Electric Commercial Vehicles - Global Strategic Business Report

The global market for Electric Commercial Vehicles is estimated at 511.1 Thousand Units in 2023 and is projected to reach 2.3 Million Units by 2030, growing at a CAGR of 23.7% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.

The growth in the electric commercial vehicles market is driven by several factors. Firstly, the increasing government regulations and incentives aimed at reducing carbon emissions are a significant driver. Secondly, advancements in battery technology are improving the range, charging speed, and overall performance of electric commercial vehicles. Thirdly, the rising awareness of environmental issues and the need for sustainable transportation solutions are boosting the demand for ECVs. Additionally, the lower operational and maintenance costs of electric vehicles compared to diesel-powered ones are attracting fleet operators.

Furthermore, the expansion of charging infrastructure and the development of fast-charging technologies are making electric commercial vehicles more viable for long-distance and heavy-duty applications. Lastly, significant investments by automotive manufacturers and the entry of new players into the ECV market are driving innovation and competition, further propelling market growth.

Key Insights:

Market Growth: Understand the significant growth trajectory of the BEV Propulsion segment, which is expected to reach 1.9 Million Units by 2030 with a CAGR of a 24.9%. The Other Propulsion Types segment is also set to grow at 18.9% CAGR over the analysis period.
Regional Analysis: Gain insights into the U.S. market, estimated at 52.5 Thousand Units in 2023, and China, forecasted to grow at an impressive 22.2% CAGR to reach 1.2 Million Units by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Why You Should Buy This Report:

Detailed Market Analysis: Access a thorough analysis of the Global Electric Commercial Vehicles Market, covering all major geographic regions and market segments.
Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Electric Commercial Vehicles Market.
Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Key Questions Answered:

How is the Global Electric Commercial Vehicles Market expected to evolve by 2030?
What are the main drivers and restraints affecting the market?
Which market segments will grow the most over the forecast period?
How will market shares for different regions and segments change by 2030?
Who are the leading players in the market, and what are their prospects?

Report Features:

Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
Company Profiles: Coverage of major players such as Bayerische Motoren Werke AG (BMW GROUP), BYD Co., Ltd., AB Volvo, and more.
Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Select Competitors (Total 74 Featured):

Bayerische Motoren Werke AG (BMW GROUP)
BYD Co., Ltd.
AB Volvo
Anhui Jianghuai Automobile Co., Ltd.
Blue Bird Corporation
Anhui Ankai Automobile Co., Ltd.
Beijing Automotive Group Co., Ltd.
Clean Fuel Energy Enterprise Co., Ltd.
CAF, Construcciones y Auxiliar de Ferrocarriles, S.A.
Dongfeng Motor Corporation
AVEVAI
Atlis Motor Vehicles
CROYANCE AUTO
Bollinger Motors
Arrival Ltd.

I. METHODOLOGYII. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

Electric Commercial Vehicles - Global Key Competitors Percentage Market Share in 2024 (E)
Urgent Need to Address Climate Change Provides the Foundation for the Evolution of Green Mobility
As Global Air Continues to Become Toxic Amid Half Hearted Sustainability Efforts, Green Mobility is No longer an Option But a Critical Survival Strategy: Global CO2 Emissions (In Billion Metric Tons) for Years 1930, 1940, 1950, 1960, 1970, 1980, 1990, 2000, 2010, 2020, 2021 and 2022
Auto Industry & Its Unsustainable Carbon Footprint Provides the Foundation for the Growth of Commercial EVs
Inability of Conventional ICE Powered Vehicles to Demonstrate Desired Reductions in CO2 Emissions to Drive the Focus on Electric Vehicles: Official Laboratory CO2 Reduction Claims Vs On-Road Emission Efficiency (In Grams per Kilometer) for the Years 2008, 2010, 2012, 2014, 2016, 2018 and 2022

"Let the Data Speak for Itself": Lifecycle GHG Emissions for Medium-Size Passenger Cars by Type (In g-CO2eq/km) As of the Year 2022

Global Economic Update
Here’s How Global Market Prospects & Outlook for CVs Impacts Electric CVs
Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
World Brands
Recent Market Activity
Innovations

