Electric Commercial Vehicle Market to Hit US$ 255.6 Billion by 2030 at 23.8% CAGR, Driven by Fleet Electrification; Asia Pacific Leads with 45% Share

The Global Electric Commercial Vehicle Market reached US$ 70.9 billion in 2024 and is projected to grow to US$ 255.6 billion by 2030, registering a CAGR of 23.8% during 2024-2030. The market is expanding rapidly as commercial fleets adopt electric vans, trucks, and buses to reduce operating costs and comply with stricter emission regulations. Growth is supported by rising fuel prices, large-scale investments in charging infrastructure, and increasing demand from logistics, e-commerce, and public transportation sectors. Global sales of electric commercial vehicles are expected to rise from about 0.49 million units in 2023 to more than 2.2 million units by 2030.

Asia Pacific holds the leading market position, capturing the largest share in 2024 and expected to maintain dominance throughout the forecast period. The region benefits from strong manufacturing capabilities, supportive government incentives, and rapid fleet electrification in key markets such as China and India. North America and Europe follow, driven by decarbonization mandates, urban clean mobility initiatives, and expanding commercial EV product portfolios from major automakers.

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The Electric Commercial Vehicle Market is accelerating the future of transportation with zero-emission fleets that deliver cleaner, smarter, and more efficient logistics.

Key Developments

United States
✅ October 2025: U.S. logistics and fleet operators accelerated adoption of electric medium- and heavy-duty trucks as federal zero-emission vehicle incentives expanded nationwide.

✅ August 2025: American commercial EV manufacturers launched next-generation battery-electric delivery vans with extended range and faster charging tailored for e-commerce and last-mile sectors.

✅ May 2025: U.S. heavy-duty EV truck suppliers increased deployment of electric drayage and freight trucks across major ports as part of nationwide clean-transport initiatives.

Japan
✅ September 2025: Japanese OEMs began mass-production of heavy-duty electric trucks and buses, strengthening supply to domestic and international commercial fleets.

✅ June 2025: Japan's automotive technology firms introduced advanced battery-swapping solutions for electric commercial vans to reduce downtime for logistics operators.

✅ March 2025: Japanese research institutes developed high-performance solid-state battery systems designed for long-haul electric trucks to enhance energy density and safety.

Mergers & Acquisitions

United States
✅ April 2025: A leading U.S. electric truck manufacturer acquired a domestic drivetrain technology startup to strengthen powertrain efficiency for electric commercial fleets.

Japan
✅ February 2025: A major Japanese commercial vehicle producer partnered with a domestic battery technology company to co-develop next-generation electric truck battery platforms.

✅ January 2025: A Japan-based EV components supplier formed a strategic alliance with a U.S. distributor to expand availability of electric commercial vehicle parts across global markets.

Key Players
Dongfeng Motor Company | Geely Automobile Holdings Limited | BYD Company Ltd. | Daimler AG | MAN SE

Key Highlights
• Dongfeng Motor Company - Holds 12.4% share of the global commercial & passenger vehicle manufacturing ecosystem, driven by strong joint ventures, expanding EV models, and robust domestic demand in China.

• Geely Automobile Holdings Limited - Accounts for 10.7% market share, supported by rapid EV adoption, global brand expansion (Volvo, Polestar, Lotus), and advanced intelligent mobility platforms.

• BYD Company Ltd. - Maintains 15.9% share, leading the global electric vehicle and battery market with strong growth in passenger EVs, commercial EVs, and in-house Blade Battery technology.

• Daimler AG - Represents 14.3% share, driven by Mercedes-Benz luxury vehicles, advanced EV platforms, and strong global premium automotive demand.

• MAN SE - Holds 6.8% share, recognized for heavy-duty trucks, buses, and efficient powertrain technologies catering to logistics, freight, and commercial transportation markets.

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Market Drivers
• Growing demand for zero-emission logistics solutions, driven by stricter global emission regulations and government incentives for fleet electrification.

