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Electric Commercial Vehicles - Global Strategic Business Report

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    Report

  • 399 Pages
  • March 2024
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 5303273

Global Electric Commercial Vehicles Market to Reach 2.2 Million Units by 2030

The global market for Electric Commercial Vehicles estimated at 493.2 Thousand Units in the year 2023, is projected to reach 2.2 Million Units by 2030, growing at a CAGR of 20.4% over the analysis period 2023-2030.

Battery Electric Vehicles (BEVs), one of the segments analyzed in the report, is projected to record 21.4% CAGR and reach 1.8 Million Units by the end of the analysis period. Growth in the Other Propulsion Types segment is estimated at 16.3% CAGR for the next 8-year period.

The U.S. Market is Estimated at 52.5 Thousand Units, While China is Forecast to Grow at 19.1% CAGR

The Electric Commercial Vehicles market in the U.S. is estimated at 52.5 Thousand Units in the year 2023. China, the world's second largest economy, is forecast to reach a projected market size of 1.2 Million Units by the year 2030 trailing a CAGR of 19.1% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 15.8% and 17.2% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 21.4% CAGR.

Exciting New Report Features

  • Full access to influencer engagement stats
  • Free access to digital archives & research platform. The proprietary platform is fully enabled to unlock creativity and market knowledge of domain experts worldwide in a cohesive and collaborative manner. The state-of-art tools bring world class market perspectives while protecting participants` privacy and identity. Numbers, statistics and market narrative in the report are based on fully curated insights shared by domain experts and influencers in this space.
  • Opportunity to engage with interactive questionnaires that come with real-time data simulator tools & bespoke report generation capabilities
  • Full client access to peer collaborative and interactive platform for cross-enterprise smart exchange of ideas
  • Complimentary report updates for one year
  • Competitor coverage with global market shares of major players
  • Player market presence analysis (Strong/Active/Niche/Trivial) across multiple geographies
  • Access to curated YouTube video transcripts of domain experts/influencer interviews, podcasts, press statements and event keynotes

What to Expect from the Global Economy in 2024

Edgy geopolitics, and economic instability caused by monetary policy tightening and ensuing higher interest rates will create a tumultuous landscape for 2024. Several factors will continue to exert pressure on the path to recovery including hostilities in the Middle East and increasingly common climate disasters. Among the risks, several positives are also taking shape such as growing signs of disinflation and easing of anxiety over stubborn inflation, supply chain normalization and price moderation despite volatility in energy costs. Elections across several G21 jurisdictions, notably in India and the United States, will have potential ramifications for capital flows and investment strategies. While India emerges as a compelling destination in the global investment landscape, U.S, based tech firms will continue to dominate, fueled by a dynamic ecosystem of talent and capital. Tech opportunities in Silicon Valley and beyond remain attractive for investors seeking high-growth prospects supported largely by a resilient albeit slowing domestic economy and conducive regulatory environment. Europe will continue to battle tight monetary policy and recession risks with U.K. having the most challenging outlook and running the greatest risk of recession in 2024. China remains a wild card with hope for growth in the country underpinned by government spending and improvements in consumer spending. The volatile environment will offer both opportunities and challenges for investors and businesses alike. Embracing volatility as a catalyst for growth together with agility and strategic foresight in navigating investment decisions will remain important for survival.

Select Competitors (Total 74 Featured)

  • Bayerische Motoren Werke AG (BMW GROUP)
  • BYD Co., Ltd.
  • AB Volvo
  • Anhui Jianghuai Automobile Co., Ltd.
  • Blue Bird Corporation
  • Anhui Ankai Automobile Co., Ltd.
  • Beijing Automotive Group Co., Ltd.
  • Clean Fuel Energy Enterprise Co., Ltd.
  • CAF, Construcciones y Auxiliar de Ferrocarriles, S.A.
  • Dongfeng Motor Corporation
  • AVEVAI
  • Atlis Motor Vehicles
  • CROYANCE AUTO
  • Bollinger Motors
  • Arrival Ltd.

