Electric Commercial Vehicle Market Research Report - Global Forecast to 2030

Electric Commercial Vehicle Market Research Report: Information by Vehicle Type (Bus, Truck, Others), Component (Electric Motor, Electric Vehicle Battery, Hydrogen Fuel Cell, Others), Propulsion (BEV, HEV, PHEV, FCEV), Range, Region – Forecast Till 2030

ID: MRFR/AM/5456-HCR | February 2021 | Region: Global | 188 pages

Electric Commercial Vehicle Market Overview:


Electric Commercial Vehicle Market size is projected to be worth USD 315.57 Billion by 2030, registering a CAGR of 34.71% during the forecast period (2022 - 2030), The market was valued at USD 58.65 Billion in 2021.


The electric commercial vehicle market is one of the major evolving markets around the globe due to awareness among people related to environmental hazards and degradation of the ecosystem caused by the regular petroleum and diesel vehicles.


The electric commercial vehicle industry is majorly known for vehicles that run on electricity rather than on gasoline, petroleum, diesel, or any by-product. The advancement in technology and the shift of consumer behavior towards environment-friendly vehicles have boosted the demand for electric commercial vehicles


The advancement in battery technologies and the use of the latest technologies like ADAS, AI, IoT, etc. have increased the electric commercial market share with a lot of big players making huge investments towards the development of such vehicles which fulfill the consumer needs based in terms of quality, safety, security and also are environmentally friendly.


Most of the countries like Japan, China, India, the USA, Canada, Germany, etc. have introduced and provided an entrance to electric vehicles in their respective countries. The electric commercial vehicle market size is expected to reach 2026 thousand units by 2028 from around 129 thousand units in 2020, with an expected compounded growth rate of 41.8%.


COVID 19 Analysis:


The novel coronavirus or the Covid 19 pandemic has negatively impacted the electric commercial vehicle market with a slump in the demand for electric vehicles and the profits have gradually decreased. Due to the lockdowns in various countries and restrictions laid thereof the demand for the vehicles has continuously been decreasing and the production units becoming sore.


The impact of covid 19 can be seen on the market can be easily seen in a way that most of the big players have to shut down their main production units and are also forced to lay off employees. However, it is expected that the market will certainly pick up growth as soon as the lockdown restrictions are removed and people can move freely. Thereafter, the electric commercial vehicle industry would be expecting a dynamic increase in demand for electric vehicles to cover losses and meet future growth rates.


Competitive Landscape:


The competitive landscape in terms of the electric commercial vehicle market has been immense and nail-biting with new players easily entering the market and the existing players making huge investments in this segment. The big names from this market are:



  1. BYD Auto Co., Ltd

  2. Proterra, Inc.

  3. AB Volvo

  4. Olectra Greentech Limited

  5. Tesla

  6. Nissan

  7. Daimler

  8. Toshiba

  9. Mitsubishi

  10. Continental


The key players in the market are more focused on developing future strategies and set themselves as joint ventures to increase the electric commercial market share and size.


Recent Developments:



  • In April 2021 electric truck specialist Tevva announced a joint partnership with European energy company Vattenfall and is now moving towards developing electric vehicles with zero-emission.



  • In 2021, electric vehicle manufacturing Rivian announced that it would be using Samsung SDI battery cells for its upcoming trucks and SUVs which creates another partnership project between two technological firms.



  • In 2020, BYD introduced its blade battery which was a development that eliminated concerns about battery safety in electric vehicles.



  • In 2020 according to a report it was suggested that around 1.3 million units of publicly accessible chargers have been installed out of which 30% are fast charging units. Thus, people can charge their vehicles on their way too.


MARKET DYNAMICS 


Drivers:


The electric commercial vehicle market has gained significance in terms of not only individuals shifting their demands to electric vehicles but also various Governments of different countries have taken a step towards improving their public transport by making them electric which not only reduce carbon emissions but is cost-effective, more secure, less noisy and are attractive.


The awareness that has been created among people against petroleum and diesel vehicles has provided momentum to this market and has led to an increase in electric commercial market revenue. Various logistics companies have also shifted towards electric transport vehicles due to the ever-increasing prices of conventional fuels which helps them cut higher costs. 


Restraints:


Though the electric commercial vehicle market is on a growing run, certain factors act as barriers towards its inclination in the long run. One such factor which is clinical in the progress of electric vehicles is the development cost of such vehicles which generally remains high due to advanced technological systems and the battery systems involved in the manufacturing of such vehicles which makes them a bit costly for the common strata of the society.


Also, the development of electric charging stations would require a huge amount of money to be directed towards this project by the governments of different countries. As per reports, it is expected that $2.7 trillion would be required for building EV charging stations worldwide which would not be possible for developing countries to maintain. 


