NEW YORK, Oct. 26, 2023 /PRNewswire/ — The electric commercial vehicle market size is expected to grow by USD 166.58 billion between 2022 and 2027. However, the growth momentum of the market will be progressing at a CAGR of over 26.02% during the forecast period. The market is segmented by product (LCVs, buses, and heavy and medium commercial vehicles), type (battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), and fuel cell electric vehicle (FCEV)), and geography (APAC, North America, Europe, Middle East and Africa, and South America). The increasing adoption of EVs for improved logistics and transportation is the key factor driving the growth of the market. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View PDF Sample
Key Highlights:
- The report recognizes the following as some of the key players in the electric commercial vehicle market: AB Volvo, Anhui Jianghuai Automobile Group Co. Ltd., BYD Co. Ltd., Daimler Truck AG, Ford Motor Co., General Electric Co., Hyundai Motor Co., Mahindra and Mahindra Ltd., NFI Group Inc., Nissan Motor Co. Ltd., Olectra Greentech Ltd, PACCAR Inc., Proterra Inc., Renault SAS, Rivian Automotive Inc., Tata Motors Ltd., Tesla Inc., Toyota Motor Corp., Volkswagen AG, and Xiamen King Long United Automotive Industry Co. Ltd.
- The Electric Commercial Vehicle Market is fragmented in nature.
- Market to observe 25.02% YOY growth in 2023.
Market Dynamics:
Trends
- The integration of telematics and autonomous technologies is the primary trend shaping market growth.
- To improve operational efficiency, companies are focusing on integrating telematics and autonomous technologies into ECVs.
Challenge
- The high cost associated with ECVs is a challenge that affects the growth of the market.
- Most light commercial vehicles and heavy commercial vehicles in use are run on gasoline or diesel.
- Manufacturing electric vehicles requires large capital investments. The cost of electric vehicles varies depending on various factors, such as the brand and type of battery used in the commercial vehicle.
The report also covers information on the upcoming trends and challenges. Explore detailed information by purchasing report
Keg Segments:
The LCVs segment is estimated to witness significant growth during the forecast period. Light commercial vehicles (LCVs) are primarily designed to transport goods. The rapid growth of the retail and e-commerce industry, increasing traffic congestion in urban areas, technological advances, and the growth of the LCV segment in the electric commercial vehicle market is being driven by the increasing development of new types of light commercial vehicles by automakers. Furthermore, strict regulations on emissions from light commercial vehicles are increasing the demand for electric light commercial vehicles around the world. Thus, such factors will drive the growth of the market.
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Related Reports:
The electric sports utility vehicle (e-SUV) market size is estimated to grow at a CAGR of 25.19% between 2022 and 2027. The market size is forecast to increase by USD 83,748.62 million.
The electric vehicle (EV) charging cable market size is estimated to grow at a CAGR of 29.86% between 2022 and 2027. The market size is forecast to increase by USD 1,840.14 million.
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Electric Commercial Vehicle Market Scope |
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Report Coverage |
Details |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 26.02% |
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Market growth 2023-2027 |
USD 166.58 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
25.02 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 48% |
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Key countries |
US, China, Germany, UK, and France |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
ToC:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
