Electric Commercial Vehicle Market

Market Leadership - Electric Commercial Vehicle Market

The global electric commercial vehicle market size is projected to grow from 353 thousand units in 2022 to 3,144 thousand units by 2030, at a CAGR of 31.4%. The rising cost of fossil fuels, reducing cost of EV batteries and government initiatives in increasing usage of low emission vehicles will lead to a growth of the electric commercial vehicle market.

Developments in EV battery technology, connected vehicle technology, battery management technology, wireless on the go charging will have a major impact on the electric commercial vehicle market in the future. Government bodies and fleet providers are working with manufacturers to provide the necessary EV charging infrastructure across their world. Because of all these benefits and the government initiatives taken around the world to reduce emissions from vehicles, electric commercial vehicle market is projected to register rapid growth in the next few decades.

The electric commercial vehicle market is dominated by established players such as BYD (China), Yutong (China), AB Volvo (Sweden), VDL Groep (Netherland), and CAF (Spain). The market ranking has been derived by considering electric bus, vans, trucks and pickup truck manufacturers using a approximate percentage of revenue of these companies (as per breakdown for given commercial vehicles) and an the number of electric bus, truck, van and pickups sold in 2021.

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

BYD (Build Your Dreams) specializes in the manufacture, design, and assembly of a wide range of electric buses, electric trucks, and electric vans. The company operates through three core business segments: rechargeable batteries and photovoltaic; mobile handset components, assembly service, and other products; and automobiles and related products. The company has a presence in various parts of the world, including China, the US, India, and Europe. In 2021, it won the largest order overseas for battery electric buses from Colombia. In 2021, it also officially entered into the markets of Romania, Finland, Pakistan, Ireland, and South Africa, among other countries, to promote its battery electric buses on a global scale. BYD has collaborated with various city transport authorities across the world, providing electric buses and trucks of different specifications and sizes. In 2020, it announced the launch of the Blade Battery, which is expected to mitigate concerns about battery safety in electric trucks. In 2020, BYD and Hino Motors announced plans to jointly set up a company to develop battery-powered trucks. In December 2021, BYD launched an electric van model ETP3 with a 50.3 kWh NMC battery and a range of 269 km. The new electric van is 4.46-meter-long and has a payload capacity of 720 kg. Similarly, in December 2021, BYD also launched an electric truck model, ETM 6. It is a 7.5-ton truck that offers a payload of 3,990 kilograms. The ETM 6 is 5.95 meters long, 2.10 meters wide, and 2.94 meters high.

Yutong is an electric commercial vehicle manufacturer and one of the leading players in the Chinese electric commercial vehicle market. Apart from this business, the company is also into construction machinery, automotive parts, and real estate. It is one of the leaders in the Chinese bus market in terms of sales, accounting for over 35% of the market share. It also accounts for more than 15% share of the global bus market, as claimed by the company. Yutong has a large portfolio of electric buses and electric trucks, depending upon different specifications and end-use applications, such as school buses, mini-buses, city transport, mini coaches, mining trucks, cleaning trucks, and dump trucks. In 2021, the company sold 16,461 electric buses. Outside China, the company has set up seven warehouses for spare parts in countries such as Russia, the UAE, and Panama, and seven warehouses for spare parts consignments in Pakistan, Singapore, Nigeria, China, Saudi Arabia, Taiwan, and Mexico. It also owns more than 200 service stations and approximately 320 authorized service centers across the world as of 2021. As of March 2021, Yutong has been offering a series of new energy/electric buses, electric vans, and electric trucks such as hybrid, fully electric, and fuel cell powered. Its new energy power system, which is used in electric buses, has become a popular powertrain in the bus industry. In December 2021, Yutong launched 90 new 5G-enabled Smart buses in Panjin, Liaoning Province, China, starting an era of 5G-enabled smart buses. This launch has helped improve road transport usage, eliminating environmental pollution and traffic congestion, and paving the way for the 5G smart rapid bus system.

VDL Group is a global industrial family firm with 105 operational companies in 19 countries and employs 15,464 people (as of December 2020). VDL Groep operates through segments including public transportation buses, coaches, parts and services, used buses, mini and midi buses, chassis, and chassis modules. The company also develops and manufactures electric buses. The brand is one of the largest selling electric bus brands in Europe. The company offers electric buses for various applications such as public transport, coaches, minibusses, and special projects. In February 2022, Pinnacle Mobility partnered with VDL Groep to set up a 5,000-unit electric bus manufacturing in Pithampur, India and another 15,000-unit plant for e-mini vehicles Pune, India. VDL Groep offers a range of electric buses depending upon specifications and end-use applications. It has also co-developed an electric truck with DAF Truck, named CF Electric VDL E-power. The truck won the ‘Green Truck Logistics Solution’ of 2019. VDL Groep has an excellent track record in designing and producing electric powertrains for applications in public transport. In 2020, it announced that improvements in the charging infrastructure allowed the DAF CF Electric VDL E-Power, which DAF Trucks and VDL Groep co-developed, to make huge strides. VDL Groep has partnered with TNO, Jumbo Supermarkets, Albert Heijn, Simon Loos, Peter Appel, Tinie Manders, Allego, and Apart from DAF Trucks, Heliox, and Croonwolter&dros to test sustainable solutions for zero-emission transport with electric trucks.

AB Volvo (Sweden), CAF (Spain), Proterra (US), Mercedes Benz Group (Germany), NFI Group (Canada), EBUSCO (Netherlands), King Long (China), Ankai (China), Zhongteng Bus Holding (China) are among others are some of the other top OEMs selling ECVs in the market. These companies have been working to grab the larger share in EV market since the past few years with deals, new product launches and expansions. NFI group for instance launched its Equess CHARGE electric bus in Febriary 2022. The Equess CHARGETM comes in 30-foot, and 35-foot variants are based on ARBOCs proven Equess transit bus chassis and incorporate New Flyer of America ("New Flyer") in-field electric vehicle technology. The Equess CHARGETM features XALT battery technology, SIEMENS electric motors (maximum torque possible for steep hill cities) with efficient regenerative energy recovery, and industry-standard charging infrastructure. Similarly, Volvo launched the enhanced version of Volvo VNR Electric with up to 85% increased range and faster charging in January 2022. Similarly, CAF launched its new Urbino 9 LE Bus on September 2021. It is a highly flexible model that adapts to local circumstances, the bus is best suited for cramped city spaces, difficult road conditions, longer routes, steep climbs, and tight mountain bends. Further, Mercedes Benz group (formerly Daimler AG) unveiled its first electric bus chassis developed for the Brazilian market. It comes with a chassis of 4×2 standard model. It can receive bodies up to 13 m long and can achieve a range of 250 km.

Related Reports:

Electric Commercial Vehicle Market by Propulsion, Vehicle Type, Range, Battery Type, Length of Bus, Power Output, Battery Capacity, Component, Autonomous Vehicle, End User, Truck Payload Capacity and Region - Global Forecast 2030

Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]

Electric Commercial Vehicle Market Size,  Share & Growth Report
Report Code
AT 6196
RI Published ON
Choose License Type

This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.

  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
©2023 MarketsandMarkets Research Private Ltd. All rights reserved
DMCA.com Protection Status