Electric Commercial Vehicle Market by Vehicle Type (Light Commercial Vehicles and Heavy Commercial Vehicles), Propulsion Type (BEV and HEV), Power Output, End User (Public Transport and Logistics), and Geography

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Electric Commercial Vehicle Market by Vehicle Type (Light Commercial Vehicles and Heavy Commercial Vehicles), Propulsion Type (BEV and HEV), Power Output, End User (Public Transport and Logistics), and Geography-Global Forecast to 2031.

The research report titled 'Electric Commercial Vehicle Market by Vehicle Type (Light Commercial Vehicles and Heavy Commercial Vehicles), Propulsion Type (BEV and HEV), Power Output, End User (Public Transport and Logistics), and Geography-Global Forecast to 2031' provides an in-depth analysis of global electric commercial vehicle market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2031.

The global electric commercial vehicle market is projected to reach $920.9 billion by 2031, at a CAGR of 25.4% from 2024-2031. By Volume, this market is projected to reach 9.4 million units by 2031, at a CAGR of 26.3% from 2024-2031.

The growth of the electric commercial vehicle market is driven by supportive government policies and regulations, increasing investments by leading automotive OEMs, and decreasing prices of batteries. However, the high costs of electric vehicles and the lack of charging infrastructure in developing countries restrain the growth of this market.

Furthermore, growing scope in emerging economies and growth in smart city & infrastructure projects are expected to offer significant growth opportunities for players operating in the electric commercial vehicle market. However, the range limitations of electric vehicles and the lack of reliable performance in heavy-duty applications may hinder the growth of this market.

The global electric commercial vehicle market is segmented by vehicle type (light commercial vehicles and heavy commercial vehicles {electric tractors, electric trucks, and other commercial vehicles}), propulsion type (battery electric vehicles and hybrid electric vehicles {pure hybrid electric vehicles and plug-in hybrid electric vehicles}), power output (less than 100 kW, 100 kW to 250 kW, and more than 250 kW), and end user (public transport and logistics). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on vehicle type, the global electric commercial vehicle market is segmented into light commercial vehicles and heavy commercial vehicles. The heavy commercial vehicles segment is sub-segmented into electric tractors, electric trucks, and other commercial vehicles. In 2024, the light commercial vehicles segment is expected to account for the larger share of over 74.0% of the global electric commercial vehicle market. The growth of this segment is attributed to the growing awareness regarding the role of electric commercial vehicles in reducing carbon emissions, the increase in demand for electric vehicles to reduce fleet emissions, and stringent government rules and regulations towards electric vehicles.

Additionally, the light commercial vehicles segment is projected to register the highest CAGR during the forecast period.

Based on propulsion type, the global electric commercial vehicle market is segmented into battery electric vehicles and hybrid electric vehicles. The hybrid electric vehicles segment is sub-segmented into pure hybrid electric vehicles and plug-in hybrid electric vehicles. In 2024, the battery electric vehicles segment is expected to account for the larger share of over 60.0% of the global electric commercial vehicle market. This segment's large market share can be attributed to stringent emission standards, rising demand for increased fuel efficiency, growing demand for zero-emission vehicles, and a continuous reduction in battery prices.

Additionally, the battery electric vehicles segment is projected to register the highest CAGR during the forecast period.

Based on power output, the global electric commercial vehicle market is segmented into less than 100 kW, 100 kW to 250 kW, and more than 250 kW. In 2024, the 100 kW to 250 kW segment is expected to account for the largest share of over 48.0% of the global electric commercial vehicle market. The growth of this segment is attributed to the increasing adoption of electric buses and trucks, mainly for public transportation and freight service applications.

Additionally, the 100 kW to 250 kW segment is projected to register the highest CAGR during the forecast period.

Based on end user, the global electric commercial vehicle market is segmented into public transport and logistics. In 2024, the public transport segment is expected to account for the larger share of over 62.0% of the global electric commercial vehicle market. The growth of this segment is attributed to the increase in fuel prices and stringent emission norms set by governments, the growing adoption of autonomous delivery vehicles, and the increasing adoption of electric buses and trucks.

