The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global electric commercial vehicle market size is projected to grow from 129 thousand units in 2020 to reach 2,026 thousand units by 2028, at a CAGR of 41.1%. 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 and logistics is likely to propel the growth of the electric van segment during the forecast period”
The electric van segment is expected to grow at a faster rate as there is a high demand for these vans from the logistics sector, especially in the North American 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 North America and Europe 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 while Amazon announced plans to use electric delivery vans to be built by Rivian from 2021 onwards.
“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.
“North American market is expected to register the fastest growth during the forecast period”
The North American region is projected to be the fastest-growing market during the forecast period. The region is a hub to major players such as Proterra (California, U.S), Tesla (California, U.S), Workhorse Group (Ohio, U.S), Nikola Motor Company (Arizona, U.S) and Rivian (Michigan, U.S). North America is a key region for innovations; significant R&D; and technological advancements in electric vehicles, battery technologies, and charging solutions.
U.S is the largest market in North America, followed by Canada. Also, U.S, 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, End User 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.
The report contains various levels of analysis, including industry analysis, industry trends, and company profiles, which together comprise and discuss the basic views on the emerging and high-growth segments of the electric commercial vehicle market, high-growth regions and countries, government initiatives, and market dynamics such as drivers, restraints, opportunities, and challenges
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The report enables new entrants and smaller firms as well as established firms to understand the market better to help them acquire a larger market share. Firms purchasing the report could use any one or a combination of the 4 strategies (market development, product development/innovation, market diversification, and competitive assessment) mentioned below to strengthen their position in the market.
The report provides insights into the following points:
- Market Penetration: The report offers comprehensive information about the electric commercial vehicle market and the top players in the market.
- Product Development/Innovation: The report provides detailed insights into upcoming technologies, R&D activities, and new product launches in the electric commercial vehicle market.
- Market Development: The report offers comprehensive information about the electric commercial vehicle market. The report analyses the electric commercial vehicle market across regions and provides comprehensive information about lucrative emerging markets.
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