Electric Commercial Vehicle Market – Global Opportunity Analysis and Industry Forecast (2024-2031)

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.’
Download Free Sample Report: https://www.meticulousresearch.com/download-samplereport/cp_id=5766?utm_source=sb&utm_medium=social&utm_campaign=product&utm_ content=29-04-2024
According to this latest publication from Meticulous Research®, the global electric commercial vehicle market is projected to reach $920.9 billion by 2031, at a CAGR of 25.4% from 2024–2031. By Volume, this market is projected to reach 9.4 million units by 2031, at a CAGR of 26.3% from 2024–2031. The growth of the electric commercial vehicle market is driven by supportive government policies and regulations, increasing investments by leading automotive OEMs, and decreasing prices of batteries. However, the high purchasing costs of electric vehicles and the lack of charging infrastructure in developing countries restrain the growth of this market.
Furthermore, growing scope in emerging economies and growth in smart city & infrastructure projects are expected to offer significant growth opportunities for players operating in the electric commercial vehicle market. However, the range limitations of electric vehicles and the lack of reliable performance in heavy-duty applications may hinder the growth of this market.
The global electric commercial vehicle market is segmented by vehicle type (light commercial vehicles and heavy commercial vehicles {electric tractors, electric trucks, and other commercial vehicles}), propulsion type (battery electric vehicles and hybrid electric vehicles {pure hybrid electric vehicles and plug-in hybrid electric vehicles}), power output (less than 100 kW, 100 kW to 250 kW, and more than 250 kW), and end user.