PUBLISHER: SkyQuest | PRODUCT CODE: 1701052
PUBLISHER: SkyQuest | PRODUCT CODE: 1701052
Electric Commercial Vehicle Market Size, Share, and Growth Analysis, By Vehicle Type, By Propulsion, By Battery Type, By Battery Capacity, By Power Output, By Range, By End Use, By Region - Industry Forecast 2025-2032
Electric Commercial Vehicle Market size was valued at USD 61.3 billion in 2023 and is poised to grow from USD 77.05 billion in 2024 to USD 480.26 billion by 2032, growing at a CAGR of 25.7% during the forecast period (2025-2032).
A significant trend emerging among governmental, non-profit, and commercial sectors is the shift towards vehicle fleets powered by renewable resources, aligning with sustainable development goals. Recent advances in transportation technology have spurred this movement, with the International Energy Agency (IEA) projecting 145 million electric vehicles (EVs) on the road by 2030, potentially reducing global oil demand by 5.3 million barrels daily. By 2040, electric vehicle sales are expected to constitute 58% of global new passenger car sales and up to 81% in Europe. A key indicator of this growth is the presence of more EV charging stations than traditional fuel outlets in many regions. Supporting this transition, governments are offering subsidies; for instance, India's incentives amount to Rs 5,000 per kWh for battery capacity, promoting increased adoption of electric vehicles.
Top-down and bottom-up approaches were used to estimate and validate the size of the Electric Commercial Vehicle market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Electric Commercial Vehicle Market Segments Analysis
Global Electric Commercial Vehicle Market is segmented by Vehicle Type, Propulsion, Battery Type, Battery Capacity, Power Output, Range, End Use, Body Construction, Component and region. Based on Vehicle Type, the market is segmented into Pickup Trucks, Trucks, Vans and Buses & Coaches. Based on Propulsion, the market is segmented into BEVS and FCEVS. Based on Battery Type, the market is segmented into NMC Batteries, LFP Batteries, Solid-State Batteries and Others. Based on Battery Capacity, the market is segmented into Less Than 60 KWH, 60-120 KWH, 121-200 KWH, 201-300 KWH, 301-500 KWH and 501-1,000 KWH. Based on Power Output, the market is segmented into Less Than 100 KW, 100-250 KW and Above 250 KW. Based on Range, the market is segmented into Less Than 150 Miles, 151-300 MILES and Above 300 Miles. Based on End Use, the market is segmented into Last-Mile Delivery, Field Services, Distribution Services, Long-Haul Transportation and Refuse Trucks. Based on Body Construction, the market is segmented into Integrated, Semi-Integrated and Full-Sized. Based on Component, the market is segmented into Battery Packs, Onboard Chargers, Electric Motors,Inverters, DC-DC Converters and Fuel-Cell Stacks. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Driver of the Electric Commercial Vehicle Market
The Electric Commercial Vehicle market is being significantly driven by progress in battery technology, which has enhanced the practicality and affordability of these vehicles. Innovations resulting in batteries that last longer and charge more rapidly have notably improved the range and performance of electric commercial vehicles. This technological advancement has made them a more viable option for businesses, enabling a broader adoption in commercial applications. As battery efficiency continues to grow, the appeal of electric commercial vehicles is expected to rise, further accelerating their integration into various industries and supporting the transition towards sustainable transportation solutions.
Restraints in the Electric Commercial Vehicle Market
The electric commercial vehicle market faces a significant restraint due to the higher costs associated with these vehicles compared to conventional ones. The expense of batteries and other essential components contributes to this price difference, making electric models less appealing to potential buyers, particularly in markets where price sensitivity is a crucial factor. As a result, many businesses may hesitate to invest in electric commercial vehicles despite the environmental benefits and long-term savings on fuel and maintenance. This financial barrier can inhibit the market's growth and adoption, limiting the overall transition to electric solutions in the commercial transportation sector.
Market Trends of the Electric Commercial Vehicle Market
The electric commercial vehicle market is witnessing a significant surge as both startups and established automotive giants enter the fray, reshaping the competitive landscape. This influx of new players is not only intensifying competition but also catalyzing innovation, fostering advancements in battery technology, autonomous driving capabilities, and sustainable manufacturing processes. Furthermore, supportive government policies and incentives aimed at reducing carbon emissions are propelling demand, while companies increasingly prioritize greener logistics solutions. As a result, the market is evolving rapidly, positioning electric commercial vehicles as a pivotal segment within the broader transition to sustainable transportation solutions.
