Electric Light Commercial Vehicle Market worth $261.33 billion by 2030- Exclusive Report by 360iResearch

The Global Electric Light Commercial Vehicle Market to grow from USD 150.68 billion in 2022 to USD 261.33 billion by 2030, at a CAGR of 7.12%.

PUNE, MAHARASHTRA, INDIA , December 7, 2023 /EINPresswire.com/ -- The "Electric Light Commercial Vehicle Market by Vehicle Type (E-Pickup Trucks, E-Vans), Propulsion Type (Battery Electric Vehicle, Fuel Cell Electric Vehicles, Hybrid Electric Vehicles) - Global Forecast 2023-2030" report has been added to 360iResearch.com's offering.

The Global Electric Light Commercial Vehicle Market to grow from USD 150.68 billion in 2022 to USD 261.33 billion by 2030, at a CAGR of 7.12%.

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An electric light commercial vehicle (ELCV) is a motorized road vehicle specifically designed and equipped for business or commercial use that utilizes electric power as its primary energy source. Instead of relying on traditional fuels such as petrol and diesel, these vehicles are powered effectively by an electric motor equipped with rechargeable battery packs. Meanwhile, the ongoing global shift towards electrification in transportation and the understanding and application of electric light commercial vehicles consistently gain importance, aiding various industries in their operations while positively impacting the environment. In addition, ELCVs are extensively utilized across various commercial activities, such as goods transportation, parcel delivery services, and public transportation. However, the concern is the provisioning of adequate and efficient charging infrastructure along with high maintenance costs significantly hampering the growth of ELCV. Companies are continuously working towards R&D activities and cutting costs related to the manufacturing of ELCV to remain agile within the ever-evolving automotive industry. Moreover, innovations in battery technology and reduced battery costs also contribute to the ELCV industry's future growth. Entities are frequently investing in the development of electric vehicles, which creates a future opportunity for the ELCV.

Vehicle Type: Widening adoption of e-vans and e-pickup trucks in transportation providing cost-effectiveness while meeting veristality
Electric vans are vehicles typically used for delivering goods in urban environments, reducing carbon emissions and noise pollution. These vehicles offer various advantages, such as lower operating costs, reduced maintenance, and access to urban areas that may be restricted for combustion engine vehicles. On the other hand, electric pickup trucks are emerging vehicles in the ELCV, with potential for significant growth due to their versatility and broad appeal to businesses and private consumers. These vehicles are suitable for various applications, from construction and maintenance work to outdoor recreational activities.

Propulsion Type: Increasing uses of BEVs and HEVs in industrial and urban transports
Battery electric vehicles (BEV) operate solely on electric power, minimizing operating costs and emissions. The competitiveness of BEVs stems from their advanced battery technologies, which exhibit improvements in energy density and cost, facilitating an environmentally friendly, cost-effective solution for urban transport. Similarly hybrid electric vehicles (HEVs) combine an internal combustion engine with an electric propulsion system. Widely endorsed for fuel efficiency, these vehicles transition seamlessly between the engine and motor depending on driving conditions. HEVs are appealing for fleet operators looking for sustainable vehicles without range anxiety. In addition, fuel cell electric vehicles (FCEV) are equipped with hydrogen fuel cells instead of battery packs, allowing for rapid refueling times and extended driving range. This propulsion type holds potential for longer travel distances and heavy-duty applications, depicting a promising facet within the ELCV. At the same time, plug-in hybrid electric vehicles (PHEV) feature rechargeable batteries that can be charged from an external power source, extending their range beyond conventional HEVs. The particular flexibility of PHEVs in terms of fueling options benefits operators seeking to reduce emissions and fuel consumption without sacrificing operational efficiency.

Regional Insights:
In the Americas, countries including the United States and Canada are known to be a highly competitive spaces for ELCVs. The government's strict emissions regulations and numerous incentives supporting electric vehicle adoption make it an attractive region for ELCV manufacturers. On the other hand, Europe is strongly inclined towards sustainability and mobility, making it an ideal region for ELCV. In addition, the presence of major automotive giants within this region also contributes to the steady landscape of ELCVs. While, in the Middle East and Africa, a rising interest in electric vehicles is increasing due to the embryonic stage, governmental initiatives to reduce the carbon footprint are setting a stage for the growth of the ELCV in these regions. Companies continuously collaborate with governments and entities to remain agile within these regions. Moreover, the Asia Pacific region, led by China, Japan, and South Korea, is showing exponential growth in the ELCV landscapes due to the development and launch of new electric light commercial vehicles in response to the government's promotion of green mobility. In addition, India is also emerging as a potential space with its ambitious plans for electric mobility.

FPNV Positioning Matrix:

The FPNV Positioning Matrix is essential for assessing the Electric Light Commercial Vehicle Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).

Market Share Analysis:

The Market Share Analysis offers an insightful look at the current state of vendors in the Electric Light Commercial Vehicle Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.

Key Company Profiles:

The report delves into recent significant developments in the Electric Light Commercial Vehicle Market, highlighting leading vendors and their innovative profiles. These include AB Volvo, Alke, BMW AG, BYD Company Ltd., Daimler AG, Einride AB, FAW Group Co. Ltd., Ford Motor Company, General Motors Company, Hyundai Motor Company, Isuzu Motors Limited., Mahindra & Mahindra Ltd., Mitsubishi Fuso Truck and Bus Corporation, Nikola Corporation, PACCAR Inc., Polaris Inc., Renault SA, Rivian LLC., Tata Motors Limited, Tesla, Inc., Toyota Motor Corporation, Traton SE, and Volkswagen Group.

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Market Segmentation & Coverage:

This research report categorizes the Electric Light Commercial Vehicle Market in order to forecast the revenues and analyze trends in each of following sub-markets:

Based on Vehicle Type, market is studied across E-Pickup Trucks and E-Vans. The E-Vans is projected to witness significant market share during forecast period.

Based on Propulsion Type, market is studied across Battery Electric Vehicle, Fuel Cell Electric Vehicles, Hybrid Electric Vehicles, and Plug-in Hybrid Electric Vehicle. The Battery Electric Vehicle is projected to witness significant market share during forecast period.

Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa commanded largest market share of 36.59% in 2022, followed by Americas.

Key Topics Covered:

1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Electric Light Commercial Vehicle Market, by Vehicle Type
7. Electric Light Commercial Vehicle Market, by Propulsion Type
8. Americas Electric Light Commercial Vehicle Market
9. Asia-Pacific Electric Light Commercial Vehicle Market
10. Europe, Middle East & Africa Electric Light Commercial Vehicle Market
11. Competitive Landscape
12. Competitive Portfolio
13. Appendix

The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

The report answers questions such as:
1. What is the market size and forecast of the Electric Light Commercial Vehicle Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Electric Light Commercial Vehicle Market?
3. What is the competitive strategic window for opportunities in the Electric Light Commercial Vehicle Market?
4. What are the technology trends and regulatory frameworks in the Electric Light Commercial Vehicle Market?
5. What is the market share of the leading vendors in the Electric Light Commercial Vehicle Market?
6. What modes and strategic moves are considered suitable for entering the Electric Light Commercial Vehicle Market?

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Mr. Ketan Rohom
360iResearch
+ +1 530-264-8485
ketan@360iresearch.com