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Electric Commercial Vehicle Market To Reach USD 1023.0 Billion By Year 2032

The Electric Commercial Vehicle Market was worth USD 119.8 Billion in 2023. As such, the forecast is that the market is expected to reach USD 1023.0 Billion by 2032 with a CAGR of 26.91% over the period from 2024 to 2032.

11-07-2024
shashidhar kotian
Automotive
Pristine Intelligence LLP

According to a new report published by Pristine Intelligence, titled, “Electric Commercial Vehicle Market by Type, Propulsion Type, Application, Battery Type, Battery Capacity: Global Opportunity Analysis and Industry Forecast, 2024–2032,” The Electric Commercial Vehicle Market was worth USD 119.8 Billion in 2023. As such, the forecast is that the market is expected to reach USD 1023.0 Billion by 2032 with a CAGR of 26.91% over the period from 2024 to 2032.

Electric commercial vehicles (ECVs) are eco-friendly alternatives to traditional diesel trucks, reducing emissions and operational costs. Popular in logistics and delivery, ECVs are powered by batteries, offering quieter operation, lower maintenance, and aligning with sustainable transportation goals.

The Electric Commercial Vehicle Market is Segmented into Type, Propulsion Type, Application, Battery Type, Battery Capacity, and region. Type the market is categorized into (Electric Bus, Electric Pickup Truck, Electric Truck, Electric Van), Propulsion Type the market is categorized into (BEV, HEV, FCEV, PHEV), Application (Cargo, Passenger), Battery Type the market is categorized into (Lithium-Nickel-Manganese-Cobalt Oxide Batteries, Lithium-Iron-Phosphate Batteries), Battery Capacity the market is categorized into (Less Than 50 kWh, 50-250 kWh, Above 250 kWh). By region, it is analyzed across North America (U.S.; Canada; Mexico), Eastern Europe (Bulgaria; The Czech Republic; Hungary; Poland; Romania; Rest of Eastern Europe), Western Europe (Germany; UK; France; Netherlands; Italy; Russia; Spain; Rest of Western Europe), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).

Enhanced vehicle range and performance are pivotal drivers in the electric commercial vehicle (ECV) market. With advancements in battery technology, ECVs now offer extended range, enabling longer trips without the need for frequent recharging. This improvement addresses one of the primary concerns for commercial fleet operators: operational downtime. A longer range means fewer stops and increased efficiency, making ECVs more viable for long-haul transportation and logistics.

The expansion of electric buses and shuttles in public transit systems presents significant opportunities for the Electric Commercial Vehicle (ECV) market. As cities worldwide aim to reduce greenhouse gas emissions and combat air pollution, the adoption of electric public transit vehicles offers a sustainable solution. Electric buses and shuttles, with their zero-emission profiles, contribute to cleaner urban environments and improved public health.

Global Electric Commercial Vehicle Market, Segmentation

The Electric Commercial Vehicle market is segmented based on Type, Propulsion Type, Application, Battery Type, Battery Capacity, and Regions.

Type:

The Electric Bus segment is poised to dominate the Electric Commercial Vehicle market due to several key factors driving its growth. Electric buses are increasingly favored for their significant environmental benefits, including reduced emissions and noise pollution compared to traditional diesel buses. Government policies and subsidies promoting clean energy initiatives also bolster the adoption of electric buses, incentivizing fleet operators and municipalities to invest in sustainable transportation solutions.

Application:

In the Electric Commercial Vehicle (ECV) market, the Passenger segment has emerged as a significant leader in recent years. This segment encompasses electric buses and vans designed primarily for transporting passengers rather than goods. The dominance of the Passenger segment can be attributed to several key factors. The increasing emphasis on sustainable urban mobility solutions has driven demand for electric buses in city transportation fleets. Governments and municipalities worldwide are incentivizing the adoption of electric buses to curb emissions and improve air quality, thereby boosting market growth.

Region:

The Asia Pacific region is poised to dominate the electric commercial vehicle (ECV) market in the coming years due to several key factors. The region's rapid urbanization and industrialization have led to significant environmental concerns, driving governments and businesses towards sustainable transport solutions. China, India, and Japan are at the forefront of this transition, with ambitious goals to reduce carbon emissions and improve air quality.

Key Industry Developments: -

  • In June 2024, Volkswagen Truck & Bus unveiled a prototype electric bus in Brazil. It enables ultra-fast charging, allowing the vehicle to achieve its maximum range in just 10 minutes.
  • In April 2024, RIZON, the newest electric vehicle brand from Daimler Truck, unveiled its battery-electric Class 4-5 trucks in Canada at the Truck World event in Toronto.
  • In April 2024, Mapna Group launched Iran's first-ever charging station for e-buses in the northern city of Karaj in Alborz Province. 

 

Some of the leading Electric Commercial Vehicle market players are

  • Volvo Group (Sweden)
  • Renault Trucks (France)
  • Iveco (Italy)
  • DAF Trucks (Netherlands)
  • Tata Motors (India)
  • Ashok Leyland (India)
  • Dongfeng Motor Corporation (China)
  • SAIC Motor Corporation (China)
  • Hyundai Motor Company (South Korea), and Other Active Players.

Key Findings of the Study / Key Industry Developments. 

  • The Electric Commercial Vehicle Market was worth USD 119.8 Billion in 2023. As such, the forecast is that the market is expected to reach USD 1023.0 Billion by 2032 with a CAGR of 26.91% over the period from 2024 to 2032.
  • The Electric Bus segment is poised to dominate the Electric Commercial Vehicle market due to several key factors driving its growth.
Pristine Intelligence LLP

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