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Global Electric Commercial Vehicle Market- By Propulsion Type (BEV, HEV, PHEV and FCEV), By Vehicle Type (Bus, Truck, and Pick-up Trucks), By Range (0-150 Miles, 151-250 Miles, 251-500 Miles and 500 Miles & Above), By Component (Electric Motor, EV Battery and Hydrogen Fuel Cell), and By Region (North America, Europe, Asia Pacific, South America, and Middle East, & Africa)- Global forecast from 2020-2027.
Global Electric Commercial Vehicle Market Overview:
Commercial vehicles are vehicles that used to transport people and goods in terms of design and technical characteristics and can tow trailers. Commercial vehicles divided into passenger cars, trucks, semi-trailer tractors, passenger car incomplete vehicles, and incomplete truck vehicles.
Global Electric Commercial Vehicle Insights
The global Electric Commercial Vehicle market expected to spur by 2027 with a sales of 1700 thousand units at a phenomenal CAGR in the forecast period from 2020-2027. With the rapid development of new energy passenger vehicles, increasing levels of pollution, extinction of fossil fuels, and government investment in the manufacturing of commercial electric vehicles will fuel the market demand for the global electric commercial vehicle market.
Moreover, the most significant driving factor for users to purchase commercial electric vehicles is the policy stimulus. In new energy promotion cities, the market space for traditional cars gradually compressed. Electric vehicles are capturing the market share, encourage or restrict users to only purchase commercial electric vehicles, and breakthrough the first restrictions on the use of traditional energy commercial vehicles.
Furthermore, the electric commercial vehicle has various safety measures installed, and with unique design will propel the market growth. The features in an electric car equipped with a high back adjustable leather driver’s seat and a high-quality leather bus seat, which is exquisite and beautiful, attract the market demand. The sound insulation of the vehicle is excellent. It also has high safety protection measures, including vehicle design protection, maintenance safety protection, short circuit protection, collision safety protection, wading protection, leakage monitoring, etc. The power battery has high safety, and various protection measures comply with international standards.
The market demand for a commercial electric vehicle is rising owing to the government promoting and creating awareness regarding the use of electric cars and also investing in the manufacturing of plants of commercial electric vehicles. There are other advantages of the electric vehicle that it diminishes the greenhouse gas emission and also very cost-effective. Also, with the decreasing price of the battery coupled with advanced technology, the electric commercial vehicle market is going to fuel the market share in the future as well.
Growth Driver
Depletion in oil reserves
The factors driving the growth of the electric commercial vehicle market are due to the rising depletion in oil reserves, and it is going to finish shortly. Therefore, the adoption of the electric vehicle is creating demand at the global level and continues to provide smooth and clean mobility.
Rising pollution and environmental hazards
The use of fossil fuel in vehicle rise the pollution level and emission of greenhouse gas led to environmental pollution. It caused chronic diseases like asthma and many other respiratory diseases. Therefore, the adoption of the commercial electric vehicle will reduce the rate of hazards diseases and provide a clean and safe environment.
By Propulsion Type Segmental Analysis
Based on the propulsion type, the global electric commercial vehicle market distributed into BEV, HEV, PHEV, and FCEV. The battery-electric vehicle (BEV) segment accounted for the largest share of the market is projected to grow during the forecast period from 2020-2027. Battery electric vehicle has a unique feature that it exclusively uses a hydrogen fuel cell, internal combustion engine stored in rechargeable battery packs, with no other source of propulsion. Moreover, the gasoline cost required to operate a vehicle is higher than the operative price associated with electricity cost BEV over a distance of one mile is significantly lower to run a comparable ICEV over the same range.
By Vehicle Type Segmental Analysis
Based on the vehicle type, the global electric commercial vehicle market classified into Bus, Truck, and Pick-up Trucks. The bus segment has the largest market share in the global electric commercial vehicle market. It is mainly owing to a large section of people uses the commercial vehicle for mobility. Therefore, the electric bus is going to capture the electric commercial vehicle market. Moreover, the use of electricity in buses reduces the number of tickets of the passengers, and it reduces overall maintenance costs as well.
By Range Segmental Analysis
Based on the Range, the global electric commercial vehicle segmented into 0-150 Miles, 151-250 Miles, 251-500 Miles, and 500 Miles & Above. The 151-250 miles range segment has emerged the market share of the global electric commercial vehicle market and expected to dominate in the forecast period as well. It is mainly owing to the range of the bus that can cover the distance 250 miles on one single charge on urban roads. Also, buses allegedly have the most extended ride range than any other commercial vehicle.
