Electric Commercial Vehicle Market: Size, Share, Growth and

Electric commercial vehicle market

Electric commercial vehicle market

The global electric commercial vehicle market is expected to grow from $70.9 billion in 2024 to $255.6 billion in 2030, with a CAGR of 23.8%.

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Tough regulations to reduce emissions and promote sustainable transportation practices have encouraged companies to switch to electric vehicles, in line with global efforts to combat climate change. Furthermore, advances in battery technology have led to greater energy density, longer driving range and faster charging times, addressing some of the key concerns surrounding the feasibility of electric vehicles in commercial applications. Additionally, the falling costs of electric vehicle components, including batteries and electric powertrains, combined with government subsidies and incentives, have made electric commercial vehicles more financially viable for businesses, resulting in a lower total cost of ownership over the vehicle life cycle compared to traditional in-house vehicles. vehicles with combustion engines. Moreover, increasing consumer awareness and growing demand for eco-friendly products and services have pushed companies to embrace electric vehicles as part of their sustainability initiatives, further driving market growth.

Development of wireless EV charging technology for on-the-go charging

Wireless charging eliminates the need for physical connections between the vehicle and the charging infrastructure, providing greater convenience and flexibility for fleet operators. This technology allows ECVs to charge automatically while parked or idling, minimizing downtime and maximizing operational efficiency. For companies with large fleets, such as delivery services or public transport operators, wireless charging provides a seamless and hassle-free solution to power vehicles all day long, increasing productivity and reducing operational costs.

Additionally, wireless charging technology addresses some of the key challenges associated with ECV adoption, such as range anxiety and limited charging infrastructure. By enabling continuous charging without the need for frequent stops at charging stations, wireless charging systems can extend the driving range of ECVs and alleviate concerns about battery range limitations. This greater range and flexibility makes ECVs more practical and attractive for a wider range of applications, including long-distance transport and urban delivery services. As wireless charging technology continues to develop and become more widespread, it has the potential to accelerate the adoption of ECVs and fuel their growth in the commercial vehicle market.

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NMC batteries hold the largest market share during the forecast period.

NMC (nickel-manganese-cobalt) batteries contain different materials with different properties, high density and efficiency. These batteries are ideal for use in electric commercial vehicles as they have low self-heating during use. They are known for their high energy density, which allows them to store a significant amount of energy in a relatively compact and lightweight package. This feature is crucial for electric commercial vehicles as it directly affects the range of the vehicle on a single charge. Many leading battery manufacturers, such as CATL (China), LG Energy Solutions (South Korea), Panasonic Corporation (Japan) and BYD (China), produce NMC batteries. NMC (nickel-manganese-cobalt) batteries are widely applied in the electric vehicle market, including electric commercial vehicles. These batteries have achieved a balance between cost and performance, making them a cost-effective choice for electric commercial vehicles. This cost-effectiveness is crucial for the commercial sector, where total cost of ownership is a key consideration. Many leading OEMs are also integrating NMC batteries into their electric trucks, including Mercedes-Benz e-Actros, Volvo FL Electric, BYD T-Series and Rivian R1T. These batteries have a higher energy density than LFP batteries, and the falling costs of NMC batteries are further driving the segment.

Asia Pacific is the largest electric commercial vehicle market during the forecast period.

The Asia Pacific region is expected to be the largest ECV market by 2030. The Asia-Pacific market is dominated by China, which has large sales volumes for electric commercial vehicles, especially electric buses. With favorable government regulations and increasing adoption of electric buses in public transport, India is expected to be a high-potential market for electric commercial vehicles in the future. Asia Pacific is home to many OEMs, especially Chinese companies, that dominate the global electric commercial vehicle market. Japanese companies also play a crucial role in technological developments in the Asia-Pacific automotive sector. For example, in May 2023, Toyota Motor Corporation (Japan) collaborated with PACCAR Inc. (US) to expand their joint efforts to develop and produce Kenworth and Peterbilt hydrogen fuel cell trucks (FCEV), powered by Toyota hydrogen fuel cell modules. . All such developments in the region will boost the electric commercial vehicle market during the forecast period.

Main players in the market

The electric commercial vehicle market is dominated by established players such as BYD (China), Mercedes-Benz Group AG (Germany), Yutong (China), AB Volvo (Sweden) and Ford Motor Company (USA) and others. These companies produce and develop new ECVs according to market requirements. These companies adopted strategies such as product developments, deals and others to gain traction in the market.

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