Electric Commercial Vehicle Market by Component, Vehicle Type, Propulsion Type, Battery Capacity, Power Output, Automation, Range, End User

Description

List of Tables

[184 Pages Report] The Electric Commercial Vehicle Market size was estimated at USD 252.79 billion in 2023 and expected to reach USD 311.09 billion in 2024, at a CAGR 24.18% to reach USD 1,151.30 billion by 2030.

An electric commercial vehicle (ECV) is an automobile explicitly designed for transporting goods or passengers, fully powered by electricity. Unlike traditional commercial vehicles that rely on internal combustion engines fueled by diesel or petrol, ECVs utilize one or more than one electric motors for propulsion. This mode of transportation is gaining prominence due to its eco-friendly nature, as it produces zero tailpipe emissions, significantly reducing the environmental impact associated with road freight and passenger transport. Stringent emission regulations globally encourage the adoption of cleaner transportation solutions, and government incentives and subsidies lower the total cost of ownership of electric vehicles. However, limited charging infrastructure may hinder market growth, especially in remote and rural areas. Nevertheless, integrating renewable energy sources with charging infrastructure to decrease the carbon footprint of electric commercial vehicles coupled with ongoing R&D on improving battery technology is expected to create potential opportunities for market growth.

KEY MARKET STATISTICS
Base Year [2023]	USD 252.79 billion
Estimated Year [2024]	USD 311.09 billion
Forecast Year [2030]	USD 1,151.30 billion
CAGR (%)	24.18%

Regional Insights

The Asia-Pacific region is showcasing rapid growth in the electric commercial vehicle market due to strong government backing through incentives and regulations to reduce carbon emissions. Recent patents in China focus on improving battery technology and reducing charging times, critical barriers to EV adoption. Countries in Asia-Pacific are investing heavily in electric buses for public transportation, emphasizing the government's push for electrification. Consumer needs in the Asia Pacific region are heavily influenced by urbanization, prompting a shift toward more sustainable and efficient transportation solutions. In the Americas, the U.S. market is characterized by significant investments and initiatives aimed at electrifying fleets, especially in the logistics and public transport sectors. Recent legislation and federal incentives are designed to rev the adoption of electric vehicles, with a notable number of startups and established automakers rolling out electric trucks and vans. Consumer needs in the Americas are largely driven by environmental awareness and the total cost of ownership, with a growing preference for vehicles that offer long-term savings on fuel and maintenance. Additionally, the usage of advanced technologies such as autonomous driving and telematics in electric commercial vehicles is garnering attention. The EU countries are at the forefront of the electric commercial vehicle market in the EMEA region, propelled by stringent emissions regulations and substantial investments in charging infrastructure. Countries in EU leads in EV adoption, supported by policies such as tax exemptions and low-emission zones. In contrast, the Middle East and Africa are in the nascent stages of electric vehicle adoption, with the countries showing early signs of market growth through pilot projects and investments in renewable energy. Consumer needs in the EU are closely tied to regulatory compliance, fuel efficiency, and reducing the carbon footprint. There's a strong demand for electric commercial vehicles that can operate in urban low-emission zones. In the Middle East and Africa, the focus is more on cost-effectiveness and the ability to handle harsh driving conditions. Customer purchasing behavior in the EMEA region reflects a cautious approach, with a preference for proven technology and the total cost of ownership shaping purchase decisions.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Electric Commercial Vehicle Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers
- Increasing demand for emission free commercial vehicles with growing concerns of air pollution
- Rising investments on electrification of public transport fleets
- Significant government zero emission initiatives across economies

Market Restraints
- High cost associated with deployment of electric vehicles

Market Opportunities
- Ongoing R&D on improving battery technology
- Growing adoption of electric vehicles in the logistics industry

Market Challenges
- Limited battery capacity and charging infrastructure

Market Segmentation Analysis
- Vehicle Type: Increasing utilization of electric trucks and tippers offering a solution to the substantial emissions generated by diesel models
- End User: Evolving usage of electric commercial vehicles for last mile delivery

Market Disruption Analysis
Porter's Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Electric Commercial Vehicle Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Electric Commercial Vehicle Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Eicher launches EV small commercial vehicle

