Global Electric Commercial Vehicle Market By Vehicle Type (Light Commercial Vehicle, Bus, Truck), By Propulsion Type (Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-in Hybrid Electric Vehicle, Fuel Cell Electric Vehicle, By Range (0-150 Miles 151-250 Miles 251-500 Miles 500 Miles & Above), By Region Competition Forecast & Opportunities, 2027
Global electric commercial vehicle market stood around USD 85,759 million in 2021 and is estimated to reach USD 278,583 Million by 2027, registering a CAGR of 22.02%. Rapidly increasing in electrification and rising awareness toward zero emissions is expected to drive the growth of the global electric commercial vehicle market during the forecast period.
Electric commercial vehicles are energized by electricity rather than diesel or gasoline. Electric vehicles can be vans, trucks, buses, construction machinery such as excavators or wheel loaders and, agricultural vehicles such as combine harvesters or tractors. The power to operate them generates from an on-board battery, which gets recharged from the power grid. As in an electric commercial vehicle, the electric motor transforms the electrical energy into mechanical energy. DC-to-DC converter is one of the key components in the electrical system, which supplies power to the power network. In these vehicles the driver inverter transforms the battery’s DC into the AC which is needed to power the vehicle.
Adoption of Electric and Hybrid Powertrains
The running cost and maintenance costs of electric and hybrid vehicles are low as compared to internal combustion engine vehicles. Furthermore, with raising concerns regarding environmental pollution caused by vehicle emission including commercial vehicles, the government of many countries across the world has supported the adoption of electric vehicles in the transportation through price incentives and supportive policy formulation. The logistic industry has been witnessing a faster adoption of electric vehicles due to numerous stimuli such as subsidies and tax exemptions on electric and hybrid vehicles and scrappage policies regularizing across the world.
Improvement in Battery Technologies
In electric commercial vehicles, high power batteries are used for moving the vehicles. Many companies use the Li-ion battery for motorcycles as they are more powerful in terms of performance. The battery can get charged by any charger such as Level1, Level2, and Level3 charger at any charging station which provides these types of chargers. The battery in the commercial vehicle has a long lifetime which also means that the buyers can invest one time in battery. Many battery companies are making major investments in their research and development facilities of to improve the battery technology which correspondingly drives the market growth.
Government Initiatives
The government in almost every country across the globe is offering various incentive schemes and tax rebates to aid the faster adoption of EVs. As per the U.S. Energy Information Administration, around 90% of the energy consumed in the U.S. transportation is operated from petroleum. The transportation sector is also the leading source of greenhouse gas emissions (GHGs) in the U.S., accounting for 29% of the nation’s Green House Gas Emissions. To minimize this, many states have implemented incentives to benefit the adoption of electric vehicles (EVs), which includes plug-in hybrid vehicles (PHEVs) and battery electric vehicles (BEVs). In 2020, California, was the first state in the United States to introduce a ZEV sales requirement for heavy-commercial trucks as per Advanced Clean Truck Regulation. Netherlands and many other countries are introducing zero-emission commercial vehicle zones and with such initiatives, government(s) are concerned about the ICE vehicle emissions and are providing numerous schemes for better and faster adoption of zero-emission vehicles, including electric commercial vehicle and hence, the market is being aided by such initiatives globally.
Economic Slowdown
The global economy is facing an economic slowdown, which is significantly impacting the global electric commercial vehicle industry. In the year 2019, the world’s major economic investments contracted out of the targeted investment of around trillions of dollars. The infrastructure segments majorly impacted by the economic recession includes production and sales. For instance, in 2019, the World Bank targeted the goal of doubling road infrastructure development but awarded only half of it. Thus, this trend is expected to pressurize manufacturers to cut-down their production capacity and operational activities due to a lack of funds and demand.
Market Segmentation
The global electric commercial vehicle market is segmented by vehicle type (light commercial vehicle ,bus, truck), by propulsion type (battery electric vehicle, hybrid electric vehicle, plug-in hybrid electric vehicle, fuel cell electric vehicle), by range (0-150 miles, 151-250 miles, 251-500 miles, and 500 miles & Above).The market analysis also studies the regional segmentation to devise regional market segmentation, divided among APAC, Europe, North America, South America region and Middle East & Africa region. In terms of country, the United States electric commercial vehicle market is forecast to grow at a faster rate and is expected to reach around USD 121,741.50 Million during the forecast period.
Company Profiles
Major players operating in the global electric commercial vehicle market are BYD Auto Co., Ltd., The General Motors Company, Tesla, Inc., SAIC Motor Corp., Ltd., Nikola Motor Co., Rivian Automotive, Inc., Volvo Trucks, Renault–Nissan–Mitsubishi Alliance, Ford Motors Corporation, Toyota Motor Corporation. Players are developing advanced technologies to stay competitive in the market and enhancing their product portfolio in the regions to increase their customer outreach.
