The Electric Commercial Vehicle Market is projected to reach USD 265.69 billion by 2033, up from USD 70.14 billion in 2023. This represents a robust compound annual growth rate (CAGR) of 23.84% from 2023 to 2033. This market encompasses commercial vehicles like pickup trucks, trucks, buses, and vans that are powered by electric motors and rechargeable batteries rather than traditional internal combustion engines. Anticipated growth is substantial, with the global market size expected to exceed $300 billion by 2030, growing at an approximate CAGR of 25%. Key drivers include the rising adoption of electric vehicles due to their superior fuel efficiency, reduced carbon emissions, and lower maintenance costs compared to conventional vehicles. The market is divided into segments based on vehicle type, propulsion, battery type, battery capacity, power output, range, end-use, and region, with North America, Europe, and Asia-Pacific being the primary regional markets.
The latest research report by Evolve Business Intelligence explores the various factors influencing the global market. It includes an analysis of the current market size, forecasts for key segments and regions, and the driving forces behind market growth. The report examines the potential impacts of key trends on business strategies and provides a SWOT analysis of critical sectors for each major competitor and customer group. This valuable data highlights the conglomerates likely to impact the industry, crucial for any company planning to invest strategically over the next five years. These insights complement our initial quantitative study, aiding in new investments and strategic planning to mitigate threats in existing sectors.
Segments covered
By Battery Type (Lithium-Iron-Phosphate (LFP), Lithium-Nickel-Manganese-Cobalt Oxide (NMC), Others)
By Component (Electric Motor, Ev Battery, Hydrogen Fuel Cell)
Key players
Yutong
Delphi Technologies
VDL Group
AB Volvo
Toyota Kirloskar Motor
NISSAN
ITM Power
Tesla
Mitsubishi Electric Corporation
HI ELECTRIC CORPORATION
- Chapter 1. Executive Summary
- Chapter 2. Scope Of The Study
- 2.1. Market Definition
- 2.2. Scope Of The Study
- 2.2.1. Objectives of Report
- 2.2.2. Limitations
- 2.3. Market Structure
- Chapter 3. Evolve BI Methodology
- Chapter 4. Market Insights and Trends
- 4.1. Supply/ Value Chain Analysis
- 4.1.1. Raw Components Providers
- 4.1.2. Manufacturing Process
- 4.1.3. Distributors/Retailers
- 4.1.4. End-Use Industry
- 4.2. Porter’s Five Forces Analysis
- 4.2.1. Threat Of New Entrants
- 4.2.2. Bargaining Power Of Buyers
- 4.2.3. Bargaining Power Of Suppliers
- 4.2.4. Threat Of Substitutes
- 4.2.5. Industry Rivalry
- 4.3. Impact Of COVID-19 on the Electric Commercial Vehicle Market
- 4.3.1. Impact on Market Size
- 4.3.2. End-Use Industry Trend, Preferences, and Budget Impact
- 4.3.3. Regulatory Framework/Government Policies
- 4.3.4. Key Players' Strategy to Tackle Negative Impact
- 4.3.5. Opportunity Window
- 4.4. Technology Overview
- 12.28. Macro factor
- 4.6. Micro Factor
- 4.7. Demand Supply Gap Analysis of the Electric Commercial Vehicle Market
- 4.8. Import Analysis of the Electric Commercial Vehicle Market
- 4.9. Export Analysis of the Electric Commercial Vehicle Market
- Chapter 5. Market Dynamics
- 5.1. Introduction
- 5.2. DROC Analysis
- 5.2.1. Drivers
- 5.2.2. Restraints
- 5.2.3. Opportunities
- 5.2.4. Challenges
- 5.3. Patent Analysis
- 5.4. Industry Roadmap
- 5.5. Parent/Peer Market Analysis
