Electric Commercial Vehicle Market Forecasts to 2028 – Global Analysis By Propulsion (Fuel Cell Electric Vehicle (FCEV), Plug-in Hybrid Electric Vehicle (PHEV), Battery Electric Vehicle (BEV) and Other Propulsions), Component, Vehicle Type, Battery Type,
Description
Electric Commercial Vehicle Market Forecasts to 2028 – Global Analysis By Propulsion (Fuel Cell Electric Vehicle (FCEV), Plug-in Hybrid Electric Vehicle (PHEV), Battery Electric Vehicle (BEV) and Other Propulsions), Component, Vehicle Type, Battery Type, End User and By Geography
According to Stratistics MRC, the Global Electric Commercial Vehicle Market is accounted for $68.9 billion in 2022 and is expected to reach $480.1 billion by 2028 growing at a CAGR of 38.2% during the forecast period. Commercial electric vehicles are extremely popular as an environmentally beneficial substitute for gasoline-powered vehicles. In the business sector, these vehicles offer operating advantages and low maintenance costs. Several sectors, including logistics, mining, and construction, have embraced electric commercial vehicles to a large extent. The electric commercial vehicle is a car that can be propelled by one or more electric motors. These vehicles are made for surface and underwater watercraft, electric aeroplanes, and electric spacecraft, not just for use on roads and on trains.
According to the Delhi Government, an additional 300 electric buses will be added to the city's existing fleet of 100 e-buses. Furthermore, the state plans to buy 2,000 more e-buses over the next few years.
Market Dynamics
Driver:
Increase in demand for fuel-efficient
Supporting sustainable growth requires the creation and utilisation of alternate fuel sources. The need for fuel-efficient buses has increased as a result of the rising cost of diesel and petrol. The depletion of fossil fuel reserves and rising corporate predisposition to maximise profit from these oil reserves are to blame for this. These elements boost the requirement for complex fuel-saving devices, which raises market demand.
Restraint
Insufficient EV infrastructure
Low charging densities in most nations brought on by inadequate EV charging infrastructure will operate as a barrier. Pantographs and particular charging connections are also required for daily charging of electric buses and vehicles. Since usage is poor if a provider lacks a fleet, this is mostly caused by the low setup rate by third-party providers. The market's expansion is being constrained by several issues.
Opportunity
Increase in government initiatives
Governments all across the world are putting pressure on manufacturers to reduce CO2 emissions from burning diesel fuel. Governments from both rich and developing nations boost purchases by providing tax breaks and other incentives on a global scale. Government programmes and initiatives have offered incentives for the production of electric battery vehicles, which is anticipated to propel industry expansion.
Threat
High cost of investment
High production costs and complicated mechanics of modern systems may limit market expansion as the automobile industry transitions to electrification and incorporates cutting-edge technologies into vehicles. Costs associated with manufacturing vehicles are ultimately raised by the pricey lithium-ion batteries. Hence, it is anticipated that the high replacement and maintenance costs of these systems will hamper market expansion.
Covid-19 Impact
The execution of the global lockdown and supply chain interruptions caused by the Covid-19 epidemic had a detrimental effect on the global market for electric commercial vehicles. The study also discovered that the industry is anticipated to expand in the upcoming years as a result of the government's provision of several subsidies and incentives to persuade bus makers to produce electric buses rather than gasoline-powered ones. During the epidemic, the supply chain was impeded along with logistics operations. Yet, because of the lifting of the restrictions, it is anticipated that the market for electric commercial vehicles will pick up speed in the post-pandemic environment.
The battery electric vehicle (BEV) segment is expected to be the largest during the forecast period
The battery electric vehicle (BEV) segment is estimated to have a lucrative growth, due to the maintenance costs for electric motors are much lower because they have far fewer moving parts than conventional motors and are far more efficient. Further reducing the operating costs for buses is the fact that the energy used to power the vehicles is less expensive than diesel fuel. The overall costs are anticipated to decline because to improvements in battery technology and a steady decline in battery prices.
The plug-in hybrid electric vehicle (PHEV) segment is expected to have the highest CAGR during the forecast period
The plug-in hybrid electric vehicle (PHEV) segment is anticipated to witness the fastest CAGR growth during the forecast period, due to rising demand because of its enhanced electricity storage capacity. Both an internal combustion engine and an electric motor were used to accelerate these vehicles. This type of vehicle's battery has a large capacity for energy storage, which reduces fuel consumption under normal driving conditions. This segment is anticipated to increase as a result of each of these factors.
