Market Share of Electric LCV Industry
The electric LCV market is moderately consolidated, and it has a limited number of active players. The market is witnessing the launch of various new electric models by start-ups and established players. Some of the major players in the market are BYD Group, Nissan Motor Co., Renault Group, and Volkswagen AG, among others. The companies are expanding their presence by forming strategic alliances with other players in the market and launching new electric LCVs. For instance,
- In 2020, Arrival, an electric van manufacturer, won a USD 428 million order from United Parcel Service (UPS) for 10,000 vehicles. UPS is also planning to buy an equity stake in the start-up. Arrival already received over USD 100 million in funding from Hyundai and KIA.
- In 2019, Rivian Automotive received a total of USD 1.3 billion in funding from different sources. Also, in September 2019, this start-up announced its plans to collaborate with Amazon for an electric delivery van, and a total of 100,000 of these electric vans have been ordered by Amazon, with deliveries expected to start by 2021.
- In 2019, Tesla launched its first electric pickup truck named Cybertruck, in Los Angeles, California. Cybertruck comes in three variants with a maximum range of 200 miles, 300 miles, and 500 miles, with the first delivery expected by 2021.
Electric LCV Market Leaders
BYD Group
Nissan Motor Co.
Renault Group
BAIC Group
Volkswagen AG
*Disclaimer: Major Players sorted in no particular order
