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Electric Light Commercial Vehicle Global Market Report 2024 - By Report, Size, Share And Demand, Outlook By 2033
Electric Light Commercial Vehicle Market
As per the report, the electric light commercial vehicle market size has grown rapidly in recent years. It will grow from $27.34 billion in 2023 to $32.46 billion in 2024 at a compound annual growth rate (CAGR) of 18.7%. The electric light commercial vehicle market size is expected to see rapid growth in the next few years. It will grow to $65.11 billion in 2028 at a compound annual growth rate (CAGR) of 19.0%.
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The Role Of Rising Fossil Fuel Prices In Driving The Growth Of The Electric Light Commercial Vehicle Market
The rising fossil fuel prices are expected to propel the growth of the electric light commercial vehicle market going forward. Fossil fuel is a hydrocarbon-containing material of biological origin used as an energy source. The rising fossil fuel prices are due to fluctuations in global oil supply and demand, increasing production costs due to advanced extraction methods, and market speculation. Electric light commercial vehicles offer a compelling alternative to traditional fossil fuel-powered vehicles, providing cost savings, environmental benefits, and operational efficiency, which are particularly advantageous during periods of high fossil fuel prices. For instance, according to the United States Department of Energy, a US-based government agency, the average fuel price increased from $2.64 per Gasoline gallon equivalent (GGE) in 2020 to $3.93 per GGE in 2023. Therefore, the rising fossil fuel prices are driving the growth of the electric light commercial vehicle market.
Advancements In Lithium-Ion Battery Technology Driving Innovation In The Electric Light Commercial Vehicle Market
Major companies operating in the electric light commercial vehicle market are developing vehicles with lithium-ion battery packs to enhance performance, range, and durability. The lithium-ion battery pack offers several advantages over traditional lead-acid batteries, including higher energy density, faster charging times, and longer lifespan. For instance, in April 2024, Switch Mobility, a UK-based bus manufacturer, launched an IeV 4 electric light commercial vehicle powered by a 32.2 kWh lithium-ion battery pack. The IeV 4 is designed for various applications such as cargo transportation, container handling, waste collection, and refrigerated vans and is expected to produce approximately 3,000 units annually. The vehicle is tailored for urban transport, with a certified lifting capacity of 4000 kg (8800 lbs). It's well-suited for smaller garages and tire centers, offering a lifting range from 230 mm to 1900 mm (9 to 75 in). You can find it for purchase on the Snap-on website and various other online platforms.
The electric light commercial vehicle market covered in this report is segmented -
1) By Vehicle: Light-Duty Trucks, Vans, Pickup Trucks
2) By Propulsion: Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicle (FCEV), Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV)
3) By Gross Vehicle Weight (GVW): Below 6,000 lbs, 6,001 lbs- 10,000 lbs, 10,001 lbs - 14,000 lbs
4) By Application: Commercial, Industrial
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Major companies operating in the electric light commercial vehicle market are Volkswagen Group, Toyota Motor Corporation, Mercedes-Benz Group AG, Ford Motor Company, General Motors, Hyundai Motor Company, Nissan Motor Corporation, BYD Company Ltd., Nikola Corporation, AB Volvo, Traton SE, Paccar Inc., Iveco S.p.A., Navistar International Corporation, Ashok Leyland, DAF Trucks, Rivian Automotive Inc., Proterra, Orange EV, Quantron AG, Alkè, London EV Company Limited
Contents of the report:
1. Executive Summary
2. Electric Light Commercial Vehicle Market Report Structure
3. Electric Light Commercial Vehicle Market Trends And Strategies
4. Electric Light Commercial Vehicle Market - Macro Economic Scenario
5. Electric Light Commercial Vehicle Market Size And Growth
…..
27. Electric Light Commercial Vehicle Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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