Electric Commercial Vehicle Market Size

Electric Commercial Vehicle Market Analysis

The Electric Commercial Vehicle Market size is estimated at USD 105.66 billion and is expected to reach USD 323.73 billion at a CAGR of 25.1% during the forecast period.

• The COVID-19 pandemic hit the market, posing challenges to the entire automotive industry. Lockdowns in many countries led to limited global vehicle sales and disrupted the entire supply chain. The global electric commercial vehicle market, which was impacted by COVID-19, is gaining attention for its post-pandemic industry trends. It is expected that the industry will gradually pick up the pace in the coming years, with companies gaining momentum as the economy grows.
• In November 2022, Farizon New Energy Commercial Vehicles (Farizon), a Geely subsidiary, officially shipped its E200S mini-trucks to Chile from the Guangdong Province port of Shenzhen. This is the second batch of mass exports to South America, following the June 2022 shipment to Costa Rica.
• In November 2022, under the Powered by Karma brand, Karma Automotive held its first customer handover of production commercial vehicles electrified by Karma.
• Electric vehicle adoption is fairly visible in many emerging economies, owing to a significant expansion in areas such as logistics and supply chain companies. Furthermore, strict pollution regulations in several countries around the world are pressuring many corporations to electrify their vehicles, which is propelling the market forward. Governments around the world are putting pressure on vehicle manufacturers to reduce carbon emissions caused by diesel fuel combustion and address greenhouse gas emissions by investing in the development of electric vehicles. Meanwhile, low-emission zones are causing fleets to switch to cleaner diesel trucks.
• The market is expanding due to advancements in battery technology and the extensive use of cutting-edge technologies such as ADAS, AI, IoT, and others in providing the most up-to-date features to their products. Major corporations invest in increasing Original Equipment Manufacturer's competition and assisting market growth. Many countries are attempting to adopt electric mobility, but as new vehicles enter the market, charging infrastructures remain a major concern. Therefore players are also collaborating and developing new products and required infrastructure for electric commercial vehicles.
• In November 2022, Flash Electronics announced a collaboration with Elimen Group to develop EV components. The two companies will collaborate to develop and manufacture traction motors and controllers for all EV segments, including two- and three-wheelers, passenger and commercial vehicles, and electric buses with capacities of up to 300 kW.
• The Asia Pacific electric commercial vehicle market is being driven by the demand to reduce urban pollution and reliance on fossil fuels. This is also the world's largest ECV market. China, India, and Japan are the largest contributors to the global market for electric commercial vehicles. Therefore, players are focusing on developing new products.