PUBLISHER: The Business Research Company | PRODUCT CODE: 1531940
PUBLISHER: The Business Research Company | PRODUCT CODE: 1531940
An electric van is a type of commercial vehicle that runs primarily or entirely on electricity instead of traditional fossil fuels. These vans utilize electric motors and rechargeable batteries for propulsion, offering advantages such as lower emissions, reduced operating costs, and quieter operation compared to vans powered by internal combustion engines. They are increasingly favored for urban delivery services and other commercial uses where reducing environmental impact is important.
Electric vans are typically powered by battery electric vehicles (BEV), fuel cell electric vehicles (FCEV), or plug-in hybrid electric vehicles (PHEV). Battery electric vehicles (BEV) operate solely on electricity stored in rechargeable batteries, without any internal combustion engine. These batteries commonly use materials such as nickel, manganese, cobalt, and lithium-ion, with capacities ranging from under 50 kWh to over 50 kWh. They offer varying ranges tailored to different applications, including up to 100 miles, 100-200 miles, and over 200 miles, suitable for sectors such as last-mile delivery, refrigerated transport, field services, and distribution.
The electric van research report is one of a series of new reports from The Business Research Company that provides electric van market statistics, including the electric van industry's global market size, regional shares, competitors with an electric van market share, detailed electric van market segments, market trends and opportunities, and any further data you may need to thrive in the electric van industry. This electric van market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The electric van market size has grown exponentially in recent years. It will grow from $16.51 billion in 2023 to $20.79 billion in 2024 at a compound annual growth rate (CAGR) of 26.0%. During the historic period, growth can be credited to governmental initiatives, improvements in charging infrastructure, increased public and corporate awareness of climate change and environmental sustainability, greater adoption by businesses seeking to decrease their carbon footprint, and lower operational costs compared to internal combustion engine (ICE) vans, including savings on fuel and maintenance. Additionally, the introduction of low-emission zones in cities has played a significant role.
The electric van market size is expected to see exponential growth in the next few years. It will grow to $52.61 billion in 2028 at a compound annual growth rate (CAGR) of 26.1%. The anticipated growth in forecast period is driven by ongoing and potentially expanded government incentives and subsidies for electric vehicles, declining production costs due to scale in manufacturing and maturing supply chains, a rising number of businesses establishing ambitious carbon neutrality goals, significant investments in expanding and upgrading charging networks-such as ultra-fast chargers-and advancements in wireless and mobile charging solutions. Moreover, the growth is supported by the increasing use of renewable energy sources to reduce the carbon footprint of EV charging. Key trends expected include the development of solid-state batteries, advancements in battery technology, the proliferation of ultra-fast charging stations and wireless charging options, integration of advanced driver-assistance systems, and the evolution of connected vehicle technologies enabling real-time data exchange.
The increasing demand for logistics and e-commerce is poised to drive growth in the electric van market moving forward. Logistics and e-commerce involve managing and executing the flow of goods, services, and information in online retail, from order placement to delivery. This trend is fueled by rising consumer expectations for convenient, fast, and reliable online shopping and delivery services. Electric vans play a crucial role in this sector by reducing delivery costs and environmental impact while enhancing efficiency in urban deliveries. For instance, according to the United States Census Bureau in May 2024, U.S. retail e-commerce sales for the first quarter of 2024 reached $289.2 billion, marking a 2.1 percent (+-0.7%) increase from the fourth quarter of 2023. This underscores the growing influence of logistics and e-commerce in shaping the electric van market.
Key players in the electric van market are concentrating on developing commercial and fleet electric vans equipped with battery-electric vehicle systems to improve sustainability and operational efficiency in commercial transportation. These electric-powered vehicles are tailored for business purposes such as goods delivery and service operations, offering advantages such as lower operating costs and reduced environmental footprint. For instance, Ram Trucks launched the Ram ProMaster electric van (EV) in January 2024, a significant step in their electrification efforts. The ProMaster EV boasts a targeted city driving range of up to 162 miles and is powered by a standard 110-kilowatt-hour (kWh) battery pack. It supports Level 3 DC fast charging options ranging from 50 kW to 150 kW, along with a Level 2 wall box charger up to 11 kW. The cargo van configuration can handle payloads up to 3,020 pounds, while the delivery model accommodates 2,030 pounds of payload.
In April 2024, CMA CGM acquired a 10% stake in Flexis SAS, a joint venture between Renault Group and Volvo Group focused on electric van development, enhancing its logistics capabilities for last-mile parcel delivery. This strategic investment underscores CMA CGM's commitment to expanding its logistics business with electric van technology from Flexis SAS, a France-based manufacturer specializing in electric vans.
Major companies operating in the electric van market are Volkswagen AG, Toyota Motor Corporation, Stellantis N.V., Ford Motor Group, Mercedes-Benz Group AG, General Motors Corporation, Honda Motor Company Ltd., Tesla Inc., Nissan Motor Co. Ltd., BYD Company Limited, Daimler AG, Renault S.A., Volvo Group, Uber Technologies Inc., Peugeot S.A., Rivian Automotive Inc., Euler Motors Pvt. Ltd., Phoenix Motorcars LLC, GreenPower Motor Company Inc., Lightning eMotors Inc.
Asia-Pacific was the largest region in the electric van market in 2023. The regions covered in the electric van market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the electric van market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The electric van market consists of sales of electric vehicle batteries, adapters, and cables. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Electric Van Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on electric van market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for electric van ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The electric van market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.