Electric Commercial Vehicle Market Size Will Reach USD 710.2 Billion, Share, Analysis and Growth and Forecast 2027

The global electric commercial vehicle market size is expected to grow from USD 168.7 billion in 2020 to USD 710.2 billion by 2027. It will witness a 22% CAGR during the forecast period 2021-2027.

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The electric commercial vehicle market has gained significant traction due to increased demand for electric vehicles, favourable government support to use electric vehicles for public transport, reduced carbon emissions, was cost-effective, secure, reduced noise, and more attractive. These vehicles are highly adopted on the road, rail, underwater vessels, electric spacecraft, and electric aircraft.

Furthermore, the increased demand for pollution-free vehicles among consumers and the decrease in the overall cost of batteries will further propel the market demand for electric commercial vehicles. In addition, the industry is expected to grow further owing to advancements in technology and the use of innovative technologies like ADAS, AI, IoT, etc.

The COVID-19 epidemic hit the market, posing problems for the whole automotive sector. Lockdowns in numerous countries restricted automobile sales around the world, disrupting the whole supply chain. The global electric commercial vehicle market, which has been impacted by COVID-19, is garnering increasing attention for its post-pandemic industry developments. The industry is predicted to progressively pick up speed in the future years, with enterprises gaining impetus as a result of economic expansion.

Market Segmentation

Insight by Component
• Electric Motor
• Hydrogen Fuel Cell
• EV Battery

The electric motor is an important component in electric vehicles and gains significant traction, thus contributing to the power output of any electric vehicle. To drive the motor, the majority of the energy from the battery is transformed into mechanical energy.

Insight by Range
• 0-150 Miles
• 151-250 Miles
• 251-500 Miles
• 500 Miles & Above

Commercial vehicles with less than 150 miles of range are inexpensive and cost-effective. Furthermore, small trucks or vans that deliver goods within city or intercity transportation will drive the segment growth.

Insight by Propulsion Type
• Battery Electric Vehicles
• Plug-in Hybrid Electric Vehicles
• Hybrid Electric Vehicles
• Fuel Cell Electric Vehicles

Battery electric vehicles dominate the market owing to an increased initiative by private firms and the government to have a well-planned charging infrastructure globally and support the adoption of green energy. The hybrid electric vehicle segment will grow at a faster pace during the forecast period because it has dual options i.e. fuel-based and electric driving, thereby suitable for regions where there is inadequate charging infrastructure availability.

Insight by Power Output
• Less than 100KW
• 100-250KW
• Above 250 KW

The above 250 KW is gaining significant importance during the forecast period owing to increased demand for heavy electric trucks to transport goods such as container transport, grocery deliveries, crane services, etc. of high range.

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Insight by Vehicle Type
• Electric Bus
• Electric Van
• Electric Trucks
• Electric Pick-up Trucks

Electric bus contributes a significant share in the electric commercial vehicle industry as it offers passenger comfort compared to gasoline or diesel buses.

Insight by Battery Type
• Lithium-iron-phosphate (LFP)
• Lithium-nickel-manganese-cobalt oxide (NMC)
• Others

Lithium-iron-phosphate battery type is expected to have remarkable growth during the forecast period as it is the most prevalent form of battery which has a long life span as well as high power and energy density.

Insight by Battery Capacity
• Less than 50kWh
• 50-250 kWh
• Above 250kWh

The less than 50kWh is having substantial growth owing to the increased adoption of electric vans for a small range. Small delivery cars that travel within the city for courier or transportation services will have a significant influence on battery capacity for vehicles with less than 50KWh.

Insight by Application
• Last-Mile Delivery or Distribution Services
• Field Service
• Refuse Service
• Long Haul Transportation

During the projection period, the distribution services segment is expected to increase significantly. The distribution services or last-mile delivery service is a perfect choice for couriers, food, and good delivery throughout the city or intercity. Furthermore, the present COVID-19 epidemic has had a good impact on the e-commerce sector, which will boost the use of electric commercial vehicles for delivery and distribution services.

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Geographical Analysis
• North America
• Europe
• Asia-Pacific
• Rest of the World

Asia-Pacific contributes the largest share in the electric commercial vehicle market owing to favourable government support to adopt electric buses and commercial vehicles to reduce environmental pollution. The Chinese government is promoting the use of electric vehicles. The country has already begun to phase out diesel fuel, which is used to power today's tractors and construction equipment. By 2040, the country intends to eliminate all diesel and gasoline automobiles.

Recent developments
• In January 2022, Vicinity Motor Corp., a North American supplier of commercial electric vehicles, and Proterra Inc., a leader in commercial vehicle electrification technology, announced a collaboration where Proterra's industry-leading battery technology will power Vicinity's electric transit buses and work trucks. Proterra battery systems will power the Vicinity Lightning 28-foot electric transit bus and Vicinity's strip chassis platform, which will accommodate a variety of commercial vehicle configurations such as utility trucks, shuttle buses, and box trucks, under a new multi-year supply agreement. Vicinity's next-generation heavy-duty electric transit bus, as well as the VMC 1200 Class 3 work truck and VMC 1500 Class 5 work truck with Proterra battery systems, are expected to benefit from the collaboration.
• In August 2021, BYD revealed the Gen3 8TT and 6F, two breakthrough battery-electric heavy-duty trucks with attractive designs that integrate performance, durability, and driver comfort.

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