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The Electric Commercial Vehicle (ECV) Market size is estimated to grow at a CAGR of 26.02% between 2022 and 2027. The market size is forecast to increase by USD 166.58 billion. The growth of the market depends on several factors, such as the growing focus on reducing vehicular emissions, the increasing adoption of EVs for improved logistics and transportation, the favorable government initiatives.
This report extensively covers market segmentation by product (LCVs, buses, and heavy and medium commercial vehicles), type (battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), and fuel cell electric vehicle (FCEV)), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
Electric Commercial Vehicle Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
Reduced maintenance costs and minimal breakdowns, reduced fuel consumption, and increasing popularity of the green logistics concept are the major factors associated with the increasing adoption of electric commercial vehicles for logistics and transportation purposes. In order to make the logistics supply chain more seamless across industries, EVs are widely recognized as an appropriate alternative to traditional modes of transport.
Moreover, electric engines are highly efficient at low speeds, which, in turn, aids logistics and transport operators in urban areas. Industry's increasing focus on achieving sustainability in the environment and economy, coupled with effective logistics and supply chains, is fueling the growth of the global electric commercial vehicle (ECV) market. Industries are also increasingly placing orders for ECVs for logistics and transportation, which, in turn, is propelling the growth of the global ECV market.
In order to improve the effectiveness of their operation, companies have been concentrating on the integration of telematics and autonomous technologies in ECVs. The integration of telematics solutions in ECVs helps in obtaining real-time data on the battery charge percentage and the battery charging status.
Data related to the charging status helps ECV owners and operators to charge the vehicle in time. The use of such tools will help the vendors present in the global electric commercial vehicle (ECV) market to enhance the efficiency of their vehicles. In order to raise the efficiency of ECVs, vendors are also focused on the integration of autonomous technologies. It is expected to boost the growth of the global ECV market during the forecast period.
Most of the light- and heavy-duty commercial vehicles that are operational run on gasoline or diesel. The rising cost of fuel and the need to comply with the regulatory standards on the emission of gases by these vehicles are driving the adoption of ECVs among consumers.
High capital investments are required for the manufacturing of EVs. EVs are subject to different costs, depending on various factors like their brand and the type of batteries they use in commercial vehicles. Therefore, it is likely that their deployment will be hampered by the need to invest in high capital, as EV costs are high. This, in turn, is expected to hamper the growth of the global ECV market to a certain extent during the forecast period.
The LCVs segment is estimated to witness significant growth during the forecast period. Light commercial vehicles (LCVs) are mainly designed for the transportation of goods. The gross vehicle weight of an LCV is nearly 3.5 tons. LCVs include vans and pick-up trucks. In the delivery of significant goods and support services, LCVs are involved in an integral role.
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The LCVs segment was the largest segment and was valued at USD 19.83 billion in 2017. The rapid growth of the retail and e-commerce industries, increasing traffic congestion in urban areas, advances in technologies, and The growth of the LCVs segment in the global electric commercial vehicle market is driven by the rising development of new light commercial vehicles by automobile manufacturers. Stringent regulations on emissions from LCVs are increasing the demand for electric LCVs across the globe.
Based on type, the market has been segmented into battery electric vehicles (BEV), and plug-in hybrid electric vehicles (PHEV), fuel cell electric vehicles (FCEV). BEV had the largest share of the global ECV market in 2022. As concerns about climate change and air pollution grow, many consumers are turning to BEVs as a more environmentally friendly transportation option. To the reduction of greenhouse gas emissions and local air pollution, BEVs produce zero tailpipe emissions. The development of battery technology has led to more energy storage capacity, extended driving range, and a quicker charging time for BEVs. Global efforts to reduce carbon emissions are encouraging individuals and businesses to adopt more sustainable practices, including using electric vehicles for commercial use. Due to all these factors, the demand for the BEV segment is expected to surge, which, in turn, will boost the growth of the global market in focus during the forecast period.
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APAC is estimated to contribute 48% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. The rapid growth of the e-commerce and retail industry, the rising number of charging stations for electric vehicles, favorable government policies, the presence of a huge number of automobile manufacturers, technological advances, and the presence of global and local vendors are the major factors driving the growth of the electric commercial vehicle (ECV) market in APAC.
Moreover, the opportunity for the providers of the electric commercial vehicle market has arisen from their high reliance on both retail and eCommerce operators to supply logistic services and thereby fueled the growth of the market for ECVs in APAC. The establishment of adequate charging infrastructure in APAC is also driving the growth of ECVs. The rise in the number of charging stations and related infrastructure is also encouraging automobile manufacturers to introduce new variants of ECVs, which in turn, is boosting the growth of the market across APAC. Such factors will increase the market growth in this region during the forecast period.
The outbreak of COVID-19 in 2020 declined the growth of the regional ECV market. Moreover, developed economies such as Japan, South Korea, and Australia, have been able to control the outbreak owing to mass vaccination drives conducted by the government in the region in 2021, which boosted the growth of the regional electric commercial vehicle market in these countries. The demand for ECVs across APAC is being driven by the electrification of local transport services in order to comply with regulatory requirements. Thus, the regional ECV market is expected to witness growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AB Volvo - The company offers electric commercial vehicles such as electric trucks including Volvo FH, Volvo FM, Volvo FMX, Volvo FE, Volvo FL, and the Volvo VNR.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Anhui Jianghuai Automobile Group Co. Ltd., BYD Co. Ltd., Daimler Truck AG, Ford Motor Co., General Electric Co., Hyundai Motor Co., Mahindra and Mahindra Ltd., NFI Group Inc., Nissan Motor Co. Ltd., Olectra Greentech Ltd, PACCAR Inc., Proterra Inc., Renault SAS, Rivian Automotive Inc., Tata Motors Ltd., Tesla Inc., Toyota Motor Corp., Volkswagen AG, and Xiamen King Long United Automotive Industry Co. Ltd.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
Commercial Vehicle Market- The commercial vehicle market share is expected to increase by 3,785.23 thousand units from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.06%.
The electric commercial vehicle market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Electric Commercial Vehicle Market Scope |
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Report Coverage |
Details |
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Page number |
175 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 26.02% |
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Market growth 2023-2027 |
USD 166.58 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
25.02 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 48% |
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Key countries |
US, China, Germany, UK, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AB Volvo, Anhui Jianghuai Automobile Group Co. Ltd., BYD Co. Ltd., Daimler Truck AG, Ford Motor Co., General Electric Co., Hyundai Motor Co., Mahindra and Mahindra Ltd., NFI Group Inc., Nissan Motor Co. Ltd., Olectra Greentech Ltd, PACCAR Inc., Proterra Inc., Renault SAS, Rivian Automotive Inc., Tata Motors Ltd., Tesla Inc., Toyota Motor Corp., Volkswagen AG, and Xiamen King Long United Automotive Industry Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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