CHICAGO, June 28, 2023 /PRNewswire/ — Electric Commercial Vehicle Market size is projected to grow from 519.4 thousand units in 2023 to 2,155.1 thousand units by 2030, at a CAGR of 22.5%, according to a new report by MarketsandMarkets™. Factors such as growing demand zero emissions commuting and governments supporting low emission vehicles through subsidies & tax rebates has resulted in automakers adopting to EV’s and growth of electric commercial vehicle market. Rising concerns over increased pollution by the automotive industry is the main reason for which government bodies are promoting zero emission vehicles over ICE ones. People have identified the need for promoting zero emission vehicles to reduce the increasing pollution. To encourage people to buy ECV’s, government bodies of different countries are introducing lucrative schemes and incentives that include discounts, lower vehicle acquisition taxes, lower road taxes for zero emission vehicles etc.
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Browse in-depth TOC on “Electric Commercial Vehicle Market”.
150 – Tables80 – Figures 280 – Pages
Electric Commercial Vehicle Market Scope:
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Report Coverage |
Details |
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Market Size |
2,155.1 thousand units by 2030 |
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Growth Rate |
22.5% of CAGR |
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Largest Market |
Asia Pacific |
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Market Dynamics |
Drivers, Restraints, Opportunities & Challenges |
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Forecast Period |
2023-20230 |
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Forecast Units |
Value (Units) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
by Propulsion (BEVs and FCEVs), Vehicle Type (Pickups, Medium and Heavy-Duty Trucks & Vans), Range, Battery Type, Power Output, Battery Capacity, Component, End User, Body Construction and Region |
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Geographies Covered |
North America, Europe, Rest of The World and Asia Pacific |
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Report Highlights |
Updated financial information / product portfolio of players |
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Key Market Opportunities |
Development of wireless EV charging technology for on-the-go charging to fuel market |
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Key Market Drivers |
Reducing price of EV batteries to increase demand for ECVs |
60-120 kWh is expected to be the largest market during the forecast
The increasing adoption of zero-emission vehicles with a battery capacity of 60-120 kWh by the logistics sector drives this segment. The increasing consumer awareness toward zero-emission vehicles and subsidies offered by authorities drive the demand for electric commercial vehicles with this battery capacity range. The charging time required for these batteries is less. In May 2022, company launched E-Transit in Europe with battery capacity of 68 kWh. In April 2023, Ford Motor Company announced to supply 9,250 E-Transit vans for delivery purpose. The increasing demand for electric vans in logistics is expected to boost this segment, as most affordable and efficient electric vans use lower-capacity batteries.
Less than 100 Kw segment is expected to be the largest market during the forecast
Motors generating an output of