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

Will Russia-Ukraine War Impact EV Production?
Growing Signs of Long-Run of High Inflation & the Need for Long-Term Efforts to Control it Bodes Well for Commercial EVs. Surprised! Read On
The Lesser Known Link Between Inflation & Climate Change to Accelerate Big-Time Migration to Electrified Commercial Vehicles: Global Inflation Rates (In %) for the Years 2019 Through 2024
EVs Can Be a Powerful Weapon to Displace Oil & Reduce Fossil Fuel Ecosystem’s Impact on Climate Change: Global Oil Displacement by EVs (In 000 Barrels) for Years 2019, 2021, & 2023
Despite EVs Displayed Resilience to Supply Chain Disruptions Till Date, Chip Shortage Continues to Remain a Cause for Worry
Semiconductor Fab Production Expansion is Time Consuming & Can Therefore Provide No Immediate Relief: Time Required to Increase Fab Production by Parameter
As the Wait for Chips Continues, EV Manufacturers Turn Nervous as Fears Over Production Stalling Takes Hold: Global Lead Times for Chips (In Weeks) for Years 2017 Through 2022
Stringent Regulations Encompassing Emission Control & Phase-Out of Fossil Fuel Vehicles to Spur Growth in the Market
A Strong Freight Trucking Industry Supported by Rise in Global Trade & Retail Brings Cheer for Electric Trucks
A Robust Freight Trucking Outlook Increases the Chances of Operators Having More EVs in their Fleet: Global Freight Trucking Revenues for Years 2020, 2022, 2024 and 2026 (In US$ Billion) by Geographic Region
Distributed Energy (DE) Provides the Infrastructure Foundation for the Adoption & Proliferation of Electric CVs
Distributed Generation to Power EV Charging Infrastructure & Catalyze Adoption of Electric CVs: Global Investments in Distributed Generation (DG) (In US$ Billion) for the Years 2021, 2023, 2025 and 2027
Growing Funds Injected into Smartening the Electricity Grid to Benefit EV Support Infrastructure by Enabling More Effective Management of EV Charging Load: Global Investments in Smart Grids (In US$ Billion) for the Years 2021, 2023, 2025 and 2027
Robust Spike in e-Commerce Sales Bodes Well for Electrified Last Mile Delivery
Global B2C E-Commerce Sales in US$ Trillion for the Years 2017, 2019, 2021 and 2023
Rising Average Vehicle Life Provides a Fertile Environment for Upgrading to Low-Emission and Fuel Efficient CVs
With Several Governments Imposing 15 Years as the Retirement Age for Vehicles, the Growing Age of Vehicles is Poised to Benefit Replacements by EVs: Average Age of Cars & Light Trucks in the United States (In Years) for the Years 1980, 1990, 2000, 2015, 2020 and 2022
Advancements in Battery Technology Remains Vital for the Proliferation of Electric CVs
With Electric CV Commercialization Critically Hinged Onto Cost of Lithium-Ion Batteries, Promised Decline in Battery Costs Strengthens Long-Term Market Outlook: Cost of Automotive Lithium Ion Battery Packs In US$ per kWh for Years 2015, 2020 & 2025
