Global Electric Light Commercial Vehicles Market To Reach $28.28 Billion By 2028 With A Growth Rate Of 14.6%
Electric Light Commercial Vehicles Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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In recent years, the electric light commercial vehicles market has grown rapidly. It is projected to increase from $14.30 billion in 2023 to $16.38 billion in 2024, with a compound annual growth rate CAGR of 14.5%. This growth in the historic period can be attributed to urbanization and congestion, rising environmental awareness, consumer demand for sustainable products, infrastructure development, and cost reductions in electric vehicle manufacturing.
How will the electric light commercial vehicles market perform in the future?
The outlook for the electric light commercial vehicles market is optimistic with size expected to increase to $28.28 billion in 2028, posting a compound annual growth rate CAGR of 14.6%. The growth in the forecast period can be attributed to decreasing battery costs, corporate sustainability goals, rising fuel prices, and consumer and business preferences. Innovative trends such as advanced battery technologies, vehicle-to-grid integration, enhanced charging infrastructure, autonomous driving features, and smart fleet management are expected to shape the market in the forecast period.
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What is driving growth in the electric light commercial vehicles market?
A significant driver for the electric light commercial vehicles market is the rising expansion of the e-commerce industry. The boom in the e-commerce industry, spurred by increasing online shopping convenience and consumer preference for digital transactions, is having a positive impact on the market. In the e-commerce industry, electric light commercial vehicles eLCVs are predominantly used for last-mile deliveries, providing a sustainable and cost-effective means of transporting goods to customers while reducing emissions and operational costs. For instance, in May 2024, as per a report from the Census Bureau of the Department of Commerce, the U.S. e-commerce sales hit approximately $1,118.7 billion in 2023.
What are the key companies operating in electric light commercial vehicles market?
Prominent companies operating in the electric light commercial vehicles market include Volkswagen AG, Stellantis N.V., Ford Motor Company, General Motors Company, SAIC Motor Corporation Limited, FCA US LLC, Nissan Motor Co. Ltd., BYD Company Limited, Daimler AG, Mitsubishi Fuso Truck and Bus Corporation, Isuzu Motors Limited, Mahindra & Mahindra Limited, Dongfeng Motor Corporation, Ashok Leyland Limited, Piaggio Group, Rivian Automotive Inc., Arrival UK Ltd., Beijing Automotive Industry Holding Co. Ltd., Bollinger Motors Inc., Cenntro Electric Group Limited, Goupil, and Addax Motors N.V.
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What trends are expected in the electric light commercial vehicles market?
Major companies in the market are constantly seeking out strategic partnerships to enhance technology integration and expand their market reach. Strategic partnerships usually involve collaborative agreements between various companies, each contributing their strengths, such as technology, manufacturing, distribution, or market access, to accelerate the development, production, and deployment of electric commercial vehicles.
How is the electric light commercial vehicles market segmented?
The electric light commercial vehicles market can be segmented based on:
1 Type: Vans, Pickup
2 Propulsion: Battery Electric Vehicle, Fuel Cell Electric Vehicle, Hybrid Electric Vehicle, Plug-In Hybrid Electric Vehicle
3 Battery Type: Lithium-Ion Batteries, Lead-Acid Batteries, Nickel-Metal Hybrid Batteries, Other Battery Types
4 Configuration: Left-Hand Drive, Right-Hand Drive
5 End-Use: Facility Management, Last-Mile Delivery, Industrial, Agricultural, Other End-Uses
Which region dominates the electric light commercial vehicles market?
In 2023, Asia-Pacific was the largest region in the electric light commercial vehicles market. Other regions covered in the market report include Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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