Electric Commercial Vehicle Market Research Report Information By Propulsion (BEV, PHEV, FCEV) By Vehicle Type (Bus, Truck and Others) By Component (Electric motor, Electric Vehicle Battery, Hydrogen Fuel cell and others), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030

Electric Commercial Vehicle Market Overview:

In 2022, the global market for Electric commercial vehicles was estimated at USD 8.7 billion. The Electric Commercial Vehicle market industry is projected to grow from USD 11.30 Billion in 2023 to USD 54.29 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 29.90% during the forecast period (2023 - 2030). Government initiatives will also boost demand for Electric commercial vehicles. The lower cost of electricity and rising costs of fossil fuels will increase the demand for EVs. These are the key market drivers enhancing the Electric Commercial Vehicle market CAGR.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Electric Commercial Vehicle Market Trends

Reduced cost of electricity to propel market growth

The US Energy Information Administration (EIA) predicts that daily consumption in 2021 will be 97.45 million barrels. On the worldwide market, gasoline prices have been rising, except in a few exceptional instances, like the COVID-19 outbreak. The price increase is due to the high gasoline demand. It is not a renewable source of energy. As a result, it will probably exhaust itself over the next several decades. Variations in supply and demand cause an increase in the price of gasoline. Even though various agreements have been made to control gasoline costs worldwide, prices have risen over time. Petrol use affects the economy's trade balance because most nations are obligated to import it. Due to the depletion of petroleum reserves and the rising price of gasoline, automakers are increasingly considering alternative fuel sources for their automobiles. The confrontation between Russia and Ukraine in 2022 is expected to drive up gasoline prices further, which have increased over the last few decades. This is expected to lead to renewed attempts to transition to EVs and reduce transportation costs on a global scale. The demand for Electric commercial vehicles will rise due to their lower operating expenses compared to the high cost of operating ICE commercial vehicles. Thus, driving the electric commercial vehicle market revenue.

Figure 1: Electric Vehicle market share

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Furthermore, the Chinese government is promoting electric car use. The nation has already plans to gradually stop using diesel fuel, which is utilized in modern tractors and construction machinery. By 2035, all new automobiles sold in China, according to Chinese officials, must be propelled by "new energy." The first half of them must be hybrid cars, while the second half must be electric, fuel-cell, or plug-in hybrid Vehicles. The state governments of India are converting their ICE bus fleet to electric buses to save operating costs, reduce carbon emissions, and improve air quality. For instance, the Delhi government introduced 100 electric buses in January 2022. They were incorporated into the state's fleet of public transportation. According to the Delhi Government, the city's fleet of 100 electric buses would be expanded by 300 more. Over the following few years, the state also intends to purchase 2,000 additional electric buses. Therefore, such advances and innovations will result in a rise in the Electric Commercial Vehicle market CAGR.

Electric Commercial Vehicle Market Segment Insights:

Electric Commercial Vehicle Propulsion Insights

Based on propulsion, the Electric Commercial Vehicle market segmentation includes BEV, HEV, PHEV and FCEV. During the anticipated timeframe, the BEV segment will be the biggest section. A BEV is an electric vehicle that only relies on a battery. A permanent magnet motor powered by an internal battery moves the Vehicle forward. BEVs have a 150–200-mile range on average. However, this might vary depending on the battery installed. Most intracity transport is done in buses, vans, and vehicles equipped with BEV propulsion systems. Since the most prevalent use for these cars is within cities, there will likely be a high demand for BEVs shortly.

Figure 2: Electric Commercial Vehicle Market, by Propulsion, 2022 & 2030 (USD billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Electric Commercial Vehicle Type Insights

The Electric Commercial Vehicle market segmentation, based on vehicle type, includes buses, trucks and others. Heavy truck segments share the highest growth during the forecast period. The demand for the electric commercial vehicle market is rising due to initiatives announced by the top manufacturers of heavy-duty electric trucks to hasten their development. For instance, Tata Motors announced in September 2022 the introduction of a fleet of a new category of heavy-duty trucks in 28 and 19 tonnes versions. These trucks have advanced driver assistance systems (ADAS), such as the Lane Departure Warning System, the Collision Mitigation System, and the Driver Monitoring System (LDWS).

