Electric Commercial Vehicle Market Size, Trends, and Insights By Propulsion (BEV, PHEV, FCEV), By Vehicle Type (Bus, Truck, Pick-up Truck, Electric Van), By Power Output (Less than 150 kW, 150 – 250 kW, Above 250 kW), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033
Report Snapshot
| Study Period: | 2024-2033 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- AB Volvo,
- Daimler AG
- Tesla
- Proterra
- Others
Reports Description
The surging costs of fossil fuels are boosting the market
According to Custom Market Insights (CMI), the Global Electric Commercial Vehicle Market size was estimated at USD 67 Billion in 2021 and is expected to hit around USD 280 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 26% from 2022 to 2030.
The report analyses the Electric Commercial Vehicle Market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Electric Commercial Vehicle Market.
Electric Commercial Vehicle Market: Overview
A commercial electric vehicle can run on electricity either totally or partially in place of diesel or gasoline. As they have fewer moving parts to maintain and consume little to no fossil fuels, commercial electric vehicles are also incredibly cost-effective to operate (petrol or diesel). Fleets of vehicles powered by renewable resources are the new trend for governmental authorities, non-profit organizations, and many private firms encouraging sustainable development. Over the past few years, initiatives for technological advances and innovation in transportation have increased.
Electric Commercial Vehicle Market: COVID–19 Impact Analysis
Automakers are taking drastic steps, such as closing plants, to stop the spread of COVID-19 due to the novel coronavirus’s ongoing spread throughout the world. As more European businesses halt operations and US & APAC automakers prolong shutdown periods, the scenario is still murky. The governments of the nations are imposing what seem to be progressively stricter restrictions on travel, social engagement, and attendance at work in diverse places. The automotive industry is at the center of this unrest, which is impeding the development of the global electric commercial vehicle market. These regions are going through comparable problems, which are having a noticeable impact on the economy as well as society and producing huge economic disruption.
Electric Commercial Vehicle Market: Growth Drivers
Rising fossil fuel prices
The US Energy Information Administration estimates that 97.45 million barrels were consumed daily in 2021. With the exception of rare occasions like the COVID-19 epidemic, gasoline prices have been growing over time on the global market. The strong demand for gasoline is to blame for the price increase. It is a non-renewable energy source. Hence it will likely run out within the next few decades. Petrol prices rise as a result of changes in supply and demand. Even though several accords have been established to regulate petrol prices on the global market, prices have increased with time. Due to the fact that most nations must import gasoline, its use affects the economy’s trade balance negatively.
Due to the war between Russia and Ukraine in 2022, petroleum prices, which have already doubled in the last few decades, are anticipated to rise further. This is anticipated to spark new efforts to switch to EVs in order to lower everyday transport expenses across the globe. The cost of fossil fuels globally is also influenced by tax rates. The US has the lowest fuel tax (19%), whereas India imposes a tax on fuel of over 69%. In the past 20 years, all of these factors have increased fuel prices globally. ECVs have significantly lower operating costs than traditional ICE commercial vehicles. Due to their cheaper operating costs compared to the high expense of driving ICE commercial vehicles, this will result in an increase in demand for electric commercial cars.
Rising demand for logistics
As technology takes root and customer expectations to alter, logistics industries are experiencing an era of unparalleled upheaval. A higher level of efficiency and more collaborative operating models are now possible thanks to new technological technology. As a result, it is predicted to have a significant impact on the market for electric commercial vehicles. An increasing number of low-value shipments have been made as a result of the expansion of e-commerce. In response, retailers are setting up “last-mile” fulfillment centers to maintain inventory near customers and decentralizing their distribution centers more and more. The need for electric commercial trucks to move inventory to nearby distribution hubs without emitting any emissions rises as a result of this.
This demonstrates the rise in logistical needs and the demand for electric commercial vehicles to meet those needs. As a result, the players involved in the worldwide electric commercial vehicle market may anticipate benefiting from the growing logistical activities.
Electric Commercial Vehicle Market: Segmentation Analysis
In our research scope, the global electric commercial vehicle market is segmented into Propulsion, Power Output, and Vehicle Type. Based on propulsion, the BEV segment is anticipated to dominate the electric commercial vehicle market in 2021. A BEV is an electric vehicle that solely relies on a battery for power.
