Electric Commercial Vehicles Market 2024: Growth Opportunities and Forecasts

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Electric Commercial Vehicles Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $447.04 billion In 2028 At A CAGR Of 30.4% :

The electric commercial vehicles market size has grown exponentially in recent years. It will grow from $116.95 billion in 2023 to $154.64 billion in 2024 at a compound annual growth rate (CAGR) of 32.2%. The growth in the historic period can be attributed to increasing investments by governments, reducing cost of ev batteries, growing demand for electrical commercial vehicles in emerging markets.

The electric commercial vehicles market size is expected to see exponential growth in the next few years. It will grow to $447.04 billion in 2028 at a compound annual growth rate (CAGR) of 30.4%. The growth in the forecast period can be attributed to growth in the forecast period resulted from rise in fuel rates, rising popularity of charging vehicles overnight at home for lower costs, rapid growth in ecommerce, coronavirus pandemic. Major trends in the forecast period include adopting artificial intelligence, use of electric rv's for camping, government initiatives in the electric commercial vehicle industry, use of electric vehicles in logistics, rising adoption of lithium-ion batteries, use of 3d printing to manufacture light and inexpensive components, increase in mergers and acquisitions among electric commercial vehicle manufacturers.

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Electric Commercial Vehicles Market Major Segments
The electric commercial vehicles market covered in this report is segmented -

1) By Propulsion Type: BEV, PHEV, FCEV.
2) By Vehicle Type: Electric Bus, Electric Truck, Electric Van, Others
3) By Battery Type: Lithium-Iron-Phosphate (LFP), Lithium-Nickel-Manganese-Cobalt Oxide (NMC), Others.
4) By Technology: Battery Electric Commercial Vehicles, Plug-In Hybrids, Hybrids, Fuel Cell Electric Commercial Vehicles.

Key Driver - Government Subsidies Fuel Growth In The Electric Commercial Vehicle Market

During the historic period, government subsidies on electric commercial vehicles market contributed to the growth of the electric commercial vehicle market. For instance, according to the Government of India Budget 2022-23, the faster adoption and manufacturing of hybrid and electric vehicles (FAME) scheme will provide a subsidy of up to INR 2908 crores. Similarly, according to the Uttar Pradesh government's Manufacturing and Mobility policy 2022, all-electric vehicles will be subsidized including bikes, scooters, three-wheelers, and cars. As part of this new policy, the state government will offer subsidies of up to Rs 1 lakh for electric cars for three years. The subsidies were given to three and four-wheeled electric vehicles for commercial and fleet applications. The market is being driven by the government's support for the use of growth of the electric commercial vehicles market.

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Prominent Trend - Strategic Partnerships Drive Electric Commercial Vehicle Market Growth

Electric commercial vehicles market companies are implementing strategic partnerships for the production of electric commercial vehicles. Strategic partnerships in electric commercial vehicles involve the sharing of resources and expertise that enhance the product and multiply the results. It attracts popularity from consumers and other stakeholders, helping to increase the investment while reducing costs. For instance, in 2020, in South Korea, Hyundai Motor Company and Kia Motors Corporation strategically partnered and are investing €100 million (about $110 million) in a UK-based electric vehicle startup company, 'Arrival,' for developing electric commercial vehicles such as eco-friendly vans and commercial vehicles for logistics.

Electric Commercial Vehicles Market Players
Major companies operating in the electric commercial vehicles market report are BYD Company Ltd., Zhengzhou Yutong Bus Co. Ltd, Daimler AG, Proterra, VDL Groep BV, Irizar, ZHONGTONGBUS Bus Holding Co., Ltd, Ebusco B.V., Navistar, Inc., Workhorse Group Incorporated, Mahindra Electric, Tata Motors, Hyundai, Ashok Leyland, Nissan, Honda Motor Co. Ltd., Toyota, SAIC Motor, NIO, Xpeng, Li Auto, WM Motor, Geely, Byton, Enovate, Zhiji Xiaomi, Dongfeng Motor, Chang'an Automobile, Guangzhou Automobile, Chery Automobile, FAW Group, Evergrande, BAIC Motor, Volkswagen, Renault, Audi, BMW, Mercedes Benz Motors, MAN Germany, DAF Trucks, Effigear EP Tender, Ze-Watt, Zembo, Ecovelo, Knave, SeaBubbles, Velco, Electra, EasyMile, MEDCOM, PERUN, Triggo, Varsovia Motor Company , Samocat Sharing, AVT & Co, PC Transport Systems, Carbogatto, Nucular, Via Motors, Tesla Inc , Hyliion, Ford, Lucid Motors, Chevrolet Bolt EV, Porsche, General Motors, Kia Motors, Origem, iPedal, Energica Motor Company, Bozankaya, EVT motor, Car4future, infinity, Schneider, Melex Electrovehicles, GridCars, Mazibuko Motor Company, El Nasr Automotive Manufacturing Company, Eleksa, Jet Motors

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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the electric commercial vehicles market in 2023. North America was the second largest region in the global electric commercial vehicles market share. The regions covered in the electric commercial vehicles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Electric Commercial Vehicles Market Report Structure
3. Electric Commercial Vehicles Market Trends And Strategies
4. Electric Commercial Vehicles Market - Macro Economic Scenario
5. Electric Commercial Vehicles Market Size And Growth
…..
27. Electric Commercial Vehicles Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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