Electric Light Commercial Vehicles Market Report 2024

This Electric Light Commercial Vehicles market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The electric light commercial vehicles market size has grown rapidly in recent years. It will grow from $14.3 billion in 2023 to $16.38 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The increase observed in the historical period can be linked to factors such as urbanization and congestion, heightened environmental awareness, growing consumer demand for sustainable products, advancements in infrastructure, and decreased costs in electric vehicle production.

The electric light commercial vehicles market size is expected to see rapid growth in the next few years. It will grow to $28.28 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%. The anticipated growth in the forecast period is due to falling battery costs, corporate sustainability objectives, increasing fuel prices, and evolving consumer and business preferences. Key trends during this period are expected to include advancements in battery technologies, vehicle-to-grid integration, improved charging infrastructure, autonomous driving capabilities, and smart fleet management.

The growing expansion of the e-commerce sector is anticipated to drive the development of the electric light commercial vehicles (eLCVs) market in the future. The growth in e-commerce is fueled by the increased convenience of online shopping and a shift towards digital transactions. Electric light commercial vehicles are used in e-commerce for last-mile delivery, providing a sustainable and cost-effective means of transporting goods to customers while lowering emissions and operational costs. For example, a report from the Census Bureau of the Department of Commerce, a US government agency, revealed in May 2024 that e-commerce sales hit around $1.11 trillion in 2023. For the first quarter of 2024, total retail sales were estimated at $1.82 trillion, with e-commerce sales showing an 8.5% increase from the same quarter in 2023, while total retail sales grew by 2.8%. Thus, the expansion of the e-commerce industry is fueling the growth of the electric light commercial vehicles market.

Key players in the electric light commercial vehicles market are pursuing strategic partnerships to enhance technology integration and broaden their market presence. These partnerships involve collaborative agreements between companies to combine their strengths - such as technology, manufacturing, distribution, or market access - to accelerate the development and deployment of electric commercial vehicles. For instance, in April 2024, Chery Automobile Co. Ltd., a China-based car manufacturer, teamed up with B-ON, a Luxembourg-based producer of electric vans and tools, to introduce a new Pelkan electric light commercial vehicle in mainland Europe. B-ON will use its sales and aftersales network in Europe and North America, as well as its engineering and product development expertise, while Chery will contribute its engineering, supply chain support, and manufacturing resources.

In June 2023, HSBC India, a UK-based financial services company, partnered with Tata Motors to promote the widespread adoption of electric vehicles (EVs) in India. This initiative aims to encourage the use of zero-emission vehicles by offering benefits such as zero down payment, no hypothecation, and low processing fees. The partnership aligns with the sustainability goals of both companies, contributing to the decarbonization of road transport. Tata Motors, an India-based manufacturer of commercial electric and passenger vehicles, is committed to advancing EV adoption in the country.

Major companies operating in the electric light commercial vehicles market are Volkswagen AG, Stellantis N.V., Ford Motor Company, General Motors Company, SAIC Motor Corporation Limited, FCA US LLC, Nissan Motor Co. Ltd., BYD Company Limited, Daimler AG, Mitsubishi Fuso Truck and Bus Corporation, Isuzu Motors Limited, Mahindra & Mahindra Limited, Dongfeng Motor Corporation, Ashok Leyland Limited, Piaggio Group, Rivian Automotive Inc., Arrival UK Ltd., Beijing Automotive Industry Holding Co. Ltd., Bollinger Motors Inc., Cenntro Electric Group Limited, Goupil, Addax Motors N.V.

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

The countries covered in the electric light commercial vehicles market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Electric light commercial vehicles (eLCVs) are electric-powered vehicles intended for commercial applications, such as urban deliveries and business transport. These include vans and trucks with a gross vehicle weight rating of up to 7.5 tons, offering lower emissions and reduced operational costs compared to traditional internal combustion engine vehicles.

The primary types of eLCVs are vans and pickups. Vans are electric-powered vehicles designed for business and transportation needs, providing an eco-friendly alternative to conventional combustion engine vehicles. Propulsion systems for these vans include battery electric vehicles, fuel cell electric vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles, with batteries like lithium-ion, lead-acid, and nickel-metal hydride. They are available in configurations such as left-hand drive and right-hand drive and serve various applications, including facility management, last-mile delivery, industrial use, and agricultural purposes.

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

The electric light commercial vehicles market consists of sales of electric box trucks, electric chassis cabs, electric refrigerated vans, electric tippers, and utility vehicles. 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 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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