The “Electric Commercial Vehicles Market” 2023-2032 Research Report provides both qualitative and quantitative insights into global market growth factors, limitations, opportunities, and challenges. It offers comprehensive market data on key players and revenue forecasts. The report includes revenue growth statistics for various regional and country-level markets, along with insights into competition and detailed company analyses for the projected period. The Electric Commercial Vehicles Market Report covers growth drivers, current market share, adoption of various types, technologies, applications, and regional trends up to 2032.
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According to a new market report published by Report Ocean, the global electric commercial vehicles market is expected to reach a value of US$ 149,316 Mn by 2024, supported by government subsidies and tax rebates for commercial electrical vehicles. The market is projected to expand at a CAGR of 13.0% during the forecast period from 2018 to 2024 by value. The market is expected to reach 1,440,820 units by end of 2024. The market is expected to expand at the CAGR of 10.4% by volume. Need for fuel-efficient and emission-free vehicles and the increasing demand for electric commercial vehicle such as electric truck in the logistics industry to minimize the additional liability of fuel expenses. Innovations in EV battery capacity, which will enable electric commercial vehicle to carry heavy loads over longer range, can create new revenue generation opportunities.
Need for fuel-efficient and emission free-vehicle and the available government subsidies and tax rebates to fuel the growth of the electric commercial vehicle market
Policies and mandates to curb urban pollution menace and the subsequent demand of emission-free vehicle and the increasing demand for electrified vans and trucks from the logistics industry are the driving factors for the electric commercial vehicle market. Whereas, the less number of charging stations and high cost involved in the initial development of electric commercial vehicle are restraining factors for the electric commercial vehicle market. Government funds and incentive programs to encourage adoption of electric commercial vehicles such as public buses and electric trucks will be creating opportunities in upcoming years. Increasing incorporation of telematics & communication capabilities in electrical commercial vehicles is anticipated to boost market growth. Growing food & beverage industry is another key factor driving industry growth over the next seven years owing to increasing food trucks and refrigerated vehicles demand.
The U.S. Bureau of Economic Analysis and the U.S. Census Bureau reports that the goods and services deficit rose from $68.7 billion in January 2023 to $70.5 billion in February, an increase of $1.9 billion. Due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion, the goods and services deficit increased in February. The goods and services deficit has decreased this year by $35.5 billion, or 20.3% when compared to the same period in 2022. $10.8% more, or $49.5 billion, was exported. Imports cost $2.2% more, or $14.0 billion, than exports.
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Exports on the global market are predicted to increase by 3.9% annually on average, from 784.3 billion dollars in 2021 to 955.19 billion dollars in 2030. Since 2009, the worldwide supply has been growing at a 9.5% yearly rate. With US$ 169.32 billion in exports in 2021, Ireland came out on top, followed by the United States in second place, China in fourth, and India in third.
The European Revenue is anticipated to increase from US$ 1,802,413 million in 2021 to US$ 1,933,429 million by 2026, a 1.5% yearly increase. The European market has been expanding at a 3.1% yearly rate. In terms of revenue in Europe in 2021, Germany came out on top with US$ 339,074 million, followed by positions 2, 3, and 4 for the United Kingdom, France, and Ireland.
Electric Commercial Vehicles Market: Scope of the Report
The electric commercial vehicle market can be segmented on the basis propulsion type, vehicle type, component, and region. Based on propulsion type, the global electric commercial vehicle market is classified into battery electric vehicle (BEV), hybrid electric vehicle (HEV), Plug-in hybrid electric vehicles (PHEV) and fuel cell electric vehicle (FCEV). The battery electric vehicle segment dominates the market due to government initiatives to promote green transportation across the globe. Battery electric buses require less fuel and maintenance. Hybrid electric buses require conventional fuel along with electric prolusion system to operate. These hybrid vehicles require large batteries and motors to meet its power requirement, which makes hybrid commercial vehicles costlier. Based on electric vehicle type, the global electric commercial vehicle market can be fragmented into bus, truck, vans and others. On the basis of components, the electric commercial vehicle market can be segmented into motors, electric batteries, and others.