Region with Largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to large sales volumes for electric commercial vehicles, especially electric buses. Increasing demand for electric buses, laws in favour of electric commercial vehicles, and a rapidly growing logistics industry are projected to boost market expansion. Production in the area is rising as a result of rising demand for fuel-efficient vehicles and government support for electric commercial vehicle programmes.
Region with highest CAGR
North America is projected to have the highest CAGR over the forecast period, owing to innovations, significant research & development, and technological progress. The market is expanding as a result of rising demand for buses that are low-emission, high-performance, and fuel-efficient as well as falling prices for electric vehicle batteries. Additionally, it is anticipated that increasing consumer demand and public awareness of fossil fuel pollution would boost market revenue for this market.
Key players in the market
Some of the key players profiled in the Electric Commercial Vehicle Market include Daimler AG, AB Volvo, SAIC Motor Corporation Limited, AUDI AG, Tesla, Inc., Nikola Corporation, Proterra, Inc., General Motors, Workhorse Group Incorporated, Rivian Automotive, Inc., Isuzu Motors Ltd., Kia Motors Corporation, Hino Motors Ltd., Ford Motor Company, Groupe Renault, Hyundai Motor Company, Volkswagen AG, Continental AG, Toyota Motor Corporation and Honda Motor Co.,Ltd.
Key Developments
In January 2022, AB Volvo launched the enhanced version of Volvo VNR Electric with up to 85% increased range and faster charging.
In December 2021, BYD launched an electric van model ETP3 with a 50.3 kWh NMC battery and a range of 269 km. The new electric van is 4.46-meter-long and has a payload capacity of 720 kg.
Propulsions Covered:
• Fuel Cell Electric Vehicle (FCEV)
• Plug-in Hybrid Electric Vehicle (PHEV)
• Battery Electric Vehicle (BEV)
• Other Propulsions
Components Covered:
• Power Control Unit
• Reducer
• Air Compressor
• Power Conditioner
• Humidifier
• Battery Management System
• Fuel Processor
• On-Board Charge
• Fuel Stack
• Motor
• Battery Cells & Packs
• Other Components
Vehicle Types Covered:
• Medium duty trucks
• Buses
• Heavy duty trucks
• Light duty trucks
• Other Vehicle Types
Battery Types Covered:
• Lithium-iron-phosphate (LFP)
• Nickel-manganese-cobalt (NMC)
• Solid-state battery
• Other Battery Types
End Users Covered:
• Last Mile Delivery
• Long Haul Transportation
• Refuse Services
• Distribution
• Field Services
• Other End Users
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
According to Stratistics MRC, the Global Electric Commercial Vehicle Market is accounted for $68.9 billion in 2022 and is expected to reach $480.1 billion by 2028 growing at a CAGR of 38.2% during the forecast period. Commercial electric vehicles are extremely popular as an environmentally beneficial substitute for gasoline-powered vehicles. In the business sector, these vehicles offer operating advantages and low maintenance costs. Several sectors, including logistics, mining, and construction, have embraced electric commercial vehicles to a large extent. The electric commercial vehicle is a car that can be propelled by one or more electric motors. These vehicles are made for surface and underwater watercraft, electric aeroplanes, and electric spacecraft, not just for use on roads and on trains.
According to the Delhi Government, an additional 300 electric buses will be added to the city's existing fleet of 100 e-buses. Furthermore, the state plans to buy 2,000 more e-buses over the next few years.
Market Dynamics
Driver:
Increase in demand for fuel-efficient
Supporting sustainable growth requires the creation and utilisation of alternate fuel sources. The need for fuel-efficient buses has increased as a result of the rising cost of diesel and petrol. The depletion of fossil fuel reserves and rising corporate predisposition to maximise profit from these oil reserves are to blame for this. These elements boost the requirement for complex fuel-saving devices, which raises market demand.
Restraint
Insufficient EV infrastructure
Low charging densities in most nations brought on by inadequate EV charging infrastructure will operate as a barrier. Pantographs and particular charging connections are also required for daily charging of electric buses and vehicles. Since usage is poor if a provider lacks a fleet, this is mostly caused by the low setup rate by third-party providers. The market's expansion is being constrained by several issues.
