Electric Van Market

Electric Van Market by Range (up to 100 miles, 100-200 miles, & above 200 miles), Battery Capacity (up to 50 kWh & above 50 kWh), Battery Type, Propulsion (BEV, FCEV, & PHEV), End Use and Region - Global Forecast to 2030

Report Code: AT 8502 Nov, 2022, by marketsandmarkets.com

[250 Pages Report] The electric van market is projected to register a CAGR of 33.6% from 2022 to 2030, reaching 1,082.9 thousand units by 2030 from 106.8 thousand units in 2022. Countries like the US, Japan, China, Germany, and the UK have a significant share of electric vans due to rising demand for environment-friendly vehicles. However, in India, South Korea, and other developing countries, electric vans are still at the initial stage of adoption. The lack of charging stations and the high cost of electric vans can hinder the market’s growth in these countries. The electric van market growth is significantly being fueled by the rising demand from the Europe region.

Europe has stringent emission regulation standards, and the governments of countries in this region are providing huge incentives to promote electric vehicles. As a result, the demand for electric vans has increased tremendously in the region. Electric vans are extensively used in various sectors, such as logistics, e-commerce, and public transportation.

Electric Van Market

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Driver: Increasing demand for emission-free and energy-efficient mass transit solutions

The transport sector is one of the largest contributors to global greenhouse gas (GHG) emissions. According to the United Nations Environment Program (UNEP), the transport sector contributes around one-quarter of greenhouse gas (GHG) emissions and is one of the largest sources of air pollution. Vehicle emissions are responsible for discharging 29% of ozone-depleting substances that bring air pollution and are dangerous to the atmosphere. Various governments across the globe have introduced initiatives to make their urban public transport system more sustainable and fuel-efficient with the use of electric vans. The introduction of electric vans will change mass transit worldwide in the coming years by improving air quality, reducing noise levels, and increasing fuel efficiency.

Restraint: Low vehicle range hampers long-distance logistics

Many electric commercial vehicle fleet owners are concerned about the range or distance covered in a single charge. The driving range of electric vans is shorter than that of ICE commercial vans. Many ECVs cover distances between 80 miles and 120 miles because of the low energy density of batteries. The maximum coverage of an ECV is ~300 miles. Users prefer covering long distances without interruptions, especially for long trips, and a long-range EV is significantly high priced. This factor could inhibit the growth of the electric van market. Various R&D efforts are undertaken to reduce the space required for housing and contacts so that more batteries can be accommodated, and the van range can be increased to approximately 600 miles. FCEVs have a huge opportunity for electric vans due to the less demand for frequent charging (which hampers commercial use in many cases).

Opportunity: Government support for electrification of public transport

In order to drive the commitment to reduce greenhouse gas (GHG) emissions and improve air quality in urban areas, governments across the globe have been providing lucrative fiscal incentives to promote shared mobility and clean transportation. Governments across the globe have launched attractive initiatives and schemes to facilitate the adoption of electric vehicles. Governments in developed countries have begun the tender process to increase the use of electric vans in their cities. For instance, as of March 2022, Royal Mail conducted its delivery using 3,000 electric vans. The roll-out largely follows cities with low-emission zones, including London, Bristol, Glasgow, Cambridge, and Oxford. The induction of e-vans will add to the emission reduction commitments at the local level. The benefits will be much greater with the simultaneous greening of electricity generation in highly populated cities like China, Japan, and India.

Challenge: Lack of charging infrastructure

The growth of the electric van market has been restrained due to the limited availability of supporting infrastructure. Every electric vehicle periodically requires a battery charging facility. Charging infrastructure is installed in urban areas in Europe, North America, and other developed regions. However, the number of charging stations is insufficient. The number of charging stations in Eastern Europe is lesser than that in Northern Europe. In Asia Pacific, China is leading in terms of the availability of charging stations. The time taken to recharge a vehicle further adds to the inconvenience. As of 2022, only a few companies provide fast chargers. As chargers are available in different designs and every charger uses a different connector, finding a suitable charger can be cumbersome. The lack of charging infrastructure is a major problem in developing economies such as India, South Africa, and South Korea. India has adequate infrastructure for internal combustion engine vehicles with as many as 77,000 fuel stations across the country.