- Chapter 6. Global Electric Commercial Vehicle Market, By Battery Type
- 6.1. Introduction
- 6.2. Lithium-iron-phosphate (LFP)
- 6.3. Lithium-nickel-manganese-cobalt oxide (NMC)
- 6.4. Others
- Chapter 7. Global Electric Commercial Vehicle Market, By Component
- 7.1. Introduction
- 7.2. Electric Motor
- 7.3. EV Battery
- 7.4. Hydrogen Fuel Cell
- Chapter 8. Global Electric Commercial Vehicle Market, By Region
- 8.1. Introduction
- 8.2. North America
- 8.2.1. Introduction
- 8.2.2. Driving Factors, Opportunity Analyzed, and Key Trends
- 8.2.3. Market Size and Forecast, By Country, 2023-2033
- 8.2.4. Market Size and Forecast, By Battery Type, 2023-2033
- 8.2.5. Market Size and Forecast, By Component, 2023-2033
- 8.2.6. US
- 8.2.6.1. Introduction
- 8.2.6.2. Driving Factors, Opportunity Analyzed, and Key Trends
- 8.2.6.3. Market Size and Forecast, By Battery Type, 2023-2033
- 8.2.6.4. Market Size and Forecast, By Component, 2023-2033
- 8.2.7. Canada
- 8.2.7.1. Introduction
- 8.2.7.2. Driving Factors, Opportunity Analyzed, and Key Trends
- 8.2.7.4. Market Size and Forecast, By Battery Type, 2023-2033
- 8.2.7.5. Market Size and Forecast, By Component, 2023-2033
- 8.3. Europe
- 8.3.1. Introduction
- 8.3.2. Driving Factors, Opportunity Analyzed, and Key Trends
- 8.3.3. Market Size and Forecast, By Country, 2023-2033
- 8.3.4. Market Size and Forecast, By Battery Type, 2023-2033
- 8.3.5. Market Size and Forecast, By Component, 2023-2033
- 8.3.6. Germany
- 8.3.6.1. Introduction
- 8.3.6.2. Driving Factors, Opportunity Analyzed, and Key Trends
- 8.3.6.3. Market Size and Forecast, By Battery Type, 2023-2033
- 8.3.6.4. Market Size and Forecast, By Component, 2023-2033
- 8.3.7. France
- 8.3.7.1. Introduction
- 8.3.7.2. Driving Factors, Opportunity Analyzed, and Key Trends
- 8.3.7.3. Market Size and Forecast, By Battery Type, 2023-2033
- 8.3.7.4. Market Size and Forecast, By Component, 2023-2033
- 8.3.8. UK
- 8.3.8.1. Introduction
- 8.3.8.2. Driving Factors, Opportunity Analyzed, and Key Trends
- 8.3.8.3. Market Size and Forecast, By Battery Type, 2023-2033
- 8.3.8.4. Market Size and Forecast, By Component, 2023-2033
- 8.3.9. Italy
- 8.3.9.1. Introduction
- 8.3.9.2. Driving Factors, Opportunity Analyzed, and Key Trends
- 8.3.9.3. Market Size and Forecast, By Battery Type, 2023-2033
- 8.3.9.4. Market Size and Forecast, By Component, 2023-2033
- 8.3.11. Rest Of Europe
- 8.3.11.1. Introduction
- 8.3.11.2. Driving Factors, Opportunity Analyzed, and Key Trends
- 8.3.11.3. Market Size and Forecast, By Battery Type, 2023-2033
- 8.3.11.4. Market Size and Forecast, By Component, 2023-2033
- 8.4. Asia-Pacific
- 8.4.1. Introduction
- 8.4.2. Driving Factors, Opportunity Analyzed, and Key Trends
- 8.4.3. Market Size and Forecast, By Country, 2023-2033
- 8.4.4. Market Size and Forecast, By Battery Type, 2023-2033
- 8.12.28. Market Size and Forecast, By Component, 2023-2033
- 8.4.6. China
- 8.4.6.1. Introduction
- 8.4.6.2. Driving Factors, Opportunity Analyzed, and Key Trends
- 8.4.6.3. Market Size and Forecast, By Battery Type, 2023-2033
- 8.4.6.4. Market Size and Forecast, By Component, 2023-2033
- 8.4.7. India
- 8.4.7.1. Introduction
- 8.4.7.2. Driving Factors, Opportunity Analyzed, and Key Trends
- 8.4.7.3. Market Size and Forecast, By Battery Type, 2023-2033
- 8.4.7.4. Market Size and Forecast, By Component, 2023-2033
- 8.4.8. Japan
- 8.4.8.1. Introduction
- 8.4.8.2. Driving Factors, Opportunity Analyzed, and Key Trends
- 8.4.8.3. Market Size and Forecast, By Battery Type, 2023-2033
