- Battery Electric Vehicles,
- Hybrid Electric Vehicles,
- Plug-in Hybrid Electric Vehicles
Commercial Electric Vehicles Market size was valued at USD 68,500.0 million in 2022 and is expected to reach a value of USD 398.9 billion by 2029, growing at a CAGR of 28% from 2023-2029. The global market provides a detailed overview of the market that can be segmented by the technology, vehicle, and charging infrastructure. By technology, the commercial electric vehicles market has been segmented into 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, trucks, pick-up trucks, and vans. Among these, the bus segment is expected to have the fastest-growing market during the forecast period. 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.
Commercial Electric Vehicles Market Key Developments:
In Dec 2021, BYD introduced the ETP3 electric vehicle, which has a 50.3 kWh NMC battery and a 269 km range. The new electric van measures 4.46 meters in length and can carry 720 kg.
Commercial Electric Vehicles Market Summary
Study Period
2024-2030
Base Year
2023
CAGR
28%
Largest Market
North America
Fastest Growing Market
Asia-Pacific
Commercial Electric Vehicles Market Dynamics
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.
Asia-Pacific Got Significant Share
Commercial Electric Vehicles Market Regional Analysis
By region, the Asia Pacific market is expected to witness the highest market share during the forecast period due to growing greener technologies and efforts to create a cleaner environment, hence, there is a growing demand for electric automobiles. India, China, and Japan are the major contributors to the growth of the market in the region. India is anticipated to have a high potential market in the future due to favorable government laws and the increasing deployment of electric buses in public transportation fleets. North America held a considerable market share during the estimated period.
Latin America
Europe
Asia Pacific
Middle East
North America
Key Features of the Reports
- The commercial electric vehicles market report provides granular level information about the market size, regional market share, historic market (2018-2022), and forecast (2023-2029)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments, and start-up details that are actively working in the market
- The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
Commercial Electric Vehicles Market Segmentation
By Technology
By Vehicle Analysis
- Bus,
- Truck,
- Pick-Up Truck,
- Van
By Infrastructure
- Pantograph,
- Plug-in,
- Inductive
Frequently Asked Questions
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, 2018 - 2022 and Forecast, 2023 - 2029 |
| 4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 5.1. Battery Electric Vehicles |
| 5.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 |
| 6.1. Bus |
| 6.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 |
| 7.1. Pantograph |
| 7.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 8.1. North America |
| 8.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2023 - 2029 |
| 9. North America Commercial Electric Vehicles Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 9.1. Technology Analysis 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029Â 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, 2023 - 2029 |
| 9.6. North America Commercial Electric Vehicles Market Dynamics Trends |
| 10. Europe Commercial Electric Vehicles Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 10.1. Technology Analysis 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029Â 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, 2023 - 2029 |
| 10.6. Europe Commercial Electric Vehicles Market Dynamics Trends |
| 11. Asia-Pacific Commercial Electric Vehicles Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 11.1. Technology Analysis 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029Â 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, 2023 - 2029 |
| 11.6. Asia-Pacific Commercial Electric Vehicles Market Dynamics Trends |
| 12. Latin America Commercial Electric Vehicles Market Analysis, 2018 - 2022 and Forecast, 2022 2028 |
| 12.1. Technology Analysis 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029Â 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, 2023 - 2029 |
| 12.6. Latin America Commercial Electric Vehicles Market Dynamics Trends |
| 13. Middle East and Africa Commercial Electric Vehicles Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 13.1. Technology Analysis 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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, 2023 - 2029 |
| 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 |
- 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
- CAF