Electric Van Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Electric Van Market
The global electric van market size was valued at USD 29.65 billion in 2023 and is projected to grow from USD 52.62 billion in 2024 to USD 140.77 billion by 2032, exhibiting a CAGR of 13.1% during the forecast period of 2024-2032.
Demand for electric vans has also increased due to sustainability concerns surrounding the pandemic and further exacerbated by supply-chain issues that have heavily impacted production and distribution. But it has also encouraged innovation and investment for the electric vehicles and helped in the creation of hotly contested landscape that thrives on change, hindering the ascent of electric van market growth.
The factors being tailwinds for the electric van market are: environmental awareness and government regulations, increasing fuel costs, new battery technologies, Government incentives, and Corporate Sustainability. These include the use of vehicles that promote a healthy environment, less cost of doing business as well as improved consumer loyalty which boosts the growth of the electric van market.
It is expected that the market for electric vans will expand in the long run due to current trends. Light duty vans are common within the short range market due to the preference of vehicles that can be used for deliveries within the urban areas. These are government policies, innovation in accommodating the new battery, and sustainability issues. They need to be increasingly competitive since several types of electric vans are now available that leads to the expansion of electric van market share globally. The company has gone further than delivery vans with its new electric models on offer. I expect further expansion due to ongoing innovation and an expanding selection from marketplaces.
Comprehensive Analysis of Electric Van Market
The report also dives into the electric van market’s paint by propulsion type, range, battery capacity, and components. Regarding the propulsion type, battery electric vehicles (BEVs) are projected to record the highest growth on the back of their high-performance features including zero-emissions and low maintenance coupled with significant investments in charging infrastructure, as per the report. Some of the advantages associated with manufacturers of HVs are zero emissions in the case of battery mode and fuel economy which as a result facilitates growth in this market segment. The 100-200 miles segment is well addressed and good for delivery companies or carriers while the segment above 200 is with high potential driven by new technologies. The estimated battery capacity segment with the maximum share currently is for a battery capacity above 50 kWh due to a longer driving range, although the segment is expected to continue expanding as cars with such battery capacities become upgraded. The traction battery pack segment holds a larger market share because of van application of the product and opportunities for market growth occur in performance improvements and cost-reduction trends for the battery pack in the van for electrification needs; the powertrain segment is the second-largest follower as the demand for electric vehicles has increased.
The Asia Pacific region led the electric van market by benefitting a size of USD 18.93 billion in 2023 due to last-mile delivery vehicles such as electric vans the growth in the electric vehicle demand is fueled by the high population and rate of urbanization in China, Japan, and South Korea.
The opportunity and challenges in the growth of the electric van market and the common milestones in the industry are determined by major companies such as Mercedes-Benz Group AG (Germany), BYD Company Ltd. (China), General Motors (U.S.), Renault (France), Volkswagen Group (Germany), Toyota Motor Corporation (Japan), Hyundai Motor Company (South Korea), Honda Motor Company Ltd. (Japan), Nissan Motor Co. Ltd. (Japan), Stellantis N.V. (Netherlands), and Ford Motor Company (U.S.). These businesses, with headquarters spanning throughout different areas, make contributions to a competitive panorama within the electric van market, fostering innovation and driving market development.