By Component Segmental Analysis
Based on the component, the global electric commercial vehicle classified into Electric Motor, EV Battery, and Hydrogen Fuel Cell. The electric motor segment has captured the largest market share in the global electric commercial vehicle market. It is mainly due to the various benefits associated with the commercial electric vehicle. The electric motor is cheaper to maintain as no fuel is required, low carbon footprints, and eco-friendlier. It produces less noise pollution and provides a smoother ride. Therefore, the electric motor will fuel the market share of the global electric commercial vehicle market.
By Region Segmental Analysis
Based on geography, the global electric commercial vehicle market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific expected to hold the largest share of the global electric commercial vehicle market. The developing countries such as China and India are creating higher market demand for the electric commercial vehicle market by manufacturing electric vehicles and investing in R&D and installation of charging stations. Moreover, china capturing the largest share of the manufacturing of commercial electric vehicles owing to reduce the pollution level.
Competitor Analysis
Companies such as AB Volvo, Alexander Dennis Ltd., Alstom–NTL, Anhui Ankai Automobile Co. Ltd., Ashok Leyland Ltd., Bluebus SAS, Bozankaya A.S., BYD Co. Ltd., Caetanobus – Fabrico De Autocarros E Carrocarias S.A., Chariot Motors, Dongfeng Motor Corp., Ebusco B.V., Nanjing Golden Dragon Bus Co. Ltd., Proterra Inc., and Tata Motors Ltd. The major electric truck manufacturers are Cummins Inc., E-Force One AG, Hino Motors Ltd. Isuzu Motors Ltd., Iveco S.p.A., Nikola Corp., Nissan Motor Co. Ltd., Scania AB, Workhorse Group Inc., and others are key players in the global electric commercial vehicle market.
Key Stakeholders
- Market research and consulting firms
- Industry associations
- Global electric commercial vehicle manufacturing companies
- Research organizations and consulting companies’ electric commercial vehicle
- Regulatory bodies
Recent Developments
- In March 2020, BYD launched its Blade Battery, a development set to mitigate concerns about battery safety in electric vehicles.
- In July 2020, Volvo Penta, a division of AB Volvo, developed an electric driveline for a leading fire service vehicle manufacturer, Rosenbauer’s pioneering fire truck, enabling an innovative new solution with zero exhaust emissions and significantly lesser noise levels.
- In September 2020, Mercedes-Benz, a subsidiary of Daimler AG, introduced its new all-electric eCitaro G, which is optionally equipped with innovative solid-state batteries.
- In April 2021, Rivian reported utilizing Samsung SDI battery cells for its R1T electric pickup truck and R1S electric SUV, just as forthcoming as business vehicles.
Scope Of the Report
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 170 Billion |
| Revenue forecast in 2027 | USD 810 Billion |
| Growth Rate | CAGR of 25% from 2020 to 2027 |
| Historical data | 2017-2019 |
| Forecast period | 2021 – 2027 |
| Region covered | America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Key companies Profiled | AB Volvo, Alexander Dennis Ltd., Alstom–NTL, Anhui Ankai Automobile Co. Ltd., Ashok Leyland Ltd., Bluebus SAS, Bozankaya A.S., BYD Co. Ltd., Caetanobus – Fabrico De Autocarros E Carrocarias S.A., Chariot Motors, Dongfeng Motor Corp., Ebusco B.V., Nanjing Golden Dragon Bus Co. Ltd., Proterra Inc., and Tata Motors Ltd. |
The objective of the Research
- Market modeling starts with identifying a target market where historical data exists. A Market can include prediction problems, economic factors, analyzing customer behavior, and identifying new patterns from past events, which helps our client to have deep dive into the market.
- Product analysis involves steps such as examining product features, costs, availability, quality, and other aspects. Product analysis is conducted to understand potential buyers and measure competition in the market.
- Market Trend and Economic Factors Analysis helps in assessing potential changes to an economy’s inflation rate, taxes, interest rates, exchange rates, trading regulations, and excise duties that can or have a major effect on the target market.
