The Electric Commercial Vehicle Market is projected to grow from 353 thousand units in 2022 to 3,144 thousand units by 2030, at a CAGR of 31.4% during the forecast period
OEMs worldwide are investing heavily in research & testing applications leading to continuous advancements in electric commercial vehicles. For instance, Volvo Group is working with Samsung SDI to develop advanced battery packs for Volvo Group’s electric trucks. The alliance will cover the joint development of battery packs specifically developed for Volvo Group’s truck applications. The intention is that Volvo Group will utilize Samsung SDI’s battery pack technology for assembly in Volvo Group’s manufacturing operations.
Growth of Electric Bus and Van Segments in Commercial Vehicle Market
In the Electric Commercial Vehicle Market, by vehicle type, the electric bus segment is projected to be the largest in 2020, by volume. Increasing demand for emission-free public transport options in developed as well as developing countries is expected to boost the electric bus segment rapidly in the near future. Also, there is a high demand for electric vans from the last mile delivery and logistics sector. The growth of the logistics and e-commerce sectors is expected to drive the market for electric vans during the forecast period.
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Expanding Markets for Electric Commercial Vehicles Worldwide
The market leading players are focusing on expanding their businesses in new markets across the world. North America is one of the potential markets for electric commercial vehicles. In June 2020, The Chilean public transport system added 150 new electric buses built by BYD. As per the company’s claim, with 455 electric buses in Chile, BYD has almost 65% market share in Chile’s electric bus market Also, Proterra, one of the leading American OEMs has introduced the ZX5, which is a fifth-generation battery-electric transit bus featuring a new streamlined vehicle design in sept 2020. The new Proterra ZX5 40 ft. electric bus can be equipped with 660KW of energy storage that can deliver up to 329 miles of drive range. OEMs are exploring other potential markets also. For instance, in Aug 2019, Yutong expanded into the Finnish market by successfully delivering 33 of its fully electric buses to Helsinki, Finland.
North America is expected to be the fastest-growing market during the forecast
The North American region is projected to be the fastest-growing market during the forecast period. The region is a hub to major players such as Proterra (California, U.S), Tesla (California, U.S), Workhorse Group (Ohio, U.S), Nikola Motor Company (Arizona, U.S) and Rivian (Michigan, U.S). North America is a key region for innovations; significant R&D; and technological advancements in electric vehicles, battery technologies, and charging solutions.
U.S is the largest market in North America, followed by Canada. Also,U.S, is home to many established OEMs providing electric vehicles and also has a higher adoption rate for electric commercial vehicles.
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Key Market Players
The Electric Commercial Vehicle Market is dominated by established players such as BYD (China), Yutong (China), AB Volvo (Sweden), VDL Groep (Netherland), and CAF (Spain). The market ranking has been derived by considering ECV sales and a certain percentage of segmental revenue for each of the companies mentioned above. These companies also offer extensive products and solutions for the automotive industry. These companies have strong distribution networks at the global level, and they invest heavily in R&D to develop new products.
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