In May 2023, Suzuki Motor Corporation (Suzuki), Toyota Motor Corporation (Toyota), and Daihatsu Motor Co., Ltd. introduced plans to show off prototype BEVs for mini-business motors – one advanced primarily based on the contemporary BEV gadget that the three businesses are jointly developing – at the Auto Shanghai 2023 in Shanghai to be able to be held from April 22 through 27.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 13.1% from 2024 to 2032
Unit Value (USD Billion)
Segmentation
By Propulsion Type
Battery Electric Vehicle (BEV)
Hybrid Vehicle (HEV)
By Range
Up to 100 Miles
100-200 Miles
Above 200 Miles
By Battery Capacity
Up to 50 kWh
Above 50 kWh
By Component
Traction Battery Pack
Powertrain
Others (Thermal System, Body & Chassis, Braking, Wheels & Suspension System)
By Region
North America (By Propulsion Type, By Range, By Battery Capacity, By Component)
- U.S. (By Propulsion, By Battery Capacity)
- Canada (By Propulsion, By Battery Capacity)
- Mexico (By Propulsion, By Battery Capacity)
Europe (By Propulsion Type, By Range, By Battery Capacity, By Component)
- U.K. (By Propulsion, By Battery Capacity)
- Germany (By Propulsion, By Battery Capacity)
- France (By Propulsion, By Battery Capacity)
- Rest of Europe (By Propulsion, By Battery Capacity)
Asia Pacific (By Propulsion Type, By Range, By Battery Capacity, By Component)
- China (By Propulsion, By Battery Capacity)
- India (By Propulsion, By Battery Capacity)
- Japan (By Propulsion, By Battery Capacity)
- Rest of Asia Pacific (By Propulsion, By Battery Capacity)
Rest of the World (By Propulsion Type, By Range, By Battery Capacity, By Component)
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Industry Developments –Mergers, Acquisitions and Partnerships
- 4.2. Porters Five Forces Analysis
- 4.3. PEST Analysis
- 4.4. Technological Development
- 4.5. Impact of Covid-19
- 5. Global Electric Vehicle Motor Market Analysis, Insights and Forecast, 2019-2032
- 5.1. Key Findings / Definitions
- 5.2. Market Analysis, Insights and Forecast – By Vehicle Type
- 5.2.1. Two Wheeler
- 5.2.2. Three Wheeler
- 5.2.3. Passenger Vehicle
- 5.2.3.1. BEV
- 5.2.3.2. Hybrid
- 5.2.4. Commercial Vehicle
- 5.2.4.1. BEV
- 5.2.4.2. Hybrid
- 5.3. Market Analysis, Insights and Forecast – By Component
- 5.3.1. Motor Stator
- 5.3.2. Rotor, Shaft and Bearing
- 5.3.3. Permanent Magnet
- 5.3.4. Casing
- 5.3.5. Wiring & Connectors
- 5.4. Market Analysis, Insights and Forecast – By Power Rating
- 5.4.1. Up to 20 KW
- 5.4.2. 20 KW to 100 KW
- 5.4.3. 100 KW to 250 KW
- 5.4.4. Above 250 KW
- 5.5. Market Analysis, Insights and Forecast – By Region
- 5.5.1. North America
- 5.5.2. Europe
- 5.5.3. Asia pacific
- 5.5.4. Rest of the world
- 6. North America Electric Vehicle Motor Market Analysis, Insights and Forecast, 2019-2032
- 6.1. Market Analysis, Insights and Forecast – By Vehicle Type
- 6.1.1. Two Wheeler
- 6.1.2. Three Wheeler
- 6.1.3. Passenger Vehicle
- 6.1.3.1. BEV
- 6.1.3.2. Hybrid
- 6.1.4. Commercial Vehicle
- 6.1.4.1. BEV
- 6.1.4.2. Hybrid
- 6.2. Market Analysis, Insights and Forecast – By Component
- 6.2.1. Motor Stator
- 6.2.2. Rotor, Shaft and Bearing
- 6.2.3. Permanent Magnet
- 6.2.4. Casing
- 6.2.5. Wiring & Connectors
- 6.3. Market Analysis, Insights and Forecast – By Power Rating
- 6.3.1. Up to 20 KW
- 6.3.2. 20 KW to 100 KW
- 6.3.3. 100 KW to 250 KW
- 6.3.4. Above 250 KW
- 6.4. Market Analysis – By Country
- 6.4.1. The U.S.
