The Worldwide Electric Commercial Vehicle Industry is Expected to Grow at a CAGR of 41.1% Between 2020 and 2028

DUBLIN, Dec. 30, 2020 /PRNewswire/ — The «Global Electric Commercial Vehicle (ECV) Market by Propulsion, Vehicle, Range, Battery, Length of Bus, Power Output, Battery Capacity, Component, Autonomous Vehicle, End-user and Region – Forecast to 2028» report has been added to’s offering.

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The global electric commercial vehicle market is projected to grow from 129 thousand units in 2020 to reach 2,026 thousand units by 2028, at a CAGR of 41.1%.

The advancements in battery pack technologies and electric powertrains are some of the major factors driving the growth of the electric commercial vehicle industry. Many countries are focusing on the electrification of their public transportation fleets. Factors such as a rise in pollution and environmental hazards, stringent government regulations, and stiff competition have compelled automotive OEMs to make fuel-efficient and environment-friendly vehicles. Increasing demand for fuel efficient and zero emission vehicles in the logistics sector is also driving the market.

The growth of e-commerce and logistics is likely to propel the growth of the electric van segment during the forecast period

The electric van segment is expected to grow at a faster rate as there is a high demand for these vans from the logistics sector, especially in the North American region. The growth of the logistics and e-commerce sectors are expected to drive the market for electric vans during the forecast period.

The usage of electric vans in the logistics sector would minimize the cost of transportation. Many leading logistics companies in North America and Europe have started using electric vans for shipping and delivery purposes. For instance, DHL, one of the leading logistics companies in the world, is using electric vans while Amazon announced plans to use electric delivery vans to be built by Rivian from 2021 onwards.

Asia-Pacific is expected to be the largest market during the forecast period

The Asia-Pacific region is the largest electric commercial vehicle market in the world. It comprises some of the fastest developing and developed economies in the world, such as China, India, and Japan. The market growth in the region can be attributed to the dominance of Chinese market in the electric bus segment and the presence of market leading OEMs in the country as well, resulting in the exponential growth of electric commercial vehicle industry in Asia-Pacific. The large volumes of electric bus, favorable regulations for electric commercial vehicles, and rapidly growing logistics sector are projected to boost the electric commercial vehicle market in the region.

North American market is expected to register the fastest growth during the forecast period

The North American region is projected to be the fastest-growing market during the forecast period. The region is a hub to major players such as Proterra (California, U.S), Tesla (California, U.S), Workhorse Group (Ohio, U.S), Nikola Motor Company (Arizona, U.S) and Rivian (Michigan, U.S). North America is a key region for innovations; significant R&D; and technological advancements in electric vehicles, battery technologies, and charging solutions.

U.S is the largest market in North America, followed by Canada. Also, U.S, is home to many established OEMs providing electric vehicles and also has a higher adoption rate for electric commercial vehicles.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in Electric Commercial Vehicle Market
4.2 Electric Commercial Vehicle Market Growth Rate, by Region
4.3 Electric Commercial Vehicle Market, by Vehicle Type
4.4 Electric Commercial Vehicle Market, by Propulsion
4.5 Electric Commercial Vehicle Market, by Range
4.6 Electric Commercial Vehicle Market, by Length of Bus
4.7 Electric Commercial Vehicle Market, by Battery Type
4.8 Electric Commercial Vehicle Market, by Battery Capacity Type
4.9 Electric Commercial Vehicle Market, by Power Output Type