Table of Contents

I. METHODOLOGYII. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
  • Electric Commercial Vehicles - Global Key Competitors Percentage Market Share in 2023 (E)
  • Urgent Need to Address Climate Change Provides the Foundation for the Evolution of Green Mobility
  • As Global Air Continues to Become Toxic Amid Half Hearted Sustainability Efforts, Green Mobility is No longer an Option But a Critical Survival Strategy: Global CO2 Emissions (In Billion Metric Tons) for Years 1930, 1940, 1950, 1960, 1970, 1980, 1990, 2000, 2010, 2020, 2021 and 2022
  • Auto Industry & Its Unsustainable Carbon Footprint Provides the Foundation for the Growth of Commercial EVs
  • Inability of Conventional ICE Powered Vehicles to Demonstrate Desired Reductions in CO2 Emissions to Drive the Focus on Electric Vehicles: Official Laboratory CO2 Reduction Claims Vs On-Road Emission Efficiency (In Grams per Kilometer) for the Years 2008, 2010, 2012, 2014, 2016, 2018 and 2022
  • "Let the Data Speak for Itself": Lifecycle GHG Emissions for Medium-Size Passenger Cars by Type (In g-CO2eq/km) As of the Year 2022
  • Global Economic Update
  • Here’s How Global Market Prospects & Outlook for CVs Impacts Electric CVs
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2023 (E)
  • World Brands
  • Recent Market Activity
  • Innovations
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
  • Will Russia-Ukraine War Impact EV Production?
  • Growing Signs of Long-Run of High Inflation & the Need for Long-Term Efforts to Control it Bodes Well for Commercial EVs. Surprised! Read On
  • The Lesser Known Link Between Inflation & Climate Change to Accelerate Big-Time Migration to Electrified Commercial Vehicles: Global Inflation Rates (In %) for the Years 2019 Through 2024
  • EVs Can Be a Powerful Weapon to Displace Oil & Reduce Fossil Fuel Ecosystem’s Impact on Climate Change: Global Oil Displacement by EVs (In 000 Barrels) for Years 2019, 2021, & 2023
  • Despite EVs Displayed Resilience to Supply Chain Disruptions Till Date, Chip Shortage Continues to Remain a Cause for Worry
  • Semiconductor Fab Production Expansion is Time Consuming & Can Therefore Provide No Immediate Relief: Time Required to Increase Fab Production by Parameter
  • As the Wait for Chips Continues, EV Manufacturers Turn Nervous as Fears Over Production Stalling Takes Hold: Global Lead Times for Chips (In Weeks) for Years 2017 Through 2022
  • Stringent Regulations Encompassing Emission Control & Phase-Out of Fossil Fuel Vehicles to Spur Growth in the Market
  • A Strong Freight Trucking Industry Supported by Rise in Global Trade & Retail Brings Cheer for Electric Trucks
  • A Robust Freight Trucking Outlook Increases the Chances of Operators Having More EVs in their Fleet: Global Freight Trucking Revenues for Years 2020, 2022, 2024 and 2026 (In US$ Billion) by Geographic Region
  • Distributed Energy (DE) Provides the Infrastructure Foundation for the Adoption & Proliferation of Electric CVs
  • Distributed Generation to Power EV Charging Infrastructure & Catalyze Adoption of Electric CVs: Global Investments in Distributed Generation (DG) (In US$ Billion) for the Years 2021, 2023, 2025 and 2027
  • Growing Funds Injected into Smartening the Electricity Grid to Benefit EV Support Infrastructure by Enabling More Effective Management of EV Charging Load: Global Investments in Smart Grids (In US$ Billion) for the Years 2021, 2023, 2025 and 2027
  • Robust Spike in e-Commerce Sales Bodes Well for Electrified Last Mile Delivery
  • Global B2C E-Commerce Sales in US$ Trillion for the Years 2017, 2019, 2021 and 2023
  • Rising Average Vehicle Life Provides a Fertile Environment for Upgrading to Low-Emission and Fuel Efficient CVs
  • With Several Governments Imposing 15 Years as the Retirement Age for Vehicles, the Growing Age of Vehicles is Poised to Benefit Replacements by EVs: Average Age of Cars & Light Trucks in the United States (In Years) for the Years 1980, 1990, 2000, 2015, 2020 and 2022
  • Advancements in Battery Technology Remains Vital for the Proliferation of Electric CVs
  • With Electric CV Commercialization Critically Hinged Onto Cost of Lithium-Ion Batteries, Promised Decline in Battery Costs Strengthens Long-Term Market Outlook: Cost of Automotive Lithium Ion Battery Packs In US$ per kWh for Years 2015, 2020 & 2025
  • Exhibit Global Demand for Lithium-ion Batteries (In Gigawatt Hours) in Electric Vehicles for the Years 2020, 2023, 2026, 2029 & 2030
  • Have We Exploited the Full Potential of Lithium Ion? The Flat Lining of Traditional Lithium Ion Battery Highlights the Need for Innovation to Push the Limits of the Technology Further: Energy Density of Traditional LIBs Vs LIBs With Silica (SiO2) as Next Gen Anode Material (In (Wh/L) for the Year 2011, 2021 and 2031