- 6.4.2. Canada
- 7. Europe Electric Vehicle Motor Market Analysis, Insights and Forecast, 2019-2032
- 7.1. Market Analysis, Insights and Forecast – By Vehicle Type
- 7.1.1. Two Wheeler
- 7.1.2. Three Wheeler
- 7.1.3. Passenger Vehicle
- 7.1.3.1. BEV
- 7.1.3.2. Hybrid
- 7.1.4. Commercial Vehicle
- 7.1.4.1. BEV
- 7.1.4.2. Hybrid
- 7.2. Market Analysis, Insights and Forecast – By Component
- 7.2.1. Motor Stator
- 7.2.2. Rotor, Shaft and Bearing
- 7.2.3. Permanent Magnet
- 7.2.4. Casing
- 7.2.5. Wiring & Connectors
- 7.3. Market Analysis, Insights and Forecast – By Power Rating
- 7.3.1. Up to 20 KW
- 7.3.2. 20 KW to 100 KW
- 7.3.3. 100 KW to 250 KW
- 7.3.4. Above 250 KW
- 7.4. Market Analysis – By Country
- 7.4.1. The U.K
- 7.4.2. Germany
- 7.4.3. France
- 7.4.4. Rest of Europe
- 8. Asia Pacific Electric Vehicle Motor Market Analysis, Insights and Forecast, 2019-2032
- 8.1. Market Analysis, Insights and Forecast – By Vehicle Type
- 8.1.1. Two Wheeler
- 8.1.2. Three Wheeler
- 8.1.3. Passenger Vehicle
- 8.1.3.1. BEV
- 8.1.3.2. Hybrid
- 8.1.4. Commercial Vehicle
- 8.1.4.1. BEV
- 8.1.4.2. Hybrid
- 8.2. Market Analysis, Insights and Forecast – By Component
- 8.2.1. Motor Stator
- 8.2.2. Rotor, Shaft and Bearing
- 8.2.3. Permanent Magnet
- 8.2.4. Casing
- 8.2.5. Wiring & Connectors
- 8.3. Market Analysis, Insights and Forecast – By Power Rating
- 8.3.1. Up to 20 KW
- 8.3.2. 20 KW to 100 KW
- 8.3.3. 100 KW to 250 KW
- 8.3.4. Above 250 KW
- 8.4. Market Analysis – By Country
- 8.4.1. Japan
- 8.4.2. China
- 8.4.3. India
- 8.4.4. Rest of Asia Pacific
- 9. Rest of the World Electric Vehicle Motor Market Analysis, Insights and Forecast, 2019-2032
- 9.1. Market Analysis, Insights and Forecast – By Vehicle Type
- 9.1.1. Two Wheeler
- 9.1.2. Three Wheeler
- 9.1.3. Passenger Vehicle
- 9.1.3.1. BEV
- 9.1.3.2. Hybrid
- 9.1.4. Commercial Vehicle
- 9.1.4.1. BEV
- 9.1.4.2. Hybrid
- 9.2. Market Analysis, Insights and Forecast – By Component
- 9.2.1. Motor Stator
- 9.2.2. Rotor, Shaft and Bearing
- 9.2.3. Permanent Magnet
- 9.2.4. Casing
- 9.2.5. Wiring & Connectors
- 9.3. Market Analysis, Insights and Forecast – By Power Rating
- 9.3.1. Up to 20 KW
- 9.3.2. 20 KW to 100 KW
- 9.3.3. 100 KW to 250 KW
- 9.3.4. Above 250 KW
- 9.4. Market Analysis – By Sub-Region
- 9.4.1. The Middle East & Africa
- 9.4.2. Latin America
- 10. Competitive Analysis
- 10.1. Key Industry Development
- 10.2. Global Market Ranking Analysis (2023)
- 10.3. Competition Dashboard
- 10.4. Comparative Analysis – Major Players
- 10.5. Company Profiles
- 10.5.1. Siemens AG
- 10.5.1.1. Overview
- 10.5.1.2. Products & services
- 10.5.1.3. SWOT analysis
- 10.5.1.4. Recent developments
- 10.5.1.5. strategies
- 10.5.1.6. financials (based on availability)
- 10.5.2. ABB
- 10.5.2.1. Overview
- 10.5.2.2. Products & services
- 10.5.2.3. SWOT analysis
- 10.5.2.4. Recent developments
- 10.5.2.5. strategies
- 10.5.2.6. financials (based on availability)
- 10.5.3. ARC Systems Inc.
