The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The electric commercial vehicles market has witnessed exponential growth, surging from $116.95 billion in 2023 to $154.64 billion in 2024, reflecting a compound annual growth rate (CAGR) of 32.2%. The historic period’s growth is attributed to increasing government investments, the declining cost of electric vehicle batteries, and a growing demand for electric commercial vehicles in emerging markets. Projected to continue its rapid expansion, the market is expected to reach $447.04 billion in 2028, maintaining a CAGR of 30.4%. Drivers of growth in the forecast period include a rise in fuel rates, the increasing popularity of charging vehicles overnight at home for lower costs, rapid growth in e-commerce, and the impact of the coronavirus pandemic. Key trends involve the adoption of artificial intelligence, the use of electric RVs for camping, government initiatives in the electric commercial vehicle industry, the utilization of electric vehicles in logistics, the rising adoption of lithium-ion batteries, the use of 3D printing to manufacture light and inexpensive components, and an increase in mergers and acquisitions among electric commercial vehicle manufacturers.

Historic periods witnessed government subsidies significantly contributing to the electric commercial vehicle market’s expansion. Initiatives like India’s Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, allocating up to INR 2908 crores in subsidies, propelled market growth. Similarly, the Uttar Pradesh government’s Manufacturing and Mobility policy 2022 extended subsidies to all-electric vehicles, including bikes, scooters, and cars. Subsidies of up to Rs 1 lakh for electric cars for three years were introduced, specifically targeting three and four-wheeled electric vehicles in commercial and fleet applications. The robust government support continues to drive the electric commercial vehicles market, reflecting in its market size in 2023, 2024, and 2028.

Get A Free Sample On The Electric Commercial Vehicles Market Report:

https://www.thebusinessresearchcompany.com/sample.aspx?id=3113&type=smp

What Are The Key Trends That Influence Electric Commercial Vehicles Market Share Analysis?

Companies in the electric commercial vehicles market are forming strategic partnerships to boost production and innovation. These collaborations enhance product development and attract investment while reducing costs. In 2020, Hyundai Motor Company and Kia Motors Corporation invested €100 million (approximately $110 million) in the UK-based startup Arrival to develop eco-friendly electric vans and commercial vehicles for logistics.

Which Market Players Are Driving Growth In The Electric Commercial Vehicles Market?

Major companies operating in the market are BYD Company Ltd., Zhengzhou Yutong Bus Co. Ltd, Daimler AG, Proterra, VDL Groep BV, Irizar, ZHONGTONGBUS Bus Holding Co., Ltd, Ebusco B.V., Navistar, Inc., Workhorse Group Incorporated, Mahindra Electric, Tata Motors, Hyundai, Ashok Leyland, Nissan, Honda Motor Co. Ltd., Toyota, SAIC Motor, NIO, Xpeng, Li Auto, WM Motor, Geely, Byton, Enovate, Zhiji Xiaomi, Dongfeng Motor, Chang’an Automobile, Guangzhou Automobile, Chery Automobile, FAW Group, Evergrande, BAIC Motor, Volkswagen, Renault, Audi, BMW, Mercedes Benz Motors, MAN Germany, DAF Trucks, Effigear EP Tender, Ze-Watt, Zembo, Ecovelo, Knave, SeaBubbles, Velco, Electra, EasyMile, MEDCOM, PERUN, Triggo, Varsovia Motor Company, Samocat Sharing, AVT & Co, PC Transport Systems, Carbogatto, Nucular, Via Motors, Tesla Inc, Hyliion, Ford, Lucid Motors, Chevrolet Bolt EV, Porsche, General Motors, Kia Motors, Origem, iPedal, Energica Motor Company, Bozankaya, EVT motor, Car4future, infinity, Schneider, Melex Electrovehicles, GridCars, Mazibuko Motor Company, El Nasr Automotive Manufacturing Company, Eleksa, Jet Motors

How Is The Global Electric Commercial Vehicles Market Segmented?

The electric commercial vehicles market covered in this report is segmented –

1) By Propulsion Type: BEV, PHEV, FCEV.
2) By Vehicle Type: Electric Bus, Electric Truck, Electric Van, Others
3) By Battery Type: Lithium-Iron-Phosphate (LFP), Lithium-Nickel-Manganese-Cobalt Oxide (NMC), Others.
4) By Technology: Battery Electric Commercial Vehicles, Plug-In Hybrids, Hybrids, Fuel Cell Electric Commercial Vehicles.

Read The Full Electric Commercial Vehicles Market Report Here

https://www.thebusinessresearchcompany.com/report/electric-commercial-vehicles-global-market-report

The Electric Commercial Vehicles Global Market Report 2024 provides an overview of the electric commercial vehiclesmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The electric commercial vehicles market forecast analyzes electric commercial vehicles market size, electric commercial vehicles market share, leading competitor and their market positions.

The Table Of Content For The Electric Commercial Vehicles Market Include

1. Electric Commercial Vehicles Market Executive Summary
2. Electric Commercial Vehicles Market Segments
3. Electric Commercial Vehicles Market Size And Template Market Growth Rate
4.  Key Electric Commercial Vehicles Market Trends
5. Major Electric Commercial Vehicles Market Drivers
……
25. Key Mergers And Acquisitions In The Electric Commercial Vehicles Market
26. Top Electric Commercial Vehicles Companies
27. Electric Commercial Vehicles Market Opportunities And Strategies
28. Electric Commercial Vehicles Market, Conclusions And Recommendations
29. Appendix

Learn More About The Business Research Company

The Business Research Company has published over 15000+ reports in 27 industries, spanning 60+ geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

Contact us at:

The Business Research Company: https://www.thebusinessresearchcompany.com/

Americas +1 3156230293

Asia +44 2071930708

Europe +44 2071930708

Email us at info@tbrc.info

Follow us on:

LinkedIn: https://in.linkedin.com/company/the-business-research-company

YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Found this article helpful? Share it on: