Reports
Sale
Global Electric LCV Market Size, Share, Analysis, Forecast: By Propulsion Type: Battery Electric Vehicles (BEVs), Hybrid Electric Vehicles (HEVs), Fuel Cell Electric Vehicles (FCEVs); By Vehicle Type: Pick-up Truck, Van; By Power Output: Less Than 150 kW, 150-250 kW, More Than 250 kW; Regional Analysis; Competitive Landscape; 2024-2032
Global Electric LCV Market Outlook
The global electric LCV market size is projected to grow at a CAGR of 36.3% between 2024 and 2032. The market is anticipated to expand during the forecast period owing to the rising emphasis on clean transportation technologies to reduce carbon emissions.
Key Trends in the Market
Light commercial vehicles (LCVs) are specially designed vehicles employed in commercial applications, such as for the transportation of goods, which includes delivery vans, trucks, or utility vehicles. Electric LCVs are commercial vehicles designed to run on an electric motor instead of a traditional internal combustion engine.
- Various reports indicate that electric car sales have significantly increased in the last year, with 10 million total electric vehicle (EV) sales worldwide. Reports also indicate that the sales of electric LCVs also doubled in 2022 in comparison to 2021. Owing to the rising transition towards EVs, the global electric LCV market growth is also expected to witness a significant rise, and the trends indicate that the gap between electric car sales and electric LCVs is expected to shrink during the forecast period.
- Increasing advancements in electric vehicle battery technology have significantly enhanced the range of the batteries. Given the aim to optimise profits, owners of commercial vehicles often utilise their vehicles more extensively, and the manufacturing of long-range electric LCVs has significantly propelled the global electric LCV market demand. One such vehicle is the Renault Zoe Van, which is capable of covering a distance of 245 miles owing to its 52kWh battery pack.
- Another major factor enhancing the expansion of the market is the supportive policies, tax incentives, and subsidies offered by governments worldwide, encouraging the adoption of electric vehicles. Multiple countries around the world are also increasing their investments in the development of charging infrastructures. These measures aim to accelerate the transition to cleaner transportation options and reduce dependence on fossil fuels.
Global Electric LCV Market Segmentation
Based on propulsion type, the market can be segmented into battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), and fuel cell electric vehicles (FCEVs). The market bifurcation, based on vehicle type, includes pick-up trucks and vans.
Based on power output, the market can be categorised into less than 150 kW, 150-250 kW, and more than 250 kW. The major regional markets for electric LCVs are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global electric LCV market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.
- Tesla Inc.
- Nissan Motor Co. Ltd.
- BYD Company Ltd.
- Renault SA
- Volkswagen AG
- Foton Motor Group
- Tata Motors Limited
- Mahindra and Mahindra Ltd.
- Rivian Automotive Inc.
- Dongfeng Motor Corporation Limited
- Arrival UK Ltd.
- Others
Market Analysis
Battery-powered EVs to expand rapidly owing to innovations and collaborations
According to the global electric LCV market analysis, battery electric vehicles (BEVs) are expected to remain the largest type in the international market owing to innovations and collaborations between major and emerging players. According to Global EV Outlook 2023” published by the International Energy Agency, Tesla has expressed its plan to relocate its Berlin-based Lithium-ion battery gigafactory to the United States and operate in partnership with China’s CATL to manufacture next-generation EVs.
The market is further aided by the introduction of favourable policies, which aids in the rapid development of charging infrastructure around the world.
Regional Insights
The Asia Pacific to maintain a significant lead in the global market
While being one of the largest electric vehicle market regions in the world, Asia Pacific also accounts for a major portion of the global electric LCV market share. The dominating position of the region can be attributed to countries such as China, India, Thailand, South Korea, and Indonesia.
China accounts for more than 50% of the total electric cars on the road globally, which totals 13.8 million vehicles. Moreover, approximately 15% of all LCVs sold in China were electric vehicles, which is over 130,000 units, propelling China as the global leader in electric LCV sales in 2022.
