Global Electric Commercial Vehicle Market Report, History and Forecast 2017-2028

Electric Commercial Vehicle Market Statistics 2028
The global market for Electric Commercial Vehicle estimated at US$ 110540 million in the year 2022, is projected to reach a revised size of US$ 178560 million by 2028, growing at a CAGR of 8.3% during the forecast period 2022-2028. Key factors driving the growth of the electric commercial vehicle market are strict government regulations regarding CO2 emissions, tightening of fuel economy, and an increase in the electrification of public transport fleets.

Innovations in battery pack technologies and a rise in usage of electric powertrains due to the growing demand for pure electric and plug-in hybrid vehicles will further propel the growth of the market during the forecast period.

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This report focuses on Electric Commercial Vehicle volume and value at the global level, regional level, and company level. From a global perspective, this report represents the overall Electric Commercial Vehicle market size by analyzing historical data and prospects.

Trends influencing the Electric Commercial Vehicle market
Electrification Of Public Transport Fleets is driving the market growth
Mass electrification of public transport and the introduction of fuel-efficient electric buses will completely change mass transit worldwide in the coming years leading to a huge demand for the electric commercial vehicle market. Improved air quality and a decrease in noise levels are some of the positive end results that will influence the rising demand of the market during the forecast period. The entry of electric trucks into the logistics industry will further reduce the operating costs of companies like UPS and Pepsico leading to faster adoption and growing demand for the market.

Stricter Government Regulations are creating lucrative growth opportunities.
A gradual tightening of fuel economy with strict CO2 standards and better accessibility to electric infrastructure is forcing manufacturers to shift to electric vehicles from conventional options. This is, in turn, accelerating the growth of the electric commercial vehicle market.

Innovative Battery Technologies will accelerate the market growth
Environmental concerns regarding lithium-ion batteries and the race to develop eco-friendly, cost-effective, and increased battery capacity and range are giving rise to innovative and new developments in battery technology. For example, solid-state batteries can enable carmakers to extend the range of an EV, manufacture smaller and cheaper batteries, and enable faster charging times. This will in turn help in accelerating the growth of the electric commercial vehicle market during the forecast period.

The Rise In Electric Powertrains will aid in the rising demand of the market
The market for pure electric and plug-in hybrid vehicles has been growing aggressively increasing the demand for automotive electric powertrains. Huge private and government investments are further propelling the demand of the electric commercial vehicle market.

Electric Commercial Vehicle Market Share Analysis
Based on type, the electric bus segment is expected to hold the largest electric commercial vehicle market share. The electric commercial vehicle market will continue to grow during the forecast period due to governments phasing out fossil fuel-run public transport and replacing it with electric buses.

Based on region, North America is expected to hold the largest electric commercial vehicle market share followed by Europe. Due to strict emission standards and supporting electric infrastructure and increasing logistics costs the demand for fuel-efficient and low emission vehicles is on a rise in Europe and North America and will continue to do so during the forecast period.

The India Electric Commercial Vehicle market size is projected to reach US$ 560 million by 2026, from US$ 180 million in 2020, at a CAGR of xx% during 2021-2026.

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Electric Commercial Vehicle Market Segments

Electric Commercial Vehicle Market by Type
Bus
Truck
Pick-Up Truck
Van
Others
Electric Commercial Vehicle Market by Application
Commercial
Private
Others

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