- Battery Electric Vehicles,
- Hybrid Electric Vehicles,
- Plug-in Hybrid Electric Vehicles
Commercial Electric Vehicles Market size is valued at USD 68,500.0 million in 2021 and is expected to reach a value of USD 391.9 billion by 2028, growing at a CAGR of 28% during the forecast period 2022 to 2028. The global market provides a detailed overview of the market and that can be segmented by the technology, vehicle and charging infrastructure. By technology, the commercial electric vehicles market has been segmented into the battery electric vehicles, hybrid electric vehicles and plug-in hybrid electric vehicles. The battery electric vehicles segment is likely to be the largest and fastest-growing segment in terms of technology. Based on the vehicle, the commercial electric vehicles market is segmented into the bus, truck, pick-up truck, and van. Among these, the bus segment is expected to have the fastest-growing market during the forecast period 2022-2028. On the charging infrastructure, the market is segregated into pantograph, plug-in and inductive. The pantograph held a considerable market share during the forecast period.
Study Period
Base Year
CAGR
Largest Market
Fastest Growing Market
The last-mile transportation of goods from warehouses is increasingly being done with electric commercial vehicles, government support for electric commercial vehicles, high demand for electric pickups with many pre-bookings in these vehicles, and rising prices of fossil fuels to raise demand for ECVS are some key factors boosting the market growth.
The commercial electric vehicles market is projected to expand at a CAGR of 28% during the forecast period.
The major players in the global commercial electric vehicles market are Tesla, Nissan, BMW, Chevrolet, Ford, AB Volvo, Alexander Dennis Ltd., Alstom Group, Anhui Ankai Automobile Co. Ltd., Ashok Leyland Ltd., Bluebus SAS, Bozankaya A.S., BYD Co. Ltd., Caetanobus – Fabrico De Autocarros E Carrocarias S.A., Chariot Motors, Dongfeng Motor Corp., Ebusco B.V., Nanjing Golden Dragon Bus Co. Ltd., Proterra Inc., Tata Motors Ltd., Cummins Inc., E-Force One AG, Hino Motors Ltd, Isuzu Motors Ltd., Iveco S.p.A., Nikola Corp., Scania AB, Workhorse Group Inc, VDL Bus and Coach, Daimler and CAF.
Asia Pacific is the fastest-growing region for commercial electric vehicles market
1. Executive Summary |
2. Global Commercial Electric Vehicles Market Introduction |
2.1. Global Commercial Electric Vehicles Market – Taxonomy |
2.2. Global Commercial Electric Vehicles Market –Definitions |
2.2.1. By Technology |
2.2.2. By Vehicle |
2.2.3. By Charging Infrastructure |
3. Global Commercial Electric Vehicles Market Dynamics |
3.1. Drivers |
3.2. Restraints |
3.3. Opportunities/Unmet Needs of the Market |
3.4. Trends |
3.5. Global Commercial Electric Vehicles Market Dynamic Factors - Impact Analysis |
3.6. Global Commercial Electric Vehicles Market – Competition Landscape |
4. Global Commercial Electric Vehicles Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 |
4.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) |
4.3. Market Opportunity Analysis |
5. Global Commercial Electric Vehicles Market, By Technology, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
5.1. Battery Electric Vehicles |
5.1.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.1.3. Market Opportunity Analysis |
5.2. Hybrid Electric Vehicles |
5.2.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.2.3. Market Opportunity Analysis |
5.3. Plug-in Hybrid Electric Vehicles |
5.3.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
5.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.3.3. Market Opportunity Analysis |
6. Global Commercial Electric Vehicles Market Forecast, By Vehicle, 2017 - 2021 and Forecast, 2022 - 2028 |
6.1. Bus |
6.1.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.1.3. Market Opportunity Analysis |
6.2. Truck |
6.2.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.2.3. Market Opportunity Analysis |