Eicher Trucks and Buses, a unit of VE Commercial Vehicles, announced its foray into the Small Commercial Vehicle (SCV) sector during the Bharat Mobility Global Expo 2024, unveiling its pioneering electric-first Eicher truck. This launch heralds a new era in sustainable and efficient transport solutions, catering to the 2T to 3.5T GVW range. [Published On: 2024-02-05]

Ashok Leyland Delivers Its Electric Truck At Bharat Mobility Expo 2024

Ashok Leyland presented its inaugural 14T Boss Electric Truck to BillionE at the Bharat Mobility Expo 2024 in New Delhi. This delivery underscores Ashok Leyland's dedication to embracing sustainable mobility solutions within the intermediate and heavy-duty truck segment, showcasing their commitment to environmentally friendly transportation methods. Billion E-Mobility & CHARGE, lauded the rapid delivery of the advanced 14T Boss Electric Truck, which aligns with their mission to foster a sustainable and eco-friendly transportation ecosystem. [Published On: 2024-02-03]

Hyundai and Iveco Announce Partnership for All-Electric Commercial Vehicles in Europe

Hyundai Motor Company and Iveco Group announced a supply agreement for all-electric light commercial vehicle (eLCV) designed specifically for the European market. This partnership leverages Hyundai's advanced Global eLCV platform to produce an IVECO-branded vehicle, enhancing Iveco Group's electric commercial fleet. With a focus on sustainability, this collaboration underscores both companies' commitment to accelerating the transition towards carbon-neutral transportation. [Published On: 2024-02-02]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Electric Commercial Vehicle Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Electric Commercial Vehicle Market, highlighting leading vendors and their innovative profiles. These include Alke S.r.l., Altigreen Propulsion Labs Pvt Ltd., Ashok Leyland Limited, BorgWarner Inc., BYD Company Limited, Cenntro Electric Group Limited, Daimler Truck AG, Eaton Corporation PLC, Ebusco Holding N.V., Electra Commercial Vehicles Ltd, Euler Motors Private Limited, Ford Motor Company, General Motors, Infineon Technologies AG, Jupiter Wagons Limited, Lion Electric, Mahindra & Mahindra Limited, MAHLE GmbH, Mercedes-Benz Group AG, Mullen Automotive, Inc., Nikola Corporation, Omega Seiki Mobility, Piaggio & C. S.p.A., Shandong Wuzheng Group Co. Ltd., Tata Motors Limited, The Blue Bird Corporation, Volkswagen AG, Volta Trucks, and Xiamen King Long International Trading Co.,Ltd..

Market Segmentation & Coverage

This research report categorizes the Electric Commercial Vehicle Market to forecast the revenues and analyze trends in each of the following sub-markets:

Component
- Body
- Electric Motor
- Propulsion System
- Semiconductors
- Thermal Management System

Vehicle Type
- Buses
- Pickup Trucks
- Trailers
- Trucks & Tippers
- Van

Propulsion Type
- Battery Electric Vehicle
- Fuel Cell Electric Vehicle
- Hybrid Electric Vehicle
- Plug-in Hybrid Electric Vehicle

Battery Capacity
- 50-250 kWh
- Above 250 kWh
- Less than 50 kWh

Power Output
- 100-250 KW
- Above 250 KW
- Less than 100 KW

Automation
- Level 0 (No Driving Automation)
- Level 1 (Driver Assistance)
- Level 2 (Partial Driving Automation)
- Level 3 (Conditional Driving Automation)
- Level 4 (High Driving Automation)
- Level 5 (Full Driving Automation)

Range
- 150-300 Miles
- Above 300 Miles
- less than 150 Miles

End User
- Distribution Service
- Field Service
- Last Mile Delivery
- Long Haul Transportation
- Refuse Service

