Electric Commercial Vehicle Market By Component (EV Battery, Electric Motor, Hydrogen Fuel Cell), Propulsion Type (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Fuel Cell Electric Vehicle (FCEV), Plug-In Hybrid Electric Vehicle (PHEV)), Vehicle Type (Bus, Truck, VAN, Others) and Geography: Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026340 | Pages: 100 | Industry: Automotive and Transportation | Date: Sep 2022 | Type: Global

The electric commercial vehicle market crossed US$ 56.3 billion mark in 2022 and is expected to hit US$ 793.9 billion by 2030, recording a CAGR of 34.4% during the forecast period.

Electric Commercial Vehicle market with Surging demand Rising prices of Fossil Fuels will Increase Demand for ECVs due to Lower Cost of Electricity.

The US Energy Information Administration (EIA) estimates that 97.45 million barrels were consumed daily in 2021. With the exception of rare occasions like the COVID-19 epidemic, gasoline prices have been growing over time on the electric commercial vehicle market. The strong demand for gasoline is to blame for the price increase. It is a non-renewable energy source, hence it will likely run out within the next few decades. Petrol prices rise as a result of changes in supply and demand. Even though several accords have been established to regulate petrol prices on the electric commercial vehicle   market, prices have increased with time. Petrol use affects the economy's trade balance because the majority of nations are obligated to import it. Automakers are now thinking about alternate fuel sources for their Vehicle due to the depletion of petroleum supplies and the rising cost of gasoline. Due to the war between Russia and Ukraine in 2022, petroleum prices, which have already doubled in the last few decades, are anticipated to rise further. This is anticipated to spark new efforts to switch to EVs in order to lower everyday transport expenses across the globe. The cost of fossil fuels globally is also influenced by tax rates. The US has the lowest fuel tax (19%), whereas India imposes a tax on fuel of over 69%. In the past two years, all of these factors have pushed up fuel prices globally.

The Electric Commercial Vehicle market is experiencing a rise in Plug-In Hybrid Electric Vehicle

Due to increasing PHEV demand as a result of its improved power storage capacity during the projection period, the Plug-in Hybrid Electric Vehicle category is anticipated to account for a greater revenue share. Both an internal combustion engine and an electric motor have been used to accelerate these Vehicle. PHEV Vehicle run on electricity or fuels like gasoline and batteries. This kind of vehicle's battery has a large capacity for power storage, which reduces fuel consumption under normal driving conditions. This segment's expansion is anticipated to be fueled by all of these factors.

Development of wireless EV charging technology is one of the major factors accelerating Electric Commercial Vehicle market growth.

Over the past few years, wireless on-the-go charging technology has been developed. When this technology is more advanced, people won't need to charge their cars because they should do it for them. Although this technology is now quite expensive, it might be used in the ensuing decades. As sales are anticipated to rise quickly when this technology is used, it is anticipated to have a substantial impact on the electric commercial vehicle market. Wireless EV charging will be available for stationary charging as of 2021. A trial of wireless on-the-go EV charging is being conducted in Norway, and it is anticipated to support and enable charging for a fleet of 25 Jaguar I-pace taxis headquartered in Oslo. The capital of Norway has started a programme called ElectriCity with the goal of having an emission-free taxi system by 2024.

Recent strategic developments in the Electric Commercial Vehicle market

The electric commercial vehicle market has undergone several significant developments, and a few of these have been mentioned below:

  • In January 2022, With up to 85% more range and quicker charging, AB Volvo unveiled the upgraded Volvo VNR Electric.
  • In December 2021, BYD introduced the ETP3 electric vehicle, which has a 50.3 kWh NMC battery and a 269 km range. The new electric van measures 4.46 metres in length and can carry 720 kg.
  • In Decemeber 2021, The ETM 6 electric truck was introduced by BYD. It is a 7.5-ton truck with a 3,990-kilogram payload. 5.95 metres long, 2.10 metres wide, and 2.94 metres height make up the ETM 6.
  • In September 2020, For reliable and profitable operations for clients as well as sustainable and effective public transportation in cities across the world, AB Volvo introduced the Volvo BZL Electric Chassis.

Several players drive the electric commercial Vehicle market by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. BYD Company Ltd.; Continental AG; Daimler AG; Delphi Technologies; Honda Motor Co Ltd; Hyundai Motor Co; Nissan Motor Co Ltd; Proterra Inc.; Tesla Inc; Toyota Motor Corp. Ltd. Ltd are among the prominent players operating in the electric commercial Vehicle market.

The target audience for the report:

  • Raw material providers
  • Electric Commercial Vehicle Manufacturers
  • Electric Commercial Vehicle service providers
  • Electric Commercial Vehicle technicians
  • Electric Commercial Vehicle-related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policymakers
  • Venture capitalists, private equity firms, and start-up companies
  • Electric Commercial Vehicle  component suppliers
  • Electric Commercial Vehicle and components distributors and sales firms
  • End users of Electric Commercial Vehicle
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented based on:

  • By Component:
  • EV Battery,
  • Electric Motor
  • Hydrogen Fuel Cell.
  • By Propulsion Type :
  • Battery Electric Vehicle (BEV)
  • Hybrid Electric Vehicle (HEV)
  • Fuel Cell Electric Vehicle (FCEV)
  • Plug-In Hybrid Electric Vehicle (PHEV)
  • Vehicle Type:
    • Bus
    • Truck
    • Van
    • Others
  • Region
    • North America
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    •   BYD Company Ltd.
    •   Continental AG
    •   Daimler AG
    •   Delphi Technologies
    •   Honda Motor Co Ltd
    •   Hyundai Motor Co
    •   Nissan Motor Co Ltd
    •   Proterra Inc.
    •   Tesla Inc
    •   Toyota Motor Corp.

Companies profiled
- BYD Company Ltd.
- Continental AG
- Daimler AG
- Delphi Technologies
- Honda Motor Co Ltd
- Hyundai Motor Co
- Nissan Motor Co Ltd
- Proterra Inc.
- Tesla Inc
- Toyota Motor Corp.

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