The vehicle is propelled by a permanent magnet motor that is powered by an internal battery. BEVs have a 150–200-mile range on average, though this might vary depending on the battery installed. The majority of intracity transport is done in buses, vans, and trucks equipped with BEV propulsion systems. Since the most frequent use for these cars is within cities, BEVs are anticipated to have high demand in the near future.
The running costs for buses are further reduced by the fact that the energy used to power the vehicles is less expensive than diesel fuel. The overall cost of BEVs is anticipated to reduce in the near future due to improvements in battery technology and a steady decline in battery pricing. This, in turn, will further propel the demand for BEVs.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 67 Billion |
| Projected Market Size in 2030 | USD 280 Billion |
| Market Size in 2022 | USD 91 Billion |
| CAGR Growth Rate | 26% CAGR (2022-2030) |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Prominent Players | AB Volvo, Daimler AG, Tesla, Proterra, PACCAR Inc., BYD Company Limited, CAF, Scania, VDL, Renault Trucks, KING LONG, EBUSCO, Yutong, NFI Group Inc., Anhui Ankai Automobile Co. Ltd., and Others |
| Key Segment | By Propulsion (BEV, PHEV, FCEV), By Vehicle Type (Bus, Truck, Pick-up Truck, Electric Van), By Power Output (Less than 150 kW, 150 – 250 kW, Above 250 kW), and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors, and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfill your requirements for research. |
Key Insights:
- As per the analysis shared by our research analyst, the Electric Commercial Vehicle Market is estimated to grow annually at a CAGR of around 26% over the forecast period (2022-2030).
- In terms of revenue, the Electric Commercial Vehicle Market size was valued at around USD 67 billion in 2021 and is projected to reach USD 280 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Based on propulsion segmentation, the BEV segment was estimated to hold the maximum market share in the year 2021.
- Based on vehicle type segmentation, the electric van segment is expected to witness a high CAGR during the forecast period.
- Based on geography/region, the Asia Pacific region was the leading revenue generator in 2021.
Recent Development
- 2021: To increase the fleet of vehicles operating in the Barcelona Metropolitan Area, Solaris, a subsidiary of the CAF Group, inked an agreement with the Transports Metropolitans de Barcelona (TMB) to provide 30 Urbino and 12 hybrid buses.
- 2021: Two EBUSCO 2.2 buses will be delivered to DitoBus in October 2021, per a contract that EBUSCO and DitoBus signed.
Regional Landscape
In 2021, Asia Pacific dominated the global electric commercial vehicle market. The need to lessen urban pollution and reliance on fossil fuels is driving the market for electric commercial vehicles in the Asia Pacific area. Additionally, this is the world’s biggest market for ECVs. With a share of more than 90% of the electric bus market, China is the greatest contributor to the global market for electric commercial vehicles.
The Chinese and international markets for electric commercial vehicles are dominated by Chinese firms like BYD, Yutong, Ankai, and Zhongtong. Electric buses are being offered at reduced costs by Chinese companies because they have access to more affordable parts and materials. The Chinese government has made considerable investments to replace the fleets of traditional public transportation with electric vehicles.
Additionally, the Indian government has announced plans for financial assistance for EVs, including three years of zero-rated goods and services tax (GST) and the Department of Heavy Industries’ Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) program. Such initiatives are anticipated to propel the demand in the region.
Competitive Landscape
There are many different types of electric vehicles available from market players, including electric buses, light trucks, and passenger automobiles. Corporations are putting immense effort into releasing cutting-edge, technologically superior products on the market. To strengthen its position in the market, they are also exploring strategic initiatives like mergers & acquisitions, strategic partnerships, and collaborations.
