Electric Vehicle Market Size, Share, Growth, Trends and Forecast 2030 – CENTRAL

The commercial vehicle segment includes LCVs and HCVs. HCVs combine two categories of vehicles − heavy trucks and buses & coaches. The nature of these vehicles limits their production volumes and growth rates as they are used in specific applications such as logistics, construction, and mining industries. On the other hand, LCVs have come a long way from having bare-essential features to full-blown utility vehicles that can be used for passengers as well as commercial purposes. The majority of used LCVs and HCV’s include vans, mini-buses, pickups, trucks etc. Various companies such as Volvo Group, Daimler AG, Traton Group, BYD, Nikola Motor, Tesla, DAF Trucks, etc. already have EV models available or are currently under development. For instance, in May 2022, Stellantis and Toyota Motor partnered to develop a new large-size commercial van, including a battery electric version. This collaboration completes a full lineup of light commercial vehicles (LCV), consisting of compact, mid-size, and now a large-size LCV. Similarly, ZF’s Commercial Vehicle Solutions (CVS) department unveiled ‘AxTrax 2’ and ‘AxTrax 2 dual’ electric central drive system designed for various types of vehicles, ranging from light delivery vans to heavy-duty trucks and trailers. Increasing sales of electric buses, particularly in China, has contributed to the growth of the electric bus segment. In the near future, several countries are expected to replace their existing fuel-based bus fleets with electric buses. The increasing trend of the replacement of fossil fuel-based public transport fleets with electric buses is expected to drive the growth of electric commercial vehicle market during the forecast period. Additionally, the growth of e-commerce, logistics, and shared mobility are expected to drive the growth of electric commercial vehicles during the forecast period. Electric vans are expected to witness significant growth in Europe and Asia owing to their extensive use in businesses. In the coming years, EV LCVs are expected to be the fastest-growing market.