Meanwhile, the Indian EV market is expected to gain pace in the development of EVs and their components. This growth has been bolstered by the government's substantial USD 3.2 billion incentive program , which has successfully attracted investments totalling USD 8.3 billion into the sector. This is expected to positively affect the development of electric light commercial vehicles.
Furthermore, Korea maintained a strong position in the market with 27% of LCV sales being electric. However, sales growth in Korea slowed down in 2022, reaching only half the pace of 2021.
Competitive Landscape
Renault SA is a French multinational automotive manufacturer established in 1899. It operates globally and is known for producing a wide range of vehicles, including cars, vans, trucks, and electric vehicles. Renault has a significant presence in the European automotive market and has expanded its operations to various countries worldwide.
Volkswagen AG, headquartered in Germany, is one of the world's leading automotive manufacturers. Established in 1937, Volkswagen has grown into a global automotive group with a diverse portfolio of brands, including Volkswagen Passenger Cars, Audi, Porsche, and more. The company has introduced several electric vehicle models, such as the Volkswagen ID.3 and ID.4. The company's electric vehicle initiatives have aimed to capture a significant market share in the emerging electric vehicle sector.
Foton Motor Group is a Chinese automotive company specialising in commercial vehicles. Founded in 1996, Foton has established itself as one of China's largest manufacturers of trucks, vans, buses, and agricultural machinery. Foton's product lineup primarily focuses on commercial vehicles, including light, medium, and heavy-duty trucks, as well as vans and buses. While the company has a significant presence in internal combustion engine vehicles, it has also ventured into electric commercial vehicles, introducing electric versions of some of its models, such as eVIEW VAN and eAUMARK.
Other key players in the global electric LCV market are Tesla Inc., Nissan Motor Co. Ltd., BYD Company Ltd., Tata Motors Limited, Mahindra and Mahindra Ltd., Rivian Automotive Inc., Dongfeng Motor Corporation Limited, and Arrival UK Ltd., among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Propulsion Type |
|
| Breakup by Vehicle Type |
|
| Breakup by Power Output |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Electric LCV Market Analysis
8.1 Key Industry Highlights
8.2 Global Electric LCV Historical Market (2018-2023)
8.3 Global Electric LCV Market Forecast (2024-2032)
8.4 Global Electric LCV Market by Propulsion Type
8.4.1 Battery Electric Vehicles (BEVs)
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Hybrid Electric Vehicles (HEVs)
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Fuel Cell Electric Vehicles (FCEVs)
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.5 Global Electric LCV Market by Vehicle Type
8.5.1 Pick-up Truck
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Van
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Electric LCV Market by Power Output
8.6.1 Less Than 150 kW
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 150-250 kW
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 More Than 250 kW
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.7 Global Electric LCV Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Electric LCV Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Electric LCV Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Electric LCV Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Electric LCV Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Electric LCV Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Tesla Inc.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Nissan Motor Co. Ltd.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 BYD Company Ltd.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Renault SA
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Volkswagen AG
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Foton Motor Group
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Tata Motors Limited
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Mahindra and Mahindra Ltd.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Rivian Automotive Inc.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Dongfeng Motor Corporation Limited
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Arrival UK Ltd.
