Electric Commercial Vehicle Market Insights, Forecast and Competitive Strategies

Electric Commercial Vehicle Market Size, Landscape, Innovations and Growth Drivers

The electric commercial vehicle market is set to grow from USD 16.58 billion in 2025 to USD 91.47 billion by 2034, with an expected CAGR of 20.90% over the forecast period from 2025 to 2034.

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Introduction

The electric commercial vehicle market is a crucial sector of the automotive industry. This market deals in manufacturing and distribution of commercial vehicles that are powered by electricity. This industry manufactures various types of vehicles comprising of bus, trucks and some others. These commercial vehicles are available in different propulsion such as BEV, PHEV, FCEV. There are various components of these vehicles consisting of electric motor, electric vehicle battery, hydrogen fuel cell and some others. The growing demand for electric trucks in different parts of the world has fostered the market growth. This market is predicted to rise significantly with the growth of the EV sector around the world.

• According to the International Energy Agency, around 16500 electric trucks were sold in China during 2020 that increased to 38200 in 2023.

Highlights of the Electric Commercial Vehicle Market

• Asia Pacific held the largest share of the electric commercial vehicles market due to the rising investment in the automotive sector in this region.
• North America is expected to grow with a significant CAGR due to the growing emphasis on adopting eco-friendly transportation in this region.
• The electric vehicle battery segment held the largest share of the market due to the rapid technological developments in battery industry.
• The bus segment led the industry due to the increasing sales of electric buses around the globe.

Key Metrics and Overview

Electric Commercial Vehicle: Stats and Figures

• According to the Transport Environment Organization, around 59% of the overall bus sales in Sweden during 2021-23 were electric buses.
• According to the International Council on Clean Transportation, around 110,400 ZE-HDVs were sold in China during 2023.
• According to the International Energy Agency, around 30000 electric buses were registered in China during 2023.

Industry Leader Announcement

In December 2024, Vishal Badshah, the Vice President and Head of Operations at Tata Motors Commercial Vehicles announced that,” The introduction of electric buses for workforce transportation marks a significant step towards Tata Motors Commercial Vehicles’ goal of achieving net-zero greenhouse gas emissions by 2045. We remain committed to integrating sustainability across all our manufacturing facilities, covering sourcing, development, engineering, and operations. The launch in Pantnagar highlights the plant’s numerous sustainability achievements, including Zero Waste to Landfill certification and water-positive certification from CII-GBC.”

Geographical Insights

Asia Pacific held the highest share of the electric commercial vehicle market. The rising demand for electric vehicles in China, India, Japan and some others has boosted the industrial expansion. Also, the growing investment in electric vehicle industry by public sector entities along with the presence of several automotive brands is crucial for the market growth. Moreover, the rising government initiatives to curb emission has driven the market growth in this region.

Competitive Landscape

The electric commercial vehicle market is a developing industry with the presence of several dominating players. Some of the prominent companies in this industry consists of Anhui Ankai Automobile Co., Ltd, Tesla Inc, Daimler Truck Ag, Paccar Inc, BYD Company Limited, Proterra, Ebusco, Yutong, Nfi Group Inc and some others. These companies are constantly engaged in developing electric commercial vehicles and adopting numerous strategies to maintain their dominance in this industry.

• According to the annual report of Paccar, around 57% of the company’s revenue was generated from the U.S. and Canada followed by others.

Market Segmentations

By Propulsion

• BEV
• PHEV
• FCEV

By Component

• Electric Motor
• Electric Vehicle Battery
• Hydrogen Fuel Cell
• Others

By Type

• Bus
• Truck
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa