DUBLIN–(BUSINESS WIRE)–The “Electric Commercial Vehicle Market by Propulsion, Vehicle Type, Range, Battery Type, Length of Bus, Power Output, Battery Capacity, Component, Autonomous Vehicle, End User, Truck Payload Capacity and Region – Global Forecast 2030” report has been added to ResearchAndMarkets.com’s offering.
The global electric commercial vehicle market size is projected to grow from 353 thousand units in 2022 to 3,144 thousand units by 2030, at a CAGR of 31.4%.
The Electric Van Segment is expected to be the largest market in the forecast period
Electric vans are enclosed wagons or motor truck vehicles that receive power from the power grid and are driven by an electric motor. They are expected to be the largest segment by vehicle type in the electric commercial vehicle market. Major players operating in the global electric van market include Renault (France), Daimler AG (Germany), Nissan Motor Corporation (Japan), PSA Group (France), Toyota Motor Corporation (Japan), IVECO S.p.A. (Italy), London Electric Vehicle Company (United Kingdom), General Motors (US), Ford Motor Company (US), AB Volvo (Sweden), Mahindra & Mahindra LTD. (India), BYD Company Limited (China), and Volkswagen AG (Germany).
For instance, in January 2021, PEUGEOT (France) is expanding its electric van range with the new PEUGEOT e-Partner, the latest light commercial vehicle (LCV) in the brand’s lineup to be offered as a fully electric commercial vehicle. The growth of the logistics and e-commerce sectors is expected to drive the market for electric vans for various applications such as last-mile delivery and distribution services. Electric vans would witness an increasing demand due to lower operating costs, negligible harmful emissions, and various forms of government support.
Last-mile delivery will be the largest segment in the forecast period by End User
The increasing use of electric commercial vehicles for last-mile delivery of goods from warehouses to end-users is expected to boost the electric commercial vehicle market in the near future. Companies are considering the addition of electric commercial vehicles, especially electric vans, and pickup trucks, to their fleets to reduce fuel expenses and mitigate emissions. In September 2019, Amazon announced plans to introduce 1,00,000 electric delivery vans by 2030 in partnership with Rivian.
The company plans to roll out the first 10,000 e-vans globally by 2022 and aims to have 10,000 e-vans in India by 2025. In May 2022, TerraGo (India) used a fleet of 65 Mahindra Treo Zor cargo vehicles for grocery delivery in major cities in India. Also, In January 2020, UPS ordered 10,000 electric vans from Arrival, a UK EV startup company, for delivery across the US, the UK, and Europe by 2024. The company will have the option to order an additional 10,000 EVs during the period. In August 2020, Flipkart (India) announced plans to convert its entire fleet to electric by 2030.
Thus, the most common electric commercial vehicle used in the last mile delivery segment would be electric vans. With companies and governments across the globe encouraging the use of electric vehicles, the electric commercial vehicle industry is expected to grow exponentially in the next decade. Electric commercial vehicles have a major role in last-mile delivery with lower emissions, cheaper running costs, and less ongoing maintenance.
Less than 150 miles segment is expected to be the largest in the market in the forecast period
The less than 150 miles segment is expected to be the largest market in the forecast period. Low performance and affordable electric commercial vehicles usually have a range of fewer than 150 miles. Several OEMs offer electric buses and vans with low-cost batteries with a restricted range of 100-150 miles. OEMs have been providing buses and vans for this segment over the years.
- Reducing Prices of Ev Batteries to Increase Demand for Ecvs
- Rising Prices of Fossil Fuels to Raise Demand for Ecvs
- Increasing Demand for Emission-Free Commercial Vehicles and Electric Vehicles in Logistics Industry to Drive Market Demand
- Government Support for Electric Commercial Vehicles
- High Development Costs to Delay Ecv Launches in Market
- Concerns Over Battery Safety to Restrain Market Development
- Insufficient Ev Charging Infrastructure to Slow Ecv Adoption
- Lower Vehicle Range Hampers Use for Long-Distance Logistics
- New Revenue Pockets in North America and Northern Europe to Provide Market Growth Opportunities
- Development of Wireless Ev Charging Technology for On-The-Go Charging to Fuel Market
- Use of Evs for Fleets and Commercial Applications to Boost Ecv Market
- Limited Battery Capacity to Challenge Market Growth
- Lower Availability of Lithium for Ev Batteries to Act as Hurdle for Manufacturers
- Insufficient Global Grid Infrastructure to Limit Adoption of Electric Commercial Vehicles
- A Blue Bird Corporation
- Ashok Leyland
- Changsha Sunda New Energy Technology Co Ltd
- Chariot Motors
- Golden Dragon
- JBM Auto Limited
- Olectra Greentech
- Otokar Otomotiv Ve Savunma Sanayi Aa
- Tata Motors
- the Lion Electric Company
- Workhorse Group
- Yinlong Energy
- Zenith Motors
For more information about this report visit https://www.researchandmarkets.com/r/nxfnm7
Laura Wood, Senior Press Manager
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