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Currently, the electrical light commercial vehicle market is undergoing fundamental changes resulting from various underlying forces shaping its dynamics. One key aspect fueling this boom is growing concerns on environmental sustainability globally leading to reduced carbon emissions being emphasized upon by governments around the world had necessitated the tightening of pollution control regulations and the adoption of cleaner modes of transport including EVs targeting LCVs.
Moreover, battery technology advancements have been instrumental in the growth of electric light commercial vehicle market. The development of highly efficient batteries has solved a long-standing issue with low driving range making EVs workable for businesses. Not only has this breakthrough made electric light commercial vehicles more efficient but also made them cost-effective for fleet operators who want to reduce operating expenses within their cars’ lifetime.
On the other hand, one market force that affects this segment is changing customer preferences. Due to increased environmental awareness and a preference for sustainability, companies and individuals are now moving toward electric vehicles. This change in taste among customers is therefore forcing manufacturers into investing in Electric Vehicle technology resulting to a wider range of Electric Light Commercial Vehicles (LCVs) available across the market today.
The growth of electric light commercial vehicle market is being further stimulated by the availability of government incentives and subsidies. Various countries are providing financial incentives, tax exemptions and refunds to facilitate usage of electric vehicles. These incentives lower initial buyer’s cost and also contribute to their price levels, which in turn make them more attractive for both business people and individuals generally.
Besides, charging stations that support electric vehicles are increasing daily. This is vital in ensuring that electric light commercial vehicles becomes a success because it deals with issues such as distance worry or how easily cars can be charged. Governments as well as private sector players have injected huge amounts of funds into the development of charging networks leading to wide penetration and acceptance levels for commercial EVs.
There are global economic trends which shape the market for e-LCVs. The costs for traditional corporate fleets may depend on varying prices for various fuels due to oil oscillations and geopolitical factors alongside economic uncertainties. As upfront investments become comparable to those needed for ICEVs (Internal Combustion Engine Vehicles) and efficiency gains are realized, companies may find them more appealing than conventional fuel-driven fleet in times when energy prices are highly volatile.
Electric Light Commercial Vehicle Market Highlights:
Electric Light Commercial Vehicle Market Overview
Global Electric Light Commercial Vehicle Market Size was valued at USD 8.87 billion in 2022. The Global electric light commercial vehicle industry is projected to grow from USD 11.21 billion in 2023 to USD 82.86 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 24.9% during the forecast period (2023 - 2032). The Electric Light Commercial Vehicle Market is expanding due to the expansion of the automotive sector and the e-commerce industry.
Electric Light Commercial Vehicle Market Size (USD BILLION) (2018-2032)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Electric Light Commercial Vehicle Market Trends
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Rise in government programs to promote E-mobility
Governments around the world are promoting automaker manufacturers for reducing carbon emissions caused by diesel fuel combustion as well as tackling greenhouse gas emissions, in turn forcing the governments to invest in developing EVs. For this, government is providing incentives and schemes for the production of (BEV), which as a result is anticipated to propel the growth of the electric base Electric light commercial vehicle market. Furthermore, governments around the world are encouraging the purchase of electric mobility, in terms of incentives and tax. Additionally, central governments of various countries are providing different exemptions from the highway toll tax for EVs. For example, for faster adoption of EVs, the government of India plans for lowering the goods & service tax on EVs from 12% to 5%.
Electric Light Commercial Vehicle Market Segment Insights
Electric Light Commercial Vehicle Market Type Insights
The Electric light commercial vehicle market segmentation, based on Vehicle Type, includes vans and pickup. The pickup segment held the largest market revenue share in 2022. Pickup trucks are a popular choice for businesses that require the transportation of goods and equipment. With the rise of electric vehicles (EVs), many companies are considering switching to electric light commercial vehicles (eLCVs) such as pickups to reduce their carbon footprint and operating costs. In 2021 and 2022, various incentives have been introduced to encourage the adoption of eLCV pickups, making them an attractive option for businesses.
