Global Electric Light Commercial Vehicle Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

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Overview and Scope

The electric light commercial vehicle market consists of sales of electric vans, electric chassis cab, and electric delivery vehicles. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

Sizing and Forecast

The electric light commercial vehicle market size has grown rapidly in recent years. It will grow from $27.34 billion in 2023 to $32.46 billion in 2024 at a compound annual growth rate (CAGR) of 18.7%. The growth in the historic period can be attributed to the government regulations, incentives and subsidies, better charging infrastructure, lower operating costs, sustainable development measures.

The electric light commercial vehicle market size is expected to see rapid growth in the next few years. It will grow to $65.11 billion in 2028 at a compound annual growth rate (CAGR) of 19.0%. The growth in the forecast period can be attributed to the stricter emission standards, increased adoption in fleets, growing demand for sustainable transportation, rising growth in e-commerce and last-mile delivery demand, rising fossil fuel prices. Major trends in the forecast period include accelerated electrification efforts, advancements in battery technology, development of wireless EV charging technology, adoption of last-mile delivery solutions, enhanced battery efficiency and energy density.

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Segmentation & Regional Insights

The electric light commercial vehicle market covered in this report is segmented –

1) By Vehicle: Light-Duty Trucks, Vans, Pickup Trucks
2) By Propulsion: Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicle (FCEV), Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV)
3) By Gross Vehicle Weight (GVW): Below 6,000 lbs, 6,001 lbs- 10,000 lbs, 10,001 lbs – 14,000 lbs
4) By Application: Commercial, Industrial

Asia-Pacific was the largest region in the electric light commercial vehicle market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the electric light commercial vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The rising fossil fuel prices are expected to propel the growth of the electric light commercial vehicle market going forward. Fossil fuel is a hydrocarbon-containing material of biological origin used as an energy source. The rising fossil fuel prices are due to fluctuations in global oil supply and demand, increasing production costs due to advanced extraction methods, and market speculation. Electric light commercial vehicles offer a compelling alternative to traditional fossil fuel-powered vehicles, providing cost savings, environmental benefits, and operational efficiency, which are particularly advantageous during periods of high fossil fuel prices. For instance, according to the United States Department of Energy, a US-based government agency, the average fuel price increased from $2.64 per Gasoline gallon equivalent (GGE) in 2020 to $3.93 per GGE in 2023. Therefore, the rising fossil fuel prices are driving the growth of the electric light commercial vehicle market.

Key Industry Players

Major companies operating in the electric light commercial vehicle market are Volkswagen Group, Toyota Motor Corporation, Mercedes-Benz Group AG, Ford Motor Company, General Motors, Hyundai Motor Company, Nissan Motor Corporation, BYD Company Ltd., Nikola Corporation, AB Volvo, Traton SE, Paccar Inc., Iveco S.p.A., Navistar International Corporation, Ashok Leyland, DAF Trucks, Rivian Automotive Inc., Proterra, Orange EV, Quantron AG, Alkè, London EV Company Limited

The electric light commercial vehicle market report table of contents includes:

1. Executive Summary
2. Electric Light Commercial Vehicle Market Characteristics
3. Electric Light Commercial Vehicle Market Trends And Strategies
4. Electric Light Commercial Vehicle Market – Macro Economic Scenario
5. Global Electric Light Commercial Vehicle Market Size and Growth
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32. Global Electric Light Commercial Vehicle Market Competitive Benchmarking
33. Global Electric Light Commercial Vehicle Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Electric Light Commercial Vehicle Market
35. Electric Light Commercial Vehicle Market Future Outlook and Potential Analysis
36. Appendix