Electric Commercial Vehicle Market Size to Reach $558.4 Billion, Globally, by 2031 at 29.9% CAGR: Allied Market Research
Increase in demand for fuel-efficient, high-performance, & low-emission buses, government initiatives for promotion of e-mobility, and reduction in cost of electric vehicle batteries drive the growth of the global electric commercial vehicle market.
Portland, OR, March 23, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Electric Commercial Vehicle Market by Propulsion (Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicle (FCEV), Plug-in Hybrid Electric Vehicle (PHEV)), by Vehicle Type (Light duty trucks, Medium duty trucks, Heavy duty trucks, Buses), by Battery Capacity (Less Than 50 kWh, 50 to 250 kWh, Above 250 kWh), by Range (Less Than 150 Mile, 150 to 300 Mile, Above 300 Mile): Global Opportunity Analysis and Industry Forecast, 2021-2031”. According to the report, the global electric commercial vehicle industry generated $43.5 billion in 2021, and is anticipated to generate $558.4 billion by 2031, witnessing a CAGR of 29.9% from 2022 to 2031.
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Prime determinants of growth
Increase in demand for fuel-efficient, high-performance, & low-emission buses, government initiatives for promotion of e-mobility, and reduction in cost of electric vehicle batteries drive the growth of the global electric commercial vehicle market. However, high cost of investment & complication in operating advanced systems and lack of charging infrastructure restrict the market growth. Moreover, increasing demand for electric trucks from the logistics sector, technological advancements, and proactive government initiatives for adoption of e-buses create lucrative growth opportunities for the market.
The outbreak of the Covid-19 pandemic had a negative impact on the global electric commercial vehicle market, owing to implementation of the global lockdown and supply chain disruptions.
However, the market witnessed a quick recovery in the sales of electric buses in 2021. For instance, in July 2021, BYD UK signed a contract with the National Transport Authority of Ireland for the delivery of up to 200 BYD ADL Enviro200 EV zero-emission battery-electric buses.
In addition, the global electric commercial vehicle market is expected to experience growth in the coming years as government is providing various subsidiaries and incentives to encourage bus manufacturers to switch to producing electric buses over gasoline-powered buses.
The Battery Electric Vehicle (BEV) segment to maintain its leadership status throughout the forecast period
Based on propulsion, the Battery Electric Vehicle (BEV) segment held the highest market share in 2021, accounting for around four-fifths of the global electric commercial vehicle market, and is estimated to maintain its leadership status throughout the forecast period, owing to the adoption of electric buses and trucks in developing as well as developed countries. However, the Fuel Cell Electric Vehicle (FCEV) segment is projected to manifest the highest CAGR of 32.7% from 2022 to 2031, as hydrogen fuel cell vehicles emit water as a by-product and are considered environmentally friendly vehicles.
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The buses segment to maintain its leadership status throughout the forecast period
Based on vehicle type, the buses segment held the highest market share in 2021, accounting for more than four-fifths of the global electric commercial vehicle market, and is estimated to maintain its leadership status throughout the forecast period, owing to increasing government initiatives for electrification in public transport service. However, the heavy-duty trucks segment is projected to manifest the highest CAGR of 33.3% from 2022 to 2031, owing to an increase in demand for heavy-duty trucks from the automotive and logistics sector, reduction in fuel & maintenance costs, and incentives for adopting zero-emission vehicles.
The 150 to 300 Mile segment to maintain its lead position during the forecast period
Based on range, the 150 to 300 Mile segment accounted for the largest share in 2021, contributing to nearly half of the global electric commercial vehicle market, and is projected to maintain its lead position during the forecast period, as various electric commercial vehicle manufacturers operating in the market are offering a new range of electric commercial vehicles with advanced battery systems to improve the range of electric commercial vehicles. However, the above 300 mile segment is expected to portray the largest CAGR of 33.4% from 2022 to 2031, owing to reduced running costs in all-electric truck category, and increasing demand for long-haul electric trucks in commercial sectors.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for nearly half of the global electric commercial vehicle market, and is likely to dominate the market during the forecast period, owing to an increase in electric commercial vehicle production in China as well as increased investments in electric vehicle technology in the region. However, the LAMEA region is expected to witness the fastest CAGR of 32.7% from 2022 to 2031, owing to the increasing demand for fuel-efficient vehicles and support of government initiatives towards electric commercial vehicle production in the region.
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Leading Market Players: -
NFI Group Inc.,
BYD Company Ltd,
VDL Groep BV,
Dongfeng Motor Company
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