Get Business Insights on the Electric Light Commercial Vehicle Market To 20

The electric light commercial vehicle market was valued at around US$ 173 billion in 2019. In the following five years, sales of electric light commercial vehicles surged at a 12% CAGR and reached US$ 271.9 billion by 2023.

The demand for electric light commercial vehicles is expected to be valued at 303.2 billion in 2024. The market is forecasted to rise at a CAGR of 9.5% from 2024 to 2034. The electric light commercial vehicle industry is expected to reach US$ 750 billion by 2034 end.

The adoption of electric cars in urban and metropolitan cities is increasing rapidly with rising concerns about pollution and outdoor air quality. EV manufacturers have increased the production of electric light commercial vehicles and are promoting them as ways to create cleaner, healthier communities.

Get more insights: https://www.futuremarketinsights.com/reports/electric-light-commercial-vehicle-market 

Lower running costs and lower carbon footprint have made electric commercial vehicles suitable for logistics services and door-to-door delivery businesses. Growing awareness among city dwellers about the environment and climate change has also increased the popularity of eLCVs as shuttle vans or urban transport vehicles.

“International organizations as well as national governments are putting strict emission laws to solve environmental issues. Electric light commercial vans are finding wider acceptance in the market due to their ability to satisfy and even surpass the laws for zero exhaust emissions,” - Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)

Key Takeaways from the Electric Light Commercial Vehicle Market Study Report

• The United States market is expected to increase at a rate of 9.8% through 2034 and reach a total valuation of US$ 135.1 billion by 2034.

• The demand for electric light commercial vehicles in the United Kingdom is projected to grow at a promising rate of 10.7% from 2024 to 2034.

• China is the leading manufacturer of EVs in Asia, including electric light commercial vehicles, and is expected to advance at a CAGR of 9.9% through 2034.

• Japan and South Korea are two other remarkably growing markets in Asia.

Competitive Landscape

Chevrolet, Ford Motors, and Fuso are some of the leading manufacturers of commercial vehicles that also hold a substantial market share for electric LCVs. The growing awareness and investments for accelerating the integration of green delivery vans are anticipated to encourage the emergence of new market players in the coming days. Key players are focusing on novel technologies to enhance their profit and presence in the market.

Key Players Profiled in the Electric Light Commercial Vehicle Market Report

1. Bollinger

2. Chevrolet

3. Ford Motor Company

4. Fuso

5. General Motors Inc.