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Increasing focus of countries on the electrification of their public transport fleets and increasing demand for zero emission vehicles in the logistics sector are the significant growth drivers for the global electric commercial vehicle market
The global electric commercial vehicle market size is projected to grow from 261 thousand units in 2020 to reach 1,890 thousand units by 2027, at a CAGR of 32.7%. The advancements in battery pack technologies and electric powertrains are some of the major factors driving the growth of the electric commercial vehicle industry. Many countries are focusing on the electrification of their public transportation fleets. Factors such as a rise in pollution and environmental hazards, stringent government regulations, and stiff competition have compelled automotive OEMs to make fuel-efficient and environment-friendly vehicles. Increasing demand for fuel efficient and zero emission vehicles in the logistics sector is also driving the market.
The growth of e-commerce, logistics, and shared mobility is likely to propel the growth of the electric van segment during the forecast period
The electric van segment is expected to be the fastest growing market as there is a high demand for these vans from the logistics sector, especially in the European region. The growth of the logistics and e-commerce sectors are expected to drive the market for electric vans during the forecast period.
The usage of electric vans in the logistics sector would minimize the cost of transportation. Many leading logistics companies in Europe and North America have started using electric vans for shipping and delivery purposes. For instance, DHL, one of the leading logistics companies in the world, is using electric vans in some parts of the European region.
Asia Pacific is expected to be the largest market during the forecast period
The Asia Pacific region is the largest electric commercial vehicle market in the world. It comprises some of the fastest developing and developed economies in the world, such as China, India, and Japan. The market growth in the region can be attributed to the dominance of Chinese market in the electric bus segment and the presence of market leading OEMs in the country as well, resulting in the exponential growth of electric commercial vehicle industry in Asia Pacific. The large volumes of electric bus, favorable regulations for electric commercial vehicles, and rapidly growing logistics sector are projected to boost the electric commercial vehicle market in the region.
European market is expected to register the fastest growth during the forecast period
The European region is projected to be the fastest-growing market during the forecast period. The increasing demand for electric vans in the logistics sector and the focus on electrification of the public transport fleet are driving the electric commercial vehicle market in Europe. The region is a hub to major players such as AB Volvo (Sweden), VDL Bus and Coach (Netherlands), Daimler (Germany), CAF (Spain), EBUSCO (Netherlands), Scania (Sweden), and Emoss Mobile Systems (Netherlands). Europe is a key region for innovations; significant R&D; and technological advancements in electric vehicles, battery technologies, and charging solutions.
France is the largest market in Europe, followed by Germany. France, which is one of the leading automotive hubs in the European region, is home to many established OEMs providing electric vehicles and also has a higher adoption rate for electric commercial vehicles.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
- By Company Type: Tier I - 40%, Tier II - 42%, and Tier III - 18%,
- By Designation: C Level - 57%, D Level - 29%, and Others - 14%
- By Region: North America - 39%, Europe - 33%, and Asia Pacific - 28%
The electric commercial vehicle market comprises major manufacturers such as BYD (China), Yutong (China), Proterra (US), VDL Groep (Netherlands), and AB Volvo (Sweden).
The market study covers the electric commercial vehicle market across segments. It aims at estimating the market size and future growth potential of this market across different segments such as by propulsion type, vehicle type, range, battery type, length of bus, power output, battery capacity, component, autonomous vehicles, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
- The report will help market leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall electric commercial vehicle market and its subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.