March 2025
Senior Research Analyst
Reviewed By
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.
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.
Metric | Details |
Market Size in 2024 | USD 13.71 Billion |
Projected Market Size in 2034 | USD 91.47 Billion |
CAGR (2025 - 2034) | 20.90% |
Leading Region | Asia Pacific |
Market Segmentation | By Propulsion, By Component, By Type and By Region |
Top Key Players | Anhui Ankai Automobile Co., Ltd, Tesla Inc, Daimler Truck Ag, Paccar Inc, BYD Company Limited, Proterra, Ebusco, Yutong, Nfi Group Inc |
Key Growth Driver | Rising demand for electric trucks & buses, technological advancements in EV batteries |
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.”
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.
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.
By Propulsion
By Component
By Type
By Region
March 2025
March 2025
March 2025
March 2025
Dr. Arjun Patel is a distinguished expert in the automotive industry, holding advanced degrees in Automotive Engineering and Mechanical Engineering. His expertise spans automotive market dynamics, technological advancements, and sustainable practices. Dr. Patel excels in conducting in depth research and analysis on market trends, consumer preferences, and the economic implications within the automotive sector. He is renowned for his insightful publications on topics such as electric vehicles, autonomous driving technologies, and the evolution of sustainable transportation solutions. Dr. Patels research contributions have significantly advanced understanding in the field, earning him recognition as a leading authority in automotive research and analysis.
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