Accelerating Electrification: Exploring the Growth and Trends of the Electric Commercial Vehicle Market

The total revenue generated by the electric commercial vehicle market was USD 68.9 billion in 2022, and it will power at a rate of 36.2% in the years to come, to touch USD 814.8 billion by 2030. 

The decreasing cost and improving working efficiency of batteries and the lasting cost benefits of EVs are the key factors powering the growth of the industry. 

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BEVs dominated the industry, with a share of over 60%, in 2022,  with regards to value, as a result of the strong support from the government, in the form of incentives, subsidies and other monetary benefits, for promoting the use of eco-friendly vehicles. 

Also, key manufacturers are concentrating on the addition of BEVs to their product portfolios, further boosting the growth of the market in China.

Furthermore, the growth in the production of batteries, chiefly in China, would help attain economies of scale, thus further lowering the battery prices in the years to come.

India is also accepting concrete strategies to include e- buses in the private and government fleets.

Europe will grow steadily, with around 25%, in the years to come. Many foreign and regional companies have introduced their offerings in recently in the anticipation of the increasing requirement for commercial EVs in the region.