- Market Segmental Analysis defines in-depth scenario of the target market by the process of grouping consumers into naturally existing created segments of consumers who share similar product preferences or characteristics
- The geographical mapping approach helps our clients to understand national or international markets because different consumers in different regions have different needs wants, and cultural characteristics that can be specifically targeted.
Market Modelling
By Propulsion Type
- BEV
- HEV
- PHEV
- FCEV
By Vehicle Type
- Bus
- Truck
- Pick-up Trucks
By Range
- 0-150 Miles
- 151-250 Miles
- 251-500 Miles
- 500 Miles & Above
By Component
- Electric Motor
- EV Battery
- Hydrogen Fuel Cell
By Region
- Europe
- North America
- Asia Pacific
- South America
- Middle East & Africa
Global Electric Commercial Vehicle Market
Report Content
- Research Strategic Development
- Market Modelling
- Product Analysis
- Market Trend and Economic Factors Analysis
- Market Segmental Analysis
- Geographical Mapping
- Country Wise Segregation
- Research Methodology
- Identification of Target Market
- Data Acquisition
- Refining of Data/ Data Transformations
- Data Validation through Primary Techniques
- Exploratory Data Analysis
- Graphical Techniques/Analysis
- Quantitative Techniques/Analysis
- Visual Result/Presentation
- Executive Summary
- Market Insights
- Economic Factor Analysis
- Drivers
- Trends
- Opportunities
- Challenges
- Competitors & Product Analysis
- Regulatory Framework
- Company market share analysis, 2019
- Porter’s Five forces analysis
- New Investment Analysis
- PESTEL Analysis
- Economic Factor Analysis
- Global Electric Commercial Vehicle Market Overview
- Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Market Share & Forecast, 2016-2027
- By Propulsion Type
- BEV
- HEV
- PHEV
- FCEV
- By Vehicle Type
- Bus
- Truck
- Pick-up Trucks
- By Range
- 0-150 Miles
- 151-250 Miles
- 251-500 Miles
- 500 Miles & Above
- By Component
- Electric Motor
- EV Battery
- Hydrogen Fuel Cell
- By Region
- Europe
- North America
- Asia Pacific
- South America
- Middle East & Africa
- By Propulsion Type
- Demand
- Market Size & Forecast, 2016-2027
- Europe Electric Commercial Vehicle Market Overview
- Europe Electric Commercial Vehicle Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Europe Electric Commercial Vehicle Market Share & Forecast, 2016-2027
- By Propulsion Type
- BEV
- HEV
- PHEV
- FCEV
- By Vehicle Type
- Bus
- Truck
- Pick-up Trucks
- By Range
- 0-150 Miles
- 151-250 Miles
- 251-500 Miles
- 500 Miles & Above
- By Component
- Electric Motor
- EV Battery
- Hydrogen Fuel Cell
- By Country
- Germany
- UK
- France
- Italy
- Rest of Europe
- Company Market Share (Top 3-5)
- Economic Impact Study on Europe Electric Commercial Vehicle Market
- By Propulsion Type
- Demand
- Europe Electric Commercial Vehicle Size & Forecast, 2016-2027
- North America Electric Commercial Vehicle Market Overview
- North America Electric Commercial Vehicle Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- North America Electric Commercial Vehicle Market Share & Forecast, 2016-2027
- By Propulsion Type
- BEV
- HEV
- PHEV
- FCEV
- By Vehicle Type
- Bus
- Truck
- Pick-up Trucks
- By Range
- 0-150 Miles
- 151-250 Miles
- 251-500 Miles
- 500 Miles & Above
- By Component
- Electric Motor
- EV Battery
- Hydrogen Fuel Cell
- By Country
- US
- Canada
- Mexico
- Company Market Share (Top 3-5)
- Economic Impact Study on North America Electric Commercial Vehicle Market
- By Propulsion Type
- Demand
- North America Electric Commercial Vehicle Market Size & Forecast, 2016-2027
- Asia Pacific Electric Commercial Vehicle Overview
- Asia Pacific Electric Commercial Vehicle Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Asia Pacific Electric Commercial Vehicle Market Share & Forecast, 2016-2027
- By Propulsion Type
- BEV
- HEV
- PHEV
- FCEV
- By Vehicle Type
- Bus
