Electric Commercial Vehicle Market Size Worth $356.25 Billion By 2032 | CAGR: 22.6%

The global electric commercial vehicle market size is expected to reach USD 356.25 billion by 2032, according to a new study by Polaris Market Research. The report “Electric Commercial Vehicle Market Share, Size, Trends, Industry Analysis Report, By Component (Electric Vehicle Battery, Electric Motor, Hydrogen Fuel Cell, Others); By Vehicle Type; By Propulsion; By Range; By Power Output; By Region; Segment Forecast, 2024- 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.   

The surge in popularity of electric commercial vehicles as a greener alternative to gasoline-powered counterparts is notable. These vehicles offer operational advantages and boast lower maintenance costs in the commercial sector. Widely embraced in various industries such as logistics, mining, and construction, the expanding adoption across segments facilitates a detailed analysis of specific areas of growth. This allows for strategic approaches to the market, helping identify core application areas and variations in target markets.

The market is being significantly shaped by the growing demand for vehicles that are fuel-efficient, low-emission, and high-performing. This trend is further propelled by stringent government regulations on vehicle emissions and a decrease in the cost of electric vehicle batteries, both of which contribute positively to market expansion. Moreover, the global electric commercial vehicle market is experiencing positive effects from rapid urbanization, lifestyle changes, increased investments, and higher consumer spending. These factors collectively contribute to the favorable growth dynamics of the market.

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The surge in e-commerce activities and the escalating demand for last-mile delivery services have generated a significant opportunity for electric delivery vans and light trucks. In response to this trend, companies are actively seeking to electrify their delivery fleets as a strategic measure to lower operating costs and align with sustainability objectives. The shift towards electric vehicles in the context of last-mile logistics not only addresses economic considerations by reducing operational expenses but also reflects a broader commitment to environmentally responsible practices, contributing to the overall evolution of the transportation and delivery landscape.

Electric Commercial Vehicle Market Report Highlights

• In 2023, the Bus segment accounted for the largest market share due to public transportation agencies, often supported by government initiatives, are more willing to invest in sustainable options. Electric buses align with the goals of reducing emissions and improving urban air quality, making them a preferred choice for public transit fleets.
• The electric vehicle (E.V.) battery sector is projected to witness the highest CAGR during the projected timeframe. This growth is predominantly driven by the rising demand for Electric Vehicles (E.V.s) and emission control systems. The increasing adoption of E.V.s reflects a heightened environmental consciousness and a compelling imperative to tackle pollution-related issues.
• In 2023, the Asia Pacific region dominate the largest market share. The substantial contribution to the revenue growth of the Asia Pacific Electric Commercial Vehicle market is primarily linked to the thriving Chinese electric bus industry.
• The global key market players include BYD Co., Ebusco B.V., Proterra, Inc., Rivian Automotive, Inc., Tesla, Inc., VDL Group B.V., Volvo Group, Workhorse Group Incorporated, and Zhengzhou Yutong Group Co.

Polaris Market Research has segmented the Electric Commercial Vehicle market report based on component, vehicle type, propulsion, range, power output and region:

Electric Commercial Vehicle, Component Outlook (Revenue - USD Billion, 2019 - 2032)

• Electric Vehicle Battery
• Electric Motor
• Hydrogen Fuel Cell
• Others

Electric Commercial Vehicle, Vehicle Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Truck
• Bus
• Pick-up Trucks
• Van

Electric Commercial Vehicle, Propulsion Outlook (Revenue - USD Billion, 2019 - 2032)

• HEV
• FCEV
• BEV
• PHEV

Electric Commercial Vehicle, Range Outlook (Revenue - USD Billion, 2019 - 2032)

• 0-250 miles
• 250-500 miles
• 500 above

Electric Commercial Vehicle, Power output Outlook (Revenue - USD Billion, 2019 - 2032)

• Less than 100 kW
• 100−250 kW
• Above 250 kW

Electric Commercial Vehicle, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands
• Rest of Europe

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia
• Australia
• Rest of Asia Pacific

• Latin America

• Argentina
• Brazil
• Mexico
• Rest of Latin America

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa
• Rest of Middle East & Africa

Electric Commercial Vehicle Market Report Scope