- 8.4.8.4. Market Size and Forecast, By Component, 2023-2033
- 8.4.9. South Korea
- 8.4.9.1. Introduction
- 8.4.9.2. Driving Factors, Opportunity Analyzed, and Key Trends
- 8.4.9.3. Market Size and Forecast, By Battery Type, 2023-2033
- 8.4.9.4. Market Size and Forecast, By Component, 2023-2033
- 8.4.10. Rest Of Asia-Pacific
- 8.4.10.1. Introduction
- 8.4.10.2. Driving Factors, Opportunity Analyzed, and Key Trends
- 8.4.10.3. Market Size and Forecast, By Battery Type, 2023-2033
- 8.4.10.4. Market Size and Forecast, By Component, 2023-2033
- 8.5. Rest Of The World (RoW)
- 8.5.1. Introduction
- 8.5.2. Driving Factors, Opportunity Analyzed, and Key Trends
- 8.5.3. Market Size and Forecast, By Battery Type, 2023-2033
- 8.5.4. Market Size and Forecast, By Component, 2023-2033
- Chapter 9. Company Landscape
- 9.1. Introduction
- 9.2. Vendor Share Analysis
- 9.3. Key Development Analysis
- 9.4. Competitor Dashboard
- Chapter 10. Company Profiles
- 10.1. Yutong
- 10.1.1. Business Overview
- 10.1.2. Government & Defense Analysis
- 10.1.2.1. Government & Defense – Existing/Funding
- 10.1.3. Battery Type Portfolio
- 10.1.4. Recent Development and Strategies Adopted
- 10.1.5. SWOT Analysis
- 10.2. Delphi Technologies
- 10.2.1. Business Overview
- 10.2.2. Government & Defense Analysis
- 10.2.2.1. Government & Defense – Existing/Funding
- 10.2.3. Battery Type Portfolio
- 10.2.4. Recent Development and Strategies Adopted
- 10.2.5. SWOT Analysis
- 10.3. VDL Group
- 10.3.1. Business Overview
- 10.3.2. Government & Defense Analysis
- 10.3.2.1. Government & Defense – Existing/Funding
- 10.3.3. Battery Type Portfolio
- 10.3.4. Recent Development and Strategies Adopted
- 10.3.5. SWOT Analysis
- 10.4. AB Volvo
- 10.4.1. Business Overview
- 10.4.2. Government & Defense Analysis
- 10.4.2.1. Government & Defense – Existing/Funding
- 10.4.3. Battery Type Portfolio
- 10.4.4. Recent Development and Strategies Adopted
- 10.12.28. SWOT Analysis
- 10.5. Toyota Kirloskar Motor
- 10.5.1. Business Overview
- 10.5.2. Government & Defense Analysis
- 10.5.2.1. Government & Defense – Existing/Funding
- 10.5.3. Battery Type Portfolio
- 10.5.4. Recent Development and Strategies Adopted
- 10.5.5. SWOT Analysis
- 10.6. NISSAN
- 10.6.1. Business Overview
- 10.6.2. Government & Defense Analysis
- 10.6.2.1. Government & Defense – Existing/Funding
- 10.6.3. Battery Type Portfolio
- 10.6.4. Recent Development and Strategies Adopted
- 10.6.5. SWOT Analysis
- 10.7. ITM Power
- 10.7.1. Business Overview
- 10.7.2. Government & Defense Analysis
- 10.7.2.1. Government & Defense – Existing/Funding
- 10.7.3. Battery Type Portfolio
- 10.7.4. Recent Development and Strategies Adopted
- 10.7.5. SWOT Analysis
- 10.8 Tesla
- 10.8.1. Business Overview
- 10.8.2. Government & Defense Analysis
- 10.8.2.1. Government & Defense – Existing/Funding
- 10.8.3. Battery Type Portfolio
- 10.8.4. Recent Development and Strategies Adopted
- 10.8.5. SWOT Analysis
- 10.9 Mitsubishi Electric Corporation
- 10.9.1. Business Overview
- 10.9.2. Government & Defense Analysis
- 10.9.2.1. Government & Defense – Existing/Funding
- 10.9.3. Battery Type Portfolio
- 10.9.4. Recent Development and Strategies Adopted
- 10.9.5. SWOT Analysis
- 10.10. HI ELECTRIC CORPORATION
- 10.10.1. Business Overview
- 10.10.2. Government & Defense Analysis
- 10.10.2.1. Government & Defense – Existing/Funding
- 10.10.3. Battery Type Portfolio
- 10.10.4. Recent Development and Strategies Adopted
- 10.10.5. SWOT Analysis
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