscape And Company Profiles

Top Major Players: