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Electric Commercial Vehicle Market Size Worth $848.94 Billion by 2030 at 9.51 % CAGR – Rise in EVs for Fleet and Commercial to Boost the Industry Growth

·10 min read
STRATEGIC MARKET RESEARCH LLP
STRATEGIC MARKET RESEARCH LLP

The Global Electric Commercial Vehicle Market size is expected to grow from USD 57.13 Billion in 2021 to USD 848.94 Billion by 2030; it is expected to grow at a CAGR of 9.51% from 2021 to 2030 according to Strategic Market Research.

New York,USA, Aug. 27, 2022 (GLOBE NEWSWIRE) -- The global Electric Commercial Vehicle Market size was USD 57.13 Billion in 2021 and will reach USD 848.94 Billion by the year 2030 with a 9.51% CAGR. The electric commercial type of vehicle is referred to as those that are exclusively powered by electricity instead of gasoline or diesel. Factors like a hike in fuel costs, an increase in demand for E.V.s, and the wide range of availability of the E.V.s at a cheap price are extensively augmenting the market growth. 

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Key Highlights of the Electric Commercial Vehicle Market:

  • The Electric-Van segment accounted for the maximum share of 40.26% for the Vehicle Type sector.

  • The Li-Ion Phosphate/LFP segment of the Battery Type section led the market with a share of 58.56%.

  • For Propulsion Type, the PHEV/ Plug-In Hybrid E.V. accounted for the maximum market share of 46.77%.

  • For the End-User section, the Last-mile delivery segment led the market growth with a 29.87% share.

  • For the Regional section, Asia-Pacific comprehensively dominated the market with a total share of 48.18%.  

Factors Expediting the Electric Commercial Vehicle (ECV) Market growth

(Rise in prices of fossil fuels, Lower cost of maintainenece, and the rise in government funding for the technological developments of ECVs are driving the overall growth of the market)

  • A major hike in the price of fossil fuels is one of the primary reasons augmenting the market growth. SMR's survey revealed that around 84.11% of automobiles across the world rely on fossil-fuels for their energy supply. Since the price of fossil-fuels has crossed its limits, the countries like Norway, Germany, USA, China, etc. are switching to renewable sources of energy, which has resulted in an increasing demand for ECVs, thereby propelling the market growth. Furthermore, SMR's study figured out that the price of fossil-fuels reached around USD 2.2 / million Btu ranging from 5.98 USD / million Btu for petroleum to 1.92 USD/ million Btu for coal. 

  • Apart from a surge in fossil-fuel prices, the lower maintainenece costs of ECVs and rise in initiatives by the governments to spend more funds on the production of ECVs are enhancing the market growth. A research survey has discovered that the overall price of maintainenece for the ECVs is around (30 to 40) % less as compared to that of the I.C. vehicles. Moreover, SMR's research survey figured out that the worldwide governments have spent nearly USD 14.12 billion on the development of ECVs, which is around 25% higher compared to the previous year. 

Electric Commercial Vehicle Market: 360-degree Segmentation Analysis

The worldwide Electric-Commercial Vehicle (ECV) Market is segmented into Vehicle Type, Battery Type, Propulsion Type, End-User & Geography.

For Vehicle Type

  • Electric Van

  • Electric Bus

  • Electric Truck

  • Others

For Battery-Type

  • Nickel-manganese-cobalt or NMC

  • Solid-state battery

  • Lithium-iron-phosphate or LFP

  • Others

For Propulsion Type

  • Plug-in-Hybrid EV (PHEV)

  • Battery E.V. (BEV)

  • Fuel Cell E.V. (FCEV)

  • Others

For End-User

  • Last Mile Delivery

  • Refuse Services

  • Field Services

  • Long Haul Transportation

  • Distribution

  • Others

For Geography

North-America

  • Mexico

  • USA

  • Canada

  • Rest of North-America

APAC or Asia-Pacific 

  • Japan

  • New Zealand

  • China

  • Australia

  • India

  • South Korea

  • Malaysia

  • Singapore

  • Indonesia

  • Vietnam

  • Rest of Asia-Pacific

European Continent

  • Italy

  • Poland

  • Germany

  • Finland

  • France

  • Netherlands

  • Russia

  • UK

  • Spain

  • Norway

  • Sweden

  • Rest of Europe

Rest-of-World

  • South Africa

  • Kuwait

  • Brazil

  • Qatar

  • Algeria

  • Zimbabwe

  • Saudi Arabia

  • Argentina

  • Egypt

  • UAE

  • Nigeria

Make a Direct Purchase of the latest Electric Commercial Vehicle Market Report published in the month of July 2022. Click the below link to initiate the purchase: 
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Report Coverage

Details

Forecast Period

2022-2030

Forecast Period 2021 to 2028 CAGR

35%

 

2030 Value Projection

USD 848.94 Billion

Base Year

2020

 

Market Size in 2021

USD 57 Billion

Historical Data for

2015-2019

No. of Pages

135

 

Companies

Proterra, Inc,Ebusco B.V,Zhengzhou Yutong Group Co,Tesla, Inc,BYD Co,Workhorse Group Incorporated,VDL Group B.V.,Rivian Automotive, Inc,Volvo Group

Leading Segment By Component


Battery Electric Vehicle

Leading Region

Asia-Pacific

The Electric-Van segment accounted for the maximum share of 40.26% for the vehicle type sector. In the logistics sector, the continuous rise in the price of fuel has resulted in a steep surge in demand for electric vans in order to reduce the overall cost of transportation. As per SMR's statistics, currently, there are around 26k electric vans operating in the U.K. Logistics sector, registered a growth of around 200% from 13k in 2021.

The li-ion phosphate/LFP segment of the battery type section led the market with a share of 58.56%. LFP is used to eradicate toxicity issues and to provide a much longer span of battery life along with the robust performances of the ECVs. Recently Tesla started to use LFP batteries due to their lower costs. As per SMR's study, currently, there are around 310,000 ECVs in Tesla, out of which around 48% or 150,000 ECVs use LFP battery packs.

For Propulsion Type, the PHEV/ Plug in Hybrid E.V. accounted for the maximum market share of 46.77%. The demand for PHEVs is rising abruptly due to their higher storage and electrical capacities. These vehicles are integrated with both I.C. engines and electric motors. In 2020, The Global PHEV stock totalled around 2.4 million units which were almost 1/3rd of the total stock of plug-in electric-passenger cars worldwide.

For the end-user section, the last-mile delivery segment led the market growth with a 29.87% share because of the rapid growth rate of the e-commerce sector and the online selling of ECVs. For example, Jet-Freight Logistics deployed the E.V.s for last mile delivery of the e-commerce companies. In the organization, ECVs used for delivery purposes possess a preset route for which managing the electric-charge rate is difficult, hence increasing the demand for last-mile delivery systems.

For the Regional section, Asia-Pacific comprehensively dominated the market with a total share of 48.18%. In this region, the market growth is mainly driven by the Chinese electric buses. SMR's research discovered that almost 99% of the total electric buses in the Asia-Pacific region are manufactured by China itself. Apart from that, the rise in demand for electric buses and rapidly growing logistics industries in the countries like India, Australia, Japan, etc. are boosting the region's market growth.


Key operating players of the Electric-Commercial Vehicle Market:

  • Ebusco B.V.

  • Proterra

  • Tesla

  • Zhengzhou Yutong Group Co.

  • Workhorse Group 

  • BYD Co.

  • VDL Group B.V.

  • Rivian Automotive

  • Volvo 


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Recent Developments

  • On August 25th, 2022, West-Michigan International launched its 1st public ECV charging station at the Kalamazoo location. This ECV charging station has the capability to charge almost 10 ECVs per hour which will encourage the consumers to charge larger ECVs, including the heavily loaded Class-8 electric trucks. Also, the organization announced that within a span of (5 to 7) years, this station will be regarded as the fastest ECV charging station in the USA.

  • On August 25th, 2022, Chinese E.V. giant BYD announced that it's planning for a major expansion plan of its ECV market in the U.K. by the end of 2022. BYD also stated that it will launch 2 brand new models in the U.K. region, namely BYD-Atto and 3, BYD Tang & Han. BYD anticipated that this plan will yield them a huge fund of revenue from the U.K. sector (close to a million Euros), which in turn will proliferate its ECV market growth.  

  • On August 22nd, 2022, STEER Holdings, a subsidiary of Facedrive, stated that it had successfully collaborated with Enterprise-Fleet Mgmt. to launch around 1000 ECVs worth USD (80 to 100) million dollars to enrich its E.V. subscription business. This collaboration will also help STEER to strengthen its ECV market in the USA. But, as for now, apart from the addition of new ECVs into its operational hubs, the analysts of STEER group are framing an ECV market expansion plan for carefully selecting the U.S. regions in which they will plan to expand their market.

To read the summary of the report, visit the website at
https://www.strategicmarketresearch.com/market-report/electric-commercial-vehicle-market


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Contact Us:
Strategic Market Research LLP.
Sunil Kumar 
India: +91-8260836500
Email: info@strategicmarketresearch.com
Web: https://www.strategicmarketresearch.com
Blog: https://www.strategicmarketresearch.com/blog
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