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Road Haulage Market Growth Projections and Opportunities
The global market for electric light commercial vehicles is consistently expanding due to the growth of the automotive sector and the increasing influence of the e-commerce industry. Additionally, government initiatives promoting electric mobility are expected to contribute to the market's growth in the coming years.
The market is forecasted to grow at a Compound Annual Growth Rate (CAGR) of 26% during the period from 2023 to 2030. In 2022, Asia-Pacific led the global market with a share of 24.3%, followed by Europe (25.9%) and North America (27.7%). Developing countries like India and China are anticipated to experience significant growth throughout the forecast period.
The segmentation of the global electric light commercial vehicle market is based on various factors such as battery type, vehicle type, battery capacity, load capacity, driving configuration, and end-use. The major segments include vans and pickups, with the pickup segment projected to grow at 25.7%. Lithium-ion batteries dominate the battery type segment, holding a 68.6% share, and are expected to grow at 25.6%. Load capacity is categorized into less than 1 tonne, 1-2 tonne, and 2-3.5 tonne, with the 1-2 tonne segment expected to grow at 25.3%.
The driving configuration segment includes right-hand drive and left-hand drive, with the left-hand drive segment projected to grow at 25.3%. End-use categories comprise facility management, last mile delivery, industrial, agricultural, and others, with the last mile delivery segment expected to grow at 25.5%. In 2022, the passenger car segment held significant shares across multiple categories.
Continuing with the analysis, the global electric light commercial vehicle market is witnessing growth due to the widespread adoption of electric vehicles in various sectors. This trend is driven by factors such as increased environmental awareness, advancements in technology, and government support for electric mobility.
The battery capacity segment is divided into less than 50 kWh, 50–250 kWh, and above 250 kWh, with the 50–250 kWh segment expected to grow at 25.6%. The driving configuration is categorized as right-hand drive and left-hand drive, with the left-hand drive segment projected to grow at 25.3%.
Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 3154.8 Billion |
| Market Size Value In 2023 | USD 3340.9 Billion |
| Growth Rate | 5.90% (2023-2032) |
Road Haulage Market Highlights:
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