- Truck
- Pick-up Trucks
- By Range
- 0-150 Miles
- 151-250 Miles
- 251-500 Miles
- 500 Miles & Above
- By Component
- Electric Motor
- EV Battery
- Hydrogen Fuel Cell
- By Country
- China
- India
- Japan
- Australia
- Rest of Asia Pacific
- Company Market Share (Top 3-5)
- Economic Impact Study on Asia Pacific Electric Commercial Vehicle Market
- By Propulsion Type
- Demand
- Asia Pacific Electric Commercial Vehicle Market Size & Forecast, 2016-2027
- South America Electric Commercial Vehicle Market Overview
- South America Electric Commercial Vehicle Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- South America Electric Commercial Vehicle Market Share & Forecast, 2016-2027
- By Propulsion Type
- BEV
- HEV
- PHEV
- FCEV
- By Vehicle Type
- Bus
- Truck
- Pick-up Trucks
- By Range
- 0-150 Miles
- 151-250 Miles
- 251-500 Miles
- 500 Miles & Above
- By Component
- Electric Motor
- EV Battery
- Hydrogen Fuel Cell
- By Country
- Brazil
- Argentina
- Rest of South America
- Company Market Share (Top 3-5)
- Economic Impact Study on South America Electric Commercial Vehicle Market
- By Propulsion Type
- Demand
- South America Electric Commercial Vehicle Market Size & Forecast, 2016-2027
- Middle East & Africa Electric Commercial Vehicle Market Overview
- Middle East & Africa Electric Commercial Vehicle Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Middle East & Africa Electric Commercial Vehicle Market Share & Forecast, 2016-2027
- By Propulsion Type
- BEV
- HEV
- PHEV
- FCEV
- By Vehicle Type
- Bus
- Truck
- Pick-up Trucks
- By Range
- 0-150 Miles
- 151-250 Miles
- 251-500 Miles
- 500 Miles & Above
- By Component
- Electric Motor
- EV Battery
- Hydrogen Fuel Cell
- By Country
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
- Company Market Share (Top 3-5)
- Economic Impact Study on Middle East & Africa Electric Commercial Vehicle Market
- By Propulsion Type
- Demand
- Middle East & Africa Electric Commercial Vehicle Market Size & Forecast, 2016-2027
- Competitor Analysis
- Company Description
- Financial Analysis
- Key Products
- Key Management Personnel
- Contact Address
- SWOT Analysis
- Company Profile
- AB Volvo
- Alexander Dennis Ltd.
- Alstom–NTL
- Anhui Ankai Automobile Co. Ltd.
- Ashok Leyland Ltd.
- Bluebus SAS
- Bozankaya A.S.
- BYD Co. Ltd.
- Caetanobus – Fabrico De Autocarros E Carrocarias S.A.
- Chariot Motors
- Dongfeng Motor Corp.
- Ebusco B.V.
- Nanjing Golden Dragon Bus Co. Ltd.
- Proterra Inc.
- Tata Motors Ltd.
- Cummins Inc.
- E-Force One AG
- Hino Motors Ltd. Isuzu Motors Ltd.
- Iveco S.p.A.
- Nikola Corp.
- Nissan Motor Co. Ltd.
- Scania AB
- Workhorse Group Inc.
- Other players
Frequently Asked Questions (FAQ):
Commercial vehicles are vehicles used to transport people and goods in terms of design and technical characteristics and can tow trailers.
The electric commercial vehicle market size was valued at USD 170 Billion in 2020 and projected to reach USD 810 Billion by 2027, growing at a CAGR of 25% during the forecast period, 2020-2027.
The electric commercial vehicle market is expected to grow significantly due to rising depletion in oil reserves, growing awareness regarding environmental hazards and rising pollution across the globe.
The Asia Pacific is highly lucrative in the global electric commercial vehicle market. This is due to developing countries such as China and India creating higher demand for the electric commercial vehicle market by manufacturing electric vehicles, investing in R&D, and installing charging stations.
AB Volvo, Alexander Dennis Ltd., Alstom–NTL, Anhui Ankai Automobile Co. Ltd., Ashok Leyland Ltd., Bluebus SAS, Bozankaya A.S., BYD Co. Ltd., Caetanobus – Fabrico De Autocarros E Carrocarias S.A., Chariot Motors, Dongfeng Motor Corp., Ebusco B.V., Nanjing Golden Dragon Bus Co. Ltd., Proterra Inc., and Tata Motors Ltd. are key players in the global electric commercial vehicle market.
