Electric Light Commercial Vehicle Market is projected to grow at a CAGR of 24.9% during the forecast period: MRFR

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

The Electric Light Commercial Vehicle Market is predicted to reach USD 82.86 billion by 2032, registering a 24.9% CAGR during the forecast period, 2023–2032. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years. A significant growth of automotive sector and integration of technology factors influencing the growth of Electric Light Commercial Vehicle market. The automotive industry has witnessed major growth because of technological advancement as well as the introduction of vehicles having efficient fuel consumption technology. Several automakers such as Tata, Nissan and Ashok Leyland have been developing as well as launching advanced commercial vehicles for different markets around the world which has driven the light commercial market. For instance, In February 2023, Ashok Leyland introduced the Dost Lite Electric vehicle. The Dost Lite has a payload capacity of 1.25 tons as well as a range of up to 120 km on a single charge. It has a 25 Kw hour battery pack along with a permanent magnet synchronous motor.

Segmental Analysis

The scope of the global Electric Light Commercial Vehicle market has been segmented based on by vehicle type, battery type, battery capacity, load capacity, driving configuration, and End-use.

Based on vehicle type, the global electric light commercial vehicle market is segmented into vans and pickup. The vans segment is expected to exhibit the fastest CAGR during the projected period.

Based on battery type, the global electric light commercial vehicle market is segmented into Lithium-ion batteries, Lead-acid batteries, Nickel-metal hybrid batteries, and others. The Nickel-metal hybrid batteries segment will experience the highest CAGR over the forecasted period.

Based on battery capacity, the global electric light commercial vehicle market is segmented into less than 50 kWh, 50-250 kWh, and above 250kWh. Further, the above 250kWh is anticipated to grow at a fastest CAGR during the projected period.

Based on load capacity, the global electric light commercial vehicle market is segmented into less than 1 ton, 1-2 tons, and 2-3.5 tons. Less than 1 ton is expected to dominate the market in terms of CAGR over the forecasted period.

Based on driving configuration, the global electric light commercial vehicle market is segmented into left-hand drive and right-hand drive. A right-hand drive segment will grow significantly in terms of CAGR over the forecasted period.

Based on End-use, the global electric light commercial vehicle market is segmented into facility management, last-mile delivery, industrial, agricultural, and others. Agricultural segment is anticipated to grow at a significant rate in terms of CAGR over the forecasted period.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Electric Light Commercial Vehicle Market Overview

Regional Analysis

Geographically, the global Electric Light Commercial Vehicle market has been segmented into North America, Europe, Asia-Pacific, Middle East & Africa and South America.

Asia Pacific accounted for the largest share of revenue in 2022. The electric light commercial vehicle (eLCV) market in the Asia Pacific region is growing rapidly, driven by a combination of government policies, environmental concerns, and the increasing availability of electric vehicle technology. China is the largest market for eLCVs in the Asia Pacific region, accounting for the majority of sales. The Chinese government has implemented a number of policies to promote the adoption of electric vehicles, including subsidies for both manufacturers and consumers, as well as regulations that require certain percentages of new vehicle sales to be electric.

During the forecast period, the Africa region is expected to exhibit the fastest CAGR. The electric light commercial vehicle market in Africa is still in its early stages of development, but there is growing interest and potential for growth in the coming years. Several factors are driving this growth, including the need for cleaner energy solutions, rising urbanization rates, and the increasing demand for efficient last-mile delivery services.

Key Players

The key players in the global electric light commercial vehicle market Ashok Leyland, BAIC Group Co., Ltd., BYD Company Limited, Daimler AG, FCA US LLC. (RAM), Ford Motor Company, General Motors, Groupe Renault, Isuzu Motors Limited, Mahindra & Mahindra, Groupil, Addax Motors, Cenntro Electric Group Limited's, Piaggio & C. SpA, LCV CENTRE LTD. (MAXUS), Alke, ARI Motors, Etesia, Nextem, DFSK, MUP, Esagone, Ligier, Great Wall Motor, B-On, L City, and Club Car