Electric Light Commercial Vehicle Market Size (USD BILLION) Vehicle Type 2023 VS 2032
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Electric Light Commercial Vehicle Market Battery Type Insights
According to battery type, the segment is divided into Lithium-ion batteries, Lead-acid batteries, Nickel-metal hybrid batteries, and others. Lithium-ion batteries segment held the largest market share in 2022. The demand for lithium-ion batteries has significantly increased in the Electric Light Commercial Vehicle Market, mainly because of the rising popularity of Electric LCV especially in urban areas. Governments worldwide are promoting the use of electric vehicles to reduce carbon emissions and enhance air quality, further driving the demand for lithium-ion batteries.
Electric Light Commercial Vehicle Market Size (USD BILLION) Battery Type 2023 VS 2032
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Electric Light Commercial Vehicle Battery Capacity Insights
The electric light commercial vehicle market research segmentation, by battery capacity, the market is segmented into less than 50 kWh, 50-250 kWh, and above 250kWh. Above 250kWh segment is dominating market in terms of CAGR over the forecasted period. Electric (LCVs) with battery capacities above 250 kWh are becoming increasingly popular as businesses look for ways to reduce their emissions and operating costs. These vehicles offer several benefits over smaller, less powerful models, including longer range, increased payload capacity, and faster charging. Vehicles with a battery capacity of 250 kWh or more can travel between 200-300 miles on a single charge, making them suitable for long-range deliveries or other applications where range is crucial.
Global Electric Light Commercial Vehicle Market Size (USD Billion) Battery Capacity 2023 Vs 2032
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Electric Light Commercial Vehicle Load Capacity Insights
By load capacity, the market is segmented into less than 1 ton, 1-2 tons, and 2-3.5 tons. Less than 1 ton segment is expected to grow significantly in terms of CAGR over the forecasted period. Less than 1 ton segment for Electric LCV represents an important and growing market for electric vehicles, as businesses and governments look to reduce their carbon footprint and improve the sustainability of their operations.
Electric LCV Size (Usd Billion) Load Capacity 2023 Vs 2032
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Electric Light Commercial Vehicle Market Driving Configuration Insights
By driving configuration, the market is segmented into less than left-hand drive and right-hand drive. Less than 1 ton segment is expected to grow significantly in terms of CAGR over the forecasted period. Left-hand drive (LHD) segment light commercial electric vehicles are electric-powered vehicles that are designed for commercial use and are equipped with the steering wheel on the left-hand side of the vehicle. This configuration is commonly used in countries where traffic flows on the right-hand side of the road. These vehicles are typically used for various commercial purposes, such as transporting goods and materials, delivering packages, and providing services.
Electric Light Commercial Vehicle SIZE (USD BILLION) Driving Configuration 2023 VS 2032
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Light Commercial Electric Vehicles End-use Insights
By End-use, the market is segmented into facility management, last-mile delivery, industrial, agricultural, and others. Last mile delivery segment is dominating in terms of market revenue share in 2022. Electric LCVs are becoming increasingly popular for last mile delivery due to their low operating costs, reduced environmental impact, and quiet operation. They are particularly well-suited for delivery routes that involve frequent stops and starts, as they can recover energy through regenerative braking. Additionally, many cities and municipalities are offering incentives for businesses to switch to electric vehicles, which can help offset the higher upfront costs of these vehicles.
Electric Light Commercial Vehicle Market Size (Usd Billion) End-Use 2023 Vs 2032
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Electric Light Commercial Vehicle Market Regional Insights
By Region, the study segments the market into North America, Europe, Asia-Pacific, Middle East & Africa, and South and Central America.
Asia Pacific accounted for the largest share of revenue in 2022. there are several factors driving the growth of the eLCV market in the Asia Pacific region. For example, major metropolitan cities in the region are facing severe air pollution problems, which has led to increased demand for electric vehicles as a way to reduce emissions. Additionally, the cost of electric vehicle technology has been decreasing, making eLCVs more affordable for businesses.
