Press release
Electric Medium And Heavy Commercial Vehicles (eMHCV) Market Size Projected To Reach 17.85 Billion By 2034 With A Cagr Of 11.4%
Electric Medium And Heavy Commercial Vehicles (eMHCV)
What Is the Projected Growth of the Electric Medium And Heavy Commercial Vehicles (eMHCV) Market?
Over the years, the electric medium and heavy commercial vehicles (eMHCV) industry has experienced a significant expansion. Projected to rise from $10.41 billion in 2024 to $11.61 billion in 2025, it has a compound annual growth rate (CAGR) of 11.5%. The surge in historical growth is due to the increasingly common use of eMHCV in freight, logistics, construction, and transport sectors. Other contributing factors include the shift towards eco-friendly transportation solutions, expansion of charging infrastructures, an increased demand for electric trucks from the logistics industry, and growing public awareness of air pollution and climate change.
In the upcoming years, the market size for electric medium and heavy commercial vehicles (eMHCV) is predicted to experience accelerated growth. The projected value is $17.85 billion in 2029, with a compound annual growth rate (CAGR) of 11.4%. The growth in this period can be credited to several factors, such as the increased uptake of zero-emission heavy-duty vehicles, the escalating demand for electric scooters and motorcycles, the growing need for fuel-friendly, high-performing, and eco-friendly buses, increased governmental drives to promote e-mobility, and the surge in demand for fleet electrification. Key trends that will mark this period include improvements in heavy-duty electric truck technology, advancements in battery technology, progress in electric vehicle (EV) technology, product innovations, and integration of artificial intelligence (AI).
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What Are the Different Electric Medium And Heavy Commercial Vehicles (eMHCV) Market Segments?
The electric medium and heavy commercial vehicles (eMHCV) market covered in this report is segmented -
1) By Vehicle Type: Pickup Trucks; Trucks; Vans; Buses And Coaches
2) By Battery Type: Nickel Manganese Cobalt (NMC) Batteries; Lithium Iron Phosphate (LIP) Batteries; Solid-State Batteries; Other Battery Types
3) By Application: Logistics And Delivery; Construction; Waste Management; Other Applications
Subsegments:
1) By Pickup Trucks: Light Duty Electric Pickup Trucks; Heavy Duty Electric Pickup Trucks; Electric Pickup Trucks for Urban Logistics; Electric Pickup Trucks for Agricultural Use
2) By Trucks: Electric Heavy Duty Trucks (Class 8); Electric Medium Duty Trucks (Class 5-7); Electric Refrigerated Trucks; Electric Flatbed Trucks; Electric Delivery Trucks
3) By Vans: Electric Cargo Vans; Electric Passenger Vans; Electric Delivery Vans; Electric Utility Vans
4) By Buses and Coaches: Electric City Buses; Electric Intercity Coaches; Electric School Buses; Electric Coach Buses; Autonomous Electric Buses
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What Are the Primary Drivers Shaping the Electric Medium And Heavy Commercial Vehicles (eMHCV) Market?
The growth of the electric medium and heavy commercial vehicles (eMHCV) market is projected to be fueled by the rising demand from the e-commerce sector. The continuous expansion of the e-commerce industry is driven by factors such as the growing internet usage, the ease of online shopping, and the increased utilization of mobile devices for transactions. eMHCVs are seeing a surge in usage in the e-commerce sector to facilitate green, efficient, and emission-free transportation for goods delivery and logistics functions. For example, as stated by the U.S. Census Bureau, a government entity in the U.S., retail e-commerce sales for the 2nd quarter of 2024 reached $282.3 billion. This figure represents a 5.3% rise from the first quarter of 2023 and a 6.6% increase in comparison to the second quarter of 2023. Consequently, the burgeoning demand from the e-commerce sector stimulates the growth of the electric medium and heavy commercial vehicles (eMHCV) market.
Which Companies Are Leading in the Electric Medium And Heavy Commercial Vehicles (eMHCV) Market?
Major companies operating in the electric medium and heavy commercial vehicles (eMHCV) market are SAIC Motor Corporation, Hyundai Motor Group, Tesla Inc., BYD Company Ltd., Caterpillar Inc., Daimler AG, Volvo Group, Dongfeng Motor Corporation, MAN Truck & Bus SE, Beiqi Foton Motor Co. Ltd., Renault Trucks International, JBM Auto Limited, Proterra Inc., IVECO Group, Volta Trucks Ltd., Olectra Greentech Ltd., Freightliner Ltd., Alke Srl, KAMAZ Inc., Workhorse Group
What Are the Major Trends Shaping the Acellular Dermal Matrices Market?
Key players in the electric medium and heavy commercial vehicles (eMHCV) market are concentrated on innovating battery-electric truck ecanters, as a means to promote sustainability, lower pollution levels and cater to the growing need for environmentally-friendly transport solutions in city and regional supply chains. Battery-electric truck ecanters are a series of commercial trucks equipped with electric propulsion systems, presenting a greener option than conventional diesel trucks. For example, in April 2024, Daimler India Commercial Vehicles, a commercial vehicle producer from India, unveiled the fully electric light-duty truck Next Generation eCanter in India. The truck utilises a pioneering eAxle that consolidates the electric motor with the back axle, producing a more condensed drivetrain. This structure improves the efficiency of the vehicle and broadens the spectrum of potential configurations. The recently launched model presents an extensively broadened roster, with upwards of 100 versions globally, including varying weight classes and cab setups. This facilitates greater adaptability in addressing varying operational requirements.
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What Are the Top Revenue-Generating Geographies in the Electric Medium And Heavy Commercial Vehicles (eMHCV) Market?
Asia-Pacific was the largest region in the electric medium and heavy commercial vehicles (eMHCV) market in 2024. The regions covered in the electric medium and heavy commercial vehicles (eMHCV) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Electric Medium And Heavy Commercial Vehicles (eMHCV) Market?
2. What is the CAGR expected in the Electric Medium And Heavy Commercial Vehicles (eMHCV) Market?
3. What Are the Key Innovations Transforming the Electric Medium And Heavy Commercial Vehicles (eMHCV) Industry?
4. Which Region Is Leading the Electric Medium And Heavy Commercial Vehicles (eMHCV) Market?
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