Press release
Electric Medium And Heavy Commercial Vehicles (eMHCV) Industry Set to Achieve $17.09 Billion Milestone by 2029 | Steady 10.4% CAGR
Electric Medium And Heavy Commercial Vehicles (eMHCV) Market
What Is the Long-Term Growth Forecast for the Electric Medium And Heavy Commercial Vehicles (eMHCV) Market Size 2025?
Over the past few years, the market size for electric medium and heavy commercial vehicles (emhcv) has escalated swiftly. It is forecasted to augment from a value of $10.41 billion in 2024 to around $11.49 billion in 2025, indicating a compound annual growth rate (CAGR) of 10.4%. This substantial growth during the historical period is a result of the rising prevalence in industries such as freight, logistics, construction, and transport. It also stems from the shift towards ecologically friendly transportation solutions, the development of charging facilities, escalating demand for electric trucks in the logistics sector, and an increased public awareness about air pollution and climate change.
What CAGR is Forecasted for the Electric Medium And Heavy Commercial Vehicles (eMHCV) Market Through 2029?
The market for electric medium and heavy commercial vehicles (emhcv) is anticipated to experience swift expansion in the coming years, rising to $17.09 billion in 2029 with a compound annual growth rate (CAGR) of 10.4%. The predicted growth over this forecast period can be linked to the escalating utilisation of zero-emission heavy-duty vehicles, surging popularity of electric scooters and motorcycles, flourishing demand for fuel-efficient, high-performing, low-emission buses, augmentation in government initiatives championing e-mobility, and burgeoning demand for fleet electrification. Eminent trends that would characterize the forecast period comprise advancements in heavy-duty electric truck capabilities, improvements in battery technologies, progress in electric vehicle (EV) functionalities, product innovations and the incorporation of artificial intelligence (AI).
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What Are the Critical Factors Driving Electric Medium And Heavy Commercial Vehicles (eMHCV) Market Development?
Advancements and expansion in the e-commerce industry are predicted to stimulate the development of the electric medium and heavy commercial vehicles (eMHCV) market in future. The growth of the e-commerce realm owes itself to an escalating internet usage, the accessibility of online buying, and increased mobile gadget shopping use. To cater to the growing e-commerce industry's needs, commercial vehicles (eMHCVs) are being deployed frequently, facilitating environmentally friendly, efficacious, and emissions-free transportation for the delivery of goods and logistic operations. For example, in August 2024, the U.S. Census Bureau quoted the retail e-commerce sales of the second quarter in 2024 at $282.3 billion. This number signifies a 5.3% increment from the first quarter of 2023, and a 6.6% escalation when juxtaposed with the second quarter of 2023. Therefore, the growing needs of the e-commerce sector fuel the electric medium and heavy commercial vehicles (eMHCV) market.
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How Does the Electric Medium And Heavy Commercial Vehicles (eMHCV) Market Break Down Across Major 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
What Are the Major Trends Transforming the Electric Medium And Heavy Commercial Vehicles (eMHCV) Industry?
Key players in the electric medium and heavy commercial vehicles (eMHCV) market are striving to create battery-electric truck ecanters as part of their initiatives to promote sustainability, minimize emissions, and cater to the growing demand for environmentally friendly transportation methods within city and regional logistics. Commercial trucks equipped with electric propulsion systems, otherwise known as battery-electric truck ecanters, serve as a green substitute to their conventional diesel-driven counterparts. Illustratively, in April 2024, Daimler India Commercial Vehicles, a commercial vehicle producer based in India, unveiled the Next Generation eCanter, a fully electric light-duty truck, in India. The vehicle is equipped with a groundbreaking eAxle, merging the electric motor with the rear axle for a more compact drivetrain, thus improving the vehicle's efficiency and broadening the range of potential configurations. The updated model boasts a substantially broadened range, boasting over 100 variants worldwide, spanning various weight categories and cabin layouts, thereby providing increased flexibility to cater to a diverse range of operational requirements.
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Which Players Are Driving Innovation 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
Which Regions Are Driving Global Electric Medium And Heavy Commercial Vehicles (eMHCV) Market Expansion?
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.
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