Overview and Scope
The electric van market consists of sales of electric vehicle batteries, adapters, and cables. 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 van market size has grown exponentially in recent years. It will grow from $16.51 billion in 2023 to $20.79 billion in 2024 at a compound annual growth rate (CAGR) of 26.0%. The growth in the historic period can be attributed to initiatives taken by the government, enhancement of charging infrastructure, growth in public and corporate awareness about climate change and environmental sustainability, increased adoption by businesses aiming to reduce their carbon footprint, lower running costs compared to internal combustion engine (ICE) vans, including fuel and maintenance savings, the introduction of low-emission zones in cities.
The electric van market size is expected to see exponential growth in the next few years. It will grow to $52.61 billion in 2028 at a compound annual growth rate (CAGR) of 26.1%. The growth in the forecast period can be attributed to ongoing and potentially increased government incentives and subsidies for electric vehicles, reduced production costs as electric van manufacturing scales up and supply chains mature, more businesses setting and pursuing aggressive carbon neutrality targets, significant investments in expanding and upgrading charging networks, including ultra-fast chargers, innovations in wireless and mobile charging solutions, growth in renewable energy sources reducing the carbon footprint of EV charging. Major trends in the forecast period include the development of solid-state batteries, advancement in battery technologies, the proliferation of ultra-fast charging stations and wireless charging options, integration of advanced driver-assistance systems, and development of connected vehicle technologies enabling real-time data exchange.
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Segmentation & Regional Insights
The electric van market covered in this report is segmented –
1) By Propulsion: Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicles (FCEV), Plug-In Hybrid Electric Vehicles (PHEV)
2) By Battery Type: Nickel Manganese Cobalt, Lithium-Ion, Other Battery Types
3) By Battery Capacity: Up To 50 kWh, Above 50 kWh
4) By Range: Up To 100 Miles, 100 To 200 Miles, Above 200 Mile
5) By End Use: Last Mile Delivery, Refrigerated Services, Field Services, Distribution Services
Asia-Pacific was the largest region in the electric van market in 2023. The regions covered in the electric van 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
Increasing demand for logistics and e-commerce is expected to propel the growth of the electric van market going forward. Logistics and e-commerce refer to the management and execution of the flow of goods, services, and information in online retail, from order placement to delivery. Logistics and e-commerce are rising due to increasing consumer demand for convenient, fast, and reliable online shopping and delivery services. Electric vans are used in logistics and e-commerce to reduce delivery costs and environmental impact while enhancing efficiency in urban deliveries. For instance, in May 2024, according to the United States Census Bureau, a US-based government agency, U.S. retail e-commerce sales for the first quarter of 2024, after adjusting for seasonal variation, reached $289.2 billion, marking a 2.1 percent (±0.7%) increase compared to the fourth quarter of 2023. Therefore, increasing demand for logistics and e-commerce will drive the electric van market.
Key Industry Players
Major companies operating in the electric van market are Volkswagen AG, Toyota Motor Corporation, Stellantis N.V., Ford Motor Group, Mercedes-Benz Group AG, General Motors Corporation, Honda Motor Company Ltd., Tesla Inc., Nissan Motor Co. Ltd., BYD Company Limited, Daimler AG, Renault S.A., Volvo Group, Uber Technologies Inc., Peugeot S.A., Rivian Automotive Inc., Euler Motors Pvt. Ltd., Phoenix Motorcars LLC, GreenPower Motor Company Inc., Lightning eMotors Inc.
The electric van market report table of contents includes:
1. Executive Summary
2. Electric Van Market Characteristics
3. Electric Van Market Trends And Strategies
4. Electric Van Market – Macro Economic Scenario
5. Global Electric Van Market Size and Growth
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32. Global Electric Van Market Competitive Benchmarking
33. Global Electric Van Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Electric Van Market
35. Electric Van Market Future Outlook and Potential Analysis
36. Appendix
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