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers Increasing Demand for Emission-Free Commercial Vehicles and Rising Adoption of Electric Vehicles in the Logistics Industry Government Support for Electric Commercial Vehicles Reduction in Battery Prices
5.2.2 Restraints High Development Cost
5.2.3 Opportunities New Revenue Pockets in North America and Northern Europe
5.2.4 Challenges Limited Battery Capacity Lack of EV Charging Infrastructure
5.3 Electric Commercial Vehicle Market, Market Scenarios (2020-2028)
5.3.1 Electric Commercial Vehicle Market, Realistic Scenario
5.3.2 Electric Commercial Vehicle Market, Optimistic Scenario
5.3.3 Electric Commercial Vehicle Market, Pessimistic Scenario
5.4 Technology Trends
5.4.1 Introduction
5.4.2 Robo-Taxi
5.4.3 High Voltage Battery
5.4.4 Smart Electric Drive
5.5 Technology Analysis
5.5.1 Innovative Charging Solutions Off-Board Top-Down Pantograph Charging System On-Board Bottom-Up Pantograph Charging System
5.5.2 Ground-Based Static Charging System
5.6 Porter’s Five Forces Model Analysis
5.7 Electric Commercial Vehicle Market Ecosystem
5.8 Supply Chain Analysis
5.9 Impact Analysis: COVID-19

6 Electric Commercial Vehicle Market, by Component
6.1 Introduction
6.2 Electric Motor
6.3 EV Battery
6.4 Hydrogen Fuel Cell Stack

7 Electric Commercial Vehicle Market, by Autonomous Vehicle
7.1 Introduction
7.2 Electric Autonomous Truck
7.3 Electric Autonomous Bus

8 Electric Commercial Vehicle Market, by Battery Type
8.1 Introduction
8.2 Operational Data
8.2.1 Assumptions
8.2.2 Research Methodology
8.3 Lithium-Nickel-Manganese-Cobalt Oxide
8.3.1 Advancements in Battery Technology Boost NMC Segment
8.4 Lithium-Iron-Phosphate
8.4.1 Low Prices of LFP Batteries Drive Market
8.5 Others
8.5.1 OEMs Focus on R&D to Boost Market for Other Batteries
8.6 Key Industry Insights

9 Electric Commercial Vehicles Market, by Battery Capacity
9.1 Introduction
9.2 Operational Data
9.2.1 Assumptions
9.2.2 Research Methodology
9.3 Less Than 50 Kwh
9.3.1 High Adoption Rate of Electric Vans to Boost Less Than 50 Kwh Segment
9.4 50-250 Kwh
9.4.1 Affordable Electric Buses and Pick-Up Trucks Drive 50-250 Kwh Market in Asia-Pacific
9.5 Above 250 Kwh
9.5.1 Buses with More Than 250 Kwh Battery Capacity Dominate Chinese Public Transport Fleet
9.6 Key Industry Insights

10 Electric Commercial Vehicles Market, by Length of Bus
10.1 Introduction
10.2 Operational Data
10.2.1 Assumptions
10.2.2 Research Methodology
10.3 Less Than 9M
10.3.1 Wide-Scale Use of Mini Buses on Compact Roads Drives Segment
10.4 9-14M
10.4.1 High Adoption for Public Transport Fleets Fuels Segment Growth
10.5 Above 14M
10.5.1 Increasing Number of Daily Commuters in Asia-Pacific Boosts Above 14M Segment
10.6 Key Industry Insights

11 Electric Commercial Vehicles Market, by Propulsion Type
11.1 Introduction
11.2 Operational Data
11.2.1 Assumptions
11.2.2 Research Methodology
11.3 BEV
11.3.1 BEV Segment to Dominate in Asia-Pacific
11.4 FCEV
11.4.1 FCEV Buses Already in Operation in Asia-Pacific
11.5 PHEV
11.5.1 Asia-Pacific Projected to be Largest PHEV Market
11.6 Key Industry Insights

12 Electric Commercial Vehicle Market, by Power Output
12.1 Introduction
12.2 Operational Data
12.2.1 Assumptions
12.2.2 Research Methodology
12.3 Less Than 100 Kw
12.3.1 Use of Small Electric Vans for Shipping by Logistics Companies in Europe
12.4 100-250 Kw
12.4.1 Development of Entry-Level Electric Pick-Up Trucks in North America
12.5 Above 250 Kw
12.5.1 Increasing Demand for Electric Trucks with High Power Output to Drive Market
12.6 Key Industry Insights

