Dublin, May 29, 2024 (GLOBE NEWSWIRE) -- The "Electric Commercial Vehicles - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Electric Commercial Vehicles Market to Reach 2.2 Million Units by 2030
The global market for Electric Commercial Vehicles estimated at 493.2 Thousand Units in the year 2023, is projected to reach 2.2 Million Units by 2030, growing at a CAGR of 20.4% over the analysis period 2023-2030. Battery Electric Vehicles (BEVs), one of the segments analyzed in the report, is projected to record 21.4% CAGR and reach 1.8 Million Units by the end of the analysis period. Growth in the Other Propulsion Types segment is estimated at 16.3% CAGR for the next 8-year period.
The urgent need to address climate change is driving the evolution of green mobility, making electric commercial vehicles (EVs) a critical survival strategy as global air quality deteriorates amid insufficient sustainability efforts. The auto industry's significant carbon footprint and the inability of conventional internal combustion engine (ICE) vehicles to achieve desired CO2 emission reductions are key factors propelling the growth of commercial EVs.
The global economic update and market prospects for commercial vehicles (CVs) significantly impact the outlook for electric CVs. The competitive landscape in 2023 reveals a mix of strong, active, niche, and trivial players worldwide, with key competitors holding notable market shares. Recent market activities and innovations are further shaping the industry, as major world brands continue to push forward in the green mobility sector.
The U.S. Market is Estimated at 52.5 Thousand Units, While China is Forecast to Grow at 19.1% CAGR
The Electric Commercial Vehicles market in the U.S. is estimated at 52.5 Thousand Units in the year 2023. China, the world's second largest economy, is forecast to reach a projected market size of 1.2 Million Units by the year 2030 trailing a CAGR of 19.1% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 15.8% and 17.2% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 21.4% CAGR.
MARKET OVERVIEW
- Electric Commercial Vehicles - Global Key Competitors Percentage Market Share in 2023 (E)
- Urgent Need to Address Climate Change Provides the Foundation for the Evolution of Green Mobility
- As Global Air Continues to Become Toxic Amid Half Hearted Sustainability Efforts, Green Mobility is No longer an Option But a Critical Survival Strategy
- Auto Industry & Its Unsustainable Carbon Footprint Provides the Foundation for the Growth of Commercial EVs
- Inability of Conventional ICE Powered Vehicles to Demonstrate Desired Reductions in CO2 Emissions to Drive the Focus on Electric Vehicles
- Global Economic Update
- Here's How Global Market Prospects & Outlook for CVs Impacts Electric CVs
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2023 (E)
- World Brands
- Recent Market Activity
- Innovations
MARKET TRENDS & DRIVERS
- Will Russia-Ukraine War Impact EV Production?
- Growing Signs of Long-Run of High Inflation & the Need for Long-Term Efforts to Control it Bodes Well for Commercial EVs.