Increasing focus on healthcare facilities to drive electric van market for field services

Field services include maintenance, installation, or repair of hardware equipment at the customer’s site. These services are required in sectors such as gas utilities (to repair suspected leaks), healthcare, property maintenance, HVAC (for installation management), telecommunications (for cable installation or other issues), transportation, heavy engineering, and mining. Companies are keen on adopting electric commercial vehicles such as electric vans for daily field operations, maintenance, repair, other field services, and replacing diesel fleets. In March 2022, London Electric Vehicle Company announced its plan to supply 22 VN5 electric vans to Sunbelt Rentals for fleet operations.

Asia Pacific to be major contributor to electric van market growth

Governments in the Asia Pacific region have recognized the growth potential of the automotive industry and have consequently taken different initiatives to encourage major OEMs to enter their domestic markets. Several European and American automobile manufacturers, such as Volkswagen (Germany), Mercedes Benz (Germany), and General Motors (US), have shifted their production plants to emerging economies. Hence, the electric van market will grow. The Chinese government is also encouraging state governments and public organizations to increase the use of electric vehicles for logistics purposes to more than 50% by 2025. In India, the electric van market is at a nascent stage. However, the government is undertaking various initiatives to promote the use and sale of electric vehicles. These include the National Electric Mobility Mission Plan (NEMMP) and Faster Adoption and Manufacturing of Hybrid & Electric Vehicles (FAME).

Electric Van Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Key Market Players

The key players considered in the analysis of the electric van market are General Motors (US), Renault (France), Toyota Motor Corporation (Japan), BYD (China), and Ford Motor Company (US). These companies offer extensive products for the automotive industry and have strong distribution networks, and they invest heavily in R&D to develop new products.

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Scope of the Report

Report Attributes

Details

Market size value in 2022:

 106.8 thousand units

Projected to reach 2027:

 1,082.9 thousand units

CAGR:

 33.6%

Base Year Considered:

 2021

Forecast Period:

 2022-2027

Largest Market:

 Asia Pacific

Region Covered:

Asia Pacific, North America, and Europe

Segments Covered:

By range (up to 100 miles, 100-200 miles, and above 200 miles), battery capacity (up to 50 kWh and above 50 kWh), battery type, propulsion, and end use

Companies Covered:

General Motors (US), Renault (France), Toyota Motor Corporation (Japan), BYD (China), and Ford Motor Company (US) are top players in the market A total of 21 companies are profiled in the report


This research report categorizes the electric van market based on range, battery capacity, battery type, propulsion, end use, and region

By Range
  • Up to 100 Miles
  • 100–200 Miles
  • Above 200 Miles
By Battery Capacity
  • Up to 50 kWh
  • Above 50 kWh
By Battery Type
  • Nickel Manganese Cobalt
  • Lithium-Ion
  • Others
By Propulsion
  • BEV
  • FCEV
  • PHEV
By End Use
  • Last Mile Delivery
  • Refrigerated Services
  • Field Services
  • Distribution Services
By Region
  • North America
  • Asia Pacific
  • Europe

Recent Developments

  • In May 2022, Ford Motor Company launched E-Transit in Europe with a range of 236 miles.
  • In October 2021, BYD launched ETP3 Panel Van with a load capacity of 780 kg and a driving range of 275 km. It is also equipped with a 44.9 kWh battery, a 35 kW rated electric motor, and a top speed of 100 km/hour.
  • In April 2021, Toyota Motor Corporation launched the Proace Electric van which offers a battery capacity of 75 kWh and a range of 175 km.

