Press release
Electric Van Market Growth Accelerates: Strategic Forecast Predicts $66.25 Billion by 2029
Electric Van
What Will the Electric Van Industry Market Size Be by 2025?
In recent times, there has been a significant expansion in the electric van market. The market, which was worth $20.79 billion in 2024, is predicted to swell to $26.26 billion in 2025, reflecting a compound annual growth rate (CAGR) of 26.3%. This historic growth can be credited to governmental actions, improvements in charging infrastructure, an upward trend in public and corporate awareness regarding climate change and environmental sustainability, and increased uptake by companies seeking to minimize their carbon emissions. Other factors contributing to the growth include the comparatively lower operational costs than internal combustion engine (ICE) vans, covering savings on fuel and maintenance, along with the establishment of low-emission zones in urban areas.
What's the Long-Term Growth Forecast for the Electric Van Market Size Through 2029?
The market for electric vans is set for a substantial upswing in the coming years, with projections placing the value at $66.25 billion in 2029. This represents a compound annual growth rate (CAGR) of 26.0%. The surge during this forecast period can be linked to several factors, including increasing government incentives for electric vehicles, decreased manufacturing costs due to scale and more mature supply chains, the pursuit of robust carbon neutrality goals by companies, large-scale investments in enhancing and modernizing charging networks, inclusive of ultra-fast chargers, and advancements in mobile and wireless charging methods. The increase of renewable energy sources also diminishes the carbon footprint of EV charging. The forecast period will witness several significant trends such as the advent of solid-state batteries, improvements in battery technologies, the spread of ultra-fast charging stations and wireless charging options, the incorporation of high-level driver-assistance systems, and the rise of connected vehicle technologies that facilitate real-time data transfer.
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What Are the Key Growth Drivers Fueling the Electric Van Market Expansion?
The surge in the logistics and e-commerce sectors is predicted to significantly contribute to the expansion of the electric van market. These two sectors pertain to the coordination and implementation of movement of goods, services, and information in online retail, right from the point of order to delivery. The convenience, speed, and reliability of online shopping and delivery services have led to a surge in both logistics and e-commerce. Electric vans are utilised within these sectors in order to minimise delivery expenses and environmental footprint while maximising productivity in city deliveries. For example, data from the United States Census Bureau, a government agency in the US, shows that in May 2024, after taking into account seasonal variations, the U.S. retail e-commerce sales for the first quarter of 2024 reached a significant $289.2 billion. This marks an increase of 2.1 percent (±0.7%) compared to the final quarter of 2023. Hence, the rising demand in the fields of logistics and e-commerce is set to catalyse the growth of the electric van market.
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What Are the Key Trends Driving Electric Van Market Growth?
Major businesses in the electric van industry are concentrating their efforts on the creation of commercial and fleet electric vans such as battery-powered vehicle systems to improve sustainability and efficiency within commercial transportation. Specifically designed for business use including service and goods delivery, commercial and fleet electric vans offer advantages like reduced environmental impact and lower operating expenses. For instance, in January 2024, US-based automotive company Ram Trucks made a significant step towards electrification by launching the Ram ProMaster electric van (EV), their first fully electric vehicle. The newly unveiled Ram ProMaster EV, with a proposed city driving range of up to 162 miles, is equipped with a standard 110-kilowatt-hour (kWh) battery pack, offering Level 3 DC fast charging options of 50 kW, 85 kW, 125 kW, and 150 kW, plus a wall box charger (Level 2) with up to 11 kW. The cargo van model has a payload capacity of 3,020 pounds, whereas the delivery model can handle 2,030 pounds of payload.
How Is the Electric Van Market Segmented?
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
Subsegments:
1) By Battery Electric Vehicle (Bev): Standard Bev Vans, Long Range Bev Vans, Fast Charging Bev Vans
2) By Fuel Cell Electric Vehicle (Fcev): Hydrogen Fuel Cell Vans, Fuel Cell Vans For Urban Logistics, Fuel Cell Vans For Long-distance Travel
3) By Plug-In Hybrid Electric Vehicle (Phev): Phev Vans With Electric-Only Range, Phev Vans For Mixed Usage (Electric And Hybrid), Phev Vans For Commercial Fleets
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Which Companies Are Leading the Charge in Electric Van Market Innovation?
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.
Which Regions Are Leading the Global Electric Van Market in Revenue?
Asia-Pacific was the largest region in the electric van market in 2023. The regions covered in the electric van market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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