Latest News- Electric Commercial Vehicle (ECV) Market: LCVs is expected to lead the Product segment during 2025-2029

The Electric Commercial Vehicle (ECV) Market is being driven by Growing focus on reducing vehicular emissions

The Electric Commercial Vehicle (ECV) Market is expected to grow at a CAGR of 37.9% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 479.5 billion. Companies in the global Electric Commercial Vehicle (ECV) market are employing various business strategies to stay competitive and expand their technological and geographic reach. These strategies include acquisitions, such as Volvo's planned acquisition of EV and battery manufacturer Proterra in November 2023. Additionally, collaborations, like the one between Volvo and Daimler (Mercedes-Benz) in 2024 to develop a new generation of electric vans, are being utilized to share technology and production facilities. These strategies enable market players to innovate and capture significant market shares in the dynamic ECV market. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • LCVs
  • Buses
  • Heavy and medium commercial vehicles
• Type
  • Battery electric vehicle (BEV)
  • Plug-in hybrid electric vehicle (PHEV)
  • Fuel cell electric vehicle (FCEV)
• Geography
  • APAC
    • China
    • India
    • Japan
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Norway
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing focus on reducing vehicular emissions
• Increasing adoption of EVs for improved logistics and transportation
• Favorable government initiatives

However, the market also witnesses some limitations, which are as follows:

• High costs associated with ECVs
• Limitations associated with ECVs
• Availability of alternatives in EVs

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Market Scope in Electric Commercial Vehicle (ECV) Market Research Report

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Research Analysis Overview

The Electric Commercial Vehicle (ECV) market is experiencing significant growth as businesses shift from diesel and petrol-powered Commercial Vehicles (CVs) to electric ones. ECVs include buses, vans, trucks, and tractors/harvesters for farming. Charging times for electric vehicles are improving, making them a viable alternative. Electric drivetrains, such as electric motors, are gaining popularity due to their environmental benefits, with CO2 emissions being a major concern in road transport. Consumer awareness is increasing, with companies like VIA Motors, EAVX, and JPY 2 leading the way in producing electric buses, vans, and trucks. The largest market for ECVs is last mile delivery, as they are ideal for short-range, frequent trips. The NHTSA's SAFE vehicles rule ensures electric vehicles meet safety standards. Electric motor-powered sliding doors add convenience to Electric Vans. Despite the initial investment, the long-term cost savings and environmental benefits make the transition worthwhile for ICE fleet owners.

Market Research Overview

The global automotive parts and equipment market encompasses businesses producing components and accessories for various automobile categories, including electric commercial vehicles (ECVs), such as buses, vans, trucks, farming equipment like excavators and wheel loaders, and building materials transport vehicles. According to Technavio, market growth is attributed to the escalating demand for electric vehicles, motorcycles, and passenger cars, leading to a substantial increase in the requirement for electric control units (ECUs) and other electrical components. Factors such as lower emissions and operational cost advantages of ECVs are driving their adoption in cities by last-mile-delivery services, including Amazon and UPS. Consequently, the market size is projected to expand significantly due to the burgeoning ECV sector.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Website: www.technavio.com/