Frequently Asked Questions (FAQ):

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

TABLE OF CONTENTS

1 INTRODUCTION
    1.1 OBJECTIVES OF THE STUDY
    1.2 MARKET DEFINITION
    1.3 INCLUSIONS & EXCLUSIONS
    1.4 MARKET SCOPE
           1.4.1 YEARS CONSIDERED FOR STUDY
    1.5 CURRENCY
    1.6 STAKEHOLDERS
    1.7 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY
    2.1 RESEARCH DATA
           2.1.1 SECONDARY DATA
                    2.1.1.1 Key data from secondary sources
                    2.1.1.2 List of secondary sources
           2.1.2 PRIMARY DATA
                    2.1.2.1 Key data from primary sources
                    2.1.2.2 List of participating companies for primary research
                    2.1.2.3 Key industry insights
                    2.1.2.4 Breakdown of primary interviews
    2.2 MARKET SIZE ESTIMATION
    2.3 FACTOR ANALYSIS
           2.3.1 FACTOR ANALYSIS FOR MARKET SIZING: DEMAND AND SUPPLY SIDE ANALYSIS
    2.4 DATA TRIANGULATION
    2.5 ASSUMPTIONS
    2.6 RISK ASSESSMENT
    2.7 RESEARCH LIMITATIONS

3 EXECUTIVE SUMMARY

4 PREMIUM INSIGHTS

5 MARKET OVERVIEW
    5.1 INTRODUCTION
    5.2 MARKET DYNAMICS
           5.2.1 DRIVERS
           5.2.2 RESTRAINTS
           5.2.3 OPPORTUNITIES
           5.2.4 CHALLENGES
    5.3 PORTERS FIVE FORCES ANALYSIS
    5.4 MACROECONOMIC INDICATORS
           5.4.1 GDP TRENDS AND FORECAST FOR MAJOR ECONOMIES
    5.5 TRENDS AND DISRUPTIONS
    5.6 VALUE CHAIN ANALYSIS
    5.7 ECOSYSTEM ANALYSIS
    5.8 PATENT ANALYSIS
    5.9 CASE STUDY
    5.10 AVERAGE SELLING PRICE OF ELECTRIC VANS
    5.11 REGULATORY OVERVIEW
    5.12 TECHNOLOGY ANALYSIS
    5.13 DETAILED LIST OF CONFERENCES & EVENTS FOR THE ELECTRIC VAN MARKET
    5.14   LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
    5.15 KEY STAKEHOLDERS & BUYING CRITERIA FOR ELECTRIC VANS
           5.15.1 KEY STAKEHOLDERS IN BUYING PROCESS
           5.15.2 BUYING CRITERIA
    5.16 SCENARIO ANALYSIS
           5.16.1 MOST LIKELY SCENARIO
           5.16.2 OPTIMISTIC SCENARIO
           5.16.3 PESSIMISTIC SCENARIO

6 ELECTRIC VAN MARKET, BY RANGE
    6.1 INTRODUCTION
           6.1.1 OPERATIONAL DATA
           6.1.2 ASSUMPTIONS
           6.1.3 RESEARCH METHODOLOGY
    6.2 UP TO 100 MILES
    6.3 100 – 200 MILES
    6.4 ABOVE 200 MILES
    6.5 KEY INDUSTRY INSIGHTS

7 ELECTRIC VAN MARKET, BY BATTERY TYPE
    7.1 INTRODUCTION
           7.1.1 OPERATIONAL DATA
           7.1.2 ASSUMPTIONS
           7.1.3 RESEARCH METHODOLOGY
    7.2 NICKEL MANGANESE COBALT
    7.3 LITHIUM-ION
    7.4 OTHERS
    7.5 KEY INDUSTRY INSIGHTS

