Global Commercial Electric Vehicles Market Price 2024 , Forecast To 2033
7 Mar, 2024
The commercial electric vehicles market has experienced exponential growth, expanding from $116.95 billion in 2023 to $154.64 billion in 2024, with a compound annual growth rate (CAGR) of 32.2%. This surge is attributed to various factors including government incentives, rising fuel costs, corporate sustainability initiatives, and environmental concerns. The market is projected to continue its robust growth, reaching $447.04 billion by 2028, driven by factors such as increasing charging infrastructure, urbanization, and last-mile delivery demand, alongside trends like fleet electrification and integration of autonomous technology.
Global Commercial Electric Vehicles Market Key Driver
Government subsidies for electric vehicles are fostering their adoption, driving growth in the electric vehicle market (7). With subsidies aimed at reducing carbon emissions and fossil fuel dependency, governments worldwide are incentivizing both consumers and manufacturers to embrace electric vehicles.
Get A Free Sample Of The Global Commercial Electric Vehicles Market ReportGlobal Commercial Electric Vehicles Market Segments
The commercial electric vehicles market covered in this report is segmented –
1) By Technology: Battery Electric Vehicles, Hybrid Electric Vehicles, Plug-in Hybrid Electric Vehicles
2) By Vehicle: Bus, Truck, Pick-Up Truck, Van
3) By Charging Infrastructure: Pantograph, Plug-in, Inductive
By Geography: The countries covered in the commercial electric vehicles market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
Asia-Pacific was the largest region in the commercial electric vehicles market in 2023. The regions covered in the commercial electric vehicles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Major Commercial Electric Vehicles Industry Players
Tesla Inc.; Nissan Motor Co. Ltd.; Bayerische Motoren Werke AG; General Motors Company; Ford Motor Company; Volkswagen AG; Kia Corporation; Audi AG; BYD Co. Ltd.; Daimler AG; Volvo Group; JAC Motors; Zhejiang Geely Holding Group Co. Ltd.; Hyundai Motor Company; ZD (Zhongsheng Group); Zotye Auto Co. Ltd.; Beijing Automotive Industry Group Co. Ltd.; Tata Motors Limited; Hero Electric Vehicles Pvt. Ltd.; Mahindra Electric Mobility Limited; YOBykes Electric Bikes; TVS Motor Company; Ashok Leyland Limited; Emflux Motors Pvt. Ltd.; Menza Motors; Fiat Group Automobiles S.p.A.; Renault Group; Škoda Auto a.s.; Infiniti a division of Nissan Motor Co. Ltd.; Stellantis N.V.; GAC Group; SAIC Motor Corporation Limited; Chery Automobile Co. Ltd.; Polestar AB; Changan Automobile Co. Ltd.; DAF Trucks N.V.; Dongfeng Motor Corporation; Great Wall Motors Company Limited; Hino Motors Ltd.; Isuzu Motors Limited; Mitsubishi Fuso Truck and Bus Corporation; Navistar International Corporation; Nikola Corporation; PACCAR Inc.; Proterra Inc.; Traton SE
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Commercial Electric Vehicles Market Overview
Commercial electric vehicles are electrically powered, self-propelled electric vehicles used for transportation that help reduce greenhouse gas emissions (GHG) and pollution and work with the help of both electric motors working in tandem.