Certified Global Research Member
Isomar fd.webp Wcrc 57.webp
Key Questions Answered
  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
Why Choose Market Research Future?
  • Vigorous research methodologies for specific market.
  • Knowledge partners across the globe
  • Large network of partner consultants.
  • Ever-increasing/ Escalating data base with quarterly monitoring of various markets
  • Trusted by fortune 500 companies/startups/ universities/organizations
  • Large database of 5000+ markets reports.
  • Effective and prompt pre- and post-sales support.

Electric Commercial Vehicle Market Share

ID: MRFR//5456-CR | 128 Pages | Author: Sejal Akre| September 2022

During the lively market share positioning strategies play an important role in success for companies while competing to a victory struggle. A common strategy is referred to as differentiation, where firms aim at offering unique characteristics and capabilities of their products so that they may stand out from competition. With the use of advanced technologies e.g., state-of-the art battery systems, autonomously drive technology and progressive design etc companies try to establish themselves in a market niche.
This also not only attracts environmentally aware customers but demonstrates the brand as a trendsetter in technological innovation. One of the most effective strategies that can be pursued is cost leadership in which firms desire to provide low-cost products compared with all other competitors. Economies of scale achieved through efficient manufacturing processes, strategic partnerships and supply chain management allows for competitive prices without sacrificing quality.
The cost leadership strategies, however not only draw in price sensitive customer but also establish barriers for new entrants intending to compete by matching the efficiency costs.
The practice of collaboration and partnership is fast emerging as the trend in this market, acting like a strategic pathway to grow one’s share. Those complementary strength and resources can be taken for granted when making alliances among companies in the same industry.
Joint ventures, strategic partnerships and research collaborations contribute to acceleration innovation processes; they reduce costs of production while increasing general competitiveness. This collaborative arrangement enables the companies to have majority market share since their base is bigger due widening of expertise and customer base.
In addition, market share positioning can be improved by customer segmentation. Recognition of the unique needs and wants of various customer segments enables companies to make their products as well as their marketing efforts more specific. For instance, some clients can focus on the long-range abilities while others may value load carrying capacity or charging systems.
Firms address unique customer needs of distinct market groups by offering products or services tailored to segmented markets which enable companies gain some significant amount from the target group. Environmental consciousness is one of the leading factors in electric commercial vehicle market; firms that lead on ecological initiatives become preferred among green customers.
The green aspect of electric vehicles and its positive impact on the reduction of carbon emissions, a strong brand image can be created. This not only brings environmentally friendly customers but also helps establish a favourable market position regarding sustainability, which becomes increasingly important on the global scale.

Electric commercial vehicle Market Overview


Electric commercial vehicle Market Size was valued at USD 8,788.5 Million in 2022. The Global Electric commercial vehicle market industry is projected to grow from USD 11,301.1 Million in 2023 to USD 62,244.5 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 20.9% during the forecast period (2024 - 2032). The Electric commercial vehicle Market is expected to grow significantly over the forecast period due to several factors. The growth of the Electric commercial vehicle Market is expected to be driven by key factors such as government initiatives to encourage adoption of electric commercial vehicles and low operating cost. However, factors such as underdeveloped charging infrastructure and poor aftermarket services and high price and limited capacity of batteries are expected to restrict market growth. On the other hand, increasing logistic activities and growth in demand within fleets pose lucrative opportunities for the Global market.


Figure1: Electric commercial vehicle Market, 2018 - 2032 (USD Million)


Electric commercial vehicle Market, 2018 - 2032


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


Electric commercial vehicle Market Opportunity




  • Government Initiatives to Encourage Adoption of Electric Commercial Vehicles




The governments and respective state governments of various countries are taking certain initiatives to increase the awareness about using electric commercial vehicles to control the adverse impact on the environment and foreign exchange reserves. For instance, the International Council on Clean Transportation is working with the Zero Emission Vehicle regulation, progressive electric utility policies, greater model availability & marketing, consumer rebates, access to carpool lanes on congested highways, extensive electric vehicle charging infrastructure, access to high-occupancy vehicle lanes, and continued growth of local electric vehicle promotions. This is as crude oil prices are continuously increasing.


The electric vehicle reduces the amount of noise and pollution generated compared to conventional vehicles. Commercial vehicles offer opportunities for more transport work at night, thus reducing the burden on the roads during the day. Therefore, many electric vehicle manufacturing companies are investing in product development to cater to the increasing demand from customers. For instance, in 2021, Renault Trucks developed the first electric truck, D Wide ZE, equipped with a tipper and a crane for Noblet Group and dedicated to the construction site approach. Thus, the government initiatives to encourage the adoption are expected to drive the growth of the Electric commercial vehicle Market during the forecast period.


The government initiatives are at a primary stage, as various countries are planning to introduce several regulations and initiatives to encourage the adoption of electric vehicles in the next few years. Hence, the impact of the government initiatives to encourage the adoption of electric commercial vehicles on the Electric commercial vehicle Market is expected to shift from low to high over the forecast period.


Electric commercial vehicle Market propulsion Segment Insights:


Electric commercial vehicle propulsion Insights


Based on propulsion, the 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. This is since internal combustion engines waste a lot of energy as heat and electric motors are far more efficient than these engines. Regenerative braking is another way that BEVs can recover energy, which increases their range. BEVs are increasingly being used for commercial applications, such as delivery vans and trucks. These vehicles offer lower operating costs and reduced emissions compared to traditional commercial vehicles. Battery-electric vehicles (BEVs) are becoming increasingly popular in the commercial vehicle market, particularly for applications such as last-mile delivery, urban transportation, and short-haul trips.