8 ELECTRIC VAN MARKET, BY END USE
    8.1 INTRODUCTION
           8.1.1 OPERATIONAL DATA
           8.1.2 ASSUMPTIONS
           8.1.3 RESEARCH METHODOLOGY
    8.2 LAST MILE DELIVERY
    8.3 REFRIGERATED SERVICES
    8.4 DISTRIBUTION SERVICES
    8.5 FIELD SERVICES
    8.6 KEY INDUSTRY INSIGHTS

9 ELECTRIC VAN MARKET, BY BATTERY CAPACITY
    9.1 INTRODUCTION
           9.1.1 OPERATIONAL DATA
           9.1.2 ASSUMPTIONS
           9.1.3 RESEARCH METHODOLOGY
    9.2 UP TO 50 KWH
    9.3 ABOVE 50 KWH
    9.4 KEY INDUSTRY INSIGHTS

10 ELECTRIC VAN MARKET, BY PROPULSION
     10.1 INTRODUCTION
             10.1.1 OPERATIONAL DATA
             10.1.2 ASSUMPTIONS
             10.1.3 RESEARCH METHODOLOGY
     10.2 BATTERY ELECTRIC VEHICLE
     10.3 FUEL CELL ELECTRIC VEHICLE
     10.4 PLUG-IN HYBRID ELECTRIC VEHICLE
     10.5 KEY INDUSTRY INSIGHTS

11 ELECTRIC VAN MARKET, BY REGION
     11.1 INTRODUCTION
     11.2 ASIA PACIFIC
             11.2.1 CHINA
             11.2.2 JAPAN
             11.2.3 SOUTH KOREA
             11.2.4 INDIA
     11.3 EUROPE
             11.3.1 GERMANY
             11.3.2 UK
             11.3.3 NETHERLANDS
             11.3.4 NORWAY
             11.3.5 FRANCE
             11.3.6 ITALY
             11.3.7 BELGIUM
             11.3.8 SWITZERLAND
             11.3.9 AUSTRIA
             11.3.10 SPAIN
             11.3.11 SWEDEN
             11.3.12 DENMARK
             11.3.13 PORTUGAL
             11.3.14 IRELAND
     11.4 NORTH AMERICA
             11.4.1 US
             11.4.2 CANADA

12 COMPETITIVE LANDSCAPE
     12.1 OVERVIEW
     12.2 MARKET SHARE ANALYSIS
             12.2.1 RENAULT
             12.2.2 FORD MOTOR COMPANY
             12.2.3 BYD
             12.2.4 TOYOTA MOTOR CORPORATION
             12.2.5 GENERAL MOTORS
     12.3 KEY PLAYERS' STRATEGY
     12.4 REVENUE  ANALYSIS, 2021
     12.5 COMPETITIVE SCENARIO
             12.5.1 NEW PRODUCT DEVELOPMENTS
             12.5.2 DEALS
             12.5.3 OTHERS
     12.6 COMPANY EVALUATION QUADRANT
             12.6.1 STARS
             12.6.2 EMERGING LEADERS
             12.6.3 PERVASIVE
             12.6.4 PARTICIPANTS
     12.7 START-UP/SME EVALUATION QUADRANT
             12.7.1 PROGRESSIVE COMPANIES
             12.7.2 RESPONSIVE COMPANIES
             12.7.3  DYNAMIC COMPANIES
             12.7.4 STARTING BLOCKS
               TABLE 1 ELECTRIC VAN MARKET: DETAILED LIST OF KEY STARTUPS/SMES
               TABLE 2 ELECTRIC VAN MARKET: COMPETITIVE BENCHMARKING OF KEY PLAYERS [STARTUPS/SMES]    