The Asia Pacific is expected to lead the global electric commercial vehicle market during the forecast period
On the basis of region, the electric commercial vehicle market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific accounts for a major share of the global electric commercial vehicle market. China dominated the electric commercial vehicle market. China is electrifying their fleets as the country has the world’s worst pollution problem. Countries such as Japan and South Korea are investing in the development of electric vehicles and charging stations and creating awareness regarding the benefits related to electric commercial vehicles.
The Asia Pacific region is estimated to hold the largest volume share of global electric commercial vehicle market in year 2017. The segment is estimated to grow with a significant CAGR in the forecast period. The high adoption of electric buses to curb pollution and the subsequent increase in sales of electric commercial vehicles such as buses are expected to fuel electric commercial vehicle market in the Asia Pacific region.
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Global Electric Commercial Vehicles Market: Competitive Dynamics
The research study includes profiles of leading companies operating in the global electric commercial vehicles market. Some of the key players profiled in the report include Daimler (Germany), Tesla (US), BYD (China), NISSAN (Japan), Proterra (US), Toyota, BYD Company Limited, ZHONGTONGBUS Bus Holding Co., Ltd, ABB group etc.
The global electric commercial vehicles market is segmented as below:
Global Electric Commercial Vehicles Market, by Propulsion
, BEV
, HEV
, PHEV
, FCEV
Global Electric Commercial Vehicles Market, by Vehicle Type
, Bus
, Truck
, Van
, Others
Global Electric Commercial Vehicles Market, by Component
, Motor
, Battery
, Others
Global Electric Commercial Vehicles Market, by Geography
North America
, U.S.
, Canada
, Rest of North America
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Europe
, Germany
, Italy
, Finland
, Denmark
, Norway
, France
, U.K.
, Rest Of Europe
Asia Pacific (APAC)
, India
, China
, Japan
, Rest of APAC
Middle East & Africa (MEA)
, GCC
, South Africa
, North Africa
, Rest Of Middle East & Africa
Latin America
, Brazil
, Argentina
, Mexico
, Rest of Latin America
Reasons to Buy This Report:
(A) This research is an invaluable resource for top-level executives, policymakers, industry professionals, sales managers, and market stakeholders. It empowers them to make informed decisions and develop effective strategies.
(B) The report provides a comprehensive analysis of ELECTRIC COMMERCIAL VEHICLES market revenues at global, regional, and country levels, offering projections up to 2032. This data allows companies to assess market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the ELECTRIC COMMERCIAL VEHICLES market based on types, applications, technologies, and end-uses. This segmentation facilitates strategic planning and resource allocation based on the expected growth rates of each segment.
(D) Investors benefit from an analysis of the ELECTRIC COMMERCIAL VEHICLES market, gaining insights into market scope, positioning, key drivers, challenges, growth opportunities, and potential threats. This information aids in making well-informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge equips businesses with a better understanding of the competitive landscape, enabling them to strategize effectively.
(F) The study aids in evaluating ELECTRIC COMMERCIAL VEHICLES market predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
Key Questions Market Research and Analysis Report
What is the current market size, both in terms of value and volume?
What is the historical growth rate of the market, and what are the projected growth rates for the future?
Who are the major players in the market, and what is their market share?
What are the market trends and dynamics influencing the industry?
What are the key drivers of market growth?
What are the challenges and barriers faced by market participants?
What are the emerging opportunities in the market?
What is the competitive landscape of the market?
What are the consumer preferences, behaviors, and buying patterns within the market?
What is the market segmentation, and how are different market segments performing?
What are the pricing trends and strategies in the market?
What are the distribution channels and their effectiveness in reaching the target audience?
What are the regulatory and legal factors impacting the market?
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