Additionally, the public transport segment is projected to register the highest CAGR during the forecast period.

Based on geography, the electric commercial vehicle market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of over 38.0% of the global electric commercial vehicle market. Governments in this region have implemented comprehensive policy frameworks to support the transition to electric mobility. Additionally, countries like China, Japan, and South Korea are offering subsidies and tax incentives and implementing regulations to promote the development and adoption of electric vehicles (EVs). These factors drive the adoption of electric commercial vehicles in Asia-Pacific.

However, the market in Europe is projected to register the highest CAGR during the forecast period. The growth of this regional market is driven by the increasing adoption of electric mobility in emerging economies, supportive government subsidies & tax rebates aimed at promoting EV adoption, the growing adoption of autonomous delivery vehicles, and the increasing adoption of electric buses and trucks for public transport and freight services.

The key players operating in the global electric commercial vehicle market include NFI Group Inc. (Canada), AB Volvo (Sweden), Traton SE (Germany), Mercedes-Benz Group AG (Germany), Zhengzhou Yutong Bus Co., Ltd. (China), Ford Motor Company (U.S.), Tesla Inc. (U.S.), Ashok Leyland Limited (India), Tata Motor Limited (India), Olectra Greentech Limited (India), Groupe Renault (France), BMW AG (Germany), BYD Company Ltd. (China), DAF Trucks N.V. (Netherlands), and Workhorse Group Inc. (U.S.).

Key Questions Answered in the Report:

What are the high-growth market segments in terms of vehicle type, propulsion type, power output, and end user?
What was the historical market size for the global electric commercial vehicle market?
What are the market forecasts and estimates for 2024-2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the global electric commercial vehicle market?
Who are the major players in the global electric commercial vehicle market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the global electric commercial vehicle market?
What are the different strategies adopted by major market players?
What are the trends and high-growth countries?
Who are the emerging players in the global electric commercial vehicle market, and how do they compete with other players?

Scope of the Report:

Electric Commercial Vehicle Market Assessment-by Vehicle Type

Light Commercial Vehicles
Heavy Commercial Vehicles
- Electric Tractors
- Electric Trucks
- Other Commercial Vehicles

Electric Commercial Vehicle Market Assessment-by Propulsion Type

Battery Electric Vehicles
Hybrid Electric Vehicles
- Pure Hybrid Electric Vehicles
- Plug-in Hybrid Electric Vehicles

Electric Commercial Vehicle Market Assessment-by Power Output

Less Than 100 kW
100 kW to 250 kW
More Than 250 kW

Electric Commercial Vehicle Market Assessment-by End User

Public Transport
Logistics

Electric Commercial Vehicle Market Assessment-by Geography

North America
- U.S.
- Canada
Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
Europe
- U.K.
- Germany
- Italy
- France
- Spain
- Rest of Europe
Latin America
Middle East & Africa

Product Code: MRAUTO - 1041083

1. Introduction

1.1. Market Definition & Scope
1.2. Currency & Limitations
- 1.2.1. Currency
- 1.2.2. Limitations

2. Research Methodology

2.1. Research Approach
2.2. Data Collection & Validation Process
- 2.2.1. Secondary Research
- 2.2.2. Primary Research/Interviews with Key Opinion Leaders from the Industry
2.3. Market Sizing and Forecasting
- 2.3.1. Market Size Estimation Approach
- 2.3.2. Growth Forecast Approach
2.4. Assumptions for the Study

3. Executive Summary

3.1. Overview
3.2. Market Analysis, by Vehicle Type
3.3. Market Analysis, by Propulsion Type
3.4. Market Analysis, by Power Output
3.5. Market Analysis, by End User
3.6. Market Analysis, By Geography
3.7. Competitive Analysis