15.2.11.1 Company Overview
15.2.11.2 Product Portfolio
15.2.11.3 Demographic Reach and Achievements
15.2.11.4 Certifications
15.2.12 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Electric LCV Market: Key Industry Highlights, 2018 and 2032
2. Global Electric LCV Historical Market: Breakup by Propulsion Type (USD Million), 2018-2023
3. Global Electric LCV Market Forecast: Breakup by Propulsion Type (USD Million), 2024-2032
4. Global Electric LCV Historical Market: Breakup by Vehicle Type (USD Million), 2018-2023
5. Global Electric LCV Market Forecast: Breakup by Vehicle Type Media (USD Million), 2024-2032
6. Global Electric LCV Historical Market: Breakup by Power Output (USD Million), 2018-2023
7. Global Electric LCV Market Forecast: Breakup by Power Output (USD Million), 2024-2032
8. Global Electric LCV Historical Market: Breakup by Region (USD Million), 2018-2023
9. Global Electric LCV Market Forecast: Breakup by Region (USD Million), 2024-2032
10. North America Electric LCV Historical Market: Breakup by Country (USD Million), 2018-2023
11. North America Electric LCV Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Europe Electric LCV Historical Market: Breakup by Country (USD Million), 2018-2023
13. Europe Electric LCV Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Asia Pacific Electric LCV Historical Market: Breakup by Country (USD Million), 2018-2023
15. Asia Pacific Electric LCV Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Latin America Electric LCV Historical Market: Breakup by Country (USD Million), 2018-2023
17. Latin America Electric LCV Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Middle East and Africa Electric LCV Historical Market: Breakup by Country (USD Million), 2018-2023
19. Middle East and Africa Electric LCV Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Global Electric LCV Market Structure
Key Questions Answered in the Report
The market is projected to grow at a CAGR of 36.3% between 2024 and 2032.
The market is driven by the increasing emphasis on clean transportation technologies and technological advancements.
The growing collaborations between major market players and the implementation of favourable policies for EVs are expected to propel the expansion of the market.
PHEVs accommodate a large battery pack and its integrated with sophisticated smart technologies, unlike conventional and standard-hybrid counterparts, which has given this type of vehicle a high price.
The major regional markets are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The different propulsion types are electric vehicles (BEVs), Hybrid electric vehicles (HEVs), and Fuel cell electric vehicles (FCEVs).
The different power output levels include 150 kW, 150-250 kW, and more than 250 kW.
The key players in the market are Tesla Inc., Nissan Motor Co. Ltd., BYD Company Ltd., Renault SA, Volkswagen AG, Foton Motor Group, Tata Motors Limited, Mahindra and Mahindra Ltd., Rivian Automotive Inc., Dongfeng Motor Corporation Limited, and Arrival UK Ltd., among others.
Purchase Options 10% off
Call us
Purchase Full Report
Mini Report
$ 2199
$1999
-
Selected Sections, One User
-
Printing Not Allowed
-
Email Delivery in PDF
-
Free Limited Customisation -
Post Sales Analyst Support -
50% Discount on Next Update
Single User License
$ 3299
$2999
-
All Sections, One User
-
One Print Allowed
-
Email Delivery in PDF
-
Free Limited Customisation -
Post Sales Analyst Support -
50% Discount on Next Update
Five User License
$ 4399
$3999
-
All Sections, Five Users
-
Five Prints Allowed
-
Email Delivery in PDF
-
Free Limited Customisation
-
Post Sales Analyst Support
-
50% Discount on Next Update
Corporate License
$ 5499
$4999
-
All Sections, Unlimited Users
-
Unlimited Prints Allowed
-
Email Delivery in PDF + Excel
-
Free Limited Customisation
-
Post Sales Analyst Support
-
50% Discount on Next Update
Any Question? Speak With An Analyst
View A Sample
Did You Miss Anything, Ask Now
Why Expert Market Research?
Right People
We are technically excellent, strategic, practical, experienced and efficient; our analysts are hand-picked based on having the right attributes to work successfully and execute projects based on your expectations.
Right Methodology
We leverage our cutting-edge technology, our access to trusted databases, and our knowledge of the current models used in the market to deliver you research solutions that are tailored to your needs and put you ahead of the curve.
Right Price
We deliver in-depth and superior quality research in prices that are reasonable, unmatchable, and shows our understanding of your resource structure. We, additionally, offer attractive discounts on our upcoming reports.
Right Support
Our team of expert analysts are at your beck and call to deliver you optimum results that are customised to meet your precise needs within the specified timeframe and help you form a better understanding of the industry.
NEWSLETTER