The global electric commercial vehicle market size is projected to grow from 519.4 thousand units in 2023 to 2,155.1 thousand units by 2030, at a CAGR of 22.5%.
Factors such as growing demand zero emissions commuting and governments supporting low emission vehicles through subsidies & tax rebates has resulted in automakers adopting to EV’s and growth of electric commercial vehicle market. Rising concerns over increased pollution by the automotive industry is the main reason for which government bodies are promoting zero emission vehicles over ICE ones. People have identified the need for promoting zero emission vehicles to reduce the increasing pollution. To encourage people to buy ECV’s, government bodies of different countries are introducing lucrative schemes and incentives that include discounts, lower vehicle acquisition taxes, lower road taxes for zero emission vehicles etc.
60-120 kWh is expected to be the largest market during the forecast
The increasing adoption of zero-emission vehicles with a battery capacity of 60-120 kWh by the logistics sector drives this segment. The increasing consumer awareness toward zero-emission vehicles and subsidies offered by authorities drive the demand for electric commercial vehicles with this battery capacity range. The charging time required for these batteries is less. In May 2022, company launched E-Transit in Europe with battery capacity of 68 kWh. In April 2023, Ford Motor Company announced to supply 9,250 E-Transit vans for delivery purpose. The increasing demand for electric vans in logistics is expected to boost this segment, as most affordable and efficient electric vans use lower-capacity batteries.
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Less than 100 Kw segment is expected to be the largest market during the forecast forecast
Motors generating an output of <100 kW are generally used in small electric commercial vehicles such as electric vans. Many leading OEMs are introducing electric commercial vehicles with power outputs below 100 kW, as the demand for sustainable last mile delivering, intracity applications have greatly increased. For instance, Tata Motors (India) targeted the intra-city cargo transport operators for e-commerce, FMCG and courier businesses and has begun the deliveries of the electric Ace in 2023, with a power output of 27 kW for offering lower total cost of ownership. In June 2022, launched Master E-Tech Electric which is equipped with lithium-ion battery with capacity of 52 kWh and motor capacity of 92 Kw. A smaller motor may cost less to manufacture, which could result in lower costs for consumers.
Asia Pacific is expected to be the largest market in the forecast
In this report, the Asia Pacific region is segmented into China, India, Japan, and South Korea. The electric commercial vehicle market in the Asia Pacific region is increasing due to the need to reduce urban pollution and the dependence on fossil fuels. China accounts for the highest share of electric vehicles in the region, which will drive the electric commercial vehicle market. The governments of Asia Pacific have recognized the potential of the automotive industry and have taken different initiatives to promote the use of electric commercial vehicles. For instance, in 2021, the Japanese government announced an investment of USD 911 million to build EV Charger stations and stimulate the development of the electric vehicle market. The growth in per capita income would play a key role in the growth of the market in the Asia Pacific during the forecast period. Furthermore, several European and American automobile manufacturers, such as Volkswagen (Germany), Mercedes Benz Group AG (Germany), and General Motors (US), have shifted their production plants to emerging economies. The Chinese government encourages state governments and public organizations to increase the use of electric vehicles for logistics to more than 50% by 2025. In India, the electric commercial vehicle market is at a nascent stage. However, the government is undertaking various initiatives to promote the use and sale of electric vehicles.
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Key Players
The electric commercial vehicle market is dominated by established players such as BYD (China), Mercedes Benz Group AG (Germany), AB Volvo (Sweden), Tesla, Inc (US), and PACCAR Inc (US). These companies offer extensive products and invest heavily in R&D to develop new products.
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