Electric Light Commercial Vehicle Market worth 3,919.3 thousand units by 2030 - Exclusive Report by MarketsandMarkets™

1. Electric Light Commercial Vehicle Market worth 3,919.3 thousand units by 2030 - Exclusive Report by MarketsandMarkets™ NEWS PROVIDED BY MarketsandMarkets Nov 22, 2023, 04:30 ET  CHICAGO , Nov. 22, 2023 /PRNewswire/ --  Electric light commercial vehicle market size is projected to grow from 333.6 thousand units in 2022 to 3,919.3 thousand units by 2030, at a CAGR of 36.1%., according to a new report by MarketsandMarkets™. Factors such as rising demand for zero- emissions commuting and government support for low-emission vehicles through subsidies and tax breaks have resulted in automakers embracing EVs and the expansion of the electric light commercial vehicle market. Government bodies are supporting zero emission vehicles over petrol or diesel automobiles due to growing worries about increased pollution by the automotive industry. People have acknowledged the importance of promoting zero-emission vehicles in order to prevent pollution. Government agencies in several countries are proposing attractive plans and incentives to entice and encourage individuals to acquire ELCVs, such as substantial discounts, reduction in taxes, lower road charges for zero emission vehicles, and others.  Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=80041214 Browse in-depth TOC on "Electric Light Commercial Vehicle Market". 

2. 15 - Tables 20 - Figures      53 - Pages Electric Light Commercial Vehicle Market Scope: Report Coverage Details Market Size 3,919.3 thousand units by 2030 Growth Rate CAGR of 36.1% Largest Market Europe Market Dynamics Drivers, Restraints, Opportunities & Challenges Forecast Period 2022-2030 Forecast Units Volume (Thousand Units) Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends Segments Covered Vehicle Type, Propulsion Type, and Region Geographies Covered Asia Pacific, Europe, and North America Report Highlights Updated financial information / product portfolio of players Key Market Opportunities Development of wireless EV charging technology for on-the-go charging to fuel market Key Market Drivers Reducing prices of ELCVs batteries will increase demand for ELCVs by making them cost effective "E-Pickup Trucks is expected to grow at the fastest rate during the forecast period." E-pickup trucks is expected to grow at the fastest rate during the forecast period. Electric pickup trucks are generally more cost-e?ective to operate and maintain compared to traditional gasoline-powered pickup trucks. Their lower fuel costs and reduced maintenance requirements can lead to signi?cant savings for businesses and consumers over time. Many governments worldwide are implementing policies to promote the adoption of electric pickup trucks, such as tax breaks, subsidies, and preferential treatment in urban areas. These incentives make electric pickup trucks more a?ordable and attractive to businesses and consumers. Additionally, Battery technology is continuously improving, resulting in batteries with higher energy density, enabling electric pickup trucks to travel longer distances on a single charge. OEMs such as Ford Motor Company, General Motors, Stellantis are launching new ELCVs models for instance, in May 2022, Tata Motors launches e-cargo transport solutions with the all-new Ace EV. Additionally, Tata Motors Partners with Amazon, BigBasket, Flipkart and their logistics partners for green intra-city deliveries Signs Memorandum of Understanding to deliver 39,000 Ace EVs. Also, In January 2023, the electric mobility arm of Jupiter Wagons Ltd, debuted two electric light commercial vehicles for India the Jem Tez and the EV Star CC. "FCEV segment will grow at signi?cant growth rate during the forecast period." 

3. During the forecast period, the FCEV segment is expected to grow at signi?cant growth rate during the forecast period. FCEVs are being used for urban logistics applications, such as waste collection and last-mile delivery. This is due to their zero emissions and quiet operation, which makes them ideal for use in urban areas. Also, FCEVs are also being used for cold chain transportation applications, such as refrigerated light electric trucks and vans. This is due to their ability to operate at low temperatures and their long range. Moreover, as governments continue to support zero-emission vehicles and the e- commerce and urban logistics sectors continue to grow, FCEVs are expected to play an increasingly important role in the electric light commercial vehicle industry. Manufacturers are also developing ELCVs by FCEV propulsion such as in September 2022, Hyundai and Iveco launched the Iveco daily fuel cell electric van in Hannover. With increasing interest from large multinational energy ?rms to transition to cleaner fuels and the strong commitment of several major OEMs such as Toyota and Hyundai, there are e?orts to push the development and deployment of FCEVs. Hence the FCEV segment will grow during the forecast period. "North America to be the fastest growing market for electric light commercial vehicle during the forecast period." The North American region is one of the most well-established ELCV markets in the world. Countries such as the US and Canada have a high demand for ELCVs across some of their states. Although there are not many uni?ed regulations for the development of ELCVs, di?erent states o?er varying amounts of subsidies, tax rebates, and other incentives for ELCVs buyers and manufacturers. The region is also home to many top ELCVs manufacturers, such as General Motors, Ford and Others. These companies have worked together to cater to the ELCVs demand in the region along with other foreign players. The ELCVs market in Canada is expected to grow at a signi?cant rate due to new regulations which are encouraging the demand for ELCVs. Top ELCVs battery providers and startups have partnered with OEMs in the North American ELCVs market. GM, for instance, has partnered with LG Chem for their ELCVs batteries. Such development will drive the growth of North America ELCVs market in the forecast period. Inquire Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp? id=80041214 Key Market Players: 

4. The Electric Light Commercial Vehicle market is dominated by established players such as BYD (China), Ford Motor Company (US), General Motors (US) Mercedes-Benz (Germany), and Nissan Motor Co. Ltd. (Japan). Recent Developments In May 2022, General Motors announced the sale of Zevo 400 by 2023. It is a mid-sized electric van designed for short and frequent trips and has ADAS features. It also o?ers a range of 250 miles. In July 2022, Toyota Motor Corporation announced a partnership with Suzuki Motor Corporation, Daihatsu Motor Co., and Commercial Japan Partnership Technologies (CJPT) to build mini commercial electric vans. In June 2022, Renualt launched Master E-Tech Electric, equipped with a lithium-ion battery of 52 kWh and a motor capacity of 92 kW. It also o?ers a range of 126 miles. In June 2022, General Motors announced the supply of 150 Zevo 600 electric vans to FedEx out of 2,500 ordered Zevo 600 electric vans for delivery purposes. In March 2022, BYD and Shell announced the improvement of charging infrastructure for BEV and plug-in hybrid electric vehicle (PHEV) owners in China and Europe. The agreement will allow members access to 275,000 charging points through the Shell network. Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=80041214 Browse Adjacent Market: Automotive and Transportation Market Research Reports & Consulting Related Reports: Electric Commercial Vehicle Market - Global Forecast to 2030 Electric Utility Vehicle Market - Global Forecast to 2027 Industrial Vehicles Market - Global Forecast to 2028 All-terrain Vehicle Market - Global Forecast to 2028 

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