The study involved four major activities in estimating the current size of the electric light commercial vehicle market. Exhaustive secondary research was carried out to collect information on the market, the peer market, and the parent market. The next step involved validating these findings and assumptions and sizing them with industry experts across value chains through primary research. The top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation processes were used to estimate the market size of segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources were used to identify and collect information on the electric light commercial vehicle market for this study. Secondary sources included annual reports, press releases, and investor presentations of companies; whitepapers, certified publications, and articles from recognized authors; directories; databases; and articles from recognized associations and government publishing sources.
Primary Research
Extensive primary research was conducted after understanding the electric light commercial vehicle market scenario through secondary research. Several primary interviews were conducted with market experts from both the demand (OEMs) and supply (electric light commercial vehicle manufacturers and component manufacturers) sides across major regions, namely, North America, Europe, and Asia Pacific. Approximately 35% and 65% of primary interviews were conducted from the demand and supply sides, respectively. Primary data was collected through questionnaires, emails, and telephonic interviews.
In the canvassing of primaries, various departments within organizations, such as sales, operations, and marketing, were covered to provide a holistic viewpoint in the report. After interacting with industry experts, brief sessions were conducted with highly experienced independent consultants to reinforce the findings from primary interviews. This, along with the opinions of in-house subject matter experts, led to the findings described in the remainder of this report.
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Market Size Estimation
A detailed market estimation approach was followed to estimate and validate the value and volume of the electric light commercial vehicle market and other dependent submarkets, as mentioned below:
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The market size was derived by collecting sales of electric light commercial vehicles (pickup trucks and vans) through association and paid databases.
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Key players in the electric light commercial vehicle market were identified through secondary research, and their global market share was determined through primary and secondary research.
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The research methodology included the study of annual and quarterly financial reports, regulatory filings of major market players, and interviews with industry experts to gain detailed market insights.
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All major penetration rates, percentage shares, splits, and breakdowns for the electric light commercial vehicles market were determined through secondary sources and verified through primary sources.
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All key macroindicators affecting the revenue growth of the market segments and subsegments were accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the validated and verified quantitative & qualitative data.
Electric Light Commercial Vehicle Market : Top-Down and Bottom-Up Approach
Data Triangulation
All percentage shares, splits, and breakdowns were determined using secondary sources and verified by primary sources. All parameters that affect the markets covered in this research study were accounted for, viewed in extensive detail, and analyzed to obtain the final quantitative and qualitative data. This data was consolidated and enhanced with detailed inputs and analysis from MarketsandMarkets and presented in the report. The following figure is an illustrative representation of the overall market size estimation process employed for this study.
Market Definition
According to the European Alternative Fuels Observatory (EAFO), an electric vehicle (EV) is any motor vehicle that can be recharged from an external source of electricity. The electricity stored in the rechargeable battery packs drives the wheels. Electric light commercial vehicles include pickup trucks and vans that use electric motors for propulsion. These vehicles are powered by electricity and used for commercial purposes, like transporting goods or services.
Stakeholders
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Associations, Forums, and Alliances related to Electric Light Commercial Vehicles
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Automobile Manufacturers
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Automotive Component Manufacturers
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Automotive Investors
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Automotive Software Manufacturers and Providers
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Battery Distributors
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Battery Manufacturers
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Charging Infrastructure Providers
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Charging Service Providers
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Companies Operating in the Autonomous Vehicle Ecosystem
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Distributors and Retailers
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Electric Pickup Truck Manufacturers
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Electric Van Manufacturers
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EV Battery Manufacturers
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EV Charging Equipment Manufacturers
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EV Charging Infrastructure Service Providers
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EV Component Manufacturers
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EV Distributors and Retailers
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Government Agencies and Policy Makers
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Original Equipment Manufacturers
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Raw Material Suppliers for Automotive Software or Components
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Technology Providers
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Transport Authorities
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Technology Providers
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Vehicle Electronics Manufacturers
Report Objectives
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To segment and forecast the electric light commercial vehicle (eLCV) market in terms of volume (thousand units) and value (USD million)
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To define, describe, and forecast the market based on vehicle type, propulsion, battery type, battery capacity, range, GVWR, end use, and region
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To segment and forecast the market size by volume and value based on vehicle type (pickup truck and van)
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To segment and forecast the market size by volume based on propulsion (battery electric vehicle and plug-in hybrid electric vehicle)
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To segment and forecast the market size by volume based on battery type (LPF, NMC, solid-state, and others)
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To segment and forecast the market size by volume based on battery capacity (up to 50 kWh, 50 to 100 kWh, and 100 to 150 kWh)
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To segment and forecast the market size by volume based on range (up to 100 miles, 100 to 200 miles, and above 200 miles)
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To segment and forecast the market size by volume based on GVWR (Below 6,000 lbs and 6,001 to 10,000 lbs)
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To segment and forecast the market size by volume based on end use (last-mile delivery, field services, and distribution services)
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To forecast the market size with respect to key regions: China, Asia Pacific (excl. China), Europe, and North America
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To analyze technological developments impacting the market
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To provide detailed information about the major factors influencing market growth (drivers, challenges, restraints, and opportunities)
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To strategically analyze the market, considering individual growth trends, prospects, and contributions to the total market
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To study the following concerning the market
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Supply chain analysis
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Ecosystem analysis
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Technology analysis
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HS code
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Case study analysis
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Patent analysis
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Regulatory landscape
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Key stakeholders and buying criteria
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Key conferences and events
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Impact of Generative AI
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To estimate the following with respect to the market:
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Pricing Analysis
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Market Share Analysis
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To strategically profile key players and comprehensively analyze their market shares and core competencies
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To track and analyze competitive developments, such as deals, product developments, and expansions, carried out by key industry participants.
Available Customizations
With the given market data, MarketsandMarkets offers customizations in line with the company’s specific needs.
Company Profiles
Profiling of Additional Market Players (Up to 5)
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Electric Light Commercial Vehicle Market, By Propulsion, At Country Level
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Electric Light Commercial Vehicle Market, By GVWR, At Country Level
FASTEST-GROWING MARKET GLOBALLY IN 2025-2032
SPAIN, FASTEST-GROWING MARKET IN REGION
Growth opportunities and latent adjacency in Electric Light Commercial Vehicle Market