Meticulous Research®—a leading global market research company, published a research report titled, ‘Electric Commercial Vehicle Market by Vehicle Type (Light Commercial Vehicles and Heavy Commercial Vehicles), Propulsion Type (BEV and HEV), Power Output, End User (Public Transport and Logistics), and Geography - Global Forecast to 2031.’
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According to the latest publication from Meticulous Research®, the global electric commercial vehicle market is projected to reach $920.9 billion by 2031, with a robust CAGR of 25.4% from 2024 to 2031. By volume, the market is expected to reach 9.4 million units by 2031, growing at a CAGR of 26.3% from 2024 to 2031. This growth is driven by supportive government policies and regulations, increased investments by leading automotive OEMs, and decreasing battery prices. However, the high purchasing costs of electric vehicles and the lack of charging infrastructure in developing countries are restraining market growth.
Further, the growing scope in emerging economies and the rise of smart city and infrastructure projects are expected to provide significant opportunities for industry players. Nonetheless, the range limitations of electric vehicles and the lack of reliable performance in heavy-duty applications may hinder market growth.
The global electric commercial vehicle market is segmented by vehicle type (light commercial vehicles and heavy commercial vehicles, including electric tractors, electric trucks, and other commercial vehicles), propulsion type (battery electric vehicles and hybrid electric vehicles, including pure hybrid and plug-in hybrid electric vehicles), power output (less than 100 kW, 100 kW to 250 kW, and more than 250 kW), and end user (public transport and logistics). The study also evaluates industry competitors and analyzes the market at regional and country levels.
By vehicle type, the market is segmented into light commercial vehicles and heavy commercial vehicles. In 2024, the light commercial vehicles segment is expected to account for the largest share of the global market. The growth of this segment is attributed to the increasing awareness of the role of electric commercial vehicles in reducing carbon emissions, rising demand to reduce fleet emissions, and stringent government regulations.
By propulsion type, the market is segmented into battery electric vehicles and hybrid electric vehicles. In 2024, the battery electric vehicles segment is expected to hold the largest share. This segment's growth is driven by stringent emission standards, rising demand for increased fuel efficiency, growing demand for zero-emission vehicles, and ongoing reductions in battery prices.
By power output, the market is segmented into less than 100 kW, 100 kW to 250 kW, and more than 250 kW. In 2024, the 100 kW to 250 kW segment is expected to dominate the market. This segment's growth is attributed to the increasing adoption of electric buses and trucks for public transportation and freight services.
By end user, the market is segmented into public transport and logistics. In 2024, the public transport segment is expected to hold the largest share of the market. The growth of this segment is driven by rising fuel prices, stringent emission norms, the growing adoption of autonomous delivery vehicles, and the increasing use of electric buses and trucks.
Geographically, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global market, driven by comprehensive policy frameworks, subsidies, tax incentives, and regulations supporting the adoption of EVs. However, Europe is projected to experience the highest CAGR, attributed to the growing adoption of electric mobility, government subsidies and tax rebates, and the increasing use of electric buses and trucks for public transport and freight services.
Key players in the market include NFI Group Inc. (Canada), AB Volvo (Sweden), Traton SE (Germany), Mercedes-Benz Group AG (Germany), Zhengzhou Yutong Bus Co., Ltd. (China), Ford Motor Company (U.S.), Tesla Inc. (U.S.), Ashok Leyland Limited (India), Tata Motor Limited (India), Olectra Greentech Limited (India), Groupe Renault (France), BMW AG (Germany), BYD Company Ltd. (China), DAF Trucks N.V. (Netherlands), and Workhorse Group Inc. (U.S.).
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