Opportunity
Increase in government initiatives
Governments all across the world are putting pressure on manufacturers to reduce CO2 emissions from burning diesel fuel. Governments from both rich and developing nations boost purchases by providing tax breaks and other incentives on a global scale. Government programmes and initiatives have offered incentives for the production of electric battery vehicles, which is anticipated to propel industry expansion.
Threat
High cost of investment
High production costs and complicated mechanics of modern systems may limit market expansion as the automobile industry transitions to electrification and incorporates cutting-edge technologies into vehicles. Costs associated with manufacturing vehicles are ultimately raised by the pricey lithium-ion batteries. Hence, it is anticipated that the high replacement and maintenance costs of these systems will hamper market expansion.
Covid-19 Impact
The execution of the global lockdown and supply chain interruptions caused by the Covid-19 epidemic had a detrimental effect on the global market for electric commercial vehicles. The study also discovered that the industry is anticipated to expand in the upcoming years as a result of the government's provision of several subsidies and incentives to persuade bus makers to produce electric buses rather than gasoline-powered ones. During the epidemic, the supply chain was impeded along with logistics operations. Yet, because of the lifting of the restrictions, it is anticipated that the market for electric commercial vehicles will pick up speed in the post-pandemic environment.
The battery electric vehicle (BEV) segment is expected to be the largest during the forecast period
The battery electric vehicle (BEV) segment is estimated to have a lucrative growth, due to the maintenance costs for electric motors are much lower because they have far fewer moving parts than conventional motors and are far more efficient. Further reducing the operating costs for buses is the fact that the energy used to power the vehicles is less expensive than diesel fuel. The overall costs are anticipated to decline because to improvements in battery technology and a steady decline in battery prices.
The plug-in hybrid electric vehicle (PHEV) segment is expected to have the highest CAGR during the forecast period
The plug-in hybrid electric vehicle (PHEV) segment is anticipated to witness the fastest CAGR growth during the forecast period, due to rising demand because of its enhanced electricity storage capacity. Both an internal combustion engine and an electric motor were used to accelerate these vehicles. This type of vehicle's battery has a large capacity for energy storage, which reduces fuel consumption under normal driving conditions. This segment is anticipated to increase as a result of each of these factors.
Region with Largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to large sales volumes for electric commercial vehicles, especially electric buses. Increasing demand for electric buses, laws in favour of electric commercial vehicles, and a rapidly growing logistics industry are projected to boost market expansion. Production in the area is rising as a result of rising demand for fuel-efficient vehicles and government support for electric commercial vehicle programmes.
Region with highest CAGR
North America is projected to have the highest CAGR over the forecast period, owing to innovations, significant research & development, and technological progress. The market is expanding as a result of rising demand for buses that are low-emission, high-performance, and fuel-efficient as well as falling prices for electric vehicle batteries. Additionally, it is anticipated that increasing consumer demand and public awareness of fossil fuel pollution would boost market revenue for this market.
Key players in the market
Some of the key players profiled in the Electric Commercial Vehicle Market include Daimler AG, AB Volvo, SAIC Motor Corporation Limited, AUDI AG, Tesla, Inc., Nikola Corporation, Proterra, Inc., General Motors, Workhorse Group Incorporated, Rivian Automotive, Inc., Isuzu Motors Ltd., Kia Motors Corporation, Hino Motors Ltd., Ford Motor Company, Groupe Renault, Hyundai Motor Company, Volkswagen AG, Continental AG, Toyota Motor Corporation and Honda Motor Co.,Ltd.
Key Developments
In January 2022, AB Volvo launched the enhanced version of Volvo VNR Electric with up to 85% increased range and faster charging.
In December 2021, BYD launched an electric van model ETP3 with a 50.3 kWh NMC battery and a range of 269 km. The new electric van is 4.46-meter-long and has a payload capacity of 720 kg.