6.3. Pick-up Truck |
6.3.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.3.3. Market Opportunity Analysis |
6.4. Van |
6.4.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
6.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.4.3. Market Opportunity Analysis |
7. Global Commercial Electric Vehicles Market Forecast, By Charging Infrastructure, 2017 - 2021 and Forecast, 2022 - 2028 |
7.1. Pantograph |
7.1.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.1.3. Market Opportunity Analysis |
7.2. Plug-in |
7.2.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.2.3. Market Opportunity Analysis |
7.3. Inductive |
7.3.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.3.3. Market Opportunity Analysis |
8. Global Commercial Electric Vehicles Market Forecast, By Region, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
8.1. North America |
8.1.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
8.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.1.3. Market Opportunity Analysis |
8.2. Europe |
8.2.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
8.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.2.3. Market Opportunity Analysis |
8.3. Asia-Pacific |
8.3.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.3.3. Market Opportunity Analysis |
8.4. Latin America |
8.4.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
8.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.4.3. Market Opportunity Analysis |
8.5. Middle East and Africa |
8.5.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
8.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.5.3. Market Opportunity Analysis |
8.6. Global Commercial Electric Vehicles Market - Opportunity Analysis Index, By Technology, By Vehicle Type, Charging Infrastructure, and Country, 2022 - 2028 |
9. North America Commercial Electric Vehicles Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
9.1. Technology Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
9.1.1. Battery Electric Vehicles |
9.1.2. Hybrid Electric Vehicles |
9.1.3. Plug-in Hybrid Electric Vehicles |
9.2. Vehicle Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
9.2.1. Bus |
9.2.2. Truck |
9.2.3. Pick-Up Truck |
9.2.4. Van |
9.3. Charging Infrastructure Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
9.3.1. Pantograph |
9.3.2. Plug-in |
9.3.3. Inductive |
9.4. Country Analysis 2017 - 2021 and Forecast 2022 - 2028Â by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
9.4.1. U.S. |
9.4.2. Canada |
9.5. North America Commercial Electric Vehicles Market - Opportunity Analysis Index, By Technology, By Vehicle Type, Charging Infrastructure, and Country, 2022 - 2028 |
9.6. North America Commercial Electric Vehicles Market Dynamics – Trends |
10. Europe Commercial Electric Vehicles Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
10.1. Technology Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
10.1.1. Battery Electric Vehicles |
10.1.2. Hybrid Electric Vehicles |
10.1.3. Plug-in Hybrid Electric Vehicles |
10.2. Vehicle Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
10.2.1. Bus |
10.2.2. Truck |
10.2.3. Pick-Up Truck |
10.2.4. Van |
10.3. Charging Infrastructure Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
10.3.1. Pantograph |
10.3.2. Plug-in |
10.3.3. Inductive |
10.4. Country Analysis 2017 - 2021 and Forecast 2022 - 2028Â by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
10.4.1. Germany |
10.4.2. UK |
10.4.3. France |
10.4.4. Spain |
10.4.5. Italy |
10.4.6. Russia |
10.4.7. Poland |
10.4.8. Rest of Europe |
10.5. Europe Commercial Electric Vehicles Market - Opportunity Analysis Index, By Technology, By Vehicle Type, Charging Infrastructure, and Country, 2022 - 2028 |
10.6. Europe Commercial Electric Vehicles Market Dynamics – Trends |
11. Asia-Pacific Commercial Electric Vehicles Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
11.1. Technology Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
11.1.1. Battery Electric Vehicles |