- EVs Can Be a Powerful Weapon to Displace Oil & Reduce Fossil Fuel Ecosystem's Impact on Climate Change
- Despite EVs Displayed Resilience to Supply Chain Disruptions Till Date, Chip Shortage Continues to Remain a Cause for Worry
- Semiconductor Fab Production Expansion is Time Consuming & Can Therefore Provide No Immediate Relief: Time Required to Increase Fab Production by Parameter
- As the Wait for Chips Continues, EV Manufacturers Turn Nervous as Fears Over Production Stalling Takes Hold: Global Lead Times for Chips
- Stringent Regulations Encompassing Emission Control & Phase-Out of Fossil Fuel Vehicles to Spur Growth in the Market
- A Strong Freight Trucking Industry Supported by Rise in Global Trade & Retail Brings Cheer for Electric Trucks
- A Robust Freight Trucking Outlook Increases the Chances of Operators Having More EVs in their Fleet
- Distributed Energy (DE) Provides the Infrastructure Foundation for the Adoption & Proliferation of Electric CVs
- Distributed Generation to Power EV Charging Infrastructure & Catalyze Adoption of Electric CVs
- Growing Funds Injected into Smartening the Electricity Grid to Benefit EV Support Infrastructure by Enabling More Effective Management of EV Charging Load
- Robust Spike in e-Commerce Sales Bodes Well for Electrified Last Mile Delivery
- Rising Average Vehicle Life Provides a Fertile Environment for Upgrading to Low-Emission and Fuel Efficient CVs
- With Several Governments Imposing 15 Years as the Retirement Age for Vehicles, the Growing Age of Vehicles is Poised to Benefit Replacements by EVs: Average Age of Cars & Light Trucks in the United States (In Years) for the Years 1980, 1990, 2000, 2015, 2020 and 2022
- Advancements in Battery Technology Remains Vital for the Proliferation of Electric CVs
- With Electric CV Commercialization Critically Hinged Onto Cost of Lithium-Ion Batteries, Promised Decline in Battery Costs Strengthens Long-Term Market Outlook
- Have We Exploited the Full Potential of Lithium Ion? The Flat Lining of Traditional Lithium Ion Battery Highlights the Need for Innovation to Push the Limits of the Technology Further
- Effervescent Ongoing Innovations Around EV Batteries to Help Accelerate Performance of EVs & Their Mass Market Adoption in the Coming Decade
- Is Lithium in Short Supply & Should Battery Manufacturers & EV Vehicle OEMs be Concerned?
- Lithium Demand On an Upward Trajectory
- Opportunities Exist for Expansion of Lithium Production, But Doing So Will Attract Environmental Criticism
- Not All Smooth Sailing - Growing Demand for Battery Metals to Squeeze EV Supply Chains & Send OEMs Scrambling to Secure Supplies
- Nickle Prices Soar to an 11 Year High on the London Metal Exchange On the Back of Growing EV Demand
- Which Battery Technology Will Dominate the EV Battery Market?
- Solid State EV Batteries is the Only Hope for Overcoming the Threat of Raw Material Shortages
- The Race to Mass-Market Solid State EVs Has Begun & Here's What Industry Experts Believe About the Time to Mass Market: % Breakdown of Opinions of Respondents About the Commercialization Timeline
- How Many Batteries Will the Industry Crank Up?
- Developing EV Charging Infrastructure Remains Key to Continued Growth of Commercial EVs
- What Happens When the Energy Infrastructure is Not Ready? A Paradoxical Scenario Where Energy Shortages Force Governments to Impose Restrictions on EV Charging
- Shared EV Charging Rises as a Solution to Charging Infrastructure Bottlenecks
- Innovations in EV Charging Crucial to Overcome Infrastructure Problems
- Growing Demand for Shared Electric Mobility Spurs Electrification of Car Rental Fleets
- As Shared EV Mobility Explodes Into a Major Trend, Fleet Operators Focus Migrating to Cleaner & Greener EV Fleets
- With the Future of Commercial Transportation Being Electric, Here's How Fleet Operators Can Be Prepared
- Here's Why the Expanding Commercial EV Fleet Will Need Exclusive EV Fleet Management Systems
- AI Powers the Rapidly Evolving EV Ecosystem
FOCUS ON SELECT PLAYERS(Total 74 Featured)
- Bayerische Motoren Werke AG (BMW GROUP)
- BYD Co., Ltd.
- AB Volvo
- Anhui Jianghuai Automobile Co., Ltd.
- Blue Bird Corporation
- Anhui Ankai Automobile Co., Ltd.
- Beijing Automotive Group Co., Ltd.
- Clean Fuel Energy Enterprise Co., Ltd.
- CAF, Construcciones y Auxiliar de Ferrocarriles, S.A.
- Dongfeng Motor Corporation
- AVEVAI
- Atlis Motor Vehicles
- CROYANCE AUTO
- Bollinger Motors
- Arrival Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/35l6c1
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