13 COMPANY PROFILES
     13.1 KEY PLAYERS
             13.1.1 RENAULT
             13.1.2 NISSAN MOTOR CORPORATION
             13.1.3 TOYOTA MOTOR CORPORATION
             13.1.4 IVECO
             13.1.5 LONDON ELECTRIC VEHICLE COMPANY
             13.1.6 GENERAL MOTORS
             13.1.7 FORD MOTOR COMPANY
             13.1.8 MAHINDRA GROUP
             13.1.9 BYD
             13.1.10 FIAT
     13.2 OTHER KEY PLAYERS
             13.2.1 CHANGSHA SUNDA NEW ENERGY TECHNOLOGY CO. LTD
             13.2.2 YINLONG ENERGY
             13.2.3 GOLDEN DRAGON
             13.2.4 RIVIAN
             13.2.5 ZENITH MOTORS
             13.2.6 WORKHORSE GROUP
             13.2.7 ARRIVAL
             13.2.8 KINGSTAR VEHICLE CO., LTD
             13.2.9 CHANJE ENERGY
             13.2.10 KING LONG
             13.2.11 LIGHTNING E-MOTORS

(Business overview, Products offered, Recent Developments, SWOT analysis, MNM view)*

14 RECOMMENDATIONS BY MARKETSANDMARKETS

15 APPENDIX
     15.1 DISCUSSION GUIDE
     15.2 KNOWLEDGE STORE: MARKETSANDMARKETS SUBSCRIPTION PORTAL
     15.3 AVAILABLE CUSTOMIZATIONS
     15.4 RELATED REPORTS
     15.5 AUTHOR DETAILS

The study involved four major activities in estimating the current size of the electric van market. Exhaustive secondary research was carried out to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with the 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 such as company annual reports/presentations, press releases, and industry association publications [for example, International Council on Clean Transportation (ICCT); Society of Manufacturers of Electric Vehicles (SMEV); corporate filings, such as annual reports, investor presentations, and financial statements; and trade, business] were used to identify and collect information useful for an extensive commercial study of the electric van market.

Primary Research

Extensive primary research was conducted after acquiring an understanding of the electric van market scenario through secondary research. Several primary interviews were conducted with market experts from both the demand (electric van manufacturers, country-level government associations, and trade associations) and supply (OEMs and component manufacturers) sides across major regions, namely, Asia Pacific, Europe, and North America, and 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 administration, were covered to provide a holistic viewpoint in this report.

After interacting with industry experts, brief sessions with highly experienced independent consultants were conducted to reinforce the findings from the primaries. This, along with the in-house subject-matter experts’ opinions, led to the findings described in the remainder of this report.

Electric Van Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

A detailed market estimation approach was followed to estimate and validate the volume of the electric van market and other dependent submarkets, as mentioned below:

  • Key players in the electric van market were identified through secondary research, and their market shares were determined through primary and secondary research
  • The research methodology included the study of the annual and quarterly financial reports & regulatory filings of major market players, as well as interviews with industry experts for detailed market insights
  • All major penetration rates, percentage shares, splits, and breakdowns for the electric van market were determined using secondary sources and verified through primary sources
  • All key macro indicators 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
  • The gathered market data was consolidated and added with detailed inputs, analyzed, and presented in this report

Data Triangulation

After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.

Report Objectives

  • To analyze the electric van market and forecast its size, in terms of volume (from 2022 to 2030)
  • To provide detailed information regarding major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
  • To segment the market and forecast its size, by volume, based on range
  • To segment the market and forecast its size, by volume, based on battery capacity
  • To segment the market and forecast its size, by volume, based on battery type
  • To segment the market and forecast its size, by volume, based on propulsion
  • To segment the market and forecast its size, by volume, based on end use
  • To segment the market and forecast its size, by volume, based on region (Asia Pacific, Europe, and North America)
  • To strategically profile key players and comprehensively analyze their market shares and core competencies
  • To track and analyze competitive developments such as new product developments, deals, and other activities carried out by key industry participants.

Available Customizations

With the given market data, MarketsandMarkets offers customizations in line with company-specific needs.

  • Electric Van Market, by end use, by country
  • Electric Van Market, by battery type, by country
  • Electric Van Market, by battery capacity, by country
Report Code
AT 8502
Published ON
Nov, 2022
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