The global electric commercial vehicle market growth is projected to grow from USD 70.9 Billion in 2024 to USD 255.6 Billion by 2030, registering a CAGR of 23.8%. The electric commercial vehicle market is growing globally, driven by factors such as excessive emissions by fossil fuel-powered commercial vehicles, fluctuations in fuel prices, and government support through policies. Europe and North America have increased their adoption of electric pickup trucks and vans, and top fleet owners are planning to shift to electric transportation. Continuous improvements in charging infrastructures have also led to electric commercial vehicles replacing existing commercial vehicles in more countries. R&D activities are being carried out to improve battery technology, reduce battery cost and charge time, increase range, and find substitutes for materials used to manufacture electric vans. With countries worldwide setting targets to reduce their vehicle emissions, the demand for low-emission vehicles, including electric commercial vehicles, is growing.
Electric commercial vehicles with a range of 151–300 miles represent a crucial segment catering to the diverse needs of the transport industry. These vehicles balance urban and regional applications, offering an extended range suitable for inter-city logistics and medium-distance transport. The demand for electric trucks within this range is growing in the transport industry as businesses seek sustainable alternatives to traditional fuel-powered vehicles. With a range that accommodates regional operations and a growing emphasis on reducing carbon footprints, electric commercial vehicles in the 151–300 miles range are gaining traction, contributing to the ongoing transformation of the commercial transportation sector towards cleaner and more environmentally friendly solutions. In May 2023, Mercedes-Benz introduced the EQT van, equipped with a 90-kW electric motor and a range of 175 miles.
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The less than 100 kW power output segment plays a pivotal role in shaping the future of sustainable urban transportation. This category primarily encompasses smaller electric vehicles, such as small electric vans, designed for efficiency in short-distance applications, offering an eco-friendly alternative for urban logistics and last-mile deliveries. Small vans within this power range have garnered significant attention for their practicality and environmental benefits. These compact electric vans are becoming increasingly popular among logistics companies for their ability to easily navigate congested city streets, reducing emissions and noise pollution. Their nimble design and electric propulsion make them ideal for quick and efficient deliveries, contributing to the overall evolution of urban logistics toward more sustainable and environmentally conscious practices. Various leading OEMs offer electric commercial vehicles with power outputs below 100 kW as the demand for sustainable last-mile delivery has significantly increased. For instance, Tata Motors (India) targeted the intra-city cargo transport operators for e-commerce, FMCG, and courier businesses. They began the deliveries of the electric Ace in 2023, with a power output of 27 kW, offering a lower total cost of ownership.
Many key players are focusing on improving the range of electric buses and trucks, anticipating the significant growth in demand for electric commercial vehicles in the coming years. The Chevrolet Silverado EV is an upcoming battery electric full-size pickup truck expected to launch in 2024. It comes with a range of 450 miles (720 km) and a battery capacity of 240 kWh. Many leading OEMs offer their products in the 210–300 kWh battery capacity range. The 201–300 kWh electric commercial vehicles are well-suited for logistics and transportation, particularly in urban areas. Mercedes-Benz Group AG offers the Saf-T-Liner C2 Jouley electric school bus with a 244 kWh battery pack. The medium-sized cargo capacity of such electric commercial vehicles and their improved range allow them to transport goods over longer distances than low-powered electric commercial vehicles, making them ideal for inter-city transportation.
The North American electric commercial vehicle market is experiencing significant growth driven by various factors, including tightening emission regulations, increasing environmental awareness, and advancements in electric vehicle (EV) technology. With a focus on reducing greenhouse gas emissions and dependence on fossil fuels, North America’s governments, businesses, and consumers are increasingly turning to electric commercial vehicles as a sustainable transportation solution.
In North America, federal and state governments are offering incentives to promote the adoption of electric vehicles, including electric commercial vehicles. These incentives include tax credits, rebates, grants, and infrastructure investments. For instance, the US federal government’s investments in charging infrastructure and tax incentives for EV purchases have stimulated growth in the electric commercial vehicle market. The expansion of charging infrastructure is critical for the widespread adoption of electric commercial vehicles. There has been significant investment in charging networks in North America, including fast-charging stations along major transportation routes and in urban areas. For instance, in January 2024, the US government invested USD 623 million in charging infrastructure. In February 2024, the first public 500 kW charging station for North America was unveiled at Mercedes-Benz USA Headquarters in Sandy Springs, Georgia. In May 2023, PACCAR Inc. (US) and Toyota Motor North America, Inc. collaborated to expand their joint efforts to develop and produce hydrogen fuel cell (FCEV) Kenworth and Peterbilt trucks powered by Toyota hydrogen fuel cell modules.
North America is home to renowned OEMs that specialize in producing high-quality and high-performance vehicles, driving the growth of the electric commercial vehicle market. These manufacturers, including Ford Motor Company (US), Tesla, Inc. (US), PACCAR Inc. (US), WorkHorse Group (US), and General Motors (US), are increasingly focusing on developing faster, cleaner, and more efficient electric commercial vehicles. The region is also home to top electric medium-duty and heavy-duty truck manufacturers such as Chanje Energy Inc. (US), Mitsubishi (Japan), and Orange EV (US). Thus, all such factors are expected to boost the North American electric commercial vehicle market during the forecast period.
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