- Electric light commercial vehicle market to surge from 333,600 to 3,919,300 units by 2030 (36.1% CAGR).
- Electric pickup trucks thrive with cost-efficiency, government support, and advanced batteries.
- Europe leads, driven by regulations, incentives, and robust charging infrastructure.
The global electric light commercial vehicle market is set to surge, highlighting the strength of fleets
The electric light commercial vehicle market is experiencing remarkable growth, projected to surge from 333,600 units in 2022 to an impressive 3,919,300 units by 2030. This substantial growth, boasting a Compound Annual Growth Rate (CAGR) of 36.1%, is fuelled by various factors reshaping the automotive landscape.
A key driver is the escalating demand for zero-emission commuting. Governments worldwide are throwing their weight behind low-emission vehicles, offering subsidies, tax breaks, and other incentives. This paradigm shift is prompting automakers to embrace electric vehicles (EVs), catalysing the expansion of the electric light commercial vehicle market.
One standout performer in this market is the electric pickup trucks segment, expected to experience rapid growth.
These trucks prove more cost-effective to operate and maintain compared to their traditionally powered counterparts. Lower fuel costs and reduced maintenance requirements translate into significant savings for businesses and consumers.
Government support adds to the allure of electric pickup trucks, with policies such as tax breaks and subsidies making them more affordable. The continuously improving battery technology, resulting in batteries with higher energy density, further enhances the appeal of electric pickup trucks by enabling longer travel distances on a single charge.
In parallel, the Fuel Cell Electric Vehicle (FCEV) segment is carving a niche for itself, showcasing significant growth during the forecast period. FCEVs find applications in urban logistics, waste collection, and last-mile delivery due to their zero emissions and quiet operation, making them ideal for urban areas.
Europe emerges as a prominent player in this electrifying narrative, boasting stringent emission regulation standards and generous government incentives to promote EVs. The region’s commitment to reducing 80% of CO2 emissions by 2050 has spurred a surge in demand for electric vans.
Major manufacturers like Renault, Iveco, LEVC, and Fiat call Europe home, contributing to the region’s burgeoning electric van market. DHL Express’s recent purchase of 100 E-Ducato electric vans from Fiat signals a tangible move towards electrifying last-mile deliveries.
Europe’s growing charging infrastructure and efforts to alleviate range anxiety among EV users further propel the electric light commercial vehicle market forward. The growth only proves how essential working fleets are to the global EV transition.
