Electric Commercial Vehicle Market
PUBLISHED: 2023 ID: SMRC22801
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Electric Commercial Vehicle Market

Electric Commercial Vehicle Market Forecasts to 2028 - Global Analysis By Propulsion (Fuel Cell Electric Vehicle (FCEV), Plug-in Hybrid Electric Vehicle (PHEV), Battery Electric Vehicle (BEV) and Other Propulsions), Component, Vehicle Type, Battery Type, End User and By Geography

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4.9 (53 reviews)
Published: 2023 ID: SMRC22801

This report covers the impact of COVID-19 on this global market
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Years Covered

2020-2028

Estimated Year Value (2022)

US $68.9 BN

Projected Year Value (2028)

US $480.1 BN

CAGR (2022 - 2028)

38.2%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Asia Pacific

Highest Growing Market

North America


According to Stratistics MRC, the Global Electric Commercial Vehicle Market is accounted for $68.9 billion in 2022 and is expected to reach $480.1 billion by 2028 growing at a CAGR of 38.2% during the forecast period. Commercial electric vehicles are extremely popular as an environmentally beneficial substitute for gasoline-powered vehicles. In the business sector, these vehicles offer operating advantages and low maintenance costs. Several sectors, including logistics, mining, and construction, have embraced electric commercial vehicles to a large extent. The electric commercial vehicle is a car that can be propelled by one or more electric motors. These vehicles are made for surface and underwater watercraft, electric aeroplanes, and electric spacecraft, not just for use on roads and on trains.

According to the Delhi Government, an additional 300 electric buses will be added to the city's existing fleet of 100 e-buses. Furthermore, the state plans to buy 2,000 more e-buses over the next few years.



Market Dynamics:

Driver:

Increase in demand for fuel-efficient

Supporting sustainable growth requires the creation and utilisation of alternate fuel sources. The need for fuel-efficient buses has increased as a result of the rising cost of diesel and petrol. The depletion of fossil fuel reserves and rising corporate predisposition to maximise profit from these oil reserves are to blame for this. These elements boost the requirement for complex fuel-saving devices, which raises market demand.

Restraint:

Insufficient EV infrastructure

Low charging densities in most nations brought on by inadequate EV charging infrastructure will operate as a barrier. Pantographs and particular charging connections are also required for daily charging of electric buses and vehicles. Since usage is poor if a provider lacks a fleet, this is mostly caused by the low setup rate by third-party providers. The market's expansion is being constrained by several issues.

Opportunity:

Increase in government initiatives

Governments all across the world are putting pressure on manufacturers to reduce CO2 emissions from burning diesel fuel. Governments from both rich and developing nations boost purchases by providing tax breaks and other incentives on a global scale. Government programmes and initiatives have offered incentives for the production of electric battery vehicles, which is anticipated to propel industry expansion.

Threat:

High cost of investment

High production costs and complicated mechanics of modern systems may limit market expansion as the automobile industry transitions to electrification and incorporates cutting-edge technologies into vehicles. Costs associated with manufacturing vehicles are ultimately raised by the pricey lithium-ion batteries. Hence, it is anticipated that the high replacement and maintenance costs of these systems will hamper market expansion.

Covid-19 Impact

The execution of the global lockdown and supply chain interruptions caused by the Covid-19 epidemic had a detrimental effect on the global market for electric commercial vehicles. The study also discovered that the industry is anticipated to expand in the upcoming years as a result of the government's provision of several subsidies and incentives to persuade bus makers to produce electric buses rather than gasoline-powered ones. During the epidemic, the supply chain was impeded along with logistics operations. Yet, because of the lifting of the restrictions, it is anticipated that the market for electric commercial vehicles will pick up speed in the post-pandemic environment.

The battery electric vehicle (BEV) segment is expected to be the largest during the forecast period

The battery electric vehicle (BEV) segment is estimated to have a lucrative growth, due to the maintenance costs for electric motors are much lower because they have far fewer moving parts than conventional motors and are far more efficient. Further reducing the operating costs for buses is the fact that the energy used to power the vehicles is less expensive than diesel fuel. The overall costs are anticipated to decline because to improvements in battery technology and a steady decline in battery prices.

The plug-in hybrid electric vehicle (PHEV) segment is expected to have the highest CAGR during the forecast period

The plug-in hybrid electric vehicle (PHEV) segment is anticipated to witness the fastest CAGR growth during the forecast period, due to rising demand because of its enhanced electricity storage capacity. Both an internal combustion engine and an electric motor were used to accelerate these vehicles. This type of vehicle's battery has a large capacity for energy storage, which reduces fuel consumption under normal driving conditions. This segment is anticipated to increase as a result of each of these factors.