Propulsions Covered:
• Fuel Cell Electric Vehicle (FCEV)
• Plug-in Hybrid Electric Vehicle (PHEV)
• Battery Electric Vehicle (BEV)
• Other Propulsions
Components Covered:
• Power Control Unit
• Reducer
• Air Compressor
• Power Conditioner
• Humidifier
• Battery Management System
• Fuel Processor
• On-Board Charge
• Fuel Stack
• Motor
• Battery Cells & Packs
• Other Components
Vehicle Types Covered:
• Medium duty trucks
• Buses
• Heavy duty trucks
• Light duty trucks
• Other Vehicle Types
Battery Types Covered:
• Lithium-iron-phosphate (LFP)
• Nickel-manganese-cobalt (NMC)
• Solid-state battery
• Other Battery Types
End Users Covered:
• Last Mile Delivery
• Long Haul Transportation
• Refuse Services
• Distribution
• Field Services
• Other End Users
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Table of Contents
175 Pages
- 1 Executive Summary
- 2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
- 3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 End User Analysis
- 3.7 Emerging Markets
- 3.8 Impact of Covid-19
- 4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
- 5 Global Electric Commercial Vehicle Market, By Propulsion
- 5.1 Introduction
- 5.2 Fuel Cell Electric Vehicle (FCEV)
- 5.3 Plug-in Hybrid Electric Vehicle (PHEV)
- 5.4 Battery Electric Vehicle (BEV)
- 5.5 Other Propulsions
- 6 Global Electric Commercial Vehicle Market, By Component
- 6.1 Introduction
- 6.2 Power Control Unit
- 6.3 Reducer
- 6.4 Air Compressor
- 6.5 Power Conditioner
- 6.6 Humidifier
- 6.7 Battery Management System
- 6.8 Fuel Processor
- 6.9 On-Board Charge
- 6.10 Fuel Stack
- 6.11 Motor
- 6.12 Battery Cells & Packs
- 6.13 Other Components
- 7 Global Electric Commercial Vehicle Market, By Vehicle Type
- 7.1 Introduction
- 7.2 Medium duty trucks
- 7.3 Buses
- 7.4 Heavy duty trucks
- 7.5 Light duty trucks
- 7.6 Other Vehicle Types
- 8 Global Electric Commercial Vehicle Market, By Battery Type
- 8.1 Introduction
- 8.2 Lithium-iron-phosphate (LFP)
- 8.3 Nickel-manganese-cobalt (NMC)
- 8.4 Solid-state battery
- 8.5 Other Battery Types
- 9 Global Electric Commercial Vehicle Market, By End User
- 9.1 Introduction
- 9.2 Last Mile Delivery
- 9.3 Long Haul Transportation
- 9.4 Refuse Services
- 9.5 Distribution
- 9.6 Field Services
- 9.7 Other End Users
- 10 Global Electric Commercial Vehicle Market, By Geography
- 10.1 Introduction
- 10.2 North America
- 10.2.1 US
- 10.2.2 Canada
- 10.2.3 Mexico
- 10.3 Europe
- 10.3.1 Germany
- 10.3.2 UK
- 10.3.3 Italy
- 10.3.4 France
- 10.3.5 Spain
- 10.3.6 Rest of Europe
- 10.4 Asia Pacific
- 10.4.1 Japan
- 10.4.2 China
- 10.4.3 India
- 10.4.4 Australia
- 10.4.5 New Zealand
- 10.4.6 South Korea
- 10.4.7 Rest of Asia Pacific
- 10.5 South America
- 10.5.1 Argentina
- 10.5.2 Brazil
- 10.5.3 Chile
- 10.5.4 Rest of South America
- 10.6 Middle East & Africa
- 10.6.1 Saudi Arabia
- 10.6.2 UAE
- 10.6.3 Qatar
- 10.6.4 South Africa
- 10.6.5 Rest of Middle East & Africa
- 11 Key Developments
- 11.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 11.2 Acquisitions & Mergers
- 11.3 New Product Launch
- 11.4 Expansions
- 11.5 Other Key Strategies
- 12 Company Profiling
- 12.1 Daimler AG
- 12.2 AB Volvo
- 12.3 SAIC Motor Corporation Limited
- 12.4 AUDI AG
- 12.5 Tesla, Inc.
- 12.6 Nikola Corporation
- 12.7 Proterra, Inc.
- 12.8 General Motors
- 12.9 Workhorse Group Incorporated
- 12.10 Rivian Automotive, Inc.
- 12.11 Isuzu Motors Ltd.
- 12.12 Kia Motors Corporation
- 12.13 Hino Motors Ltd.
- 12.14 Ford Motor Company
- 12.15 Groupe Renault
- 12.16 Hyundai Motor Company
- 12.17 Volkswagen AG
- 12.18 Continental AG
- 12.19 Toyota Motor Corporation
- 12.20 Honda Motor Co.,Ltd.
