Electric Commercial Vehicle Industry on Track to Reach $920.9 Billion by 2031

 


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.’

Download Free Sample Report@ https://www.meticulousresearch.com/download-sample-report/cp_id=5766?utm_source=article&utm_medium=social&utm_campaign=product&utm_content=30-08-2024


Meticulous Research® has recently published a report forecasting the global electric commercial vehicle market to reach $920.9 billion by 2031, with an impressive CAGR of 25.4% from 2024 to 2031. In terms of volume, the market is expected to achieve 9.4 million units by 2031, growing at a CAGR of 26.3% over the same period. This growth is fueled by supportive government policies, significant investments by major automotive OEMs, and the ongoing decline in battery prices. However, the high initial costs of electric vehicles and the lack of charging infrastructure in developing regions are potential obstacles to market growth.

The report highlights emerging opportunities in developing economies and the increasing importance of smart city projects, which are likely to drive market expansion. Yet, challenges such as limited vehicle range and performance issues in heavy-duty applications may hamper growth.

The market analysis includes segmentation by vehicle type (light and heavy commercial vehicles, including electric tractors, trucks, and others), propulsion type (battery electric and hybrid electric vehicles, including pure hybrids and plug-in hybrids), power output (under 100 kW, 100 kW to 250 kW, and over 250 kW), and end user (public transport and logistics). The study also provides an in-depth analysis of the competitive landscape and examines the market at regional and country levels.

Light commercial vehicles are expected to hold the largest market share in 2024, driven by growing awareness of their role in reducing carbon emissions, increased demand for low-emission fleets, and stringent government mandates. The battery electric vehicle segment is projected to dominate the market, supported by rising demand for zero-emission vehicles, stricter emission standards, and decreasing battery costs.

Within the power output category, the 100 kW to 250 kW segment is anticipated to lead, primarily due to the increasing adoption of electric buses and trucks in public transportation and logistics. The public transport segment is expected to account for the largest share of the market by end user, driven by rising fuel prices, more stringent emission regulations, and the growing use of electric buses and trucks.

Geographically, Asia-Pacific is projected to be the largest market in 2023, benefiting from extensive policy support, subsidies, and incentives for electric vehicle adoption. Europe, however, is expected to experience the highest CAGR, driven by the increasing adoption of electric mobility, government subsidies, and the growing use of electric vehicles in public transport and logistics.

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.).

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

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