Electric Commercial Vehicle Market is predicted to reach USD 62244.5 Million at a CAGR of 20.87% during the forecast period

Market Research Future (MRFR) has published on the “Global Electric Commercial Vehicle Market”.

An electric commercial vehicle is either partially or fully powered on electric power instead of diesel or gasoline. Electric commercial vehicles have low running costs as they have fewer moving parts for maintenance and are also very environmental-friendly as they use little or no fossil fuels (petrol or diesel). Over the last few years, the efforts for technological improvements and innovation in transport have been intensified, and fleets of vehicles using renewable sources are the new trend for public authorities, non-profit organizations and many private companies promoting sustainable development. Increased focus of government authorities on electrification of public transport fleets and increase in demand for zero-emission vehicles in the e-commerce & logistics sector will create opportunities for OEMs to expand their revenue stream and geographical presence. Changing consumer preference to adapt electric commercial vehicles in recent years is a major factor attributed to the increasing demand for commercial electric vehicles.

The Electric Commercial Vehicle market is estimated to register a CAGR of 20.87% during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the global Electric Commercial Vehicle market - AB VOLVO, TESLA INC, DAIMLER TRUCK AG, PACCAR INC., BYD COMPANY LIMITED, PROTERRA, EBUSCO, ANHUI ANKAI AUTOMOBILE CO., LTD, YUTONG, NFI GROUP INC., SCANIA, VDL, CAF, KING LONG, RENAULT TRUCKS and Others.

Market Highlights

The global Electric Commercial Vehicle market is accounted to register a CAGR of 20.87% during the forecast period and is estimated to reach USD 62,244.5 Million by 2032.

The adoption of electric commercial vehicles is driven by their low operating costs, which are lower than traditional gasoline or diesel vehicles. This is due to several reasons. Firstly, electric vehicles are highly energy efficient, converting a higher percentage of the energy stored in their batteries into motive power compared to traditional vehicles, which waste a significant amount of energy as heat. This results in electric vehicles being able to travel further on a given amount of energy, reducing the amount of energy required to transport goods or people. Additionally, electric vehicles are powered by electricity, which is generally cheaper than gasoline or diesel, resulting in significant cost savings over the lifespan of the vehicle, especially for high-mileage commercial vehicles.

The demand for commercial electric vehicles is continuously increasing. However, the maintenance of these vehicles requires a highly skilled workforce, which, along with the relatively unproven electric commercial vehicle technology, are restraining the adoption. Nevertheless, the development of electric commercial vehicles support infrastructure and rapid technological advancements are expected to minimize the effect of these restraining factors. Hence, the impact of the low operating cost of electric commercial vehicles on the global electric commercial vehicle market is expected to shift from low to high over the forecast period.

Access full report @ https://www.marketresearchfuture.com/reports/electric-commercial-vehicle-market-6921

Segment Analysis

The global Electric Commercial Vehicle market has been segmented based on Component, vehicle type, propulsion and Region.

Based on Component, the global Electric commercial vehicle market segmentation includes Electric Motor, Electric Vehicle Battery, Hydrogen Fuel Cell and Others. The Electric Vehicle Battery segment held the majority share in 2022 contributing around ~50.9% to the market revenue. An electric vehicle battery (EVB, also known as a traction battery) is a rechargeable battery used to power the electric motors of a battery electric vehicle (BEV) or hybrid electric vehicle (HEV). As opposed to starting, lighting, and ignition (SLI) batteries, electric vehicle batteries are typically lithium-ion batteries with excellent power-to-weight ratios and energy densities. Electric vehicle batteries are rechargeable batteries that are used to power electric vehicles, such as cars, buses, and trucks. Lithium-ion cells, which have a high capacity for energy storage and release, are often used to make batteries for electric vehicles. Electric vehicle batteries are designed to be recharged repeatedly, giving them a longer lifespan compared to traditional batteries.

