The Global electric commercial vehicle market is expected to experience strong growth during the forecasting period, growing at a robust CAGR of 19.43% according to the TechSci Research report titled “Electric Commercial Vehicle Market- Global Industry Size By Vehicle Type, By Propulsion Type, By Range, By Region, Competition, Forecast & Opportunities, 2017-2027F”. This growth is mainly due to sustainable government regulations. China is leading the way as the largest electric commercial vehicle producer and market, expected to grow at a CAGR of 13.52% during the forecast period.
The Chinese government has shown their commitment to improving the productivity of electric commercial vehicles by implementing initiatives such as subsidies for EV buyers, enacting laws requiring automakers to produce EVs, funding the installation of EV charging stations, and regulations against polluting vehicles. Japan and South Korea are also experiencing growth in the EV market due to their government’s efforts in installing EV charging stations, creating pollution standards, and other measures to support EV demand. In India, efforts are being made to enhance the EV market demand. The Global electric commercial vehicle market is classified based on vehicle type, propulsion type, range, and region. The increase in demand for electric light commercial vehicles is attributed to the growing deployment of these vehicles in logistic services.
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During the forecast period, the hybrid electric vehicle segment is expected to have the highest volume in the market, while the battery electric commercial vehicle market is projected to register a CAGR of 18.94%. The FCEV segment is expected to experience the fastest growth among propulsion types due to its increasing demand. The growth of the hybrid vehicle market is attributed to technological advancements that have improved fuel economy and reduced emissions.
The market is segmented based on range, with categories of 0-150 miles, 151-250 miles, 251-500 miles, and 500 miles & above. The expansion of the electric truck and bus market, particularly in public transportation and freight services, is primarily responsible for the rapid growth in this market segment. EVs with a range between 151-250 miles, including light commercial vehicles such as vans, pickup trucks, and utility vehicles, are in high demand due to a surge in fuel prices and government measures to reduce fleet emissions of buses and vehicles.
China, with 50% of global sales in 2021, is the world’s largest market for electric commercial vehicles, making Asia-Pacific the largest region for such vehicles. However, due to the implementation of lockdowns to prevent the COVID-19 pandemic, sales of electric commercial vehicles in most countries fell significantly at the end of the first and second quarters of 2020. Nevertheless, the market rapidly recovered by the end of the second quarter and became wholesome in the third quarter, giving a positive outlook to the market forecast for 2022.
Major players in the global electric commercial vehicle market, such as BYD Auto Co., Ltd., General Motors Company, Tesla, Inc., and others, are enhancing their product portfolio in different regions and developing advanced technologies to stay competitive in the market and increase their customer outreach.
SAIC Motor Corp., Ltd. dominated the market in the year 2021, due to its remarkable dealership network, which offers a wide range of economical yet qualitative products with adaptive technological demands of their customers as well as withstanding government’s safety norms. The demand for electric commercial vehicles is anticipated to increase globally in the coming years, on account of growing e-commerce delivery services and the increasing need for greater fuel-efficient vehicles.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Electric Commercial Vehicle 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, 500 Miles & Above), By Region, Competition, Forecast & Opportunities, 2017-2027F,” has evaluated the future growth potential of global electric commercial vehicle market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Electric Commercial Vehicle Market.
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