Report Scope:
In this report, global electric commercial vehicle market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Global Electric Commercial Vehicle Market, By Propulsion Type:
- HEV
- BEV
- PHEV
- FCEV
- Global Electric Commercial Vehicle Market, By Vehicle Type:
- LCV
- Truck
- Bus
- Global Electric Commercial Vehicle Market, By Range:
- 0-150 Miles
- 151-250 Miles
- 251-500 Miles
- 500 Miles & Above
- Global Electric Commercial Vehicle Market, By Region:
- Asia-Pacific
Japan
South Korea
India
Australia
Thailand
Malaysia
- North America
Canada
Mexico
- Europe
Germany
United Kingdom
Norway
Netherland
Italy
Spain
Sweden
- South America
Argentina
Colombia
- Middle East & Africa
Israel
South Africa
Saudi Arabia
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in global electric commercial vehicle market.
Company Information
- Detailed analysis and profiling of additional market players (up to five).
- 1. Product Overview
- 2. Research Methodology
- 3. Executive Summary
- 4. Impact of COVID-19 on Global Electric Commercial Vehicle Market
- 5. Voice of Customers
- 5.1.1. Factors Influencing Purchase Decision
- 5.1.2. Brand Recall
- 5.1.3. Brand Satisfaction Level
- 6. Global Electric Commercial Vehicle Market Outlook
- 6.1. Market Size & Forecast
- 6.1.1. By Value & Volume
- 6.2. Market Share & Forecast
- 6.2.1. By Propulsion Type (HEV, BEV, PHEV, FCEV)
- 6.2.2. By Vehicle Type (LCV, Bus, and Truck)
- 6.2.3. By Range (0-150 Miles 151-250 Miles 251-500 Miles 500 Miles & Above)
- 6.2.4. By Region
- 6.2.5. By Company (2021)
- 6.3. Market Map (By Propulsion Type, By Vehicle Type, By Range, By Region)
- 7. Asia-Pacific Electric Commercial Vehicle Market Outlook
- 7.1. Market Size & Forecast
- 7.1.1. By Value & Volume
- 7.2. Market Share & Forecast
- 7.2.1. By Propulsion Type
- 7.2.2. By Vehicle Type
- 7.2.3. By Range
- 7.2.4. By Country
- 7.3. Market Map (By Vehicle Type, By Country)
- 7.3.1. China Electric Commercial Vehicle Market Outlook
- 7.3.1.1. Market Size & Forecast
- 7.3.1.1.1. By Value & Volume
- 7.3.1.2. Market Share & Forecast
- 7.3.1.2.1. By Propulsion Type
- 7.3.1.2.2. By Vehicle Type
- 7.3.1.2.3. By Range
- 7.3.2. Japan Electric Commercial Vehicle Market Outlook
- 7.3.2.1. Market Size & Forecast
- 7.3.2.1.1. By Value & Volume
- 7.3.2.2. Market Share & Forecast
- 7.3.2.2.1. By Propulsion Type
- 7.3.2.2.2. By Vehicle Type
- 7.3.2.2.3. By Range
- 7.3.3. South Korea Electric Commercial Vehicle Market Outlook
- 7.3.3.1. Market Size & Forecast
- 7.3.3.1.1. By Value & Volume
- 7.3.3.2. Market Share & Forecast
- 7.3.3.2.1. By Propulsion Type
- 7.3.3.2.2. By Vehicle Type
- 7.3.3.2.3. By Range
- 7.3.4. India Electric Commercial Vehicle Market Outlook
- 7.3.4.1. Market Size & Forecast
- 7.3.4.1.1. By Value & Volume
- 7.3.4.2. Market Share & Forecast
- 7.3.4.2.1. By Propulsion Type
- 7.3.4.2.2. By Vehicle Type
- 7.3.4.2.3. By Range
- 7.3.5. Australia Electric Commercial Vehicle Market Outlook
- 7.3.5.1. Market Size & Forecast
- 7.3.5.1.1. By Value & Volume
- 7.3.5.2. Market Share & Forecast
- 7.3.5.2.1. By Propulsion Type
- 7.3.5.2.2. By Vehicle Type
- 7.3.5.2.3. By Range
- 7.3.6. Thailand Electric Commercial Vehicle Market Outlook
- 7.3.6.1. Market Size & Forecast
- 7.3.6.1.1. By Value & Volume
