The global electric light commercial vehicle market size is projected to grow from 333.6 thousand units in 2022 to 3,919.3 thousand units by 2030, at a CAGR of 36.1%.
Factors such as rising demand for zero-emissions commuting and government support for low-emission vehicles through subsidies and tax breaks have resulted in automakers embracing EVs and the expansion of the electric light commercial vehicle market. Government bodies are supporting zero emission vehicles over petrol or diesel automobiles due to growing worries about increased pollution by the automotive industry. People have acknowledged the importance of promoting zero-emission vehicles in order to prevent pollution. Government agencies in several countries are proposing attractive plans and incentives to entice and encourage individuals to acquire ELCVs, such as substantial discounts, reduction in taxes, lower road charges for zero emission vehicles, and others.
“E-Pickup Trucks is expected to grow at the fastest rate during the forecast period.”
E-pickup trucks is expected to grow at the fastest rate during the forecast period. Electric pickup trucks are generally more cost-effective to operate and maintain compared to traditional gasoline-powered pickup trucks. Their lower fuel costs and reduced maintenance requirements can lead to significant savings for businesses and consumers over time. Many governments worldwide are implementing policies to promote the adoption of electric pickup trucks, such as tax breaks, subsidies, and preferential treatment in urban areas. These incentives make electric pickup trucks more affordable and attractive to businesses and consumers. Additionally, Battery technology is continuously improving, resulting in batteries with higher energy density, enabling electric pickup trucks to travel longer distances on a single charge. OEMs such as Ford Motor Company, General Motors, Stellantis are lauching new ELCVs models for instance, in May 2022, Tata Motors launches e-cargo transport solutions with the all-new Ace EV. Additionally Tata Motors Partners with Amazon, BigBasket, Flipkart and their logistics partners for green intra-city deliveries Signs Memorandum of Understanding to deliver 39,000 Ace EVs. Also, In January 2023, The electric mobility arm of Jupiter Wagons Ltd, debuted two electric light commercial vehicles for India the Jem Tez and the EV Star CC.
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“FCEV segment will grow at significant growth rate during the forecast period.”
During the forecast period, the FCEV segment is expected to grow at significant growth rate during the forecast period. FCEVs are being used for urban logistics applications, such as waste collection and last-mile delivery. This is due to their zero emissions and quiet operation, which makes them ideal for use in urban areas. Also, FCEVs are also being used for cold chain transportation applications, such as refrigerated light electric trucks and vans. This is due to their ability to operate at low temperatures and their long range. Moreover, As governments continue to support zero-emission vehicles and the e-commerce and urban logistics sectors continue to grow, FCEVs are expected to play an increasingly important role in the electric light commercial vehicle market. Manufacturer are also developing ELCVs by FCEV propulsion such as in September 2022, Hyundai and Iveco launched the Iveco daily fuel cell electric van in Hannover. With increasing interest from large multinational energy firms to transition to cleaner fuels and the strong commitment of several major OEMs such as Toyota and Hyundai, there are efforts to push the development and deployment of FCEVs. Hence the FCEV segment will grow during the forecast period.
“North America to be the fastest growing market for electric light commercial vehicle during the forecast period.”
The North American region is one of the most well-established ELCV markets in the world. Countries such as the US and Canada have a high demand for ELCVs across some of their states. Although there are not many unified regulations for the development of ELCVs, different states offer varying amounts of subsidies, tax rebates, and other incentives for ELCVs buyers and manufacturers. The region is also home to many top ELCVs manufacturers, such as General Motors, Ford and Others. These companies have worked together to cater to the ELCVs demand in the region along with other foreign players. The ELCVs market in Canada is expected to grow at a significant rate due to new regulations which are encouraging the demand for ELCVs. Top ELCVs battery providers and startups have partnered with OEMs in the North American ELCVs market. GM, for instance, has partnered with LG Chem for their ELCVs batteries. Such development will drive the growth of North America ELCVs market in the forecast period.
Key Market Players
The Electric Light Commercial Vehicle market is dominated by established players such as BYD (China), Ford Motor Company (US), General Motors (US) Mercedes-Benz (Germany), and Nissan Motor Co. Ltd. (Japan).
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