• Rapid expansion of e-commerce and last-mile delivery services, increasing the need for electric vans, trucks, and urban delivery vehicles.

• Rising fuel costs and fleet operators' preference for lower operating and maintenance expenses are accelerating the shift toward electric commercial fleets.

• Increasing investments in charging infrastructure, including depot charging and fast-charging networks, are improving operational viability for electric trucks and buses.

• Advancements in battery technologies-such as solid-state, LFP, and fast-charging packs, are boosting vehicle range, payload capacity, and operational reliability.

Industry Developments
• October 2025 (United States): Leading manufacturers launched next-generation electric medium-duty trucks with enhanced battery efficiency and longer route capability for urban logistics.

• August 2025 (Europe): OEMs introduced hydrogen-electric hybrid commercial vehicles designed to extend range for long-haul operations.

• June 2025 (China): Commercial vehicle suppliers expanded production of electric heavy-duty trucks and electric buses to support government-led fleet electrification programs.

• April 2025 (Japan): Innovators developed ultra-fast-charging battery systems for electric delivery vehicles aimed at reducing downtime in dense urban environments.

Regional Insights
• Asia Pacific holds a 45% share, driven by "large-scale fleet electrification initiatives, high EV production capacity, and strong government subsidies for commercial EV adoption."

• Europe accounts for a 28% share, supported by "strict CO2 emission standards, growing demand for sustainable logistics, and rapid expansion of charging infrastructure."

• North America represents a 20% share, fueled by "rising investments in electric delivery vans, corporate sustainability commitments, and increasing adoption of electric school and transit buses."

• Latin America holds a 4% share, with growth driven by "urban mobility programs, rising demand for electric public transportation, and incentives for commercial fleet modernization."

• Middle East & Africa account for a 3% share, supported by "pilot projects in electric buses, investment in clean energy transport, and growing interest in reducing diesel dependency."

Key Segments:

➥ By Vehicle Type
Buses represent a growing segment as electrification across public transportation accelerates, driven by government incentives, fleet modernization programs, and the need to reduce urban emissions. Their large battery systems support high-capacity energy storage and extended operational ranges. Pickup trucks are rapidly adopting electrification due to increasing demand for sustainable commercial mobility, improved torque performance, and expanding product launches from leading OEMs. Trucks are witnessing strong uptake as logistics operators shift toward zero-emission freight movement, supported by advancements in heavy-duty EV platforms and growing charging infrastructure. Vans continue to gain traction for last-mile delivery, e-commerce logistics, and municipal applications, leveraging compact battery systems, low operating costs, and high daily utilization.

➥ By Battery Type
Lithium-iron-phosphate (LFP) batteries dominate cost-sensitive and high-cycle applications due to their long lifespan, thermal stability, and affordability, making them suitable for commercial vehicles operating in demanding duty cycles. Nickel-manganese-cobalt (NMC) batteries remain preferred for applications requiring higher energy density, extended driving range, and strong performance in both lightweight and heavy commercial EV segments. Solid-state batteries represent the next wave of innovation, offering enhanced safety, higher energy density, and reduced charging times, positioning them as future-ready solutions for large commercial vehicles. Others include advanced lithium-ion chemistries, sodium-ion, and hybrid battery systems engineered for specialized performance, safety, and operational efficiency across varied commercial environments.

➥ By Battery Capacity
Commercial EVs with capacities less than 50 kWh are primarily designed for short-range urban operations, last-mile delivery, and compact fleet vehicles where efficiency, quick charging, and cost advantages are prioritized. Battery systems in the 50-250 kWh range represent the mainstream segment, offering balanced driving range, payload efficiency, and suitability across buses, trucks, and multi-utility commercial vehicles. Systems above 250 kWh cater to long-haul electric trucks, high-demand public transport, and heavy-duty industrial applications, delivering extended range, high energy output, and strong performance for continuous, long-duration operations.

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