- List of Tables
- Table 1 Global Electric Commercial Vehicle Market Outlook, By Region (2020-2028) ($MN)
- Table 2 Global Electric Commercial Vehicle Market Outlook, By Propulsion (2020-2028) ($MN)
- Table 3 Global Electric Commercial Vehicle Market Outlook, By Fuel Cell Electric Vehicle (FCEV) (2020-2028) ($MN)
- Table 4 Global Electric Commercial Vehicle Market Outlook, By Plug-in Hybrid Electric Vehicle (PHEV) (2020-2028) ($MN)
- Table 5 Global Electric Commercial Vehicle Market Outlook, By Battery Electric Vehicle (BEV) (2020-2028) ($MN)
- Table 6 Global Electric Commercial Vehicle Market Outlook, By Other Propulsions (2020-2028) ($MN)
- Table 7 Global Electric Commercial Vehicle Market Outlook, By Component (2020-2028) ($MN)
- Table 8 Global Electric Commercial Vehicle Market Outlook, By Power Control Unit (2020-2028) ($MN)
- Table 9 Global Electric Commercial Vehicle Market Outlook, By Reducer (2020-2028) ($MN)
- Table 10 Global Electric Commercial Vehicle Market Outlook, By Air Compressor (2020-2028) ($MN)
- Table 11 Global Electric Commercial Vehicle Market Outlook, By Power Conditioner (2020-2028) ($MN)
- Table 12 Global Electric Commercial Vehicle Market Outlook, By Humidifier (2020-2028) ($MN)
- Table 13 Global Electric Commercial Vehicle Market Outlook, By Battery Management System (2020-2028) ($MN)
- Table 14 Global Electric Commercial Vehicle Market Outlook, By Fuel Processor (2020-2028) ($MN)
- Table 15 Global Electric Commercial Vehicle Market Outlook, By On-Board Charge (2020-2028) ($MN)
- Table 16 Global Electric Commercial Vehicle Market Outlook, By Fuel Stack (2020-2028) ($MN)
- Table 17 Global Electric Commercial Vehicle Market Outlook, By Motor (2020-2028) ($MN)
- Table 18 Global Electric Commercial Vehicle Market Outlook, By Battery Cells & Packs (2020-2028) ($MN)
- Table 19 Global Electric Commercial Vehicle Market Outlook, By Other Components (2020-2028) ($MN)
- Table 20 Global Electric Commercial Vehicle Market Outlook, By Vehicle Type (2020-2028) ($MN)
- Table 21 Global Electric Commercial Vehicle Market Outlook, By Medium duty trucks (2020-2028) ($MN)
- Table 22 Global Electric Commercial Vehicle Market Outlook, By Buses (2020-2028) ($MN)
- Table 23 Global Electric Commercial Vehicle Market Outlook, By Heavy duty trucks (2020-2028) ($MN)
- Table 24 Global Electric Commercial Vehicle Market Outlook, By Light duty trucks (2020-2028) ($MN)
- Table 25 Global Electric Commercial Vehicle Market Outlook, By Other Vehicle Types (2020-2028) ($MN)
- Table 26 Global Electric Commercial Vehicle Market Outlook, By Battery Type (2020-2028) ($MN)
- Table 27 Global Electric Commercial Vehicle Market Outlook, By Lithium-iron-phosphate (LFP) (2020-2028) ($MN)
- Table 28 Global Electric Commercial Vehicle Market Outlook, By Nickel-manganese-cobalt (NMC) (2020-2028) ($MN)
- Table 29 Global Electric Commercial Vehicle Market Outlook, By Solid-state battery (2020-2028) ($MN)
- Table 30 Global Electric Commercial Vehicle Market Outlook, By Other Battery Types (2020-2028) ($MN)
- Table 31 Global Electric Commercial Vehicle Market Outlook, By End User (2020-2028) ($MN)
- Table 32 Global Electric Commercial Vehicle Market Outlook, By Last Mile Delivery (2020-2028) ($MN)
- Table 33 Global Electric Commercial Vehicle Market Outlook, By Long Haul Transportation (2020-2028) ($MN)
- Table 34 Global Electric Commercial Vehicle Market Outlook, By Refuse Services (2020-2028) ($MN)
- Table 35 Global Electric Commercial Vehicle Market Outlook, By Distribution (2020-2028) ($MN)
- Table 36 Global Electric Commercial Vehicle Market Outlook, By Field Services (2020-2028) ($MN)
- Table 37 Global Electric Commercial Vehicle Market Outlook, By Other End Users (2020-2028) ($MN)
- Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
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