Exhibit Global Demand for Lithium-ion Batteries (In Gigawatt Hours) in Electric Vehicles for the Years 2020, 2023, 2026, 2029 & 2030
Have We Exploited the Full Potential of Lithium Ion? The Flat Lining of Traditional Lithium Ion Battery Highlights the Need for Innovation to Push the Limits of the Technology Further: Energy Density of Traditional LIBs Vs LIBs With Silica (SiO2) as Next Gen Anode Material (In (Wh/L) for the Year 2011, 2021 and 2031
Effervescent Ongoing Innovations Around EV Batteries to Help Accelerate Performance of EVs & Their Mass Market Adoption in the Coming Decade: Global Market for EV Batteries (In US$ Billion) for Years 2022 2024 2026, 2028 and 2028
Is Lithium in Short Supply & Should Battery Manufacturers & EV Vehicle OEMs be Concerned?
Lithium Demand On an Upward Trajectory: Global Lithium Demand (In 1000 Metric Tons) for the Years 2022, 2024, 2026, 2028 and 2030
Opportunities Exist for Expansion of Lithium Production, But Doing So Will Attract Environmental Criticism: Lithium Reserves & Production (In 1000 Tons) in Major Countries as of the Year 2022
Not All Smooth Sailing - Growing Demand for Battery Metals to Squeeze EV Supply Chains & Send OEMs Scrambling to Secure Supplies: Global Demand for Battery Materials (In KT) by Application for Years 2020, 2025 & 2030
Nickle Prices Soar to an 11 Year High on the London Metal Exchange On the Back of Growing EV Demand: Nickle Price Per Ton (in US$) as of Jan-2021, Dec-2021 and Jan-2022
Which Battery Technology Will Dominate the EV Battery Market? Global % Share of EV Battery Technology for the Year 2025
Solid State EV Batteries is the Only Hope for Overcoming the Threat of Raw Material Shortages
The Race to Mass-Market Solid State EVs Has Begun & Here’s What Industry Experts Believe About the Time to Mass Market: % Breakdown of Opinions of Respondents About the Commercialization Timeline
How Many Batteries Will the Industry Crank Up? Global Solid State EV Battery Market (In Units) for Years 2025, 2028 & 2030
Developing EV Charging Infrastructure Remains Key to Continued Growth of Commercial EVs
What Happens When the Energy Infrastructure is Not Ready? A Paradoxical Scenario Where Energy Shortages Force Governments to Impose Restrictions on EV Charging
Shared EV Charging Rises as a Solution to Charging Infrastructure Bottlenecks
Innovations in EV Charging Crucial to Overcome Infrastructure Problems
Growing Demand for Shared Electric Mobility Spurs Electrification of Car Rental Fleets
As Shared EV Mobility Explodes Into a Major Trend, Fleet Operators Focus Migrating to Cleaner & Greener EV Fleets: Global Electric Mobility Services Market (In US$ Million) for Years 2022, 2024, 2026, 2028 & 2030
With the Future of Commercial Transportation Being Electric, Here’s How Fleet Operators Can Be Prepared
Here’s Why the Expanding Commercial EV Fleet Will Need Exclusive EV Fleet Management Systems
AI Powers the Rapidly Evolving EV Ecosystem

