Electric Van Market Expected to Reach $76.7 Billion by 2031 | Nissan Motor Co., Ltd., Stellantis NV, General Motors Company

The global Electric Van Market size was valued at $6.1 billion in 2021, and is projected to reach $76.7 billion by 2031, growing at a CAGR of 28.9% from 2022 to 2031. The increase in government initiatives for the promotion of e-mobility, the increase in demand for emission-free & high-performance electric vans, and the reduction in the cost of electric vehicle batteries drive the growth of the global electric van market. However, the lack of charging infrastructure, and limited range of electric vans restrict the market growth. Moreover, technological advancements are expected to present new opportunities in the coming years.

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Asia-Pacific includes China, Japan, India, South Korea, and rest of Asia-Pacific. Rest of Asia-Pacific includes Australia, New Zealand, Indonesia, Singapore, Malaysia, Vietnam, and others. Higher adoption rates of smart mobility services, government regulations, increase in fuel prices, and rise in trend toward adopting non-fossil fuel-based vehicles boost growth of electric vehicles such as electric vans in developing countries such as India, China, and Japan, which create lucrative opportunities for the market in this region.

Based on battery capacity, the above 50 kWh segment held the highest market share in 2021, accounting for nearly 59% of the global electric van market, and is estimated to maintain its leadership status throughout the forecast period. Electric vans with a battery capacity of more than 50 kWh are used in commercial operations. The large share of this segment is mainly attributed to the increasing application of electric vans in the logistics sector, and last-mile deliveries. Moreover, the above 50 kWh segment is projected to manifest the highest CAGR of 29.4% from 2022 to 2031.

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In Asia-Pacific, various technological advancements related to electric vehicles are taking place, owing to government initiatives, which propels the market growth. In addition, countries such as China, India, Australia, and Japan are mainly focusing on environmental awareness and new technologies, which drive growth of high-performance electric vehicles. Moreover, several key players are introducing new electric vans in the region which is boosting the growth of electric van market across Asia-Pacific. For instance, in January 2022, King Long, a Chinese commercial vehicle manufacturer, launched Longyao electric minivan. The King Long Longyao comprises a 43-kWh battery and has a top speed of 90 km/h. In addition, it has a CLTC range of 240 km.

The key players profiled in this report include

BYD Company Ltd
Ford Motor Company
General Motors Company
Mercedes-Benz Group AG
Nissan Motor Co., Ltd.
Renault S.A.
Stellantis NV
Toyota Motor Corporation
Volkswagen AG
Workhorse Group Inc.

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At present, China is the leader in electric vehicle manufacturing and related infrastructures & technologies. China produced more than 200,000 all-electric commercial vehicles in 2020, amounting to nearly 5% of the total output of the world. China is expected to hold a dominant revenue share throughout the forecast period, owing to presence of key companies such as Dongfeng Motor Corporation, BYD Auto Co. Ltd., and FAW Group Co., Ltd. Moreover, numerous companies in China are launching new electric vans across China, which in turn is boosting the growth of the electric van market in China. For instance, in 2022, Jenhoo company introduced its first electric van namely "B-Pillarless EV48". It utilizes an LFP battery made by CATL, and has a top speed of 100 km/h.

At present, China is the leader in electric vehicle manufacturing and related infrastructures & technologies. China produced more than 200,000 all-electric commercial vehicles in 2020, amounting to nearly 5% of the total output of the world. China is expected to hold a dominant revenue share throughout the forecast period, owing to presence of key companies such as Dongfeng Motor Corporation, BYD Auto Co. Ltd., and FAW Group Co., Ltd. Moreover, numerous companies in China are launching new electric vans across China, which in turn is boosting the growth of the electric van market in China. For instance, in 2022, Jenhoo company introduced its first electric van namely "B-Pillarless EV48". It utilizes an LFP battery made by CATL, and has a top speed of 100 km/h.

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Battery electric vans are gaining immense traction in the electric van market, owing to their advantages such as changing perception toward adoption of electric vehicles. In addition, simple technology usage and low maintenance of battery electric vans as compared to other electric vehicles supplements growth of battery electric vans. In addition, numerous electric van manufacturers have started to introduce battery electric vans in the market, which is fueling the growth of the market. For instance, in September 2021, Nissan introduced its new electric van namely, "Townstar". It utilizes a single electric motor which produces 122 horsepower and an instant torque of 245 nm. It also has a 44-kWh battery pack and provides an estimated range of 177 miles.

Regional Analysis:

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than half of the global electric van market, and is likely to dominate the market during the forecast period. The adoption of electric vans owing to government regulations, and the higher adoption rate of smart mobility services, boost the growth of the electric van market in the Asia-Pacific region. In addition, the introduction of new electric vans by the market players in the region supplements the market growth. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 29.8% from 2022 to 2031.

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