Electric Light Commercial Vehicles Market Size

Statistics for the 2023 & 2024 Electric Light Commercial Vehicles market size, created by Mordor Intelligence™ Industry Reports. Electric Light Commercial Vehicles size report includes a market forecast to 2030 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of electric light commercial vehicles Industry

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Electric Light Commercial Vehicles Market Summary
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Icons Lable Value
https://s3.mordorintelligence.com/study%20period/1629296433432_test~study_period_study_period.svg Study Period 2017 - 2030
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Market Size (2024) USD 56.49 Billion
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Market Size (2030) USD 219.5 Billion
https://s3.mordorintelligence.com/hydraulic_fluids/1629285650767_test~hydraulic_fluids_hydraulic_fluids.svg Largest Share by Fuel Category BEV
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg CAGR (2024 - 2030) 25.39 %
https://s3.mordorintelligence.com/globe/1629285706162_test~globe_globe.svg Largest Share by Region Asia-Pacific

Major Players

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*Disclaimer: Major Players sorted in no particular order

Key Players

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Electric Light Commercial Vehicles Market Analysis

The Electric Light Commercial Vehicles Market size is estimated at 56.49 billion USD in 2024, and is expected to reach 219.5 billion USD by 2030, growing at a CAGR of 25.39% during the forecast period (2024-2030).

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56.49 Billion

Market Size in 2024 (USD)

219.5 Billion

Market Size in 2030 (USD)

55.01 %

CAGR (2017-2023)

25.39 %

CAGR (2024-2030)

Largest Segment by Fuel Category

73.35 %

value share, BEV, 2023

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BEVs dominate due to technological advancements, government incentives, and increasing infrastructure supporting electric vehicles.

Largest Segment by Vehicle Configuration

51.03 %

value share, Trucks, 2023

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Trucks dominate due to their critical role in logistics and transportation, meeting high demand for goods movement and commercial activities across various industries.

Largest Segment by Region

38.37 %

value share, Asia-Pacific, 2023

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Asia-Pacific leads due to large-scale manufacturing, growing economies, and high demand for electric light commercial vehicles in urban and rural areas, supported by strong government policies.

Largest Segment by Fuel Category

73.35 %

value share, BEV, 2023

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BEVs dominate due to technological advancements, extensive government support, and growing consumer preference for zero-emission vehicles.

Leading Market Player

10.20 %

market share, Ford Motor Company, 2023

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Ford dominates global electric LCV market with 64% market share. Boosted EV sales and drive systems to fuel future growth.

Europe and North America are poised to capture significant shares in electric LCV (light commercial vehicle) truck sales

  • The e-commerce sector has witnessed a significant surge in growth, particularly in the aftermath of the COVID-19 pandemic. As the backbone of this industry, logistics businesses have taken on the responsibility of providing crucial delivery services. To bolster their operations, these businesses are increasingly turning to leasing strategies to expand their vehicle fleets. In this pursuit of growth, the sector is actively seeking partners who can offer comprehensive mobility solutions.
  • Amid mounting environmental concerns, governments and environmental agencies are rolling out stringent emission norms and regulations. These measures are anticipated to drive up the manufacturing costs of both electric drivetrains and fuel-efficient diesel engines in the coming years. In China, a pivotal player in the automotive market, vehicles sold and registered after July 1, 2020, must adhere to the China 6 Emission Standards. While the current standards, 6A, focus on reducing emissions from gasoline engines, the revised 6B limits, slated for implementation from July 1, 2023, aim to curtail hydrocarbon emissions by 50% and NOx emissions by 40% compared to the Euro 6 standards. Notably, medium- and heavy-duty vehicles in China are currently adhering to the China V emission standards. The latest iteration, China VI emissions, was introduced in July 2018, with the implementation of phase "a" commencing from July 2021 and phase "b" from 2022.
  • Europe and North America are poised to capture significant shares in the sales of electric LCV (light commercial vehicle) trucks. This trend is further bolstered by mounting concerns over environmental pollution stemming from traditional internal combustion engine vehicles, underscoring the potential for growth in the electric LCV market.
Global Electric Light Commercial Vehicles Market

The rising demand for clean energy in the automotive industry and policies to promote the adoption of EVs are the key drivers for electric commercial vehicles globally

  • Several governments worldwide have proactively implemented policies to promote the adoption of electric vehicles in recent years. Notably, China, India, France, and the United Kingdom have set targets to phase out the petrol and diesel vehicle industries by 2040.
  • The rising demand for clean energy in the automotive sector is a key driver for the market's growth. Major OEMs are reshaping their strategies for electric vehicles. For example, in March 2022, Kia Motors unveiled plans to enter the electric pickup truck segment, with two models slated for release by 2027. One of these models will directly compete with established rivals like the Tesla Cybertruck, Ford F-150 Lightning, Rivian R1T, and GMC Hummer EV. Similarly, in March 2022, Ford announced its intention to introduce a new lineup of four commercial electric vehicles by 2024. This lineup included the all-new Transit Custom one-tonne van and Tourneo Custom multi-purpose vehicle launched in 2023, followed by the next-generation Transit Courier van and Tourneo Courier multi-purpose vehicle in 2024.
  • North America, with its high internet and smartphone penetration, presents lucrative opportunities for e-commerce companies to tap into the retail e-commerce market. This digital landscape not only facilitates broader business expansion for e-commerce players but also plays a pivotal role in driving the global electric light commercial vehicles market as well as its truck segment. Consequently, automakers are ramping up their R&D investments in the truck segment, further fueling the growth of electric trucks.

Electric Light Commercial Vehicles Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2030