- 10.5.3.1. Overview
- 10.5.3.2. Products & services
- 10.5.3.3. SWOT analysis
- 10.5.3.4. Recent developments
- 10.5.3.5. strategies
- 10.5.3.6. financials (based on availability)
- 10.5.4. AISIN CORPORATION
- 10.5.4.1. Overview
- 10.5.4.2. Products & services
- 10.5.4.3. SWOT analysis
- 10.5.4.4. Recent developments
- 10.5.4.5. strategies
- 10.5.4.6. financials (based on availability)
- 10.5.5. LG Magna e-Powertrain Co., Ltd
- 10.5.5.1. Overview
- 10.5.5.2. Products & services
- 10.5.5.3. SWOT analysis
- 10.5.5.4. Recent developments
- 10.5.5.5. strategies
- 10.5.5.6. financials (based on availability)
- 10.5.6. Johnson Electric Holdings Limited.
- 10.5.6.1. Overview
- 10.5.6.2. Products & services
- 10.5.6.3. SWOT analysis
- 10.5.6.4. Recent developments
- 10.5.6.5. strategies
- 10.5.6.6. financials (based on availability)
- 10.5.7. BorgWarner Inc.
- 10.5.7.1. Overview
- 10.5.7.2. Products & services
- 10.5.7.3. SWOT analysis
- 10.5.7.4. Recent developments
- 10.5.7.5. strategies
- 10.5.7.6. financials (based on availability)
- 10.5.8. Nidec Corporation
- 10.5.8.1. Overview
- 10.5.8.2. Products & services
- 10.5.8.3. SWOT analysis
- 10.5.8.4. Recent developments
- 10.5.8.5. strategies
- 10.5.8.6. financials (based on availability)
- 10.5.9. Mitsubishi Electric Corporation
- 10.5.9.1. Overview
- 10.5.9.2. Products & services
- 10.5.9.3. SWOT analysis
- 10.5.9.4. Recent developments
- 10.5.9.5. strategies
- 10.5.9.6. financials (based on availability)
- 10.5.10. Allied Motion, Inc.
- 10.5.10.1. Overview
- 10.5.10.2. Products & services
- 10.5.10.3. SWOT analysis
- 10.5.10.4. Recent developments
- 10.5.10.5. strategies
- 10.5.10.6. financials (based on availability)
- 10.5.11. TECO Corporation
- 10.5.11.1. Overview
- 10.5.11.2. Products & services
- 10.5.11.3. SWOT analysis
- 10.5.11.4. Recent developments
- 10.5.11.5. strategies
- 10.5.11.6. financials (based on availability)
- 10.5.12. Toshiba International Corporation
- 10.5.12.1. Overview
- 10.5.12.2. Products & services
- 10.5.12.3. SWOT analysis
- 10.5.12.4. Recent developments
- 10.5.12.5. strategies
- 10.5.12.6. financials (based on availability)
- 10.5.13. GKN Automotive
- 10.5.13.1. Overview
- 10.5.13.2. Products & services
- 10.5.13.3. SWOT analysis
- 10.5.13.4. Recent developments
- 10.5.13.5. strategies
- 10.5.13.6. financials (based on availability)
- 10.5.14. Robert Bosch GmbH
- 10.5.14.1. Overview
- 10.5.14.2. Products & services
- 10.5.14.3. SWOT analysis
- 10.5.14.4. Recent developments
- 10.5.14.5. strategies
- 10.5.14.6. financials (based on availability)
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