Electric Light Commercial Vehicle Market Size, Share, Growth & Forecast 2030

Electric Light Commercial Vehicle Market

The global electric light commercial vehicle market size is projected to grow from 333.6 thousand units in 2022 to 3,919.3 thousand units by 2030, at a CAGR of 36.1%. Factors such as rising demand for low-emission commuting and government subsidies and tax breaks for zero-emission commercial vehicles such as pickup trucks, and vans have driven manufacturers to produce ELCVs for the global market. Also, The growth of e-commerce is also driving the demand for eLCVs, as more and more businesses are using them to deliver goods to customers.

Reducing prices of ELCVs batteries will increase demand for ELCVs by making them cost effective

The cost of ELCVs batteries has decreased over the last decade as a result of technology improvements and mass production of ELCVs batteries on a huge scale. This has resulted in lower electric light commercial vehicle prices, as EV batteries are one of the most expensive components of an electric vehicle. Prices for ELCVs batteries have dropped dramatically over the previous decade, from USD 1,200/kWh in 2010 to USD 160/kWh in 2023, and are likely to fall further in the future years. Meanwhile, in China, the price per kWh might be as low as USD 100. This is due to lower manufacturing costs for these batteries, lower cathode material prices, increased output, and so on. The prices of ELCVs batteries are predicted to decline to in the upcoming years, considerably lowering the prices of ELCVs and making them cheaper than conventional ICE vehicles.

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Development of wireless EV charging technology for on-the-go charging to fuel market

Wireless charging technology for on-the-go charging has been in development for several years. When this technology matures, individuals will no longer need to charge their vehicles because they will charge themselves while in use. This technology is now prohibitively expensive, but it has the potential to be useful in the next decades. It is projected to have a big impact on the EV market because sales are expected to expand rapidly when this technology is used. Wireless EV charging will be available for stationary charging in 2022. In Norway, a trial of wireless on-the-go EV charging is underway, with the goal of catering to a 25-strong fleet of Jaguar I-pace taxis in Oslo and enabling charging. Further, Siemens and MAHLE announced in August 2022 that they would build a wireless inductive charging system that would wirelessly transfer electricity from an on-ground transmitter to a receiver installed under an EV.

Europe is the prominent market for electric light commercial vehicle during the forecast period.

Europe has stringent emission regulation standards, and governments of these countries are providing huge incentives to promote electric vehicles. As a result, the demand for electric vans has increased tremendously in the region. The region is home to major manufacturers of electric vans, such as Renault, Iveco, LEVC, and Fiat. Europe has set a goal of reducing 80% of CO2 emissions by 2050, as announced by the European Union, and has created a roadmap. In April 2021, DHL Express purchased 100 E-Ducato electric vans from Fiat to electrify its last mile deliveries in Europe. Moreover, the growing charging infrastructure due to the rising demand for EV fast-charging infrastructure and the increasing prevalence of range anxiety among EV users drive the electric light commercial vehicle market.

Key Market Players

The Electric Light Commercial Vehicle market is dominated by established players such as BYD (China), Ford Motor Company (US), General Motors (US) Mercedes-Benz (Germany), and Nissan Motor Co. Ltd. (Japan).

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