Region with Largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to large sales volumes for electric commercial vehicles, especially electric buses. Increasing demand for electric buses, laws in favour of electric commercial vehicles, and a rapidly growing logistics industry are projected to boost market expansion. Production in the area is rising as a result of rising demand for fuel-efficient vehicles and government support for electric commercial vehicle programmes.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to innovations, significant research & development, and technological progress. The market is expanding as a result of rising demand for buses that are low-emission, high-performance, and fuel-efficient as well as falling prices for electric vehicle batteries. Additionally, it is anticipated that increasing consumer demand and public awareness of fossil fuel pollution would boost market revenue for this market.



Key players in the market

Some of the key players profiled in the Electric Commercial Vehicle Market include Daimler AG, AB Volvo, SAIC Motor Corporation Limited, AUDI AG, Tesla, Inc., Nikola Corporation, Proterra, Inc., General Motors, Workhorse Group Incorporated, Rivian Automotive, Inc., Isuzu Motors Ltd., Kia Motors Corporation, Hino Motors Ltd., Ford Motor Company, Groupe Renault, Hyundai Motor Company, Volkswagen AG, Continental AG, Toyota Motor Corporation and Honda Motor Co.,Ltd.

Key Developments:

In January 2022, AB Volvo launched the enhanced version of Volvo VNR Electric with up to 85% increased range and faster charging.

In December 2021, BYD launched an electric van model ETP3 with a 50.3 kWh NMC battery and a range of 269 km. The new electric van is 4.46-meter-long and has a payload capacity of 720 kg.

Propulsions Covered:
• Fuel Cell Electric Vehicle (FCEV)
• Plug-in Hybrid Electric Vehicle (PHEV)
• Battery Electric Vehicle (BEV)
• Other Propulsions

Components Covered:
• Power Control Unit
• Reducer
• Air Compressor
• Power Conditioner
• Humidifier
• Battery Management System
• Fuel Processor
• On-Board Charge
• Fuel Stack
• Motor
• Battery Cells & Packs
• Other Components

Vehicle Types Covered:
• Medium duty trucks
• Buses
• Heavy duty trucks
• Light duty trucks
• Other Vehicle Types

Battery Types Covered:
• Lithium-iron-phosphate (LFP)
• Nickel-manganese-cobalt (NMC)
• Solid-state battery
• Other Battery Types

End Users Covered:
• Last Mile Delivery
• Long Haul Transportation
• Refuse Services
• Distribution
• Field Services
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions

3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 End User Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19

4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry

5 Global Electric Commercial Vehicle Market, By Propulsion
5.1 Introduction
5.2 Fuel Cell Electric Vehicle (FCEV)
5.3 Plug-in Hybrid Electric Vehicle (PHEV)
5.4 Battery Electric Vehicle (BEV)
5.5 Other Propulsions

6 Global Electric Commercial Vehicle Market, By Component
6.1 Introduction
6.2 Power Control Unit
6.3 Reducer
6.4 Air Compressor
6.5 Power Conditioner
6.6 Humidifier
6.7 Battery Management System
6.8 Fuel Processor
6.9 On-Board Charge
6.10 Fuel Stack
6.11 Motor
6.12 Battery Cells & Packs
6.13 Other Components

7 Global Electric Commercial Vehicle Market, By Vehicle Type
7.1 Introduction
7.2 Medium duty trucks
7.3 Buses
7.4 Heavy duty trucks
7.5 Light duty trucks
7.6 Other Vehicle Types

8 Global Electric Commercial Vehicle Market, By Battery Type
8.1 Introduction
8.2 Lithium-iron-phosphate (LFP)
8.3 Nickel-manganese-cobalt (NMC)
8.4 Solid-state battery
8.5 Other Battery Types

9 Global Electric Commercial Vehicle Market, By End User
9.1 Introduction
9.2 Last Mile Delivery
9.3 Long Haul Transportation
9.4 Refuse Services
9.5 Distribution
9.6 Field Services
9.7 Other End Users

10 Global Electric Commercial Vehicle Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa

11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies

12 Company Profiling
12.1 Daimler AG
12.2 AB Volvo
12.3 SAIC Motor Corporation Limited
12.4 AUDI AG
12.5 Tesla, Inc.
12.6 Nikola Corporation
12.7 Proterra, Inc.
12.8 General Motors
12.9 Workhorse Group Incorporated
12.10 Rivian Automotive, Inc.
12.11 Isuzu Motors Ltd.
12.12 Kia Motors Corporation
12.13 Hino Motors Ltd.
12.14 Ford Motor Company
12.15 Groupe Renault
12.16 Hyundai Motor Company
12.17 Volkswagen AG
12.18 Continental AG
12.19 Toyota Motor Corporation
12.20 Honda Motor Co.,Ltd.

