The electric van market is projected to register a CAGR of 33.6% from 2022 to 2030, reaching 1,082.9 thousand units by 2030 from 106.8 thousand units in 2022. Continuous development in battery technologies and an increasing number of e-commerce companies will drive the electric van market.
The above 50 kWh battery capacity is usually found in high-performance electric vans. Electric vans with above 50 kWh battery capacities are used extensively in intercity transport. However, with large-capacity batteries, the time required to charge the battery fully is more, the space required is more, and the cost of such batteries is higher as well. This results in a higher cost for electric vans. In April 2021, Toyota Motor Corporation launched the Proace Electric van which offers a battery capacity of 75 kWh. In April 2021, Fiat announced its E-Ducato electric van which features a battery capacity of 79 kWh and a range of 175 miles. Anticipating the significant demand for electric vans for long-distance commutes in the coming years, many major companies are developing vehicles with a high battery capacity.
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NMC batteries are composed of several materials with different properties, have high density, and are efficient. These batteries are ideal for use in electric vans as they have a low self-heating rate while in operation. The chemical composition of the NMC batteries comprises lithium nickel manganese cobalt oxide as the cathode and graphite as the anode. They are very expensive and toxic in nature due to the presence of cobalt. OEMs have now started to shift towards the adoption of higher content of nickel in cathodes. Compared to cobalt, nickel cells have a lower cost and higher life cycle. NMC batteries are generally used for long-range electric vans owing to their long life cycle, stability, and high energy density. NMC batteries are preferable for colder climatic regions, such as Europe and North America.
The increasing use of electric vans for last-mile delivery of goods from warehouses to end users is expected to boost the electric van industry in the near future. Companies are considering the addition of electric vans, especially electric vans, to their fleets to reduce fuel expenses and mitigate emissions. In 2019, Amazon announced its plan to introduce 100,000 electric delivery vans by 2030 in partnership with Rivian. The company plans to roll out the first 10,000 e-vans globally by the end of 2022 and aims to have 10,000 e-vans in India by 2025. In April 2022, Ford Motor Company announced its plan to supply electric vans to US Postal Services for delivery purposes. In 2020, Nissan Motor Corporation announced its plan to supply DPD, an international logistics supplier, with 300 electric vans.
Key Market Players
The key players considered in the analysis of the electric van companies are General Motors (US), Renault (France), Toyota Motor Corporation (Japan), BYD (China), and Ford Motor Company (US).
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