The global Electric Commercial Vehicle Market is segmented as follows:
By Propulsion
- BEV
- PHEV
- FCEV
By Vehicle Type
- Bus
- Truck
- Pick-up Truck
- Electric Van
By Power Output
- Less than 150 kW
- 150 – 250 kW
- Above 250 kW
By Region
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market research methodology
- Chapter 2. Executive Summary
- 2.1 Global Electric Commercial Vehicle Market, (2022 – 2030) (USD Billion)
- 2.2 Global Electric Commercial Vehicle Market : snapshot
- Chapter 3. Global Electric Commercial Vehicle Market – Industry Analysis
- 3.1 Electric Commercial Vehicle Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Rising fossil fuel prices
- 3.2.2 Demand for logistics
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market attractiveness analysis By Propulsion
- 3.7.2 Market attractiveness analysis By Vehicle Type
- 3.7.3 Market attractiveness analysis By Power Output
- Chapter 4. Global Electric Commercial Vehicle Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Electric Commercial Vehicle Market: company market share, 2021
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Electric Commercial Vehicle Market – Propulsion Analysis
- 5.1 Global Electric Commercial Vehicle Market overview: By Propulsion
- 5.1.1 Global Electric Commercial Vehicle Market share, By Propulsion, 2021 and 2030
- 5.2 BEV
- 5.2.1 Global Electric Commercial Vehicle Market by BEV, 2022 – 2030 (USD Billion)
- 5.3 PHEV
- 5.3.1 Global Electric Commercial Vehicle Market by PHEV, 2022 – 2030 (USD Billion)
- 5.4 FCEV
- 5.4.1 Global Electric Commercial Vehicle Market by FCEV, 2022 – 2030 (USD Billion)
- 5.1 Global Electric Commercial Vehicle Market overview: By Propulsion
- Chapter 6. Global Electric Commercial Vehicle Market – Vehicle Type Analysis
- 6.1 Global Electric Commercial Vehicle Market overview: By Vehicle Type
- 6.1.1 Global Electric Commercial Vehicle Market share, By Vehicle Type, 2021 and 2030
- 6.2 Bus
- 6.2.1 Global Electric Commercial Vehicle Market by Bus, 2022 – 2030 (USD Billion)
- 6.3 Truck
- 6.3.1 Global Electric Commercial Vehicle Market by Truck, 2022 – 2030 (USD Billion)
- 6.4 Pick-up Truck
- 6.4.1 Global Electric Commercial Vehicle Market by Pick-up Truck, 2022 – 2030 (USD Billion)
- 6.5 Electric Van
- 6.5.1 Global Electric Commercial Vehicle Market by Electric Van, 2022 – 2030 (USD Billion)
- 6.1 Global Electric Commercial Vehicle Market overview: By Vehicle Type
- Chapter 7. Global Electric Commercial Vehicle Market – Power Output Analysis
- 7.1 Global Electric Commercial Vehicle Market overview: By Power Output
- 7.1.1 Global Electric Commercial Vehicle Market share, By Power Output, 2021 and 2030
- 7.2 Less than 150 kW
- 7.2.1 Global Electric Commercial Vehicle Market by Less than 150 kW, 2022 – 2030 (USD Billion)
- 7.3 150 – 250 kW
- 7.3.1 Global Electric Commercial Vehicle Market by 150 – 250 kW, 2022 – 2030 (USD Billion)
- 7.4 Above 250 kW
- 7.4.1 Global Electric Commercial Vehicle Market by Above 250 kW, 2022 – 2030 (USD Billion)
- 7.1 Global Electric Commercial Vehicle Market overview: By Power Output
- Chapter 8. Electric Commercial Vehicle Industry – Regional Analysis
- 8.1 Global Electric Commercial Vehicle Industry Regional Overview
- 8.2 Global Electric Commercial Vehicle Industry Share, by Region, 2021 & 2030 (USD Billion)
- 8.3. North America
- 8.3.1 North America Electric Commercial Vehicle Industry, 2022 – 2030 (USD Billion)
- 8.3.1.1 North America Electric Commercial Vehicle Industry, by Country, 2022 – 2030 (USD Billion)
- 8.3.1 North America Electric Commercial Vehicle Industry, 2022 – 2030 (USD Billion)
- 8.4 North America Electric Commercial Vehicle Industry, by Propulsion, 2022 – 2030
- 8.4.1 North America Electric Commercial Vehicle Industry, by Propulsion, 2022 – 2030 (USD Billion)
- 8.5 North America Electric Commercial Vehicle Industry, by Vehicle Type, 2022 – 2030
- 8.5.1 North America Electric Commercial Vehicle Industry, by Vehicle Type, 2022 – 2030 (USD Billion)
- 8.6 North America Electric Commercial Vehicle Industry, by Power Output, 2022 – 2030
- 8.6.1 North America Electric Commercial Vehicle Industry, by Power Output, 2022 – 2030 (USD Billion)
