Market Leaders : Electric Commercial Vehicle Market
The global electric commercial vehicle market size is projected to reach 2,155.1 thousand units by 2030 from a projected 519.4 thousand units in 2023, at a CAGR of 22.5%. Electric commercial vehicles like pickup, trucks, vans, etc., use electric motors for propulsion. Trucks can vary in terms of size, shape, load-carrying capacity, and purpose and are mainly categorized into medium duty vehicles and heavy-duty vehicles. Increasing pollution and the threat of global warming have accelerated the need to replace petroleum fuel vehicles with emission-free substitutes. Extensive research and development have consistently shown that electric vehicles are more environmentally friendly compared to internal combustion engine vehicles. The increasing demand for alternative fuel vehicles has fueled the growth of electric commercial vehicles. Moreover, to reduce crude oil consumption, automotive emissions, and air pollution, governments worldwide have adopted and implemented favorable policies that promote the use of electric vehicles, including those in the commercial vehicle segment. The ECV market grew rapidly in 2021 and 2022, with top countries announcing plans to shift to EVs by their respective targets. With the market showing a positive outlook, 2023 is expected to demonstrate a considerable demand for EVs with a faster growth due to the aftereffects of the Ukraine-Russia war on fuel prices and availability in some European countries. Developments in electric commercial vehicle technology and reduction in EV battery prices would further boost the ECV market in the coming years.
The electric commercial vehicle market is dominated by globally established players such as BYD (China), Mercedes Benz Group AG (Germany), PACCAR Inc (US), AB Volvo (Sweden) and Tesla Inc (US). These companies developed new electric commercial vehicles; adopted expansion strategies; and undertook collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth electric commercial vehicle market.
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BYD is a Chinese company specializing in clean energy and automotive technologies. BYD enhances its business by multiple strategies to increase its brand awareness and set up channel partners for sales and distribution. The company has also made investments on new developments, mergers and acquisitions. BYD also manufactures rechargeable batteries, photovoltaic products, handset components and other electronic products. BYD has collaborated with transport authorities across the globe to provide electric commercial vehicles of different specifications. The company operates across the US, Europe, Japan, India, Hong Kong and other regions as of 2023.
Mercedes Benz Group AG has collaboration, agreement and joint ventures with various OEMs across the world, providing electric commercial vehicles. It is one of the world’s largest manufacturer of electric commercial vehicles. The group owns different commercial vehicle brands, including Mercedes Benz trucks, BharatBenz, Daimler AG trucks, Freightliner trucks, Western Star and Setra as of 2022. As of 2022, the company operates in Europe, North America, Asia and Other Markets.
AB Volvo has a range of electric commercial vehicles with a specific focus on improving its existing offerings. It continues to invest in developing new electric commercial vehicles with advanced performance characteristics and new technology for core parts and components of automobile. AB Volvo develops, manufactures, and sells electric vehicles. The company offers electric truck models such as Volvo FH Electric, Volvo FM Electric, Volvo FMX Electric, Volvo FE Electric, Volvo FL Electric and Volvo VNR Electric. Volvo trucks are exported to and sold by more than 1,800 dealers in 75 countries.
Tesla, Inc aims to create value by adopting a strategy which consolidates its leadership position on the Electric Commercial Vehicle market. The company offers electric trucks, battery energy storage from home to grid-scale and other related products as of 2022. The purpose of Tesla, Inc. is to help expedite the move to sustainable transport and energy obtained through electric vehicles and solar power. The company has its presence across the US, Australia, China, Germany, Japan, the Netherlands, and Korea.
Paccar Inc is a key player in providing advanced electric trucks to OEMs worldwide. It is also engaged in the design and manufacture of light-duty, medium-duty, and heavy-duty trucks under the Kenworth, Peterbilt, Leyland Trucks and DAF nameplates as of 2022. The company also designs and manufactures advanced diesel engines and aftermarket parts for trucks and related commercial vehicles. As of 2022, PACCAR Inc delivers its products and services to customers worldwide through a dealer network at 2,200 locations.
Related Reports:
Electric Commercial Vehicle Market by Propulsion (BEVs & FCEVs), Vehicle Type (Pickups, Medium and Heavy-Duty Trucks & Vans), Range, Battery Type, Power Output, Battery Capacity, Component, End User, Body Construction and Region - Global Forecast to 2030
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