Electric Commercial Vehicle Market - Global Opportunity Analysis and Industry Forecast (2024-2031)

Author : Pallavi Garudkar | Published On : 26 Apr 2024

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Electric Commercial Vehicle Market by Vehicle Type (Light Commercial Vehicles and Heavy Commercial Vehicles), Propulsion Type (BEV and HEV), Power Output, End User (Public Transport and Logistics), and Geography - Global Forecast to 2031.’

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According to this latest publication from Meticulous Research^®, the global electric commercial vehicle market is projected to reach $920.9 billion by 2031, at a CAGR of 25.4% from 2024–2031. By Volume, this market is projected to reach 9.4 million units by 2031, at a CAGR of 26.3% from 2024–2031. The growth of the electric commercial vehicle market is driven by supportive government policies and regulations, increasing investments by leading automotive OEMs, and decreasing prices of batteries. However, the high purchasing costs of electric vehicles and the lack of charging infrastructure in developing countries restrain the growth of this market.

Furthermore, growing scope in emerging economies and growth in smart city & infrastructure projects are expected to offer significant growth opportunities for players operating in the electric commercial vehicle market. However, the range limitations of electric vehicles and the lack of reliable performance in heavy-duty applications may hinder the growth of this market.

The global electric commercial vehicle market is segmented by vehicle type (light commercial vehicles and heavy commercial vehicles {electric tractors, electric trucks, and other commercial vehicles}), propulsion type (battery electric vehicles and hybrid electric vehicles {pure hybrid electric vehicles and plug-in hybrid electric vehicles}), power output (less than 100 kW, 100 kW to 250 kW, and more than 250 kW), and end user (public transport and logistics). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

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Based on vehicle type, the global electric commercial vehicle market is segmented into light commercial vehicles and heavy commercial vehicles. The heavy commercial vehicles segment is sub-segmented into electric tractors, electric trucks, and other commercial vehicles. In 2024, the light commercial vehicles segment is expected to account for the larger share of the global electric commercial vehicle market. The growth of this segment is attributed to the growing awareness regarding the role of electric commercial vehicles in reducing carbon emissions, the increase in demand for electric vehicles to reduce fleet emissions, and stringent government rules and regulations towards electric vehicles. Additionally, this segment is projected to register the highest CAGR during the forecast period.

Based on propulsion type, the global electric commercial vehicle market is segmented into battery electric vehicles and hybrid electric vehicles. The hybrid electric vehicles segment is sub-segmented into pure hybrid electric vehicles and plug-in hybrid electric vehicles. In 2024, the battery electric vehicles segment is expected to account for the larger share of the global electric commercial vehicle market. The large share of this segment is attributed to the increasingly stringent emission standards, rising demand for increased fuel efficiency, growing demand for zero-emission vehicles, and a continuous reduction in battery prices. Additionally, this segment is projected to register the highest CAGR during the forecast period.

Based on power output, the global electric commercial vehicle market is segmented into less than 100 kW, 100 kW to 250 kW, and more than 250 kW. In 2024, the 100 kW to 250 kW segment is expected to account for the largest share of the global electric commercial vehicle market. The growth of this segment is attributed to the increasing adoption of electric buses and trucks, mainly for public transportation and freight service applications. Additionally, this segment is projected to register the highest CAGR during the forecast period.

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Based on end user, the global electric commercial vehicle market is segmented into public transport and logistics. In 2024, the public transport segment is expected to account for the larger share of the global electric commercial vehicle market. The growth of this segment is attributed to the increase in fuel prices and stringent emission norms set by governments, the growing adoption of autonomous delivery vehicles, and the increasing adoption of electric buses and trucks. Additionally, this segment is projected to register the highest CAGR during the forecast period.

Based on geography, the electric commercial vehicle market is segmented into North

America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, AsiaPacific is expected to account for the largest share of the global electric commercial vehicle market. Governments in this region have different levels of commitment toward electrification and have established comprehensive policy frameworks to support its adoption. Also, China, Japan, and South Korea are providing subsidies and tax incentives and implementing regulations to support the development and adoption of EVs and reduce greenhouse gas emissions and air pollution.

However, Europe is expected to command the highest CAGR of the global electric commercial vehicle market. The high growth of the market in the European region is majorly attributed to the increasing adoption of electric mobility in emerging economies, supportive government subsidies & tax rebates for promoting EVs, the growing adoption of autonomous delivery vehicles, and the increasing adoption of electric buses and trucks for public transport and freight services.

Key Players

The key players operating in the global electric commercial vehicle market include NFI Group Inc. (Canada), AB Volvo (Sweden), Traton SE (Germany), Mercedes-Benz Group AG

(Germany), Zhengzhou Yutong Bus Co., Ltd. (China), Ford Motor Company (U.S.), Tesla Inc.

(U.S.), Ashok Leyland Limited (India), Tata Motor Limited (India), Olectra Greentech Limited (India), Groupe Renault (France), BMW AG (Germany), BYD Company Ltd. (China), DAF Trucks N.V. (Netherlands), and Workhorse Group Inc. (U.S.).

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