List of Tables
1 Global Electric Commercial Vehicle Market Outlook, By Region (2020-2028) ($MN)
2 Global Electric Commercial Vehicle Market Outlook, By Propulsion (2020-2028) ($MN)
3 Global Electric Commercial Vehicle Market Outlook, By Fuel Cell Electric Vehicle (FCEV) (2020-2028) ($MN)
4 Global Electric Commercial Vehicle Market Outlook, By Plug-in Hybrid Electric Vehicle (PHEV) (2020-2028) ($MN)
5 Global Electric Commercial Vehicle Market Outlook, By Battery Electric Vehicle (BEV) (2020-2028) ($MN)
6 Global Electric Commercial Vehicle Market Outlook, By Other Propulsions (2020-2028) ($MN)
7 Global Electric Commercial Vehicle Market Outlook, By Component (2020-2028) ($MN)
8 Global Electric Commercial Vehicle Market Outlook, By Power Control Unit (2020-2028) ($MN)
9 Global Electric Commercial Vehicle Market Outlook, By Reducer (2020-2028) ($MN)
10 Global Electric Commercial Vehicle Market Outlook, By Air Compressor (2020-2028) ($MN)
11 Global Electric Commercial Vehicle Market Outlook, By Power Conditioner (2020-2028) ($MN)
12 Global Electric Commercial Vehicle Market Outlook, By Humidifier (2020-2028) ($MN)
13 Global Electric Commercial Vehicle Market Outlook, By Battery Management System (2020-2028) ($MN)
14 Global Electric Commercial Vehicle Market Outlook, By Fuel Processor (2020-2028) ($MN)
15 Global Electric Commercial Vehicle Market Outlook, By On-Board Charge (2020-2028) ($MN)
16 Global Electric Commercial Vehicle Market Outlook, By Fuel Stack (2020-2028) ($MN)
17 Global Electric Commercial Vehicle Market Outlook, By Motor (2020-2028) ($MN)
18 Global Electric Commercial Vehicle Market Outlook, By Battery Cells & Packs (2020-2028) ($MN)
19 Global Electric Commercial Vehicle Market Outlook, By Other Components (2020-2028) ($MN)
20 Global Electric Commercial Vehicle Market Outlook, By Vehicle Type (2020-2028) ($MN)
21 Global Electric Commercial Vehicle Market Outlook, By Medium duty trucks (2020-2028) ($MN)
22 Global Electric Commercial Vehicle Market Outlook, By Buses (2020-2028) ($MN)
23 Global Electric Commercial Vehicle Market Outlook, By Heavy duty trucks (2020-2028) ($MN)
24 Global Electric Commercial Vehicle Market Outlook, By Light duty trucks (2020-2028) ($MN)
25 Global Electric Commercial Vehicle Market Outlook, By Other Vehicle Types (2020-2028) ($MN)
26 Global Electric Commercial Vehicle Market Outlook, By Battery Type (2020-2028) ($MN)
27 Global Electric Commercial Vehicle Market Outlook, By Lithium-iron-phosphate (LFP) (2020-2028) ($MN)
28 Global Electric Commercial Vehicle Market Outlook, By Nickel-manganese-cobalt (NMC) (2020-2028) ($MN)
29 Global Electric Commercial Vehicle Market Outlook, By Solid-state battery (2020-2028) ($MN)
30 Global Electric Commercial Vehicle Market Outlook, By Other Battery Types (2020-2028) ($MN)
31 Global Electric Commercial Vehicle Market Outlook, By End User (2020-2028) ($MN)
32 Global Electric Commercial Vehicle Market Outlook, By Last Mile Delivery (2020-2028) ($MN)
33 Global Electric Commercial Vehicle Market Outlook, By Long Haul Transportation (2020-2028) ($MN)
34 Global Electric Commercial Vehicle Market Outlook, By Refuse Services (2020-2028) ($MN)
35 Global Electric Commercial Vehicle Market Outlook, By Distribution (2020-2028) ($MN)
36 Global Electric Commercial Vehicle Market Outlook, By Field Services (2020-2028) ($MN)
37 Global Electric Commercial Vehicle Market Outlook, By Other End Users (2020-2028) ($MN)

Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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