According to CMi Global Electric Commercial Vehicle Market Size, Forecast, Analysis & Share Surpass US$ 280 Bn By 2030

Custom Market Insights

The Electric Commercial Vehicle Market was at US$ 67 Bn in 2021 and is growing to approx US$ 280 Bn by 2030, with a CAGR growth of 26% between 2022 and 2030.

SANDY, UTAH, UNITED STATES, January 31, 2023 /EINPresswire.com/ — According to the study, The Global Electric Commercial Vehicle Market was estimated at USD 67 Billion in 2021 and is anticipated to reach around USD 280 Billion by 2030, growing at a CAGR of roughly 26% between 2022 and 2030.

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Electric Commercial Vehicle Market: Overview

Due to significant growth in industries like logistics and supply chain organizations, the adoption of electric vehicles is pretty evident in many growing economies. Additionally, the industry is progressing because of the harsh pollution restrictions in many nations around the world that are pressing many businesses to electrify their automobiles. Governments around the world are pressuring automakers to invest in the development of electric vehicles in order to minimize carbon emissions brought on by the combustion of diesel fuel and combat greenhouse gas emissions. Low-emission zones, meanwhile, are pushing fleets to switch out diesel trucks for cleaner models.

Electric Commercial Vehicle Market: Growth Drivers

One of the main motives for government organizations is to support zero-emission vehicles over petrol or diesel ones owing to rising concerns about the environment changing as a result of excessive pollution by the automobile sector. OEMs have begun creating plans for their new car lines that will embrace an all-electric future. This covers the creation of electric vans, trucks, pickups, and buses. Governments all around the world are offering lucrative programs and incentives, such as discounts, lower vehicle acquisition taxes, faster loan application processes, etc., for electric commercial vehicles to entice and encourage customers to buy ECVs. The aforementioned factors are expected to propel the demand for the global commercial electric vehicle market.

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Key Insights:

A) As per the analysis shared by our research analyst, the Electric Commercial Vehicle market is estimated to grow annually at a CAGR of around 26% over the forecast period (2022-2030).

B) In terms of revenue, the Electric Commercial Vehicle market size was valued at around USD 67 Billion in 2021 and is projected to reach USD 280 Billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.

C) Based on propulsion segmentation, the BEV segment was estimated to hold the maximum market share in the year 2021.

D) Based on vehicle type segmentation, the electric van segment is expected to witness a high CAGR during the forecast period.

E) On the basis of geography/region, the Asia Pacific region was the leading revenue generator in 2021.

Press Release For Electric Commercial Vehicle Market : https://www.custommarketinsights.com/press-releases/electric-commercial-vehicle-market-size/

Regional Landscape

The Asia Pacific region is estimated to lead the global electric commercial vehicle market in 2021. Due to the increasing demand for electric buses and the government-led measures to encourage the development of electric cars in nations like China, Japan, and India, the market for commercial electric vehicles in the Asia-Pacific region is anticipated to increase dramatically. The market is expanding in this region as a result of rising demand for the construction of charging infrastructure and growing regional OEM partnerships.

The North American region is expected to witness a high CAGR. One of the most technologically advanced automotive markets in North America. For innovations, cutting-edge R&D, and technological breakthroughs in electric commercial vehicles, North America is a major location. The largest market for electric commercial vehicles in North America is in the US, which has historically been a technological powerhouse, followed by Canada. In the North American EV industry, leading battery suppliers, as well as startups, have teamed with OEMs. For its EV batteries, GM has a collaboration with LG Chem. Samsung SDI and Stellantis have a partnership for EV batteries. Ford and SK Innovation are collaborating on the North American EV market.

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Key Players

AB Volvo

Daimler AG

Tesla

Proterra

PACCAR Inc.

BYD Company Limited

CAF

Scania

VDL

Renault Trucks

KING LONG

EBUSCO

Yutong

NFI Group Inc.

Anhui Ankai Automobile Co. Ltd.

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The Electric Commercial Vehicle Market is segmented as follows:

By Propulsion

BEV

PHEV

FCEV

By Vehicle Type

Bus

Truck

Pick-up Truck

Electric Van

By Power Output

Less than 150 kW

150 – 250 kW

Above 250 kW

By Geography

North America

The USA

Canada

Mexico

Europe

The UK

Germany

France

Italy

Russia

Rest of Europe

Asia Pacific

China

India

Japan

South Korea

Malaysia

Philippines

Rest of Asia-pacific

Latin America

Brazil

Rest of Latin America

Middle East and Africa

GCC

North Africa

South Africa

Rest of Middle East & Africa

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