Market Share of Electric Commercial Vehicle Industry
The electric commercial vehicle market is dominated by a few major players, including BYD Auto Co. Ltd, AB Volvo, Daimler AG, Zhongtong Bus Holding, and Traton SE. Commercial electric vehicles are developed by manufacturers through joint ventures, partnerships, and the conversion of their existing IC engine fleet to electric.
Further, governments across the globe offer various incentives to encourage the uptake of electric vehicles. These incentives include purchase subsidies, tax incentives, and subsidies for building charging infrastructure. This help offset the high acquisition costs of electric vans, making them more economically attractive to fleet operators. For instance,
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 EUR 25 Million at the Nuremberg site.
Electric Commercial Vehicle Market Leaders
BYD Auto Co., Ltd
AB Volvo
Traton SE
Daimler AG
Zhengzhou Yutong Bus Co., Ltd.
*Disclaimer: Major Players sorted in no particular order