Technology Analysis:


Electric commercial vehicle market is mostly dependent on technological use since most of its operations in manufacturing electric vehicles are based on the use of advanced technology like advanced batteries, plug-ins, advanced charging systems, etc. Therefore, technology plays an important role in increasing the overall market share.


In the recent market trends, lithium-ion batteries have been gaining much popularity where the weight and the cost of batteries are high which can hinder the growth of the market.


Study Objectives:



  • To analyze the trends that are prevalent in the global market regions and players that will dominate the global trends and lead the market operations towards growth figures that have been predicted by the prominent leaders in the international market and key experts for the ongoing forecast period that ends in 2028.



  • To understand the scale of functioning of the global market segments that are prevalent through their ability to meet the vibrant needs of the target audience for market products and services in major mushrooming regions across the globe for the period.



  • To draw a competitive scale amongst the global market players producing the electric commercial vehicles and to understand the recent developments of the key market players in the recent past that promise great results to the market for the ongoing forecast period and market trends that end in 2028. 


Segment Overview:


The electric commercial vehicle market has been segmented as follows:


By Vehicle Type:


It includes the type of vehicles that are designated and have been transformed into electric counterparts.



  • Bus

  • Truck

  • Cars

  • Motorbikes

  • others


By Component:


It includes all types of components which are necessary for the development of an electric vehicle and thus it constitutes a segment of its own.



  • Electric Motor

  • Electric Vehicle Battery

  • Hydrogen Fuel Cell

  • Others


By Propulsion:


It includes all forms of electric vehicles that have been produced and are available in the market with distinctions being in terms of their charging abilities.



  • Battery Electric Vehicle (BEV)

  • Hybrid Electric Vehicle (HEV)

  • Plug-in Hybrid Electric Vehicle (PHEV)

  • Fuel Cell Electric Vehicle (FCEV)


Regional Analysis:


The electric commercial vehicle market trends are on a rise in every region throughout the world. The demand for electric vehicles has been on an increase due to the greener technology and the drive towards a cleaner environment. The early growth has been seen in the Asia-Pacific region where countries like Japan, Korea, China, and India have created a huge market for electric vehicles and most of the revenue is expected to come from this region.


North America and the Europe regions have also shown great improvements post lockdown as in developed countries like the USA, Canada, Germany, in terms of logistics vehicles and for the public transport vehicles, thus providing a competitive edge to this region in terms of the logistics support. 


Report Overview:


The Global report helps the investors to gain meaningful information about the market and make decisions wisely. The report discusses the steps taken by the market leaders to boost the market growth and inflate market valuation for their good. The report fully summarises the ongoing market scenario in the electric vehicle market which would help the intended audience to seek more information about the market. The objective of the report was to fully summarise the key players in the market and their role in boosting the electric vehicle market value. The report also discusses the future growth prospects and the competitive landscape in the electric commercial vehicle industry and lays down the expected growth rate of the market along with the hindrances it might have to face.



Report Scope:
Report Attribute/Metric Details
  Market Size

  • 2030: USD 315.57 Billion
  • 2030 : Significant value
  •   CAGR   34.71% (2022-2030)
      Base Year   2021
      Forecast Period   2022-2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Million)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   By Technology, By Application, By Vehicle type, By Component ,
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   esla (US), Nissan (Japan), BYD (China), Daimler (Germany), Proterra (US), LG Chem (South Korea), Zhongtong Bus Holding Co., Ltd (China) and Panasonic (Japan). Delphi (US), ABB (Switzerland), Continental (Germany), Siemens(Germany), Mitsubishi Electric (Japan), Toshiba (Japan), Ballard Power Systems (Canada)
      Key Market Opportunities

  • Reduced maintenance cost
  • Project a greener technology
  •   Key Market Drivers

  • Develop low-cost
  • Fast charging battery technologies


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    Frequently Asked Questions (FAQ) :


    The global electric commercial vehicle market is driven by switch to electric mobility, rise of strict emission norms, and electrification of other vehicles.

    Limitations for batteries, long charging times, and lobbying of oil companies can restrain the global electric commercial vehicle market.

    APAC can lead in the global electric commercial vehicle market due to new norms rolled out by developing economies for curbing towering emissions.

    Electric vehicles with large battery retention and ability to charge at long ranges are expected to be rolled out by players to sustain their standing.

    Ballard Power Systems, Delphi, Nissan, BYD, LG Chem, ABB, Toshiba, Proterra, Zhongtong Bus Holding Co., Ltd, Continental, Daimler, Tesla, Siemens, Panasonic, and Mitsubishi Electric are prime players in the global electric commercial vehicle market.