- 8.7. Europe
- 8.7.1 Europe Electric Commercial Vehicle Industry, 2022 – 2030 (USD Billion)
- 8.7.1.1 Europe Electric Commercial Vehicle Industry, by Country, 2022 – 2030 (USD Billion)
- 8.7.1 Europe Electric Commercial Vehicle Industry, 2022 – 2030 (USD Billion)
- 8.8 Europe Electric Commercial Vehicle Industry, by Propulsion, 2022 – 2030
- 8.8.1 Europe Electric Commercial Vehicle Industry, by Propulsion, 2022 – 2030 (USD Billion)
- 8.9 Europe Electric Commercial Vehicle Industry, by Vehicle Type, 2022 – 2030
- 8.9.1 Europe Electric Commercial Vehicle Industry, by Vehicle Type, 2022 – 2030 (USD Billion)
- 8.10 Europe Electric Commercial Vehicle Industry, by Power Output, 2022 – 2030
- 8.10.1 Europe Electric Commercial Vehicle Industry, by Power Output, 2022 – 2030 (USD Billion)
- 8.11. Asia Pacific
- 8.11.1 Asia Pacific Electric Commercial Vehicle Industry, 2022 – 2030 (USD Billion)
- 8.11.1.1 Asia Pacific Electric Commercial Vehicle Industry, by Country, 2022 – 2030 (USD Billion)
- 8.11.1 Asia Pacific Electric Commercial Vehicle Industry, 2022 – 2030 (USD Billion)
- 8.12 Asia Pacific Electric Commercial Vehicle Industry, by Propulsion, 2022 – 2030
- 8.12.1 Asia Pacific Electric Commercial Vehicle Industry, by Propulsion, 2022 – 2030 (USD Billion)
- 8.13 Asia Pacific Electric Commercial Vehicle Industry, by Vehicle Type, 2022 – 2030
- 8.13.1 Asia Pacific Electric Commercial Vehicle Industry, by Vehicle Type, 2022 – 2030 (USD Billion)
- 8.14 Asia Pacific Electric Commercial Vehicle Industry, by Power Output, 2022 – 2030
- 8.14.1 Asia Pacific Electric Commercial Vehicle Industry, by Power Output, 2022 – 2030 (USD Billion)
- 8.15. Latin America
- 8.15.1 Latin America Electric Commercial Vehicle Industry, 2022 – 2030 (USD Billion)
- 8.15.1.1 Latin America Electric Commercial Vehicle Industry, by Country, 2022 – 2030 (USD Billion)
- 8.15.1 Latin America Electric Commercial Vehicle Industry, 2022 – 2030 (USD Billion)
- 8.16 Latin America Electric Commercial Vehicle Industry, by Propulsion, 2022 – 2030
- 8.16.1 Latin America Electric Commercial Vehicle Industry, by Propulsion, 2022 – 2030 (USD Billion)
- 8.17 Latin America Electric Commercial Vehicle Industry, by Vehicle Type, 2022 – 2030
- 8.17.1 Latin America Electric Commercial Vehicle Industry, by Vehicle Type, 2022 – 2030 (USD Billion)
- 8.18 Latin America Electric Commercial Vehicle Industry, by Power Output, 2022 – 2030
- 8.18.1 Latin America Electric Commercial Vehicle Industry, by Power Output, 2022 – 2030 (USD Billion)
- 8.19. The Middle-East and Africa
- 8.19.1 The Middle-East and Africa Electric Commercial Vehicle Industry, 2022 – 2030 (USD Billion)
- 8.19.1.1 The Middle-East and Africa Electric Commercial Vehicle Industry, by Country, 2022 – 2030 (USD Billion)
- 8.19.1 The Middle-East and Africa Electric Commercial Vehicle Industry, 2022 – 2030 (USD Billion)
- 8.20 The Middle-East and Africa Electric Commercial Vehicle Industry, by Propulsion, 2022 – 2030
- 8.20.1 The Middle-East and Africa Electric Commercial Vehicle Industry, by Propulsion, 2022 – 2030 (USD Billion)
- 8.21 The Middle-East and Africa Electric Commercial Vehicle Industry, by Vehicle Type, 2022 – 2030
- 8.21.1 The Middle-East and Africa Electric Commercial Vehicle Industry, by Vehicle Type, 2022 – 2030 (USD Billion)
- 8.22 The Middle-East and Africa Electric Commercial Vehicle Industry, by Power Output, 2022 – 2030
- 8.22.1 The Middle-East and Africa Electric Commercial Vehicle Industry, by Power Output, 2022 – 2030 (USD Billion)
- Chapter 9. Company Profiles
- 9.1 AB Volvo
- 9.1.1 Overview
- 9.1.2 Financials
- 9.1.3 Product Portfolio
- 9.1.4 Business Strategy
- 9.1.5 Recent Developments
- 9.2 Daimler AG
- 9.2.1 Overview
- 9.2.2 Financials
- 9.2.3 Product Portfolio
- 9.2.4 Business Strategy
- 9.2.5 Recent Developments
- 9.3 Tesla
- 9.3.1 Overview
- 9.3.2 Financials
- 9.3.3 Product Portfolio
- 9.3.4 Business Strategy
- 9.3.5 Recent Developments
- 9.4 Proterra
- 9.4.1 Overview
- 9.4.2 Financials
- 9.4.3 Product Portfolio
- 9.4.4 Business Strategy
- 9.4.5 Recent Developments
- 9.5 PACCAR Inc.