4. GLOBAL MARKET PERSPECTIVE

TABLE 1: World Electric Commercial Vehicles Market Analysis of Annual Sales in Units for Years 2020 through 2030
TABLE 2: World Recent Past, Current & Future Analysis for Electric Commercial Vehicles by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2023 through 2030 and % CAGR
TABLE 3: World 10-Year Perspective for Electric Commercial Vehicles by Geographic Region - Percentage Breakdown of Volume Registrations for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets for Years 2020, 2024 & 2030
TABLE 4: World Recent Past, Current & Future Analysis for BEV by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2023 through 2030 and % CAGR
TABLE 5: World 10-Year Perspective for BEV by Geographic Region - Percentage Breakdown of Volume Registrations for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2020, 2024 & 2030
TABLE 6: World Recent Past, Current & Future Analysis for Other Propulsion Types by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2023 through 2030 and % CAGR
TABLE 7: World 10-Year Perspective for Other Propulsion Types by Geographic Region - Percentage Breakdown of Volume Registrations for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2020, 2024 & 2030
TABLE 8: World Recent Past, Current & Future Analysis for NMC by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2023 through 2030 and % CAGR
TABLE 9: World 10-Year Perspective for NMC by Geographic Region - Percentage Breakdown of Volume Registrations for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2020, 2024 & 2030
TABLE 10: World Recent Past, Current & Future Analysis for LFP by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2023 through 2030 and % CAGR
TABLE 11: World 10-Year Perspective for LFP by Geographic Region - Percentage Breakdown of Volume Registrations for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2020, 2024 & 2030
TABLE 12: World Recent Past, Current & Future Analysis for Other Battery Types by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2023 through 2030 and % CAGR
TABLE 13: World 10-Year Perspective for Other Battery Types by Geographic Region - Percentage Breakdown of Volume Registrations for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2020, 2024 & 2030
TABLE 14: World Recent Past, Current & Future Analysis for Last Mile Delivery by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2023 through 2030 and % CAGR
TABLE 15: World 10-Year Perspective for Last Mile Delivery by Geographic Region - Percentage Breakdown of Volume Registrations for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2020, 2024 & 2030
TABLE 16: World Recent Past, Current & Future Analysis for Distribution Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2023 through 2030 and % CAGR
TABLE 17: World 10-Year Perspective for Distribution Services by Geographic Region - Percentage Breakdown of Volume Registrations for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2020, 2024 & 2030
TABLE 18: World Recent Past, Current & Future Analysis for Field Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2023 through 2030 and % CAGR
TABLE 19: World 10-Year Perspective for Field Services by Geographic Region - Percentage Breakdown of Volume Registrations for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2020, 2024 & 2030
TABLE 20: World Recent Past, Current & Future Analysis for Refuse Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2023 through 2030 and % CAGR
TABLE 21: World 10-Year Perspective for Refuse Services by Geographic Region - Percentage Breakdown of Volume Registrations for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2020, 2024 & 2030
TABLE 22: World Recent Past, Current & Future Analysis for Long Haul Transportation by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2023 through 2030 and % CAGR
TABLE 23: World 10-Year Perspective for Long Haul Transportation by Geographic Region - Percentage Breakdown of Volume Registrations for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2020, 2024 & 2030
TABLE 24: World Historic Review for Electric Commercial Vehicles by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2020 through 2022 and % CAGR
TABLE 25: World Historic Review for BEV by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2020 through 2022 and % CAGR
TABLE 26: World Historic Review for Other Propulsion Types by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2020 through 2022 and % CAGR
TABLE 27: World Historic Review for Long Haul Transportation by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2020 through 2022 and % CAGR
TABLE 28: World Historic Review for Last Mile Delivery by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2020 through 2022 and % CAGR
TABLE 29: World Historic Review for Distribution Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2020 through 2022 and % CAGR
TABLE 30: World Historic Review for Field Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2020 through 2022 and % CAGR
TABLE 31: World Historic Review for Refuse Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2020 through 2022 and % CAGR
TABLE 32: World Historic Review for NMC by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2020 through 2022 and % CAGR
TABLE 33: World Historic Review for LFP by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2020 through 2022 and % CAGR
TABLE 34: World Historic Review for Other Battery Types by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2020 through 2022 and % CAGR

III. MARKET ANALYSIS

UNITED STATES

Electric Commercial Vehicles Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2024 (E)

CANADAJAPANCHINA

EUROPE

Electric Commercial Vehicles Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2024 (E)

FRANCEGERMANYITALYUNITED KINGDOMREST OF EUROPE

ASIA-PACIFIC

Electric Commercial Vehicles Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2024 (E)

REST OF WORLDIV. COMPETITION

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

Bayerische Motoren Werke AG (BMW GROUP)
BYD Co., Ltd.
AB Volvo
Anhui Jianghuai Automobile Co., Ltd.
Blue Bird Corporation
Anhui Ankai Automobile Co., Ltd.
Beijing Automotive Group Co., Ltd.
Clean Fuel Energy Enterprise Co., Ltd.
CAF, Construcciones y Auxiliar de Ferrocarriles, S.A.
Dongfeng Motor Corporation
AVEVAI
Atlis Motor Vehicles
CROYANCE AUTO
Bollinger Motors
Arrival Ltd.

Table Information

Report Attribute	Details
No. of Pages	399
Published	October 2024
Forecast Period	2023 - 2030
Estimated Market Value in 2023	511.1 Thousand Units
Forecasted Market Value by 2030	2300 Thousand Units
Compound Annual Growth Rate	23.7%
Regions Covered	Global

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Key Insights:

Why You Should Buy This Report:

Key Questions Answered:

Report Features:

Select Competitors (Total 74 Featured):

Table of Contents

Companies Mentioned (Partial List)

Table Information

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