11.1.2. Hybrid Electric Vehicles |
11.1.3. Plug-in Hybrid Electric Vehicles |
11.2. Vehicle Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
11.2.1. Bus |
11.2.2. Truck |
11.2.3. Pick-Up Truck |
11.2.4. Van |
11.3. Charging Infrastructure Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
11.3.1. Pantograph |
11.3.2. Plug-in |
11.3.3. Inductive |
11.4. Country Analysis 2017 - 2021 and Forecast 2022 - 2028Â by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
11.4.1. Japan |
11.4.2. China |
11.4.3. India |
11.4.4. ASEAN |
11.4.5. Australia & New Zealand |
11.4.6. Rest of Asia-Pacific |
11.5. Asia-Pacific Commercial Electric Vehicles Market - Opportunity Analysis Index, By Technology, By Vehicle Type, Charging Infrastructure, and Country, 2022 - 2028 |
11.6. Asia-Pacific Commercial Electric Vehicles Market Dynamics – Trends |
12. Latin America Commercial Electric Vehicles Market Analysis, 2017 - 2021 and Forecast, 2022 – 2028 |
12.1. Technology Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
12.1.1. Battery Electric Vehicles |
12.1.2. Hybrid Electric Vehicles |
12.1.3. Plug-in Hybrid Electric Vehicles |
12.2. Vehicle Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
12.2.1. Bus |
12.2.2. Truck |
12.2.3. Pick-Up Truck |
12.2.4. Van |
12.3. Charging Infrastructure Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
12.3.1. Pantograph |
12.3.2. Plug-in |
12.3.3. Inductive |
12.4. Country Analysis 2017 - 2021 and Forecast 2022 - 2028Â by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
12.4.1. Brazil |
12.4.2. Mexico |
12.4.3. Argentina |
12.4.4. Rest of Latin America |
12.5. Latin America Commercial Electric Vehicles Market - Opportunity Analysis Index, By Technology, Vehicle Type, Charging Infrastructure, and Country, 2022 - 2028 |
12.6. Latin America Commercial Electric Vehicles Market Dynamics – Trends |
13. Middle East and Africa Commercial Electric Vehicles Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
13.1. Technology Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
13.1.1. Battery Electric Vehicles |
13.1.2. Hybrid Electric Vehicles |
13.1.3. Plug-in Hybrid Electric Vehicles |
13.2. Vehicle Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
13.2.1. Bus |
13.2.2. Truck |
13.2.3. Pick-Up Truck |
13.2.4. Van |
13.3. Charging Infrastructure Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
13.3.1. Pantograph |
13.3.2. Plug-in |
13.3.3. Inductive |
13.4. Country Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
13.4.1. Gulf Cooperation Council (GCC) Countries |
13.4.2. Israel |
13.4.3. South Africa |
13.4.4. Rest of MEA |
13.5. MEA Commercial Electric Vehicles Market - Opportunity Analysis Index, By Technology, Vehicle Type, Charging Infrastructure, and Country, 2022 - 2028 |
13.6. MEA Commercial Electric Vehicles Market Dynamics – Trends |
14. Competition Landscape |
14.1. Strategic Dashboard of Top Market Players |
14.2. Company Profiles (Introduction, Financial Analysis, Product & Service Offerings, Key Developments, Strategies, and SWOT Analysis) |
14.2.1. Tesla |
14.2.2. Nissan |
14.2.3. BMW |
14.2.4. Chevrolet |
14.2.5. Ford |
14.2.6. AB Volvo |
14.2.7. Alexander Dennis Ltd. |
14.2.8. Alstom Group |
14.2.9. Anhui Ankai Automobile Co. Ltd. |
14.2.10. Ashok Leyland Ltd., |
14.2.11. Bluebus SAS, |
14.2.12. Bozankaya A.S. |
14.2.13. BYD Co. Ltd. |
14.2.14. Caetanobus - Fabrico De Autocarros E Carrocarias S.A. |
14.2.15. Chariot Motors |
14.2.16. Dongfeng Motor Corp. |
14.2.17. Ebusco B.V. |
14.2.18. Nanjing Golden Dragon Bus Co. Ltd. |
14.2.19. Proterra Inc. |
14.2.20. Tata Motors Ltd. |
14.2.21. Cummins Inc. |
14.2.22. E-Force One AG |
14.2.23. Hino Motors Ltd |
14.2.24. Isuzu Motors Ltd. |
14.2.25. Iveco S.p.A. |
14.2.26. Nikola Corp. |
14.2.27. Scania AB |
14.2.28. Workhorse Group Inc |
14.2.29. VDL Bus and Coach |
14.2.30. Daimler |
14.2.31. CAF |
14.2.32. Emoss Mobile Systems |
14.2.33. Yutong |
15. Research Methodology |
16. Key Assumptions and Acronyms |