Meticulous Research®—a leading global market research company, published a research report titled, ‘Electric Commercial Vehicle Market by Vehicle Type (Light Commercial Vehicles and Heavy Commercial Vehicles), Propulsion Type (BEV and HEV), Power Output, End User (Public Transport and Logistics), and Geography - Global Forecast to 2031.’
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As outlined in the latest report by Meticulous Research®, the global electric commercial vehicle market is expected to reach $920.9 billion by 2031, expanding at a strong CAGR of 25.4% from 2024 to 2031. By volume, the market is projected to hit 9.4 million units by 2031, with a CAGR of 26.3%. This surge in growth is attributed to supportive government policies, rising investments from automotive OEMs, and the steady decline in battery prices. However, high upfront costs and insufficient charging infrastructure in developing countries remain barriers to market expansion.
The rise of smart city projects and increasing opportunities in emerging markets offer substantial potential for industry players. Despite this, range limitations and performance issues in heavy-duty applications pose challenges. The market is segmented by vehicle type (light and heavy commercial vehicles), propulsion type (battery electric and hybrid electric), power output, and key end users such as public transport and logistics.
In 2024, light commercial vehicles are anticipated to lead the market, driven by heightened environmental awareness and stringent regulations aimed at reducing fleet emissions. Battery electric vehicles are set to dominate by propulsion type, benefiting from stricter emission standards and decreasing battery costs. The 100 kW to 250 kW power output segment is expected to be the largest, spurred by the adoption of electric buses and trucks. Public transport will continue to lead as the primary end user, driven by rising fuel costs and tighter emission controls.
Regionally, Asia-Pacific is forecasted to hold the largest market share in 2023, driven by robust policy frameworks and financial incentives. Europe is projected to register the highest growth rate, fueled by the increasing adoption of electric mobility and government initiatives supporting EVs for public transport and logistics. Key industry players include NFI Group Inc., Volvo, Traton SE, Tesla, and others.
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