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

Product Code: MRR-DD6333AE5977

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Increasing demand for emission free commercial vehicles with growing concerns of air pollution
  - 5.1.1.2. Rising investments on electrification of public transport fleets
  - 5.1.1.3. Significant government zero emission initiatives across economies
- 5.1.2. Restraints
  - 5.1.2.1. High cost associated with deployment of electric vehicles
- 5.1.3. Opportunities
  - 5.1.3.1. Ongoing R&D on improving battery technology
  - 5.1.3.2. Growing adoption of electric vehicles in the logistics industry
- 5.1.4. Challenges
  - 5.1.4.1. Limited battery capacity and charging infrastructure
5.2. Market Segmentation Analysis
- 5.2.1. Vehicle Type: Increasing utilization of electric trucks and tippers offering a solution to the substantial emissions generated by diesel models
- 5.2.2. End User: Evolving usage of electric commercial vehicles for last mile delivery
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Electric Commercial Vehicle Market, by Component

6.1. Introduction
6.2. Body
6.3. Electric Motor
6.4. Propulsion System
6.5. Semiconductors
6.6. Thermal Management System

7. Electric Commercial Vehicle Market, by Vehicle Type

7.1. Introduction
7.2. Buses
7.3. Pickup Trucks
7.4. Trailers
7.5. Trucks & Tippers
7.6. Van

8. Electric Commercial Vehicle Market, by Propulsion Type

8.1. Introduction
8.2. Battery Electric Vehicle
8.3. Fuel Cell Electric Vehicle
8.4. Hybrid Electric Vehicle
8.5. Plug-in Hybrid Electric Vehicle

9. Electric Commercial Vehicle Market, by Battery Capacity

9.1. Introduction
9.2. 50-250 kWh
9.3. Above 250 kWh
9.4. Less than 50 kWh

10. Electric Commercial Vehicle Market, by Power Output

10.1. Introduction
10.2. 100-250 KW
10.3. Above 250 KW
10.4. Less than 100 KW

11. Electric Commercial Vehicle Market, by Automation

11.1. Introduction
11.2. Level 0 (No Driving Automation)
11.3. Level 1 (Driver Assistance)
11.4. Level 2 (Partial Driving Automation)
11.5. Level 3 (Conditional Driving Automation)
11.6. Level 4 (High Driving Automation)
11.7. Level 5 (Full Driving Automation)

12. Electric Commercial Vehicle Market, by Range

12.1. Introduction
12.2. 150-300 Miles
12.3. Above 300 Miles
12.4. less than 150 Miles

13. Electric Commercial Vehicle Market, by End User

13.1. Introduction
13.2. Distribution Service
13.3. Field Service
13.4. Last Mile Delivery
13.5. Long Haul Transportation
13.6. Refuse Service

14. Americas Electric Commercial Vehicle Market

14.1. Introduction
14.2. Argentina
14.3. Brazil
14.4. Canada
14.5. Mexico
14.6. United States

15. Asia-Pacific Electric Commercial Vehicle Market

15.1. Introduction
15.2. Australia
15.3. China
15.4. India
15.5. Indonesia
15.6. Japan
15.7. Malaysia
15.8. Philippines
15.9. Singapore
15.10. South Korea
15.11. Taiwan
15.12. Thailand
15.13. Vietnam

16. Europe, Middle East & Africa Electric Commercial Vehicle Market

16.1. Introduction
16.2. Denmark
16.3. Egypt
16.4. Finland
16.5. France
16.6. Germany
16.7. Israel
16.8. Italy
16.9. Netherlands
16.10. Nigeria
16.11. Norway
16.12. Poland
16.13. Qatar
16.14. Russia
16.15. Saudi Arabia
16.16. South Africa
16.17. Spain
16.18. Sweden
16.19. Switzerland
16.20. Turkey
16.21. United Arab Emirates
16.22. United Kingdom

17. Competitive Landscape

17.1. Market Share Analysis, 2023
17.2. FPNV Positioning Matrix, 2023
17.3. Competitive Scenario Analysis
- 17.3.1. Eicher launches EV small commercial vehicle
- 17.3.2. Ashok Leyland Delivers Its Electric Truck At Bharat Mobility Expo 2024
- 17.3.3. Hyundai and Iveco Announce Partnership for All-Electric Commercial Vehicles in Europe
17.4. Strategy Analysis & Recommendation

18. Competitive Portfolio

18.1. Key Company Profiles
18.2. Key Product Portfolio