- 7.3.6.2. Market Share & Forecast
- 7.3.6.2.1. By Propulsion Type
- 7.3.6.2.2. By Vehicle Type
- 7.3.6.2.3. By Range
- 7.3.7. Malaysia Electric Commercial Vehicle Market Outlook
- 7.3.7.1. Market Size & Forecast
- 7.3.7.1.1. By Value & Volume
- 7.3.7.2. Market Share & Forecast
- 7.3.7.2.1. By Propulsion Type
- 7.3.7.2.2. By Vehicle Type
- 7.3.7.2.3. By Range
- 8. North America Electric Commercial Vehicle Market Outlook
- 8.1. Market Size & Forecast
- 8.1.1. By Value & Volume
- 8.2. Market Share & Forecast
- 8.2.1. By Propulsion Type
- 8.2.2. By Vehicle Type
- 8.2.3. By Range
- 8.2.4. By Country
- 8.3. Market Map (By Vehicle Type, By Country)
- 8.3.1. United States of America Electric Commercial Vehicle Market Outlook
- 8.3.1.1. Market Size & Forecast
- 8.3.1.1.1. By Value & Volume
- 8.3.1.2. Market Share & Forecast
- 8.3.1.2.1. By Propulsion Type
- 8.3.1.2.2. By Vehicle Type
- 8.3.1.2.3. By Range
- 8.3.2. Canada Electric Commercial Vehicle Market Outlook
- 8.3.2.1. Market Size & Forecast
- 8.3.2.1.1. By Value & Volume
- 8.3.2.2. Market Share & Forecast
- 8.3.2.2.1. By Propulsion Type
- 8.3.2.2.2. By Vehicle Type
- 8.3.2.2.3. By Range
- 8.3.3. Mexico Electric Commercial Vehicle Market Outlook
- 8.3.3.1. Market Size & Forecast
- 8.3.3.1.1. By Value & Volume
- 8.3.3.2. Market Share & Forecast
- 8.3.3.2.1. By Propulsion Type
- 8.3.3.2.2. By Vehicle Type
- 8.3.3.2.3. By Range
- 9. Europe Electric Commercial Vehicle Market Outlook
- 9.1. Market Size & Forecast
- 9.1.1. By Value & Volume
- 9.2. Market Share & Forecast
- 9.2.1. By Propulsion Type
- 9.2.2. By Vehicle Type
- 9.2.3. By Range
- 9.2.4. By Country
- 9.3. Market Map (By Vehicle Type, By Country)
- 9.3.1. France Electric Commercial Vehicle Market Outlook
- 9.3.1.1. Market Size & Forecast
- 9.3.1.1.1. By Value & Volume
- 9.3.1.2. Market Share & Forecast
- 9.3.1.2.1. By Propulsion Type
- 9.3.1.2.2. By Vehicle Type
- 9.3.1.2.3. By Range
- 9.3.2. Germany Electric Commercial Vehicle Market Outlook
- 9.3.2.1. Market Size & Forecast
- 9.3.2.1.1. By Value & Volume
- 9.3.2.2. Market Share & Forecast
- 9.3.2.2.1. By Propulsion Type
- 9.3.2.2.2. By Vehicle Type
- 9.3.2.2.3. By Range
- 9.3.3. United Kingdom Electric Commercial Vehicle Market Outlook
- 9.3.3.1. Market Size & Forecast
- 9.3.3.1.1. By Value & Volume
- 9.3.3.2. Market Share & Forecast
- 9.3.3.2.1. By Propulsion Type
- 9.3.3.2.2. By Vehicle Type
- 9.3.3.2.3. By Range
- 9.3.4. Norway Electric Commercial Vehicle Market Outlook
- 9.3.4.1. Market Size & Forecast
- 9.3.4.1.1. By Value & Volume
- 9.3.4.2. Market Share & Forecast
- 9.3.4.2.1. By Propulsion Type
- 9.3.4.2.2. By Vehicle Type
- 9.3.4.2.3. By Range
- 9.3.5. Netherland Electric Commercial Vehicle Market Outlook
- 9.3.5.1. Market Size & Forecast
- 9.3.5.1.1. By Value & Volume
- 9.3.5.2. Market Share & Forecast
- 9.3.5.2.1. By Propulsion Type
- 9.3.5.2.2. By Vehicle Type
- 9.3.5.2.3. By Range
- 9.3.6. Italy Electric Commercial Vehicle Market Outlook
- 9.3.6.1. Market Size & Forecast
- 9.3.6.1.1. By Value & Volume
- 9.3.6.2. Market Share & Forecast
- 9.3.6.2.1. By Propulsion Type
- 9.3.6.2.2. By Vehicle Type
- 9.3.6.2.3. By Range
- 9.3.7. Spain Electric Commercial Vehicle Market Outlook
- 9.3.7.1. Market Size & Forecast
- 9.3.7.1.1. By Value & Volume