Electric Commercial Vehicle Component Insights

The Electric Commercial Vehicle market segmentation, based on components, includes an electric motor, EV batteries, and hydrogen fuel cells. Due to the increasing demand for EV and emission control systems, the EV battery category is anticipated to grow at a very quick CAGR over the projected period. Because of the rising concern about pollution, governments in many nations have adopted regulations to encourage the development of EVs.

Electric Commercial Vehicle Regional Insights

The analysis offers market insights for North America, Europe, Asia-Pacific, and the rest of the world, organized by region. The market for Electric commercial vehicles in Asia Pacific, with sales of $3.98 billion in 2022, is anticipated to increase at a substantial CAGR throughout the research period. During the projection period, the Asia Pacific Electric Commercial Vehicle market is anticipated to have a higher revenue share than other regional markets. The Chinese electrical bus industry is primarily responsible for the growth of the Asia Pacific Electric Commercial Vehicle market's revenue. In addition, the India Electric Commercial Vehicle market had the quickest growth rate in the Asia-Pacific region, while the China Electric Commercial Vehicle market had the biggest market share.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: Electric Commercial Vehicle Market Share By Region 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Due to innovations, extensive research and development, and technical advancements in EVs in the area, the North American Electric Commercial Vehicle market is anticipated to have stable revenue growth throughout the projected period. The United States is one of the Region's primary EV hotspots. In addition, it is expected that rising consumer demand for Electric commercial cars and growing public awareness of the risks of pollution from fossil fuels will spur market growth in this sector.

The Europe electric commercial vehicle market is estimated to have continuous revenue growth throughout the projected period because of the widespread acceptance of commercial EVs in countries like Norway, Sweden, the Netherlands, Germany, France, and the United Kingdom. Market growth in this Region is predicted to be supported by rising consumer demand for high-performance, low-emission vehicles, as well as favorable government policies and regulations governing vehicle emissions throughout the forecasted period. Further, the Germany Electric Commercial Vehicle market held the largest market share, and the UK Electric Commercial Vehicle market was the fastest-growing market in the European Region.

Electric Commercial Vehicle Key Market Players & Competitive Insights

Major market players are investing a lot of money in R&D to expand their product portfolios, which will spur further market growth for the Electric Commercial Vehicle industry. With significant industry changes, including new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. Electric Commercial Vehicle industry competitors must provide affordable products to grow and remain in a market that is becoming increasingly competitive.

Manufacturing locally to cut operational costs is one of the main business tactics the Electric Commercial Vehicle Industry uses to serve customers and increase the market sector. The Electric Commercial Vehicle industry has recently given medicine some of the most important advantages. In the Electric Commercial Vehicle market, major players such as Nissan (Japan), Zhongtong Bus Holding Co Ltd (China), BYD (China), Daimler (Germany), Proterra (US), LG Chem (South Korea), and Panasonic (Japan). By funding R&D initiatives, companies like Delphi (US), Tesla (US), ABB (Switzerland), Continental (Germany), Siemens (Germany), Mitsubishi Electric (Japan), Toshiba (Japan), Ballard Power Systems (Canada), and others are attempting to increase market demand.

BYD Co. Ltd. is a publicly traded Chinese manufacturing corporation headquartered in Shenzhen, Guangdong. In February 1995, Wang Chuanfu established it. The two largest subsidiaries of the business are BYD Automobile and BYD Electronic. AB Volvo introduced the improved Volvo VNR Electric in January 2022, including up to 85% more range and quicker charging, and BYD introduced the ETP3 electric van in December 2021. It has a 50.3 kWh NMC battery and a 269 km range. The new electric Vehicle is 4.46 meters long and can carry 720 kg.

