The demand for electric light commercial vehicle market is expected to be valued at US$ 303.2 Billion in 2024. The market is forecasted to rise at a CAGR of 9.5% from 2024 to 2034. The electric light commercial vehicle industry is expected to reach US$ 750 Billion by 2034 end.
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The adoption of electric cars in urban and metropolitan cities is increasing rapidly with rising concerns about pollution and outdoor air quality. EV manufacturers have increased the production of electric light commercial vehicles and are promoting them as ways to create cleaner, healthier communities.
Lower running costs and lower carbon footprint have made electric commercial vehicles suitable for logistics services and door-to-door delivery businesses. Growing awareness among city dwellers about the environment and climate change has also increased the popularity of eLCVs as shuttle vans or urban transport vehicles.
Key Takeaways from the Electric Light Commercial Vehicle Market Report:
- The United States market is expected to increase at a rate of 9.8% through 2034 and reach a total valuation of US$ 135.1 billion by 2034.
- The demand for electric light commercial vehicles in the United Kingdom is projected to grow at a promising rate of 10.7% from 2024 to 2034.
- China is the leading manufacturer of EVs in Asia, including electric light commercial vehicles, and is expected to advance at a CAGR of 9.9% through 2034.
- Japan and South Korea are two other remarkably growing markets in Asia.
Competitive Landscape:
Chevrolet, Ford Motors, and Fuso are some of the leading manufacturers of commercial vehicles that also hold a substantial market share for electric LCVs. The growing awareness and investments for accelerating the integration of green delivery vans are anticipated to encourage the emergence of new market players in the coming days. Key players are focusing on novel technologies to enhance their profit and presence in the market.
Leading Key Players:
- Bollinger
- Chevrolet
- Ford Motor Company
- Fuso
- General Motors Inc.
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Electric Light Commercial Vehicle Market Segmentation:
By Vehicle Type:
- Light-duty Trucks
- Vans
- Pickup Trucks
- Other Vehicle Types
By Propulsion Type:
- Battery Electric Vehicle (BEV)
- Fuel Cell Electric Vehicle (FCEV)
- Hybrid Electric Vehicle (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
By Gross Vehicle Weight (GVW):
- Below 6,000 lbs
- 6,000 lbs to 10,000 lbs
- 10,000 lbs to 14,000 lbs
By Application:
- Commercial
- Industrial
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa (MEA)
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