13 Electric Commercial Vehicle Market, by Range
13.1 Introduction
13.2 Operational Data
13.2.1 Assumptions
13.2.2 Research Methodology
13.3 Less Than 150 Miles
13.3.1 Affordable Electric Vans to Drive Less Than 150 Miles Segment
13.4 150-300 Miles
13.4.1 High Adoption Rate of Electric Buses to Boost Market
13.5 Above 300 Miles
13.5.1 Advancements in Battery Technologies to Drive Above 300 Miles Segment
13.6 Key Industry Insights

14 Electric Commercial Vehicle Market, by Vehicle Type
14.1 Introduction
14.2 Operational Data
14.2.1 Assumptions
14.2.2 Research Methodology
14.3 Electric Bus
14.3.1 High Demand from Major OEMs in Asia-Pacific
14.4 Electric Pick-Up Truck
14.4.1 Asia-Pacific to Lead Electric Pick-Up Truck Market in Forecast Period
14.5 Electric Truck
14.5.1 Advancements in Battery Technology to Boost Electric Truck Market
14.5.2 Medium-Duty and Heavy-Duty Trucks
14.5.3 Adoption of Electric Medium-Duty and Heavy-Duty Trucks for Short and Long Ranges to Boost Market
14.6 Electric Van
14.6.1 Increasing Demand from Logistics Sector to Drive Electric Van Market
14.7 Key Industry Insights

15 Electric Commercial Vehicle Market, by End-User
15.1 Introduction
15.1.1 Last Mile Delivery and Distribution Services Segments are Likely to Lead Market
15.2 Operational Data
15.2.1 Assumptions
15.2.2 Research Methodology
15.3 Last Mile Delivery
15.4 Field Services
15.5 Distribution Services
15.6 Long Haul Transportation
15.7 Refuse Services
15.8 Key Industry Insights

16 Electric Commercial Vehicle Market, by Region
16.1 Introduction
16.2 Asia-Pacific to Lead Electric Commercial Vehicle Market in Forecast Period
16.3 Asia-Pacific
16.4 Europe
16.5 North America

17 Competitive Landscape
17.1 Market Evaluation Framework
17.2 Overview
17.3 Market Share Analysis for Electric Commercial Vehicle Market
17.4 Ranking Analysis for Electric Commercial Vehicle Market
17.5 Market Evaluation Framework: Revenue Analysis of Top Listed/Public Players
17.6 Competitive Scenario
17.6.1 New Product Developments
17.6.2 Mergers & Acquisitions
17.6.3 Partnerships/Supply Contracts/Collaborations/ Joint Ventures/Agreements
17.6.4 Expansions
17.7 Competitive Leadership Mapping
17.7.1 Stars
17.7.2 Emerging Leaders
17.7.3 Pervasive
17.7.4 Emerging Companies
17.8 Strength of Product Portfolio
17.9 Business Strategy Excellence
17.1 Start-Up/SME Evaluation Matrix, 2019
17.10.1 Progressive Companies
17.10.2 Responsive Companies
17.10.3 Dynamic Companies
17.10.4 Starting Blocks
17.11 Winners Vs. Tail-Enders

18 Company Profiles
18.1 BYD
18.2 Yutong
18.3 Proterra
18.4 VDL Groep
18.5 AB Volvo
18.6 Daimler AG
18.7 NFI Group
18.8 CAF
18.9 Ebusco B.V.
18.10 King Long
18.11 Ankai
18.12 Zhongtong Bus Holding
18.13 Other Key Players
18.13.1 North America Blue Bird Corporation Rivian Zenith Motors Chanje Energy Bollinger Motors Workhorse Group Nikola Motor Company XOS Trucks Atlis Motor Vehicles
18.13.2 Asia Tata Motors Ashok Leyland Changsha Sunda New Energy Technology Co. Ltd. Kaiyun Motors InfraPrimeLogistics Technologies Pvt. Ltd. (IPLT)
18.13.3 Europe Scania Irizar Emoss Mobile Systems B.V. Arrival

19 Appendix
19.1 Key Insights of Industry Experts
19.2 Discussion Guide
19.3 Knowledge Store: The Subscription Portal
19.4 Available Customizations

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