4. Market Insights

4.1. Overview
4.2. Factors Affecting Market Growth
- 4.2.1. Drivers
  - 4.2.1.1. Supportive Government Policies and Regulations
  - 4.2.1.2. Increasing Investments by Leading Automotive OEMs
  - 4.2.1.3. Decreasing Prices of Batteries
- 4.2.2. Restraints
  - 4.2.2.1. High Purchasing Costs of Electric Vehicles
  - 4.2.2.2. Lack of Charging Infrastructure in Developing Countries
- 4.2.3. Opportunities
  - 4.2.3.1. Growing Scope in Emerging Economies
  - 4.2.3.2. Growth in Smart City & Infrastructure Projects
- 4.2.4. Challenges
  - 4.2.4.1. Range Limitations of Electric Vehicles
  - 4.2.4.2. Lack of Reliable Performance in Heavy-Duty Applications
- 4.2.5. Trends
4.3. Electric Vehicle Charging Standard
4.4. Case Studies
4.5. Porter's Five Forces Analysis
- 4.5.1. Bargaining Power of Buyers
- 4.5.2. Bargaining Power of Suppliers
- 4.5.3. Threat of Substitutes
- 4.5.4. Threat of New Entrants
- 4.5.5. Degree of Competition
4.6. Value Chain Analysis

5. Electric Commercial Vehicle Market Assessment-by Vehicle Type

5.1. Overview
5.2. Light Commercial Vehicles
5.3. Heavy Commercial Vehicles
- 5.3.1. Electric Tractors
- 5.3.2. Electric Trucks
- 5.3.3. Other Commercial Vehicles

6. Electric Commercial Vehicle Market Assessment-by Propulsion Type

6.1. Overview
6.2. Battery Electric Vehicles
6.3. Hybrid Electric Vehicles
- 6.3.1. Pure Hybrid Electric Vehicles
- 6.3.2. Plug-in Hybrid Electric Vehicles

7. Electric Commercial Vehicle Market Assessment-by Power Output

7.1. Overview
7.2. Less Than 100 kW
7.3. 100 kW to 250 kW
7.4. More Than 250 kW

8. Electric Commercial Vehicle Market Assessment-by End User

8.1. Overview
8.2. Public Transport
8.3. Logistics

9. Electric Commercial Vehicle Market Assessment-by Geography

9.1. Overview
9.2. Asia-Pacific
- 9.2.1. China
- 9.2.2. Japan
- 9.2.3. India
- 9.2.4. South Korea
- 9.2.5. Rest of Asia-Pacific
9.3. North America
- 9.3.1. U.S.
- 9.3.2. Canada
9.4. Europe
- 9.4.1. U.K.
- 9.4.2. Germany
- 9.4.3. Italy
- 9.4.4. Spain
- 9.4.5. France
- 9.4.6. Rest of Europe
9.5. Latin America
9.6. Middle East & Africa

10. Competition Analysis

10.1. Overview
10.2. Key Growth Strategies
10.3. Competitive Benchmarking
10.4. Competitive Dashboard
- 10.4.1. Industry Leaders
- 10.4.2. Market Differentiators
- 10.4.3. Vanguards
- 10.4.4. Emerging Companies
10.5. Market Share Analysis (2022)

11. Company Profiles (Company Overview, Financial Overview, Product Portfolio, and Strategic Developments)

11.1. NFI Group Inc.
11.2. AB Volvo
11.3. Traton SE
11.4. Mercedes-Benz Group AG
11.5. Zhengzhou Yutong Bus Co., Ltd.
11.6. Ford Motor Company
11.7. Tesla Inc.
11.8. Ashok Leyland Limited
11.9. Tata Motor Limited
11.10. Olectra Greentech Limited
11.11. Groupe Renault
11.12. BMW AG
11.13. BYD Company Ltd.
11.14. DAF Trucks N.V.
11.15. Workhorse Group Inc.

(Note: SWOT Analysis of the Top 5 Companies Will Be Provided)

12. Appendix

12.1. Available Customization
12.2. Related Reports