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Electric Van Market Key Trends, Competitor Analysis, and Report 2024-2033
Electric Van Market Key Trends
As per the report, the electric van market size has grown exponentially in recent years. It will grow from $16.51 billion in 2023 to $20.79 billion in 2024 at a compound annual growth rate (CAGR) of 26.0%. The electric van market size is expected to see exponential growth in the next few years. It will grow to $52.61 billion in 2028 at a compound annual growth rate (CAGR) of 26.1%.
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Increasing Demand For Logistics And E-Commerce Drives Growth In The Electric Van Market
Increasing demand for logistics and e-commerce is expected to propel the growth of the electric van market going forward. Logistics and e-commerce refer to the management and execution of the flow of goods, services, and information in online retail, from order placement to delivery. Logistics and e-commerce are rising due to increasing consumer demand for convenient, fast, and reliable online shopping and delivery services. Electric vans are used in logistics and e-commerce to reduce delivery costs and environmental impact while enhancing efficiency in urban deliveries. For instance, in May 2024, according to the United States Census Bureau, a US-based government agency, U.S. retail e-commerce sales for the first quarter of 2024, after adjusting for seasonal variation, reached $289.2 billion, marking a 2.1 percent (±0.7%) increase compared to the fourth quarter of 2023. Therefore, increasing demand for logistics and e-commerce will drive the electric van market.
Advancements In Commercial And Fleet Electric Vans For Enhanced Sustainability And Efficiency
Major companies operating in the electric van market are focused on developing commercial and fleet electric vans, such as battery-electric vehicle systems, to enhance sustainability and efficiency in commercial transportation. Commercial and fleet electric vans are electric-powered vehicles specifically designed for business purposes, including goods delivery and service operations, offering benefits such as lower operating costs and reduced environmental impact. For instance, in January 2024, Ram Trucks, a US-based automotive manufacturer, launched the Ram ProMaster electric van (EV), which represents a significant milestone in the brand's efforts toward electrification. The new Ram ProMaster EV can achieve a targeted range of up to 162 miles in city driving, marking the brand's first fully electrified vehicle. The ProMaster EV is equipped with a standard 110-kilowatt-hour (kWh) battery pack and provides Level 3 DC fast charging options of 50 kW, 85 kW, 125 kW, and 150 kW, as well as a wall box charger (Level 2) with up to 11 kW. The cargo van model can carry up to 3,020 pounds of payload, while the delivery configuration offers 2,030 pounds of payload.
The electric van market covered in this report is segmented -
1) By Propulsion: Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicles (FCEV), Plug-In Hybrid Electric Vehicles (PHEV)
2) By Battery Type: Nickel Manganese Cobalt, Lithium-Ion, Other Battery Types
3) By Battery Capacity: Up To 50 kWh, Above 50 kWh
4) By Range: Up To 100 Miles, 100 To 200 Miles, Above 200 Mile
5) By End Use: Last Mile Delivery, Refrigerated Services, Field Services, Distribution Services
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Major companies operating in the electric van market are Volkswagen AG, Toyota Motor Corporation, Stellantis N.V., Ford Motor Group, Mercedes-Benz Group AG, General Motors Corporation, Honda Motor Company Ltd., Tesla Inc., Nissan Motor Co. Ltd., BYD Company Limited, Daimler AG, Renault S.A., Volvo Group, Uber Technologies Inc., Peugeot S.A., Rivian Automotive Inc., Euler Motors Pvt. Ltd., Phoenix Motorcars LLC, GreenPower Motor Company Inc., Lightning eMotors Inc.
Contents of the report:
1. Executive Summary
2. Electric Van Market Report Structure
3. Electric Van Market Trends And Strategies
4. Electric Van Market - Macro Economic Scenario
5. Electric Van Market Size And Growth
…..
27. Electric Van Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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