  • Effervescent Ongoing Innovations Around EV Batteries to Help Accelerate Performance of EVs & Their Mass Market Adoption in the Coming Decade: Global Market for EV Batteries (In US$ Billion) for Years 2022 2024 2026, 2028 and 2028
  • Is Lithium in Short Supply & Should Battery Manufacturers & EV Vehicle OEMs be Concerned?
  • Lithium Demand On an Upward Trajectory: Global Lithium Demand (In 1000 Metric Tons) for the Years 2022, 2024, 2026, 2028 and 2030
  • Opportunities Exist for Expansion of Lithium Production, But Doing So Will Attract Environmental Criticism: Lithium Reserves & Production (In 1000 Tons) in Major Countries as of the Year 2022
  • Not All Smooth Sailing - Growing Demand for Battery Metals to Squeeze EV Supply Chains & Send OEMs Scrambling to Secure Supplies: Global Demand for Battery Materials (In KT) by Application for Years 2020, 2025 & 2030
  • Nickle Prices Soar to an 11 Year High on the London Metal Exchange On the Back of Growing EV Demand: Nickle Price Per Ton (in US$) as of Jan-2021, Dec-2021 and Jan-2022
  • Which Battery Technology Will Dominate the EV Battery Market? Global % Share of EV Battery Technology for the Year 2025
  • Solid State EV Batteries is the Only Hope for Overcoming the Threat of Raw Material Shortages
  • The Race to Mass-Market Solid State EVs Has Begun & Here’s What Industry Experts Believe About the Time to Mass Market: % Breakdown of Opinions of Respondents About the Commercialization Timeline
  • How Many Batteries Will the Industry Crank Up? Global Solid State EV Battery Market (In Units) for Years 2025, 2028 & 2030
  • Developing EV Charging Infrastructure Remains Key to Continued Growth of Commercial EVs
  • What Happens When the Energy Infrastructure is Not Ready? A Paradoxical Scenario Where Energy Shortages Force Governments to Impose Restrictions on EV Charging
  • Shared EV Charging Rises as a Solution to Charging Infrastructure Bottlenecks
  • Innovations in EV Charging Crucial to Overcome Infrastructure Problems
  • Growing Demand for Shared Electric Mobility Spurs Electrification of Car Rental Fleets
  • As Shared EV Mobility Explodes Into a Major Trend, Fleet Operators Focus Migrating to Cleaner & Greener EV Fleets: Global Electric Mobility Services Market (In US$ Million) for Years 2022, 2024, 2026, 2028 & 2030
  • With the Future of Commercial Transportation Being Electric, Here’s How Fleet Operators Can Be Prepared
  • Here’s Why the Expanding Commercial EV Fleet Will Need Exclusive EV Fleet Management Systems
  • AI Powers the Rapidly Evolving EV Ecosystem
4. GLOBAL MARKET PERSPECTIVE
  • Table 1: World Electric Commercial Vehicles Market Analysis of Annual Sales in Units for Years 2020 through 2030
  • Table 2: World Recent Past, Current & Future Analysis for Electric Commercial Vehicles by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2023 through 2030 and % CAGR
  • Table 3: World 10-Year Perspective for Electric Commercial Vehicles by Geographic Region - Percentage Breakdown of Volume Registrations for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets for Years 2020, 2024 & 2030
  • Table 4: World Recent Past, Current & Future Analysis for BEV by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2023 through 2030 and % CAGR
  • Table 5: World 10-Year Perspective for BEV by Geographic Region - Percentage Breakdown of Volume Registrations for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2020, 2024 & 2030
  • Table 6: World Recent Past, Current & Future Analysis for Other Propulsion Types by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2023 through 2030 and % CAGR
  • Table 7: World 10-Year Perspective for Other Propulsion Types by Geographic Region - Percentage Breakdown of Volume Registrations for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2020, 2024 & 2030
  • Table 8: World Recent Past, Current & Future Analysis for NMC by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2023 through 2030 and % CAGR
  • Table 9: World 10-Year Perspective for NMC by Geographic Region - Percentage Breakdown of Volume Registrations for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2020, 2024 & 2030
  • Table 10: World Recent Past, Current & Future Analysis for LFP by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2023 through 2030 and % CAGR
  • Table 11: World 10-Year Perspective for LFP by Geographic Region - Percentage Breakdown of Volume Registrations for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2020, 2024 & 2030
