The global Electric Commercial Vehicle Industry Size is projected to grow from USD 70.9 billion in 2024 to USD 255.6 billion by 2030, registering a CAGR of 23.8%.
By offering a more sustainable and cleaner substitute for conventional commercial vehicles that run on fossil fuels, ECVs hope to lessen air pollution, greenhouse gas emissions, and dependency on finite fossil fuel supplies. Due to decreased fuel and maintenance costs, ECVs help businesses cut their overall operating costs. Compared to internal combustion engine vehicles, electric vehicles have fewer moving parts and require less regular maintenance, which lowers the overall cost of ownership over the course of the vehicle’s life. ECVs also gain from improved battery technology and rising energy efficiency, which result in greater driving ranges and quicker charging times, boosting their usefulness and attractiveness for commercial use.
“During the forecast period, the heavy-duty truck market is anticipated to exhibit a notable growth rate.”
Over the course of the forecast period, the heavy-duty truck market is anticipated to grow at a CAGR of 35.3%. The adoption of electric heavy-duty vehicles is anticipated to be fueled by the European Union’s (EU) strict pollution laws and targets. Fleet operators may be encouraged to convert to electric trucks by regulations like the Euro 6 standards and prospective future requirements for zero-emission vehicles. Government grants, tax credits, subsidies, and other financial incentives can drastically lower the initial costs of buying electric heavy-duty trucks, increasing their viability for fleet operators. Electric vehicles (EVs), including fuel cell electric vehicles (FCEVs) and battery electric vehicles (BEVs), are eligible for subsidies from the EU. For ten years, EVs registered before December 31, 2025, are immune from ownership taxes. In Germany, this exemption is in effect until December 31, 2030. Therefore, the market for electric trucks in the ECV industry will be supported by such government measures.
Furthermore, it is anticipated that the growing need for emission-free public transportation solutions in both developed and emerging nations would soon propel the electric bus market. Cleaner transportation options are being adopted by governments and localities as a result of increased awareness of climate change and stronger emission laws. Because electric buses have no tailpipe emissions, they drastically lower greenhouse gas emissions and air pollution in cities. Mexico City Metrobus (Mexico) received 20 electric buses from BYD Mexico in January 2024. These buses are 15 meters long and feature a low floor. They feature a 200-kilometer range, a 300-kWh battery, and the potential to carry up to 130 passengers. Three hours are needed for charging. There are 55 all-electric buses in this supply. By using these new buses, Metrobus anticipates reducing CO2 emissions by 5,845 tons per year.
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“During the forecast period, the 121–200 kWh battery capacity segment is expected to exhibit significant growth.”
For a number of reasons, the market for electric commercial vehicles is expanding significantly in the 121–200 kWh battery capacity range. Applications requiring extended range and reliable performance are met by this battery capacity range, which makes it appropriate for heavy-duty trucks, long-distance transit, and other commercial vehicles with significant energy needs. Due to the necessity to replace conventional diesel-powered fleets, the demand for electric vehicles in this market has increased as companies place a greater emphasis on sustainability and emissions reduction. Electric commercial cars with battery capacity ranging from 121 to 200 kWh are available from a number of OEMs. For example, the T5 light-duty delivery trucks from BYD (China) have a 150 kWh battery capacity. In 2025, MAN Truck & Bus (Germany) plans to begin large-scale industrial production of the battery-electric MAN eTGM. Lithium-ion NMC with an 185 kWh capacity will be included. Throughout the projected period, these advancements will propel the 121–200 kWh section of the electric commercial vehicle market.
“During the forecast period, North America will be the leading growing market for electric commercial vehicles.”
The market for electric commercial vehicles in North America is expanding significantly due to a number of factors, such as stricter emission standards, growing environmental consciousness, and improvements in EV technology. Governments, corporations, and consumers in North America are increasingly looking to electric commercial vehicles as a sustainable transportation option as a means of lowering greenhouse gas emissions and reliance on fossil fuels. Large sums of money have been invested in charging networks throughout North America, including fast-charging stations in cities and along important transit lines. The US government, for example, spent USD 623 million on charging infrastructure in January 2024. The first North American public 500 kW charging station was inaugurated at Mercedes-Benz USA Headquarters in Sandy Springs, Georgia, in February 2024. To further develop and manufacture hydrogen fuel cell (FCEV) Kenworth and Peterbilt trucks that are powered by Toyota hydrogen fuel cell modules, PACCAR Inc. (US) and Toyota Motor North America, Inc. partnered in May 2023. Renowned OEMs with a focus on building high-performance, high-quality cars are based in North America, and they are the main factor propelling the market expansion for electric commercial vehicles. The development of electric commercial vehicles that are quicker, cleaner, and more efficient is a growing priority for these manufacturers, which include Tesla, Inc. (US), PACCAR Inc. (US), Ford Motor Company (US), WorkHorse Group (US), and General Motors (US). Leading producers of electric medium- and heavy-duty trucks, like Orange EV (US), Mitsubishi (Japan), and Chanje Energy Inc. (US), are based in the area. Therefore, during the forecast period, all of these factors are anticipated to support the North American electric commercial vehicle market.
Key Market Players
The electric commercial vehicle market is dominated by established players such as BYD (China), Mercedes-Benz Group AG (Germany), Yutong (China), AB Volvo (Sweden), and Ford Motor Company (US).
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