With nine decades of expertise as a worldwide truck and bus manufacturer, the FUSO brand is an integral element of Daimler Truck AG and is well-known outside of Japan. With 41 eCanter in regular use, FUSO, a Daimler Trucks brand, became the largest client of an electric fleet in May 2021 after partnering with the international logistics service provider DB Schenker.

Key Companies in the Electric Commercial Vehicle market include

• Tesla (US)


• Nissan (Japan)


• BYD (China)


• Daimler (Germany)


• Proterra (US)


• LG Chem (South Korea)


• Zhong tong Bus Holding Co Ltd (China)


• Panasonic (Japan). 


• Delphi (US)


• ABB (Switzerland)


• Continental (Germany)


• Siemens (Germany)


• Mitsubishi Electric (Japan)


• Toshiba (Japan)


• Ballard Power Systems (Canada)

Electric Commercial Vehicle Industry Developments

• 
  

  December 2021: The ETM 6 electric truck was introduced by BYD. It is a 7.5-ton truck with a 3,990-kilogram payload. 5.95 meters long, 2.10 meters wide, and 2.94 meters height make up the ETM 6.

  
  


• 
  

  December 2021: In Panjin, Liaoning Province, China, Yutong unveiled 90 brand-new 5G-capable smart buses, ushering in a new age of 5G-capable smart buses. This launch has improved the use of road transportation by reducing traffic jams and environmental pollution and opening the path for the 5G smart rapid bus system.

  
  


• 
  

  March 9, 2023: BYD Auto Industry Company Limited (hereinafter referred to as "BYD") and Mobility Solutions Auto Trade Company jointly held a press conference for the launch of BYD passenger vehicles, and jointly provided new energy passenger vehicle products that consumers love for the Jordanian market.

  
  


• 
  

  Volkswagen Net liquidity in the Automotive Division in 2023 is expected to be between €35 billion and €40 billion; this includes cash inflows and outflows in connection with the IPO of Porsche AG. Which gives a return on investment (ROI) of between 12% and 15%.

  
  


• 
  

  GM with model year 2023 Zevo 600 has great selling momentum, with that newest customer Ryder plans to add 4,000 BrightDrop EVs to their rental and lease fleet through 2025.

  
  

Electric Commercial Vehicle Market Segmentation:

Electric Commercial Vehicle Vehicle Type Outlook

• 
  

  Bus

  
  


• 
  

  Truck

  
  


• 
  

  Others

  
  

Electric Commercial Vehicle Component Outlook

• 
  

  Electric Motor

  
  


• 
  

  Electric Vehicle Battery

  
  


• 
  

  Hydrogen Fuel Cell

  
  


• 
  

  Others

  
  

Electric Commercial Vehicle Propulsion Outlook

• 
  

  BEV

  
  


• 
  

  HEV

  
  


• 
  

  PHEV

  
  


• 
  

  FCEV

  
  

Electric Commercial Vehicle Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America
  
  
  
  

Report Scope:

Report Attribute/Metric	Details
Market Size 2022	USD 8.7 billion
Market Size 2023	USD 11.30 billion
Market Size 2030	USD 54.29 billion
Compound Annual Growth Rate (CAGR)	29.90% (2023-2030)
Base Year	2022
Market Forecast Period	2023-2030
Historical Data	2018 & 2021
Market Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered	Product Type, Operating Platforms, and Region
Geographies Covered	North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered	The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled	Nissan (Japan), BYD (China), Proterra (US), Daimler (Germany), LG Chem (South Korea), Tesla (US), Zhongtong Bus Holding Co Ltd (China), and Panasonic (Japan). Delphi (US), Daimler (Germany)
Key Market Opportunities	Increasing logistics activities
Key Market Dynamics	Initiatives by the government to promote the use of Electric commercial vehicles with low cost of operation

Frequently Asked Questions (FAQ) :