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Electric Light Commercial Vehicle Market 2024 - By Growth Rate, Sales, Production, Consumption Manufacturers, Shares And Outlook By 2033
Electric Light Commercial Vehicle Market
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According to The Business Research Company's, 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 growth in the historic period can be attributed to the government regulations, incentives and subsidies, better charging infrastructure, lower operating costs, sustainable development measures.
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%. The growth in the forecast period can be attributed to the stricter emission standards, increased adoption in fleets, growing demand for sustainable transportation, rising growth in e-commerce and last-mile delivery demand, rising fossil fuel prices. Major trends in the forecast period include accelerated electrification efforts, advancements in battery technology, development of wireless EV charging technology, adoption of last-mile delivery solutions, enhanced battery efficiency and energy density.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Electric Light Commercial Vehicle Market 2024 Key Insights:
• 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%.
• The Role Of Rising Fossil Fuel Prices In 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
• Asia-Pacific was the largest region in the electric light commercial vehicle market in 2023
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