The Africa region is expected to have the largest market CAGR in the electric light commercial vehicle market. African governments have implemented policies and regulations to encourage the adoption of electric vehicles. For example, the South African government has introduced tax incentives and other measures to support the growth of the electric vehicle market.
Further, the countries considered in the scope of the Light Commercial Electric Vehicles are the US, Canada, Mexico, UK, France, Italy, Spain, Germany, Poland, Sweden, Norway, Denmark, Netherlands, Finland, Russia, China, India, Japan, South Korea, Australia, Singapore, Thailand, Indonesia.
Electric Light Commercial Vehicle Market SIZE (USD BILLION) REGION 2023 VS 2032
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Electric Light Commercial Vehicle Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Light Commercial Electric Vehicles grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Electric Light Commercial Vehicle industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
Key Companies in the Electric Light Commercial Vehicle Market include
- Ashok Leyland
- BAIC Group Co., Ltd.
- BYD Company Limited
- Daimler AG
- FCA US LLC. (RAM)
- Ford Motor Company
- General Motors
- Groupe Renault
- Isuzu Motors Limited
- Mahindra & Mahindra
- Groupil
- Addax Motors
- Cenntro Electric Group Limited's
- Piaggio & C. SpA
- LCV CENTRE LTD. (MAXUS)
Electric Light Commercial Vehicle Industry Developments
April 2022: General Motors’ commercial EV brand, BrightDrop, announced a rebranding of its entire ecosystem of electrified products, including delivery vehicles, storage carts, and software. The new nomenclature system falls more in line with parent company GM’s focus on “zero” branding.
March 2022: Ford Motor Company Collaborated with Volkswagen. The agreement was signed as part of the strategic alliance between Volkswagen and Ford, which includes e-mobility, commercial vehicles, and autonomous driving. Designed as an open vehicle platform, the MEB (Modular Electric Toolkit) allows car manufacturers to electrify their portfolio quickly and cost-effectively.
March 2022: Isuzu Motors, Toyota Motor, Hino Motors, and Commercial Japan Partnership Technologies Corporation (CJPT) will jointly plan and develop light-duty fuel cell (FC) electric trucks for the mass-market. The companies will also promote the introduction of FC electric trucks to the market along with their widespread use.
Intended Audience
- Semi-Conductor Industry
- Technology Investors
- Regulatory Industries
- Government Bodies
- Defense industry
- Transportation Industry
Electric LCV Market Segmentation:
Light Commercial Electric Vehicles Type Outlook (USD Billion, 2018-2032)
- Vans
- Pickup
Light Commercial Electric Vehicles Battery Type Outlook (USD Billion, 2018-2032)
- Lithium-Ion Batteries
- Lead-Acid Batteries
- Nickel-Metal Hybrid Batteries
- Others
Light Commercial Electric Vehicles Battery Capacity Outlook (USD Billion, 2018-2032)
- Less than 50 kWh
- 50-250 kWh
- above 250kWh
Light Commercial Electric Vehicles Load Capacity Outlook (USD Billion, 2018-2032)
- Less than 1 ton
- 1-2 tons
- 2-3.5 tons
Light Commercial Electric Vehicles Driving Configuration Outlook (USD Billion, 2018-2032)
- Left-Hand Drive
- Right-Hand Drive
Light Commercial Electric Vehicles End-use Outlook (USD Billion, 2018-2032)
- Facility Management
- Last-Mile Delivery
- Industrial
- Agricultural
- Others
Light Commercial Electric Vehicles Regional Outlook
North America
- US
- Canada
- Mexico
Europe
- UK
- France
- Italy
- Spain
- Germany
- Poland
- Sweden
- Norway
- Denmark
- Netherlands
- Finland
- Russia
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Singapore
- Thailand
- Indonesia
- Rest of Asia-Pacific
Middle East
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Africa
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Latin America
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