Global Electric Commercial Vehicle Market Size, Share, Growth Analysis, By Charger(Normal and Fast), By Type(BEV, FCEV) - Industry Forecast 2024-2031

Global Electric Commercial Vehicle Market size was valued at USD 57.18 Billion in 2022 and is poised to grow from USD 71.07 Billion in 2023 to USD 405.01 Billion by 2031, growing at a CAGR of 24.3% in the forecast period (2024-2031).

The latest trend among governmental bodies, non-profit organizations, and numerous commercial enterprises committed to sustainable development involves transitioning to fleets of vehicles powered by renewable resources. Over recent years, there has been a surge in initiatives aimed at technical innovation and transportation advancement. Projections by the IEA suggest a substantial increase in electric vehicle adoption, with an estimated 145 million electric vehicles expected on roads by 2030, potentially resulting in a significant reduction of global oil demand. By 2040, it's anticipated that 58% of new passenger car sales globally and up to 81% in Europe will be electric. Moreover, reports indicate that by the mid-2020s, declining battery costs and increased production volumes could make electric vehicles competitively priced against conventional vehicles. The proliferation of electric vehicle charging points, surpassing petrol and diesel stations in number, serves as a gauge for the burgeoning hybrid and electric vehicle markets. Government support, such as subsidies, plays a pivotal role in market expansion. For instance, the Indian government offers subsidies of up to Rs 30,000 for two- and four-wheeled cars, coupled with registration and road tax savings, based on battery capacity. Similarly, subsidies of up to Rs 1.5 lakh are provided for two- and four-wheeled vehicles.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Electric Commercial Vehicle Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Electric Commercial Vehicle Market Segmental Analysis

Global Electric Commercial Vehicle Market is segmented on the basis of type, vehicle type, charger and region. By vehicle type, the market is segmented into bus, truck, others. By type, market is segmented into BEV, FCEV, PHEV, HEV. by charger the market is segmented into normal and fast. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Electric Commercial Vehicle Market

Advancements in battery technology have significantly enhanced the feasibility and affordability of electric commercial vehicles. With the evolution of batteries that boast longer durability and quicker charging times, the range and overall performance of electric commercial vehicles have substantially improved, rendering them increasingly suitable for various commercial applications.

Restraints in the Global Electric Commercial Vehicle Market

Electric commercial vehicles tend to carry a higher price tag compared to their traditional counterparts, primarily because of the expenses associated with batteries and other essential components. Consequently, this aspect may deter potential buyers, particularly in markets where price sensitivity plays a significant role in decision-making.

Market Trends of the Global Electric Commercial Vehicle Market

The electric commercial vehicle sector is witnessing the entry of fresh contenders, ranging from burgeoning startups to renowned automotive giants, intensifying the competition and fueling innovation within the industry.