Figure2: Electric commercial vehicle Market, by Component, 2022 & 2032 (USD Million)


Electric commercial vehicle Market, by Component, 2022 & 2032


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


Electric commercial vehicle Market Component Segment Insights:


Electric commercial vehicle Component Insights


Based on Component, the 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. Moreover, they tend to be smaller and lighter, which makes them easier to maintain and install. Despite their benefits, electric vehicle batteries can be more expensive than traditional batteries and require charging infrastructure, which can be costly to set up and maintain. Additionally, these batteries are sensitive to extreme temperatures, and their performance can be affected by hot or cold weather conditions. Electric vehicle batteries offer several advantages over traditional batteries, including reduced emissions, quieter operation, and lower long-term operating costs.


Electric commercial vehicle Market Vehicle Type Segment Insights:


Electric commercial vehicle Vehicle Type Insights


Based on the Vehicle Type, the 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. Battery-electric buses are the most common and rely on rechargeable batteries to power the electric motor. Although electric buses offer many advantages, they can come with a higher initial cost than traditional buses and require charging infrastructure, which can be costly to install and maintain. Despite these challenges, electric commercial vehicles, including buses, are a promising option for companies and organizations looking to reduce their carbon footprint and operate more sustainably. Several manufacturers offer electric buses for commercial use, including BYD, Proterra, and New Flyer. Some cities, such as London and Shenzhen, have already deployed large fleets of electric buses, and others are following suit as part of efforts to reduce air pollution and combat climate change.


Electric commercial vehicle Regional Insights


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 addition to government initiatives, the growth of the Asia Pacific electric commercial vehicle market is also being driven by the increasing availability of charging infrastructure, advancements in battery technology, and improving economics of electric vehicles. Major players in the market include companies such as BYD, Dongfeng Motor, Hino Motors, Isuzu Motors, and Tata Motors, among others. Looking ahead, the Asia Pacific electric commercial vehicle market is expected to continue growing at a rapid pace, driven by factors such as increasing environmental regulations, government subsidies, and improving battery technology. However, the market also faces challenges such as high upfront costs, limited driving range, and a lack of charging infrastructure in some regions, which could impact future growth.


Figure 3: Electric Commercial Vehicle Market Size By Region 2022 & 2032


ELECTRIC COMMERCIAL VEHICLE MARKET SIZE BY REGION 2022&2032


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


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.


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. Apart from these new players, traditional commercial vehicle manufacturers are also investing significantly in electric vehicle technology. For instance, Daimler Trucks North America has released its eCascadia and eM2 electric trucks, while Volvo Trucks North America has introduced its VNR Electric truck. This trend highlights the growing demand for electric vehicles in the transportation industry and is expected to continue in the coming years.


Electric commercial vehicle Key Market Players & Competitive Insights


The Electric commercial vehicle Market is characterized by the presence of many local, regional, and global vendors. The market is highly competitive, with all the players continually competing to gain a larger market share. High competition, rapid advances in technology, frequent changes in government policies, and stringent environmental regulations are some of the critical factors that could restrain the market growth. The vendors compete in terms of cost, product quality, reliability, and aftermarket services. Vendors must provide cost-effective and efficient products to survive and succeed in a competitive market environment.


The growth of the vendors is dependent on market conditions, government support, and industrial development. Thus, the vendors should focus on expanding their presence and improving their services. AB Volvo, Tesla, Daimler AG, PACCAR Inc., BYD Company Limited, and Proterra are some of the key players operating in the global market. These companies compete in terms of availability, quality, price, and technology and consider contracts & agreements, product development, and expansion as their key strategies in the Electric commercial vehicle Market. Although the international players dominate the market, regional and local players with small market shares also have a significant presence. The international players may strengthen their presence in the global market by heavily investing in product development during the forecast period.


Key Companies in the Electric commercial vehicle market include.



  • 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


Electric commercial vehicle Industry Developments



  • In January 2023, Proterra to concentrate on electric bus & battery manufacturing at its larger South Carolina production facilities and exit from the company’s City of Industry, CA, plant by the end of 2023. This consolidation of manufacturing sites will allow the company to manage ongoing supply chain disruptions and decrease facilities costs in a better way.

  • In March 2023, Daimler Truck AG has collaborated with Siemens Digital Industries Software to build a new integrated digital engineering platform that will enable to develop innovative technologies for its trucks & buses faster and leaner.


Electric commercial vehicle Market Segmentation:


Electric commercial vehicle Propulsion Outlook



  • BEV

  • PHEV

  • FCEV


Electric commercial vehicle Component Outlook



  • Electric Motor

  • Electric Vehicle Battery

  • Hydrogen Fuel Cell

  • Others


Electric commercial vehicle Type Outlook



  • Bus

  • Truck

  • Others


Electric commercial vehicle Regional Outlook



  • North America

    • US

    • Canada

    • Mexico



  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Rest of Asia Pacific



  • Middle East & Africa

  • South America

Leading companies partner with us for data-driven Insights
client_1 client_2 client_3 client_4 client_5 client_6 client_7 client_8 client_9 client_10
Kindly complete the form below to receive a free sample of this Report
Please fill in Business Email for Quick Response

We do not share your information with anyone. However, we may send you emails based on your report interest from time to time. You may contact us at any time to opt-out.

Purchase Option
Single User $ 4,950
Multiuser License $ 5,950
Enterprise User $ 7,250
Compare Licenses
Tailored for You
  • Dedicated Research on any specifics segment or region.
  • Focused Research on specific players in the market.
  • Custom Report based only on your requirements.
  • Flexibility to add or subtract any chapter in the study.
  • Historic data from 2014 and forecasts outlook till 2040.
  • Flexibility of providing data/insights in formats (PDF, PPT, Excel).
  • Provide cross segmentation in applicable scenario/markets.