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3. Top Companies in Electric Commercial Vehicle Industry - BYD (China), Mercedes-Benz Group AG (Germany), Yutong (China) and AB Volvo (Sweden)

The global Electric Commercial Vehicle market is projected to grow from USD 70.9 billion in 2024 to USD 255.6 billion by 2030, registering a CAGR of 23.8%. The electric commercial vehicle (ECV) market for vehicle such as trucks, pickup trucks, vans and buses  is experiencing a surge fueled by environmental, economic, and technological factors. Growing environmental concerns and stricter emission regulations are a shift towards cleaner transportation solutions. Governments worldwide actively support prompting this transition by offering financial incentives like subsidies and tax breaks, making ECVs more financially attractive than traditional gasoline-powered models.

Furthermore, ECVs present significant economic benefits for businesses. They require less maintenance than their ICE counterparts, lowering long-term costs. Additionally, electricity prices are more stable than fuel prices, offering greater financial predictability. Technological advancements are further fueling the ECV market. Battery costs are steadily declining, increasing range and making ECVs suitable for wider applications. Faster charging technologies and expanding charging infrastructure also address concerns about limited range and downtime, making ECVs a more viable option for commercial fleets. This combination of environmental, economic, and technological factors creates a strong foundation for significant growth in the ECV market during the forecasted period.

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The Electric Commercial Vehicle market is dominated by established players such as BYD (China), Mercedes-Benz Group AG (Germany), Yutong (China), AB Volvo (Sweden), and Ford Motor Company (US) and others. These companies adopted strategies such as product developments, deals, and others to gain traction in the market.

BYD focuses on enhancing its business by implementing multiple strategies to increase its brand awareness and set up channel partners for sales and distribution. The company has focused on new developments and deals. The company has collaborated with various city transport authorities worldwide, providing electric trucks of different specifications and sizes. It designs, manufactures, and supports a full line of zero-emission electric trucks for various applications. It offers BYD - CLASS 8 DAY CAB, BYD - Q1, BYD - ETM 6 Truck, and BYD T3 Minivan, among others. The company operates through its subsidiaries, such as BYD (HK) Co Ltd, Shenzhen BYD Microelectronics, and BYD Toyota EV Technology. In January 2024, BYD planned to invest USD 1.3 billion to build an electric vehicle factory in Indonesia. The factory will have a production capacity of 150,000 vehicles.

Mercedes-Benz Group AG has collaborations, agreements, and joint ventures with various OEMs worldwide, providing electric commercial vehicles. It is one of the world's largest manufacturers of electric commercial vehicles, with several commercial vehicle brands, including Mercedes-Benz Trucks, BharatBenz, Daimler AG trucks, Freightliner trucks, Western Star, and Setra. The company operates in Europe, North America, Asia, and other markets. Mercedes-Benz plans to double its plant capacity from 20,000 to 40,000 units per annum. They have invested approx. USD 2.4 billion (Rs 200 crore) to scale up its manufacturing operations in India in 2024. In May 2023, the company developed the EQT van, which is equipped with a 90-kW electric motor, two sliding doors, the MBUX infotainment system, and numerous safety and assistance systems.

Yutong, a bus manufacturer, is the market leader in the Chinese bus market. It has a large portfolio of electric buses of 5-18-m in length, depending upon different specifications and end-use applications, such as school buses, mini-buses, city transport, and large heavy-duty buses. It offers a series of new energy/electric buses, such as hybrid, fully electric, and fuel cell powered. Its new energy power system, used in electric buses, has become a popular power train in the bus industry. It also owned more than 330 franchised service outlets and 10+ overseas plants worldwide as of January 2024. Yutong launched its light truck T-series with a battery of 100.46 kWh in March 2023. In October 2023, the Infrastructure & Transport Ministry of Greece signed a contract with Yutong for 250 e-buses. This contract will facilitate green and sustainable development and improve public transport conditions in Greece.

AB Volvo has a range of electric commercial vehicles specifically focused on improving its offerings. It continues to invest in developing new electric commercial vehicles with advanced performance characteristics and new technology for core parts and components of automobiles. AB Volvo develops, manufactures, and sells electric vehicles. AB Volvo offers electric truck models such as Volvo FM Electric, Volvo FH Electric, Volvo FMX Electric, Volvo FE Electric, Volvo FL Electric, and Volvo VNR Electric. Volvo trucks are exported to and sold by over 1,800 dealers in 75 countries. In an auction, Volvo Group acquired Proterra's battery business for USD 210 million. The deal is expected to be finalized in early 2024, as approval is pending by the US court. AB Volvo announced the establishment of an EV manufacturing facility in India in February 2023.

Ford Motor Company has recognized the shifting landscape towards sustainable transportation solutions, Ford has adeptly integrated electric vehicle technologies into its commercial vehicle lineup, capitalizing on the growing demand for eco-friendly transportation options. Through a combination of research and development investments, strategic partnerships, and targeted marketing efforts, Ford has positioned itself as one of the key players in the electric commercial vehicle segment. For instance, in June 2023, Ford Motor Company opened the Electric Vehicle Center, an electric vehicle production facility in Germany, to serve the European markets. Additionally, in April 2023, Ford Motor Company secured a contract to supply 9,250 E-Transit vans to US Postal Service for delivery purposes. Also, in February 2023, Ford Motor Company has invested USD 3.5 billion in a new electric vehicle battery plant in Michigan, US.

Related Reports:

Electric Commercial Vehicle Market by Vehicle Type (Pickups, Medium and Heavy-Duty Trucks, Vans, Buses), Propulsion, Range, Battery Type, Power Output, Battery Capacity, Component, End User, Body Construction and Region - Global Forecast to 2030

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