PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1077375
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1077375
The global electric commercial vehicle market size is projected to grow from 353 thousand units in 2022 to 3,144 thousand units by 2030, at a CAGR of 31.4%. Governments are supporting EV's through subsidies & tax rebates for using low emission vehicles and working in collaboration with top automobile manufacturers to speed up growth of their countries.
Increased demand for efficient and low emission vehicles along with government support amid the rising prices of petroleum will boost the electric commercial vehicle market. Consumers from developing countries are already feeling the heat of the increasing cost of petrol. Electric commercial vehicles have lower operating cost as compared to ICE commercial vehicles. To make the market grow, a continued support from the government will be needed along with the growing research of EV batteries, EV charging systems. Specalised charging deports and fleet stations will also need to be installed around the world for growing the demand for electric buses, vans, pickups and trucks.
"The Electric Van Segment is expected to be the largest market in the forecast period."
Electric vans are enclosed wagons or motor truck vehicles that receive power from the power grid and are driven by an electric motor. they are expected to be the largest segment by vehicle type in the electric commercial vehicle market. Major players operating in the global electric van market include Renault (France), Daimler AG (Germany), Nissan Motor Corporation (Japan), PSA Group (France), Toyota Motor Corporation (Japan), IVECO S.p.A. (Italy), London Electric Vehicle Company (United Kingdom), General Motors (US), Ford Motor Company (US), AB Volvo (Sweden), Mahindra & Mahindra LTD. (India), BYD Company Limited (China), and Volkswagen AG (Germany). For instance, in January 2021, PEUGEOT (France) is expanding its electric van range with the new PEUGEOT e-Partner, the latest light commercial vehicle (LCV) in the brand's lineup to be offered as a fully electric commercial vehicle. The growth of the logistics and e-commerce sectors is expected to drive the market for electric vans for various applications such as last-mile delivery and distribution services. Electric vans would witness an increasing demand due to lower operating costs, negligible harmful emissions, and various forms of government support.
"Last mile delivery will be the largest segment in the forecast period by End User"
The increasing use of electric commercial vehicles for last mile delivery of goods from warehouses to end users is expected to boost the electric commercial vehicle market in the near future. Companies are considering the addition of electric commercial vehicles, especially electric vans, and pickup trucks, to their fleets to reduce fuel expenses and mitigate emissions. In September 2019, Amazon announced plans to introduce 1,00,000 electric delivery vans by 2030 in partnership with Rivian. The company plans to roll out the first 10,000 e-vans globally by 2022 and aims to have 10,000 e-vans in India by 2025. In May 2022, Terrago (India) used a fleet of 65 Mahindra Treo Zor cargo vehicles for grocery delivery in major cities in India. Also, In January 2020, UPS ordered 10,000 electric vans from Arrival, a UK EV startup company, for delivery across the US, the UK, and Europe by 2024. The company will have the option to order an additional 10,000 EVs during the period. In August 2020, Flipkart (India) announced plans to convert its entire fleet to electric by 2030. Thus, the most common electric commercial vehicle used in the last mile delivery segment would be electric vans. With companies and governments across the globe encouraging the use of electric vehicles, the electric commercial vehicle industry is expected to grow exponentially in the next decade. Electric commercial vehicles have a major role in last mile delivery with lower emissions, cheaper running costs, and less ongoing maintenance.
"Less than 150 miles segment is expected to be largest in market in the forecast period."
Less than 150 miles segment is expected to be the largest market in the forecast period. Low performance and affordable electric commercial vehicles usually have a range of less than 150 miles. Several OEMs offer electric buses and vans with low-cost batteries with a restricted range of 100-150 miles. OEMs have been providing buses and vans for this segment over the years. In January 2021, BYD launched the Type A school bus with a range of 140 miles in the US market. In June 2021, BYD announced the launch of Brazil's first locally made pure electric bus in Campos. The model is 22-meter long, runs on lithium-iron-phosphate batteries, and has a 150 miles range on a single 3-hour charge. In November 2021, Anadolu Isuzu announced a collaboration with Proterra (US) to incorporate the battery technology into its new 12-meter and 18-meter zero-emission Citi VOLT electric bus models would have a driving range starting from 120 miles.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
The electric commercial vehicle market is dominated by established players such as BYD (China), Yutong (China), AB Volvo (Sweden), VDL Groep (Netherland), and CAF (Spain). The market ranking has been derived by considering ECV sales and a certain percentage of segmental revenue for each of the companies mentioned above. These companies also offer extensive products and solutions for the automotive industry. These companies have strong distribution networks at the global level, and they invest heavily in R&D to develop new products.
Electric Commercial Vehicle Market by Propulsion (BEV, PHEV, FCEV), Vehicle Type (Bus, Pickup Truck, Truck, Van), Range, Battery Type, Length of Bus, Power Output, Battery Capacity, Component, Autonomous Vehicle, End User, Truck Payload Capacity and Region. It also covers the competitive landscape and company profiles of the major players in the electric commercial vehicle market ecosystem.
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
(Business Overview, Products Offered, Recent Developments, and MnM View)**