IMARC Group has recently released a new research study titled “Electric Commercial Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the global electric commercial vehicle market share, drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.

The market size reached US$ 91.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 451.7 Billion by 2028, exhibiting a growth rate (CAGR) of 30.3% during 2023-2028.

Industry Definition and Application:

Electric commercial vehicles refer to self-propelling automobiles that are designed to operate on battery-based electric engines. These vehicles include numerous low- to heavy-duty automobiles, such as buses, vans, trucks, tractors, harvesters and loaders.

Widely used for transporting goods as well as passengers, these vehicles are characterized by several operational benefits and low maintenance costs. Consequently, they find numerous applications across the agriculture, mining, logistics and construction sectors.

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What are the growth prospects and trends in the industry?

The market is primarily driven by the increasing demand for eco-friendly commercial vehicles across numerous industries. These electric commercial vehicles are mostly powered by unconventional power sources, such as rechargeable batteries or solar panels, thereby providing a boost to their sales across the globe.

This is further supported by the implementation of several favorable governmental regulations that promote the use of electric vehicles. Various governments are now offering tax rebates and subsidies for purchasing these vehicles, which is acting as another major growth-inducing factor.

Some of the other factors contributing to the market growth include the increasing focus on electrification of public transport fleets and rising investments for the upgradation of electric vehicle (EV) charging infrastructures.

Competitive Landscape With Key Players:

The competitive landscape of the electric commercial vehicle market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

  • AB Volvo
  • Anhui Ankai Automobile Co. Ltd.
  • BYD Company Ltd.
  • Construcciones y Auxiliar de Ferrocarriles S.A.
  • Daimler AG
  • Ebusco B.V.
  • King Long United Automotive Industry Co. Ltd
  • NFI Group Inc.
  • Proterra Inc.
  • VDL Groep B.V.
  • Zhengzhou Yutong Bus Co. Ltd.
  • Zhongtong Bus Holding Co. Ltd.

Key Market Segmentation:

The report has segmented the global electric commercial vehicle market based on vehicle type, propulsion type, application, battery type, battery capacity and region.

Breakup by Vehicle Type:

  • Electric Bus
  • Electric Pickup Truck
  • Electric Truck
  • Electric Van

Breakup by Propulsion Type:

  • BEV
  • HEV
  • FCEV
  • PHEV

Breakup by Application:

  • Cargo
  • Passenger

Breakup by Battery Type:

  • Lithium-Nickel-Manganese-Cobalt Oxide Batteries
  • Lithium-Iron-Phosphate Batteries
  • Others

Breakup by Battery Capacity:

  • Less Than 50 kWh
  • 50-250 kWh
  • Above 250 kWh

Breakup by Region:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East and Africa

Explore Full Report With TOC & List of Figures: https://www.imarcgroup.com/electric-commercial-vehicle-market

Key Highlights of the Report:

  • Market Performance (2017-2022)
  • Market Outlook (2023-2028)
  • Market Trends
  • Market Drivers and Success Factors
  • Impact of COVID-19
  • Value Chain Analysis
  • Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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