- 9.3.7.2. Market Share & Forecast
- 9.3.7.2.1. By Propulsion Type
- 9.3.7.2.2. By Vehicle Type
- 9.3.7.2.3. By Range
- 9.3.8. Sweden Electric Commercial Vehicle Market Outlook
- 9.3.8.1. Market Size & Forecast
- 9.3.8.1.1. By Value & Volume
- 9.3.8.2. Market Share & Forecast
- 9.3.8.2.1. By Propulsion Type
- 9.3.8.2.2. By Vehicle Type
- 9.3.8.2.3. By Range
- 10. South America Electric Commercial Vehicle Market Outlook
- 10.1. Market Size & Forecast
- 10.1.1. By Value & Volume
- 10.2. Market Share & Forecast
- 10.2.1. By Propulsion Type
- 10.2.2. By Vehicle Type
- 10.2.3. By Range
- 10.2.4. By Country
- 10.3. Market Map (By Vehicle Type, By Country)
- 10.3.1. Brazil Electric Commercial Vehicle Market Outlook
- 10.3.1.1. Market Size & Forecast
- 10.3.1.1.1. By Value & Volume
- 10.3.1.2. Market Share & Forecast
- 10.3.1.2.1. By Propulsion Type
- 10.3.1.2.2. By Vehicle Type
- 10.3.1.2.3. By Range
- 10.3.2. Argentina Electric Commercial Vehicle Market Outlook
- 10.3.2.1. Market Size & Forecast
- 10.3.2.1.1. By Value & Volume
- 10.3.2.2. Market Share & Forecast
- 10.3.2.2.1. By Propulsion Type
- 10.3.2.2.2. By Vehicle Type
- 10.3.2.2.3. By Range
- 10.3.3. Colombia Electric Commercial Vehicle Market Outlook
- 10.3.3.1. Market Size & Forecast
- 10.3.3.1.1. By Value & Volume
- 10.3.3.2. Market Share & Forecast
- 10.3.3.2.1. By Propulsion Type
- 10.3.3.2.2. By Vehicle Type
- 10.3.3.2.3. By Range
- 11. Middle East and Africa Electric Commercial Vehicle Market Outlook
- 11.1. Market Size & Forecast
- 11.1.1. By Value & Volume
- 11.2. Market Share & Forecast
- 11.2.1. By Propulsion Type
- 11.2.2. By Vehicle Type
- 11.2.3. By Range
- 11.2.4. By Country
- 11.3. Market Map (By Vehicle Type, By Country)
- 11.3.1. UAE Electric Commercial Vehicle Market Outlook
- 11.3.1.1. Market Size & Forecast
- 11.3.1.1.1. By Value & Volume
- 11.3.1.2. Market Share & Forecast
- 11.3.1.2.1. By Propulsion Type
- 11.3.1.2.2. By Vehicle Type
- 11.3.1.2.3. By Range
- 11.3.2. Israel Electric Commercial Vehicle Market Outlook
- 11.3.2.1. Market Size & Forecast
- 11.3.2.1.1. By Value & Volume
- 11.3.2.2. Market Share & Forecast
- 11.3.2.2.1. By Propulsion Type
- 11.3.2.2.2. By Vehicle Type
- 11.3.2.2.3. By Range
- 11.3.3. South Africa Electric Commercial Vehicle Market Outlook
- 11.3.3.1. Market Size & Forecast
- 11.3.3.1.1. By Value & Volume
- 11.3.3.2. Market Share & Forecast
- 11.3.3.2.1. By Propulsion Type
- 11.3.3.2.2. By Vehicle Type
- 11.3.3.2.3. By Range
- 11.3.4. Saudi Arabia Electric Commercial Vehicle Market Outlook
- 11.3.4.1. Market Size & Forecast
- 11.3.4.1.1. By Value & Volume
- 11.3.4.2. Market Share & Forecast
- 11.3.4.2.1. By Propulsion Type
- 11.3.4.2.2. By Vehicle Type
- 11.3.4.2.3. By Range
- 12. Market Dynamics
- 12.1. Drivers
- 12.2. Challenges
- 13. Market Trends and Developments
- 14. Competitive Landscape
- 14.1. BYD Auto Co., Ltd.
- 14.2. The General Motors Company
- 14.3. Tesla, Inc.
- 14.4. Nikola Motor Co
- 14.5. Volvo Trucks
- 14.6. Renault–Nissan–Mitsubishi Alliance
- 14.7. Rivian Automotive, Inc. Automotive Inc.
- 14.8. Ford Motors Corporation
- 14.9. Toyota Motor Corporation
- 14.10. SAIC Motor Corp., Ltd.
- 15. Strategic Recommendations
- 16. About Us & Disclaimer
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