Electric Commercial Vehicle Battery Pack Market Size

Electric Commercial Vehicle Battery Pack Market Analysis

The Electric Commercial Vehicle Battery Pack Market size is estimated at 16.5 billion USD in 2024, and is expected to reach 31.72 billion USD by 2029, growing at a CAGR of 13.97% during the forecast period (2024-2029).

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16.5 Billion

Market Size in 2024 (USD)

31.72 Billion

Market Size in 2029 (USD)

5.72 %

CAGR (2017-2023)

13.97 %

CAGR (2024-2029)

Largest Segment by Body Type

60.74 %

value share, LCV, 2023

Growth in the e-commerce sector, logistics activities, commercial projects related to infrastructure has raised demand for LCV in commercial vehicles.

Largest Segment by Propulsion Type

99.52 %

value share, BEV, 2023

Zero emissions, cheaper technology than PHEV, little maintenance, and government regulations make BEVs the most popular commercial vehicle class.

Largest Segment by Battery Chemistry

31.32 %

value share, NMC, 2023

NMC batteries are the most popular type of batteries in commercial vehicles because to its fast charging, high energy density, and low weight.

Largest Segment by Battery Form

46.50 %

value share, Prismatic, 2023

Commercial vehicles use prismatic batteries because to their easy installation, high energy density, good ductility, and good safety.

Leading Market Player

32.20 %

market share, Contemporary Amperex Technology Co. Ltd. (CATL), 2022

Contemporary Amperex Technology Co., Ltd. (CATL) dominates APAC CV market due to its wide reach, robust production capability, and large Asian exports of batteries.

The growing interest in light electric delivery vans is driving battery capacity expansion

The APAC region takes the lead in the electric CV battery pack market, driven by adoption in China, Japan, and South Korea

Electric Commercial Vehicle Battery Pack Industry Segmentation

Bus, LCV, M&HDT are covered as segments by Body Type. BEV, PHEV are covered as segments by Propulsion Type. LFP, NCA, NCM, NMC, Others are covered as segments by Battery Chemistry. 15 kWh to 40 kWh, 40 kWh to 80 kWh, Above 80 kWh, Less than 15 kWh are covered as segments by Capacity. Cylindrical, Pouch, Prismatic are covered as segments by Battery Form. Laser, Wire are covered as segments by Method. Anode, Cathode, Electrolyte, Separator are covered as segments by Component. Cobalt, Lithium, Manganese, Natural Graphite, Nickel are covered as segments by Material Type. Asia-Pacific, Europe, Middle East & Africa, North America, South America are covered as segments by Region.

• Commercial vehicles have been more popular in recent years but have also greatly contributed to pollution and climate change. Therefore, in recent years, there has been a rise in demand for electric commercial vehicles and the batteries that power them in numerous regions worldwide. China is not just a major producer of batteries but also a driving force behind the global boom in demand for electric vehicles, with 90.24% of all-electric trucks sold in 2021. The increasing demand for electric CVs has boosted the battery sector, resulting in a 34.38% increase in the global demand for electric CV battery packs of different kinds, including LFP and NMC, in 2021 compared to 2017.
• Demand for electric trucks has increased worldwide, impacting the market for various battery types in different parts of the world. NMC, NCM, and LFP batteries are rapidly expanding in several regions. Over 90% of the market for several types of electric CV batteries comes from China, a global leader in producing electric CVs and batteries. As a result, worldwide demand for commercial vehicle batteries of all varieties expanded by 32.11% in 2022 compared to 2021.
• Considering the growing demand for electric vehicles due to the rise in various industries, such as e-commerce, logistics, and infrastructure users, the demand for electric commercial vehicles, such as BEV and PHEV, is expected to show significant growth during the forecast period in various countries globally.