The global electric commercial vehicle market size is expected to grow from approximately 519.4 thousand units in 2023 to reach 2,155.1 thousand units by 2030, at a CAGR of 22.5%. Factors such as rise in pollution and environmental hazards, stringent government regulations, and stiff competition have resulted in automotive OEMs to make fuel-efficient and environment friendly ECVs.
Extensive efforts to reduce emissions and global warming have led to the development of all types of electric vehicles. Excessive emissions by fossil fuel-powered commercial vehicles the transportation sector, fluctuations in fuel prices, and government support through policies and plans are the key factors driving the development and growth of the electric commercial vehicle market. Developed economies, such as US, Japan, Germany, and UK, have a significant share of green vehicles due to the rising concern for environment-friendly vehicles. Countries in Europe and North America have also increased their adoption rate of electric pickup trucks and vans. The demand for electric commercial vehicles has increased significantly in the past few years with the plans by top fleet owners to shift to electric transportation, especially in the European region.
Based on Battery Capacity: The 60-120 kWh segment to be the largest market during the forecast period. The increasing awareness for electric vehicles and subsidies offered by government to drive the demand for electric commercial vehicles with 60-120 kWh battery capacity. Less time is required to charge these batteries. In recent years, OEMs manufacturing heavy commercial vehicles are focusing on increasing truck and fleet efficiency, comfort, and connectivity. The introduction of a greater number of comfortable long haul commercial vehicles such as Tesla Semi, is expected to the growth of the segment during the forecast period.
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Based on Power Output: The 100-250 kW segment to be the fastest growing market during the forecast period. Motors with an output range of 100-250 kW are used in the mid-range of electric commercial vehicles. Such motors are widely used in North America due to the increasing number of companies developing entry-level electric pickup trucks. In June 2022, Mercedes Benz Group AG announced to start series production of its electric truck eEconic. With power output of 160 Kw. In February 2022, BYD unveiled electric truck. It offers power output of 210 Kw. In 2021, Navistar Inc launched zero emission medium duty truck. It is an all-electric medium-duty vehicle. It has 210 kWh peak power. In July 2022, Terex Utilities announced to purchase all-electric bucket truck mounted on an eMV Series chassis for distribution services.
Based on End User: Long Haul Transportation segment to be the fastest growing market during the forecast period. Long haul transportation refers to the movement of goods over relatively longer distances. Goods can be moved by using any mode of transportation, such as rail, truck, ship, or any combination of modes. In February-2022, BYD announced the supply of 200 Class 8 8TT battery-electric day cab trucks to Einride (Sweden) for deployment across US. In June 2021, Manhattan Beer Distributors (US) placed an order for five Volvo VNR Class-8 Electric Trucks for its fleet operations in New York, Long Island, and surrounding counties from one of its warehouses.
Based on Range: Low performance and affordable electric commercial vehicles usually have a range of less than 150 miles. Several OEMs offer electric vans with low-cost batteries with a restricted range of 100-150 miles. OEMs have been providing trucks and vans for this segment over the years. For instance, in 2023, Rizon, a brand of Daimler, launched the e18L, e16L, and the e16M medium duty electric trucks with a range of 110-160 miles. Furthermore, Bollinger Motors launched a medium duty all-electric truck Bollinger B4 in September 2022, which is an all-wheel-drive aluminum body vehicle. It has a range of 100 – 200 miles. Municipalities use low range electric vans and trucks for a variety of services, including waste collection, street sweeping, and maintenance tasks. Electric vehicles are an excellent choice for these tasks because they produce no emissions and are much quieter than gas or diesel-powered vehicles. In 2021, Irizar Group received order for 10 electric trucks which will be used for refuse services.
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By Region: Europe is estimated to have a noticeable share in the global electric commercial vehicle market in 2023. The region is home to OEMs such as Mercedes Benz Group AG(Germany), VDL Groep (Netherlands) and AB Volvo (Sweden) and presents a big growth opportunity for the electric commercial vehicle market. The increasingly stringent regulations related to environmental issues are propelling market players to test and develop advanced vehicles, which would further boost the electric commercial vehicle market. Various subsidies have been announced for the R&D of lightweight batteries. France has announced the ban on sales of diesel and petrol vehicles by 2040, after which these vehicles will not be permitted to run on the road. AB Volvo targets 50% electric truck sales in the region by 2030. In September 2022, Mercedes Benz Group AG launched its long-range electric truck eActros Long Haul. It is equipped with battery capacity of 600 kWh. Furthermore, in February 2022, AB Volvo announced the establishment of a large-scale production plant for battery cells to meet the growing demand for zero-emission transportation.
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