- 9.5.1 Overview
- 9.5.2 Financials
- 9.5.3 Product Portfolio
- 9.5.4 Business Strategy
- 9.5.5 Recent Developments
- 9.6 BYD Company Limited
- 9.6.1 Overview
- 9.6.2 Financials
- 9.6.3 Product Portfolio
- 9.6.4 Business Strategy
- 9.6.5 Recent Developments
- 9.7 CAF
- 9.7.1 Overview
- 9.7.2 Financials
- 9.7.3 Product Portfolio
- 9.7.4 Business Strategy
- 9.7.5 Recent Developments
- 9.8 Scania
- 9.8.1 Overview
- 9.8.2 Financials
- 9.8.3 Product Portfolio
- 9.8.4 Business Strategy
- 9.8.5 Recent Developments
- 9.9 VDL
- 9.9.1 Overview
- 9.9.2 Financials
- 9.9.3 Product Portfolio
- 9.9.4 Business Strategy
- 9.9.5 Recent Developments
- 9.10 Renault Trucks
- 9.10.1 Overview
- 9.10.2 Financials
- 9.10.3 Product Portfolio
- 9.10.4 Business Strategy
- 9.10.5 Recent Developments
- 9.11 KING LONG
- 9.11.1 Overview
- 9.11.2 Financials
- 9.11.3 Product Portfolio
- 9.11.4 Business Strategy
- 9.11.5 Recent Developments
- 9.12 EBUSCO
- 9.12.1 Overview
- 9.12.2 Financials
- 9.12.3 Product Portfolio
- 9.12.4 Business Strategy
- 9.12.5 Recent Developments
- 9.13 Yutong
- 9.13.1 Overview
- 9.13.2 Financials
- 9.13.3 Product Portfolio
- 9.13.4 Business Strategy
- 9.13.5 Recent Developments
- 9.14 NFI Group Inc.
- 9.14.1 Overview
- 9.14.2 Financials
- 9.14.3 Product Portfolio
- 9.14.4 Business Strategy
- 9.14.5 Recent Developments
- 9.15 Anhui Ankai Automobile Co. Ltd
- 9.15.1 Overview
- 9.15.2 Financials
- 9.15.3 Product Portfolio
- 9.15.4 Business Strategy
- 9.15.5 Recent Developments
- 9.1 AB Volvo
List Of Figures
Figures 1 to 26
List Of Tables
Tables 1 to 77
Report Methodology
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Statistical Model
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2030
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
Primary Validation
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
• Buyers.
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
| Perspective | Primary research | Secondary research |
| Supply-side |
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| Demand-side |
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Market Analysis Matrix
| Qualitative analysis | Quantitative analysis |
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FAQs
“Asia Pacific” region will lead the global Electric Commercial Vehicle market during the forecast period 2022 to 2030.
The key factors driving the market are rising fossil fuel prices and demand for logistics.
The global Electric Commercial Vehicle market is expanding growth with a CAGR of approximately 26% during the forecast period (2022 to 2030).
The global Electric Commercial Vehicle market size was valued at USD 67 Billion in 2021 and it is projected to reach around USD 280 Billion by 2030.