Table of Contents
Introduction
- Objectives of the Study
- Scope of the Report
- Definitions
Research Methodology
- Information Procurement
- Secondary & Primary Data Methods
- Market Size Estimation
- Market Assumptions & Limitations
Executive Summary
- Global Market Outlook
- Supply & Demand Trend Analysis
- Segmental Opportunity Analysis
Market Dynamics & Outlook
- Market Overview
- Market Size
- Market Dynamics
- Drivers & Opportunities
- Restraints & Challenges
- Porters Analysis
- Competitive rivalry
- Threat of substitute
- Bargaining power of buyers
- Threat of new entrants
- Bargaining power of suppliers
Key Market Insights
- Key Success Factors
- Degree of Competition
- Top Investment Pockets
- Market Ecosystem
- Market Attractiveness Index, 2024
- PESTEL Analysis
- Macro-Economic Indicators
- Value Chain Analysis
- Pricing Analysis
- Patent Analysis
- Regulatory Analysis
- Technology Analysis
- Case Studies
- Customer And Buying Criteria Analysis
Global Electric Commercial Vehicle Market Size by Vehicle Type & CAGR (2025-2032)
- Market Overview
- Pickup Trucks
- Trucks
- Medium-duty trucks
- Heavy-duty trucks
- Vans
- Light vans
- Full-size vans
- Buses & Coaches
Global Electric Commercial Vehicle Market Size by Propulsion & CAGR (2025-2032)
- Market Overview
- BEVS
- FCEVS
Global Electric Commercial Vehicle Market Size by Battery Type & CAGR (2025-2032)
- Market Overview
- NMC Batteries
- LFP Batteries
- Solid-State Batteries
- Others
Global Electric Commercial Vehicle Market Size by Battery Capacity & CAGR (2025-2032)
- Market Overview
- Less Than 60 KWH
- 60-120 KWH
- 121-200 KWH
- 201-300 KWH
- 301-500 KWH
- 501-1,000 KWH
Global Electric Commercial Vehicle Market Size by Power Output & CAGR (2025-2032)
- Market Overview
- Less Than 100 KW
- 100-250 KW
- Above 250 KW
Global Electric Commercial Vehicle Market Size by Range & CAGR (2025-2032)
- Market Overview
- Less Than 150 Miles
- 151-300 MILES
- Above 300 Miles
Global Electric Commercial Vehicle Market Size by End Use & CAGR (2025-2032)
- Market Overview
- Last-Mile Delivery
- Field Services
- Distribution Services
- Long-Haul Transportation
- Refuse Trucks
Global Electric Commercial Vehicle Market Size by Body Construction & CAGR (2025-2032)
- Market Overview
- Integrated
- Semi-Integrated
- Full-Sized
Global Electric Commercial Vehicle Market Size by Component & CAGR (2025-2032)
- Market Overview
- Battery Packs
- Onboard Chargers
- Electric Motors
- Inverters
- DC-DC Converters
- Fuel-Cell Stacks
Global Electric Commercial Vehicle Market Size & CAGR (2025-2032)
- North America (Vehicle Type, Propulsion, Battery Type, Battery Capacity, Power Output, Range, End Use, Body Construction, Component)
- US
- Canada
- Europe (Vehicle Type, Propulsion, Battery Type, Battery Capacity, Power Output, Range, End Use, Body Construction, Component)
- Germany
- Spain
- France
- UK
- Italy
- Rest of Europe
- Asia Pacific (Vehicle Type, Propulsion, Battery Type, Battery Capacity, Power Output, Range, End Use, Body Construction, Component)
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Latin America (Vehicle Type, Propulsion, Battery Type, Battery Capacity, Power Output, Range, End Use, Body Construction, Component)
- Brazil
- Rest of Latin America
- Middle East & Africa (Vehicle Type, Propulsion, Battery Type, Battery Capacity, Power Output, Range, End Use, Body Construction, Component)
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Competitive Intelligence
- Top 5 Player Comparison
- Market Positioning of Key Players, 2024
- Strategies Adopted by Key Market Players
- Recent Developments in the Market
- Company Market Share Analysis, 2024
- Company Profiles of All Key Players
- Company Details
- Product Portfolio Analysis
- Company's Segmental Share Analysis
- Revenue Y-O-Y Comparison (2022-2024)
Key Company Profiles
- Tesla, Inc. (USA)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Daimler AG (Germany)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Volvo Group (Sweden)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- BYD Auto Co., Ltd. (China)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Proterra Inc. (USA)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Wrightspeed Inc. (USA)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Cummins Inc. (USA)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Dongfeng Motor Corporation (China)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Hino Motors Ltd. (Japan)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Nikola Motor Company (USA)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Tata Motors Limited (India)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- VDL Groep (Netherlands)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Rivian Automotive LLC (USA)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Chanje Energy Inc. (USA)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Arrival Ltd. (UK)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Foton Motor Group (China)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Lion Electric Company (Canada)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Mahindra & Mahindra Ltd. (India)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Xpeng Inc. (China)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- NFI Group Inc. (Canada)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Conclusion & Recommendations