Based on the Vehicle Type, the global Electric commercial vehicle market segmentation includes Bus, Truck and Others. By Vehicle Type, Bus segment hold the majority market share in 2022 contributing 37.7% of the market share. Electric buses are becoming increasingly popular as businesses and organizations prioritize sustainability and environmental responsibility. With zero emissions, quieter operation, and lower maintenance requirements, electric buses offer a number of advantages over traditional diesel or gasoline-powered buses. Additionally, electric buses can often provide cost savings over time due to the lower cost of electricity compared to diesel or gasoline. There are three main types of electric buses available on the market: battery-electric, plug-in hybrid electric, and fuel cell electric buses.

Based on propulsion, the global Electric commercial vehicle market segmentation includes BEV and PHEV, FCEV. The BEV segment held the majority share in 2022, contributing around ~ 61.3% to the market revenue. Battery electric vehicles (BEVs) are powered exclusively by electricity stored in a rechargeable battery pack. This battery pack powers an electric motor which turns the wheels and propels the vehicle. BEVs do not produce emissions at the tailpipe because they do not burn fossil fuels like gasoline or diesel. Instead, they draw electricity from the grid, which may be generated from a variety of sources including renewable energy like solar or wind power. To recharge a BEV, drivers can use public charging infrastructure or charge at home using a dedicated charger. BEVs have the advantage of being significantly more energy-efficient than conventional automobiles.

Regional Analysis

By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. In terms of revenue, Asia Pacific held the largest share of 55.8% in the Electric commercial vehicle market in 2022 and is expected to maintain its dominance during the forecast period. Asia Pacific is the largest market for Electric commercial vehicle. The Asia-Pacific electric commercial vehicle market is also experiencing rapid growth, driven by a combination of factors such as government initiatives, environmental regulations, and increasing demand for sustainable transportation solutions. Electric commercial vehicles include trucks, buses, and vans that are powered by electricity instead of traditional fossil fuels like diesel or gasoline.

China is currently the largest market for electric commercial vehicles in the Asia Pacific region, with the government promoting the adoption of electric vehicles as part of its efforts to reduce air pollution and carbon emissions. The proliferation of e-commerce and last-mile delivery services in China is fueling demand for affordable and efficient electric vehicles. To cut costs and boost sustainability, logistics companies across China are transitioning to electric vehicles. China boasts several heavyweight manufacturers of electric commercial vehicles, such as BYD, Dongfeng Motor Corporation, and Foton. These firms have poured substantial resources into advancing electric vehicle technology and now offer a diverse array of electric commercial vehicles including buses, trucks, and vans. Other countries in the region, such as Japan and South Korea, are also investing in the development and deployment of electric commercial vehicles, driven by similar environmental and economic concerns.

In North America, the market for electric commercial vehicles (ECVs) is expanding quickly as businesses and governments work to cut emissions and increase sustainability in the transportation industry. Various vehicle types, such as delivery trucks, vans, buses, and other fleet vehicles, are included in the category of ECVs. Over the past few years, there has been a surge in the number of electric commercial vehicles being introduced to the North American market. For instance, in Dec 2022 Tesla launched its Semi electric truck that is specifically designed for long-distance transportation. Moreover, several other companies such as Rivian, Bollinger Motors, and Workhorse have also introduced electric delivery trucks.

Key Findings of the Study

• The global Electric Commerical Vehicle market is expected to reach USD 62,244.5 Million by 2032, at a CAGR of 20.87% during the forecast period.


• The Asia Pacific region accounted for the fastest-growing global market, imperative factors, such as the significant number of investments in Asia pacific, making it the primary contributor to the market share.


• Based on Propulsion, the BEV segment was attributed to holding the largest market in 2024, with an approximate market share of 61.3%.


• AB VOLVO, TESLA INC, DAIMLER TRUCK AG, PACCAR INC., BYD COMPANY LIMITED, PROTERRA, EBUSCO, ANHUI ANKAI AUTOMOBILE CO., LTD, YUTONG, NFI GROUP INC., SCANIA, VDL, CAF, KING LONG, RENAULT TRUCKS and Others are the key market players.