NEWARK, Del, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The electric light commercial vehicle market was valued at around US$ 173 billion in 2019. In the following five years, sales of electric light commercial vehicles surged at a 12% CAGR and reached US$ 271.9 billion by 2023.
The demand for electric light commercial vehicles is expected to be valued at US$ 303.2 billion in 2024. The market is forecasted to rise at a CAGR of 9.5% from 2024 to 2034. The electric light commercial vehicle industry is expected to reach US$ 750 billion by 2034 end.
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The adoption of electric cars in urban and metropolitan cities is increasing rapidly with rising concerns about pollution and outdoor air quality. EV manufacturers have increased the production of electric light commercial vehicles and are promoting them as ways to create cleaner, healthier communities.
Lower running costs and lower carbon footprint have made electric commercial vehicles suitable for logistics services and door-to-door delivery businesses. Growing awareness among city dwellers about the environment and climate change has also increased the popularity of eLCVs as shuttle vans or urban transport vehicles.
“International organizations as well as national governments are putting strict emission laws to solve environmental issues. Electric light commercial vans are finding wider acceptance in the market due to their ability to satisfy and even surpass the laws for zero exhaust emissions,” - Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Electric Light Commercial Vehicle Market Study Report:
- The United States market is expected to increase at a rate of 9.8% through 2034 and reach a total valuation of US$ 135.1 billion by 2034.
- The demand for electric light commercial vehicles in the United Kingdom is projected to grow at a promising rate of 10.7% from 2024 to 2034.
- China is the leading manufacturer of EVs in Asia, including electric light commercial vehicles, and is expected to advance at a CAGR of 9.9% through 2034.
- Japan and South Korea are two other remarkably growing markets in Asia.
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Competitive Landscape
Chevrolet, Ford Motors, and Fuso are some of the leading manufacturers of commercial vehicles that also hold a substantial market share for electric LCVs. The growing awareness and investments for accelerating the integration of green delivery vans are anticipated to encourage the emergence of new market players in the coming days. Key players are focusing on novel technologies to enhance their profit and presence in the market.
Key Players Profiled in the Electric Light Commercial Vehicle Market Report
- Bollinger
- Chevrolet
- Ford Motor Company
- Fuso
- General Motors Inc.
Electric Light Commercial Vehicle Market Report Scope:
| Attribute | Details | |
| Estimated Market Size (2024) | US$ 303.2 billion | |
| Projected Market Size (2034) | US$ 750 billion | |
| Anticipated CAGR (2024 to 2034) | 9.5 % | |
| Forecast Period | 2024 to 2034 | |
| Historical Data Available for | 2019 to 2023 | |
| Market Analysis | US$ million or billion for Value and Units for Volume | |
| Key Regions Covered | North America, Latin America, Europe, Middle East & Africa (MEA), East Asia, South Asia and Oceania | |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, Spain, Italy, France, United Kingdom, Russia, China, India, Australia & New Zealand, GCC Countries, and South Africa | |
| Key Segments Covered | By Vehicle Type, By Application, By Propulsion Type, By Gross Vehicle Weight (GVW), and By Region | |
| Key Companies Profiled |
| |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives | |
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Key Market Segmentation
By Vehicle Type:
- Light-duty Trucks
- Vans
- Pickup Trucks
- Other Vehicle Types
By Propulsion Type:
- Battery Electric Vehicle (BEV)
- Fuel Cell Electric Vehicle (FCEV)
- Hybrid Electric Vehicle (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
By Gross Vehicle Weight (GVW):
- Below 6,000 lbs
- 6,000 lbs to 10,000 lbs
- 10,000 lbs to 14,000 lbs
By Application:
- Commercial
- Industrial
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa (MEA)
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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About Future Market Insights (FMI)
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