Pune, India., April 03, 2023 (GLOBE NEWSWIRE) -- The global electric van market size was valued at USD 16.70 billion in 2022. The market is projected to grow from USD 29.65 billion in 2023 to USD 127.07 billion by 2030, exhibiting a CAGR of 23.11% during the forecast period. The battery electric van uses the motor's electric energy to drive itself; it doesn't produce any exhaust. The electric vehicle is made up of a large lithium-ion battery pack and a powerful driving motor. Rising consumer demand and increasing commercial e-van adoption are propelling the market. The market will be driven by rising e-commerce and logistics activities since electric vans are widely employed in a variety of industries, including public transit, logistics, and e-commerce. Due to expanding demand for environment-friendly vehicles, major nations, including China, Germany, the U.K., South Korea, and Japan have a sizable part of the global market. Fortune Business Insights presents this information in their report titled “Electric Van Market, 2023-2030.”
Notable Industry Development:
December 2022 – General Motors and DHL signed a contract for EV delivery vans. The electric delivery van is used for last-mile delivery worldwide, including the delivery of more than 2,000 electric delivery vans by the end of 2023. The agreement will also permit potential access to innovative products and the exploration of Ford Pro digital and charging solutions.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 23.11% |
| 2030 Value Projection | USD 127.07 billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 29.65 billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 150 |
Market Drivers & Restraints-
Advanced Monitoring Systems to Lead to Market Growth
Due to their low transportation costs, environmental friendliness, and lower maintenance costs as compared to ICE vehicles, electric vans are becoming more and more popular. The global market, which includes a variety of propulsion systems, such as Battery Electric Vehicles (BEVs) and Hybrid Electric Vehicles (HEVs), is slowly penetrating. New electric van sales have increased steadily every year, from 1,600 in 2010 to over 1,85,900 units in 2021. The market is also being driven by improvements in monitoring systems and vehicle networking systems. Additionally, businesses that concentrate on providing better and more effective propulsion systems for improved electric vans considerably contribute to the market expansion.
On the contrary, vans fall under the category of electric commercial vehicles, which are more expensive than ICE cars. The battery and transmission units have a significant impact on the price, which may hamper the electric van market growth.
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Electric Van Market Segments Analysis-
Battery Electric Vehicles (BEV) Anticipated to Hold Large Market Share Due to its Benefits
Based on propulsion type, the market is divided into Battery Electric Vehicle (BEV) and Hybrid Vehicle (HV).
Due to numerous benefits of an electric car, the battery electric vehicle segment is anticipated to hold a larger market share and continue to develop. Electric vehicles have minimal emissions of pollutants, require no maintenance, and are inexpensive to operate. The construction of recharging infrastructure is a priority for major nations. Mercedes-Benz announced in January 2023 that it would spend billions to establish 10,000 fast-charging stations in North America, Europe, and China by 2030; this expansion of the charging network will support segmental growth during the forecast period.
Growing Number of Transportation will Significantly Propel the 100-200 Miles Segment
Based on range, the market is categorized into up to 100 miles, 100-200 miles, and above 200 miles.
Generally speaking, logistics and transportation firms such as MAERSK, Pitney Bowes, XPO, FedEx Express, DHL Supply Chain, and others are putting more of an emphasis on transitioning to electric cars for delivery purposes to lower their carbon emissions. As a result, the market share for the 100-200 miles segment was higher.
Advancement of Electric Vans Resulted in Market Dominance of Above-50 kWh
Based on battery capacity, the market is segmented into up to 50 kWh and above 50 kWh.
The 50 kWh segment retains the highest share since different types of vehicles offer a longer driving range, which is a crucial factor for many consumers. Long-distance driving is often more convenient with electric vans with 50 kWh battery capacities as they can typically drive further on a single charge than smaller ones. The size and weight of the battery play a significant role in determining the overall performance of an electric vehicle; larger battery capacities are typically linked to better performance and acceleration. Such a gain from higher capacity batteries fuels the segment expansion during the predicted term.
Rise in Demand for Traction Battery Pack Dominates the Market
Based on component, the market is divided into traction battery pack, powertrain, and others (thermal system, body & chassis, braking, wheels & suspension system).
Due to its price and use in electric vans, the traction battery pack commands the highest share. Despite recent major price reductions, traction battery packs are still more expensive than alternatives. The main producers are concentrating on creating traction batteries that aid in improving performance and lowering the price of the traction battery pack. The market's expansion throughout the anticipated period is driven by this development. The EV motor, transmission system, and power units make up the powertrain (inverter, controller). Powertrain segment expansion is projected as a result of key countries' expanding EV demand and OEMs' continuing technological advancements.
Competitive Landscape-
Businesses Concentrate on Development, Acquisitions, and Partnerships for Dominance
Access to electric vans is made simpler by the major market leaders' large-scale commercialization of their goods and investment in R&D. The business focuses on forming alliances to offer a variety of electric vans. Volkswagen offers the eCraft, an electric van available in Europe, and the corporation has also revealed plans to launch a smaller electric vehicle in the near future. Mercedes-Benz has created the eVito and eSprinters vans.
