How big is the Electric Commercial Vehicle Market?

The Electric Commercial Vehicle Market size is expected to reach USD 100.16 billion in 2024 and grow at a CAGR of 25.20% to reach USD 308.12 billion by 2029. Read More

What is the current Electric Commercial Vehicle Market size?

In 2024, the Electric Commercial Vehicle Market size is expected to reach USD 100.16 billion. Read More

Who are the key players in Electric Commercial Vehicle Market?

AB Volvo, Traton SE, BYD Motors Inc., Paccar Inc. and Daimler Truck AG are the major companies operating in the Electric Commercial Vehicle Market. Read More

Which is the fastest growing region in Electric Commercial Vehicle Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Electric Commercial Vehicle Market?

In 2024, the Asia Pacific accounts for the largest market share in Electric Commercial Vehicle Market. Read More

What years does this Electric Commercial Vehicle Market cover, and what was the market size in 2023?

In 2023, the Electric Commercial Vehicle Market size was estimated at USD 74.92 billion. The report covers the Electric Commercial Vehicle Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Electric Commercial Vehicle Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

What are the challenges facing the Electric Commercial Vehicle Market?

The key challenges of the Electric Commercial Vehicle Market are: a) High initial cost of electric vehicles b) Range anxiety among users c) Need for more extensive charging infrastructure Read More

What are the challenges facing the Electric Commercial Vehicle Market?

The key challenges of the Electric Commercial Vehicle Market are: a) High initial cost of electric vehicles b) Range anxiety among users c) Need for more extensive charging infrastructure Read More

Electric Commercial Vehicle Market Size and Global Forecast

Electric Commercial Vehicle Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Electric Commercial Vehicle Market Report is Segmented by Vehicle Type (Buses, Trucks, Pick-Up Trucks, and Vans), Propulsion (Battery Electric Vehicles, Plug-In Hybrid Electric Vehicles, and Fuel Cell Electric Vehicles), Power Output (Less Than 150 KW, 150 250 KW, and Above 250 KW), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The Report Offers Market Size and Forecasts in Value (USD) for all the Above Segments.

Electric Commercial Vehicle Industry Overview

The electric commercial vehicle market is dominated by several key players, including BYD Motors Inc., AB Volvo, Daimler Truck AG, and Paccar Inc. The rapid expansion of electric commercial vehicle manufacturers across the country and the introduction of new models across major countries are expected to witness major growth for the market during the forecast period. For instance:

In April 2024, Rizon, a brand of Daimler Truck AG, introduced class 4-5 electric trucks in Canada. The company will offer four variants of its battery-electric trucks, including the e16L, e16M, e18L, and the e18M, with GVW ratings ranging from 7.25 tons to 8.55 tons.
In October 2023, Foton Motor introduced the Aumark next-generation light-duty truck and the Wonder next-generation micro-truck during a brand renewal and new product launch in Changsha, Hunan.
In June 2023, the Bavarian State Government approved four out of five funding projects of MAN Truck & Bus. This funding supports the advancement of high-voltage batteries for electric trucks and buses. The government subsidy of USD 26.84 million at the Nuremberg site.