Global Commercial Vehicle Electrification Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Commercial Vehicle Electrification Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

A commercial vehicle is any type of motor vehicle used for transporting goods or passengers.

Commercial Vehicle Electrification is the process of powering the vehicle by electricity, replacing vehicle components that operate on a conventional energy source with components that operate on electricity.

Market Overview:

The latest research study on the global Commercial Vehicle Electrification market finds that the global Commercial Vehicle Electrification market reached a value of USD 23475.1 million in 2022. It’s expected that the market will achieve USD 62258.64 million by 2028, exhibiting a CAGR of 17.65% during the forecast period.

Affect the normal operation of the industry

The raging COVID-19 has plunged the global economic environment into depression. The influence of COVID-19 on commercial vehicle electrification industry will involve all major links and entities in the industrial chain. The management efficiency of the company declined, commuting was hindered, production plans were hindered, and the company's development strategy and marketing methods were forced to adjust. In addition, during the COVID-19 period, the logistics speed slowed down or even stopped, and the supply of raw materials for commercial vehicle electrification production was tight. The company's production is limited to some extent, and the production of related enterprises in the hardest hit areas is greatly affected.

Affect downstream market demand

The outbreak of the COVID-19 epidemic is likely to have a greater impact on the commercial vehicle industry, which is likely to affect the commercial vehicle electrification industry. The delay in the supply of many parts from Asia has led to the shortage of raw materials for the global automobile industry. According to OICA data, in 2019, the global sales volume of commercial vehicles was 26.693 million, and in 2020, the global sales volume of commercial vehicles was 24.382 million, down 8.7% year on year. At the beginning of 2020, many original equipment manufacturers closed most of the production in Europe, including the leading German manufacturers closed most of the manufacturing departments in Europe, and other original equipment manufacturers closed for a longer time. With the slowdown of automobile production and the further impact of COVID-19 epidemic on the industry situation, the commercial vehicle electrification market will be negatively affected in the short term, and will gradually recover and develop in the second half of the forecast period.

Region Overview:

In 2022, the share of the Commercial Vehicle Electrification market in Asia-Pacific stood at 69.74%.

Company Overview:

Toyota Industries Corp. is one of the major players operating in the Commercial Vehicle Electrification market, holding a share of 26.2% in 2023.

Toyota Industries Corp.

Toyota Industries Corporation was founded in 1926 by Sakichi Toyoda to manufacture and sell the automatic looms which he had invented and perfected. Since that time Toyota Industries has promoted diversification and expanded the scope of its business domains to include textile machinery, automobiles (vehicles, engines, car air-conditioning compressors, etc.), materials handling equipment, and electronics.

Crown Equipment Corp.

Since its entry into the material handling equipment industry in 1960, Crown has earned a reputation as a leading innovator in world-class forklift and material handling equipment.

Segmentation Overview:

Among different product types, Pure electric Vehicle segment is anticipated to contribute the largest market share in 2028.

Application Overview:

In the Commercial Vehicle Electrification market, 60.69% of the total value was generated through the Light Commercial Vehicles (LCVs) segment by application in 2022.

Key Companies in the global Commercial Vehicle Electrification market covered in Chapter 3:

Proterra
Hangcha Group
VDL Groep
FAW Co.Ltd
BYD Auto
Dongfeng Motor0.00
ANHUI HELI Co ., LTD.
Kion Group AG
Volvo Group
Doosan Corporation
YUTONG
Toyota Industries Corp.
Daimler AG
Crown Equipment Corp.

In Chapter 4 and Chapter 14.2, on the basis of types, the Commercial Vehicle Electrification market from 2018 to 2029 is primarily split into:

Parallel Hybrid Vehicle
Fully Hybrid Vehicle
Mild Hybrid Vehicle
Pure electric Vehicle

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Commercial Vehicle Electrification market from 2018 to 2029 covers:

Light Commercial Vehicles (LCVs)
Heavy Commercial Vehicles (HCVs)
Buses & Coaches

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)