Commercial Electric Vehicles Global Market Report 2024

The commercial electric vehicles market size has grown exponentially in recent years. It will grow from $116.95 billion in 2023 to $154.64 billion in 2024 at a compound annual growth rate (CAGR) of 32.2%. The growth observed in the historical period can be largely attributed to several contributing factors. These include government incentives aimed at promoting electric vehicles, escalating fuel costs prompting interest in alternative options, corporate sustainability initiatives driving adoption, mounting environmental concerns prompting a shift towards greener alternatives, and heightened public awareness and support for sustainability initiatives. These factors collectively fueled the growth of commercial electric vehicles during that time.

The commercial electric vehicles market size is expected to see exponentially grown in the next few years. It will grow to $447.04 billion in 2028 at a compound annual growth rate (CAGR) of 30.4%. Anticipated growth in the forecast period is expected to stem from several key drivers. These include the expansion of charging infrastructure, heightened urbanization leading to increased last-mile delivery demand, growing public awareness and educational efforts, and substantial investments in the automotive industry.

Governmental support through subsidies for both consumers and manufacturers has significantly boosted the uptake of electric vehicles (EVs), recognized as an effective means to curb carbon emissions and reduce reliance on fossil fuels. Many countries' governments are directly incentivizing the adoption of EVs through subsidies. For instance, the US federal government has set a 2030 target for half of all new vehicle sales to be zero-emissions vehicles, ensuring accessibility for short- and long-distance travel by developing a network of 500,000 chargers.

In the commercial electric vehicle realm, the latest trend involves technological advancements geared toward enhancing charging speed and battery design. Manufacturers are exploring solid-state batteries using graphene, a potential solution promising increased battery range and faster charging capabilities for EVs. Diversification in power sources for EVs is also expected, with solar panels becoming more efficient in harnessing solar energy. Recent innovations in three-phase charging have enabled modern EVs to charge up to 80% in just 30 minutes. Earthday, a Catalan startup, introduced graphene-based batteries with remarkable fast-charging capabilities, claiming up to 1350 times faster charging than traditional lithium batteries. Key players in the commercial electric vehicle market are pioneering innovative products to cater to escalating demand and differentiate themselves. In October 2022, GMC's launch of the Sierra EV, a fully electric pickup truck, signifies this trend. The Sierra EV boasts uncompromising pickup capability, an estimated 400 miles of range on a single charge, and unique features exclusive to its EV platform. With impressive towing and payload capacities, GMC aims to position the Sierra EV as a versatile and appealing option for both consumers and businesses, highlighting its superiority over traditional gasoline-powered pickup trucks.

In June 2021, Ashok Leyland, an Indian-based automotive manufacturer, successfully acquired Switch Mobility Automotive, a UK-based company specializing in commercial electric vehicles. The acquisition, finalized for an undisclosed sum, marked Ashok Leyland's strategic move to broaden its commercial electric vehicle portfolio. In this transaction, Ashok Leyland acquired all shares of Switch Mobility, signaling a significant investment in advancing their presence and capabilities within the electric vehicle market.

Major companies operating in the commercial electric vehicles market include Tesla Inc., Nissan Motor Co. Ltd., Bayerische Motoren Werke AG, General Motors Company, Ford Motor Company, Volkswagen AG, Kia Corporation, Audi AG, BYD Co. Ltd., Daimler AG, Volvo Group, JAC Motors, Zhejiang Geely Holding Group Co. Ltd., Hyundai Motor Company, ZD (Zhongsheng Group), Zotye Auto Co. Ltd., Beijing Automotive Industry Group Co. Ltd., Tata Motors Limited, Hero Electric Vehicles Pvt. Ltd., Mahindra Electric Mobility Limited, YOBykes Electric Bikes, TVS Motor Company, Ashok Leyland Limited, Emflux Motors Pvt. Ltd., Menza Motors, Fiat Group Automobiles S.p.A., Renault Group, Škoda Auto a.s., Infiniti a division of Nissan Motor Co. Ltd., Stellantis N.V., GAC Group, SAIC Motor Corporation Limited, Chery Automobile Co. Ltd., Polestar AB, Changan Automobile Co. Ltd., DAF Trucks N.V., Dongfeng Motor Corporation, Great Wall Motors Company Limited, Hino Motors Ltd., Isuzu Motors Limited, Mitsubishi Fuso Truck and Bus Corporation, Navistar International Corporation, Nikola Corporation, PACCAR Inc., Proterra Inc., Traton SE.

Asia-Pacific was the largest region in the commercial electric vehicles market in 2023. The regions covered in the commercial electric vehicles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the commercial electric vehicles market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada. The commercial electric vehicles market consists of sales of hybrid electric vehicles (HEVs) and extended range electric vehicles (E-REVs). Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The primary technologies employed in commercial electric vehicles include battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles (PHEVs). BEVs solely operate on stored electricity and consist primarily of a high-voltage battery, one or more electric motors (either alternating current [AC] or direct current [DC]), and a power electronics controller. These vehicles span across various types, encompassing buses, trucks, pick-up trucks, and vans. Charging infrastructure for these vehicles involves pantograph, plug-in, and inductive systems.

The commercial electric vehicles market research report is one of a series of new reports provides commercial electric vehicle market statistics, including commercial electric vehicle industry global market size, regional shares, competitors with a commercial electric vehicle market share, detailed commercial electric vehicle market segments, commercial electric vehicles market trends and opportunities, and any further data you may need to thrive in the commercial electric vehicle industry. This commercial electric vehicle market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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