Electrifying the Roads: Global Electric Commercial Vehicle Market Set to Surpass $920.9 Billion by 2031

Meticulous Research® Unveils Groundbreaking Insights in the Electric Commercial Vehicle Market

Redding, California, [23-01-2024]- Meticulous Research®, a leading global market research company, is proud to announce the release of its comprehensive research report titled 'Electric Commercial Vehicle Market by Vehicle Type (Light Commercial Vehicles and Heavy Commercial Vehicles), Propulsion Type (BEV and HEV), Power Output, End User (Public Transport and Logistics), and Geography - Global Forecast to 2031.'

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Electrifying Projections

In a groundbreaking revelation, Meticulous Research® forecasts the global electric commercial vehicle market to soar to an impressive $920.9 billion by 2031, exhibiting a robust Compound Annual Growth Rate (CAGR) of 25.4% from 2024-2031. In terms of volume, the market is anticipated to reach 9.4 million units by 2031, boasting a CAGR of 26.3% during the same period. The growth of this market is propelled by supportive government policies, significant investments by automotive OEMs, and a decline in battery prices. However, challenges such as high purchasing costs and inadequate charging infrastructure in developing countries pose hurdles to the market's expansion.

Opportunities and Challenges

While obstacles exist, the electric commercial vehicle market offers promising opportunities, particularly in emerging economies and smart city projects. Yet, challenges like range limitations and reliability concerns in heavy-duty applications pose potential setbacks to market growth.

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In-Depth Market Segmentation

The global electric commercial vehicle market is meticulously segmented based on vehicle type, propulsion type, power output, and end user. The study evaluates industry competitors and analyzes the market at regional and country levels.

Vehicle Type Segmentation:
Light Commercial Vehicles
Heavy Commercial Vehicles (Electric Tractors, Electric Trucks, and Other Commercial Vehicles)

Propulsion Type Segmentation:
Battery Electric Vehicles
Hybrid Electric Vehicles (Pure Hybrid Electric Vehicles and Plug-in Hybrid Electric Vehicles)

Power Output Segmentation:
Less than 100 kW
100 kW to 250 kW
More than 250 kW

End User Segmentation:
Public Transport
Logistics
Insights by Vehicle Type

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In 2024, the light commercial vehicles segment is expected to dominate the market share, driven by increasing awareness of electric commercial vehicles' role in reducing carbon emissions and a growing demand for these vehicles to meet stringent government regulations.

Dominance by Propulsion Type

The battery electric vehicles segment is projected to account for the larger share in 2024, driven by increasingly stringent emission standards, rising demand for fuel efficiency, and continuous reductions in battery prices.

Powering Growth by Output

The 100 kW to 250 kW segment is anticipated to claim the largest share in 2024, fueled by the rising adoption of electric buses and trucks for public transportation and freight service applications.

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End-User Dynamics

In 2024, the public transport segment is expected to secure the larger share, attributed to factors such as rising fuel prices, strict emission norms, growing adoption of autonomous delivery vehicles, and increasing use of electric buses and trucks.

Geographical Landscape

Asia-Pacific is poised to command the largest share in 2023, driven by varying levels of governmental commitment to electrification and comprehensive policy frameworks. However, Europe is expected to exhibit the highest CAGR, supported by government subsidies, tax rebates, and a growing adoption of electric mobility.

Key Industry Players

Leading the charge in the global electric commercial vehicle market are key players including BYD Company Ltd. (China), AB Volvo (Sweden), Traton SE (Germany), Daimler AG (Germany), Zhengzhou Yutong Bus Co., Ltd. (China), Ford Motor Company (U.S.), Tesla Inc. (U.S.), Proterra Inc. (U.S.), Tata Motor Limited (India), Olectra Greentech Limited (India), Groupe Renault (France), BMW AG (Germany), BYD Company Ltd. (China), DAF Trucks N.V. (Netherlands), and Workhorse Group Inc. (U.S.).

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Meticulous Research® continues to set new standards in delivering comprehensive and insightful market analyses, empowering industry players to navigate the dynamic landscape of the electric commercial vehicle market successfully.

About Meticulous Research®

Meticulous Research® is a globally recognized market research company, dedicated to providing in-depth and accurate market intelligence to empower organizations for strategic decision-making. With a commitment to quality and precision, our team of experienced analysts delivers industry reports, custom research, and consulting services across diverse sectors.

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