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Electric Van Industry Regional Analysis-
Asia Pacific to Boost Growth Due to Rapid Urbanization
Asia Pacific now dominates the global electric van market share. Due to their massive populations and quick urbanisation, China, Japan, and South Korea have a higher demand for last-mile delivery vehicles. The presence of numerous manufacturers in the region is another factor contributing to the Asia Pacific region's supremacy in the global market. Particularly in China, there are many businesses devoted to creating and manufacturing electric vans, which is helping to lower the price of these cars. China is a big producer of these vans. Global demand for such vans, government assistance, and a sizable number of producers in Asia Pacific are all contributing to the market's expansion.
Report Coverage:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments include product launches, partnerships, mergers, and acquisitions.
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A list of prominent Electric Van manufacturers operating in the global market:
- Mercedes-Benz Group AG (Germany)
- BYD Company Ltd. (China)
- General Motors (U.S.)
- Renault (France)
- Volkswagen Group (Germany)
- Toyota Motor Corporation (Japan)
- Hyundai Motor Company (South Korea )
- Honda Motor Company Ltd. (Japan)
- Nissan Motor Co. Ltd. (Japan)
- Stellantis N.V. (Netherlands)
Table Of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Porters Five Forces Analysis
- PEST Analysis
- Technological Development
- Impact of Covid-19
- Global Electric Van Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Propulsion Type
- Battery Electric Vehicle (BEV)
- Hybrid Vehicle (HEV)
- Market Analysis, Insights and Forecast – By Range
- Up to 100 Miles
- 100-200 Miles
- Above 200 Miles
- Market Analysis, Insights and Forecast – By Battery Capacity
- Up to 50 kWh
- Above 50 kWh
- Market Analysis, Insights and Forecast – By Component
- Traction Battery Pack
- Powertrain
- Others (Thermal System, Body & Chassis, Braking, Wheels & Suspension System etc.)
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the world
- North America Electric Van Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Propulsion Type
- Battery Electric Vehicle (BEV)
- Hybrid Vehicle (HEV)
- Market Analysis, Insights and Forecast – By Range
- Up to 100 Miles
- 100-200 Miles
- Above 200 Miles
- Market Analysis, Insights and Forecast – By Battery Capacity
- Up to 50 kWh
- Above 50 kWh
- Market Analysis, Insights and Forecast – By Component
- Traction Battery Pack
- Powertrain
- Others (Thermal System, Body & Chassis, Braking, Wheels & Suspension System etc.)
- Market Analysis – By Country
- The U.S.
- By Propulsion Type
- By Battery Capacity
- Canada
- By Propulsion Type
- By Battery Capacity
- Mexico
- By Propulsion Type
- By Battery Capacity
- The U.S.
- Market Analysis, Insights and Forecast – By Propulsion Type
- Europe Electric Van Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Propulsion Type
- Battery Electric Vehicle (BEV)
- Hybrid Vehicle (HEV)
- Market Analysis, Insights and Forecast – By Range
- Up to 100 Miles
- 100-200 Miles
- Above 200 Miles
- Market Analysis, Insights and Forecast – By Battery Capacity
- Up to 50 kWh
- Above 50 kWh
- Market Analysis, Insights and Forecast – By Component
- Traction Battery Pack
- Powertrain
- Others (Thermal System, Body & Chassis, Braking, Wheels & Suspension System etc.)
- Market Analysis – By Country
- The U.K
- By Propulsion Type
- By Battery Capacity
- Germany
- By Propulsion Type
- By Battery Capacity
- France
- By Propulsion Type
- By Battery Capacity
- Rest of Europe
- By Propulsion Type
- By Battery Capacity
- The U.K
- Market Analysis, Insights and Forecast – By Propulsion Type
- Asia Pacific Electric Van Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Propulsion Type
- Battery Electric Vehicle (BEV)
- Hybrid Vehicle (HEV)
- Market Analysis, Insights and Forecast – By Range
- Up to 100 Miles
- 100-200 Miles
- Above 200 Miles
- Market Analysis, Insights and Forecast – By Battery Capacity
- Up to 50 kWh
- Above 50 kWh
- Market Analysis, Insights and Forecast – By Component
- Traction Battery Pack
- Powertrain
- Others (Thermal System, Body & Chassis, Braking, Wheels & Suspension System etc.)
- Market Analysis – By Country
- China
- By Propulsion Type
- By Battery Capacity
- India
- By Propulsion Type
- By Battery Capacity
- Japan
- By Propulsion Type
- By Battery Capacity
- Rest of Asia Pacific
- By Propulsion Type
- By Battery Capacity
- China
- Market Analysis, Insights and Forecast – By Propulsion Type
- Rest of the World Electric Van Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Propulsion Type
- Battery Electric Vehicle (BEV)
- Hybrid Vehicle (HEV)
- Market Analysis, Insights and Forecast – By Range
- Up to 100 Miles
- 100-200 Miles
- Above 200 Miles
- Market Analysis, Insights and Forecast – By Battery Capacity
- Up to 50 kWh
- Above 50 kWh
- Market Analysis, Insights and Forecast – By Component
- Traction Battery Pack
- Powertrain
- Others (Thermal System, Body & Chassis, Braking, Wheels & Suspension System etc.)
- Market Analysis, Insights and Forecast – By Propulsion Type
- Competitive Analysis
Continued...
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