  • Table 12: World Recent Past, Current & Future Analysis for Other Battery Types by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2023 through 2030 and % CAGR
  • Table 13: World 10-Year Perspective for Other Battery Types by Geographic Region - Percentage Breakdown of Volume Registrations for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2020, 2024 & 2030
  • Table 14: World Recent Past, Current & Future Analysis for Last Mile Delivery by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2023 through 2030 and % CAGR
  • Table 15: World 10-Year Perspective for Last Mile Delivery by Geographic Region - Percentage Breakdown of Volume Registrations for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2020, 2024 & 2030
  • Table 16: World Recent Past, Current & Future Analysis for Distribution Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2023 through 2030 and % CAGR
  • Table 17: World 10-Year Perspective for Distribution Services by Geographic Region - Percentage Breakdown of Volume Registrations for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2020, 2024 & 2030
  • Table 18: World Recent Past, Current & Future Analysis for Field Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2023 through 2030 and % CAGR
  • Table 19: World 10-Year Perspective for Field Services by Geographic Region - Percentage Breakdown of Volume Registrations for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2020, 2024 & 2030
  • Table 20: World Recent Past, Current & Future Analysis for Refuse Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2023 through 2030 and % CAGR
  • Table 21: World 10-Year Perspective for Refuse Services by Geographic Region - Percentage Breakdown of Volume Registrations for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2020, 2024 & 2030
  • Table 22: World Recent Past, Current & Future Analysis for Long Haul Transportation by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2023 through 2030 and % CAGR
  • Table 23: World 10-Year Perspective for Long Haul Transportation by Geographic Region - Percentage Breakdown of Volume Registrations for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2020, 2024 & 2030
  • Table 24: World Historic Review for Electric Commercial Vehicles by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2020 through 2022 and % CAGR
  • Table 25: World Historic Review for BEV by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2020 through 2022 and % CAGR
  • Table 26: World Historic Review for Other Propulsion Types by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2020 through 2022 and % CAGR
  • Table 27: World Historic Review for Long Haul Transportation by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2020 through 2022 and % CAGR
  • Table 28: World Historic Review for Last Mile Delivery by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2020 through 2022 and % CAGR
  • Table 29: World Historic Review for Distribution Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2020 through 2022 and % CAGR
  • Table 30: World Historic Review for Field Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2020 through 2022 and % CAGR
  • Table 31: World Historic Review for Refuse Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2020 through 2022 and % CAGR
  • Table 32: World Historic Review for NMC by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2020 through 2022 and % CAGR
  • Table 33: World Historic Review for LFP by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2020 through 2022 and % CAGR
  • Table 34: World Historic Review for Other Battery Types by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Registrations in Units for Years 2020 through 2022 and % CAGR
III. MARKET ANALYSIS
UNITED STATES
  • Electric Commercial Vehicles Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2024 (E)
CANADAJAPANCHINA
EUROPE
  • Electric Commercial Vehicles Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2024 (E)
FRANCEGERMANYITALYUNITED KINGDOMREST OF EUROPE
ASIA-PACIFIC
  • Electric Commercial Vehicles Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2024 (E)
REST OF WORLDIV. COMPETITION

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Bayerische Motoren Werke AG (BMW GROUP)
  • BYD Co., Ltd.
  • AB Volvo
  • Anhui Jianghuai Automobile Co., Ltd.
  • Blue Bird Corporation
  • Anhui Ankai Automobile Co., Ltd.
  • Beijing Automotive Group Co., Ltd.
  • Clean Fuel Energy Enterprise Co., Ltd.
  • CAF, Construcciones y Auxiliar de Ferrocarriles, S.A.
  • Dongfeng Motor Corporation
  • AVEVAI
  • Atlis Motor Vehicles
  • CROYANCE AUTO
  • Bollinger Motors
  • Arrival Ltd.