Electric Heavy Vehicle Market – Global Industry Analysis and Forecast (2022-2029)

Electric Heavy Vehicle Market volume was at 256.82 Thousand Units in 2022 and the total revenue is expected to grow at 41.1 % through 2023 to 2029, Electric Heavy Vehicle Market is reaching nearly 2859.77 Thousand Units By 2029.
Electric Heavy Vehicle Market Overview:
Electric Heavy vehicles are a diverse range of light- to heavy-duty vehicles powered by battery-powered electric engines. Buses, trucks, vans, tractors, harvesters, loaders, excavators, and other vehicles are among them. Due to their zero carbon emissions, electric Heavy vehicles have gained popularity as an environmentally beneficial alternative to gasoline-powered cars. In the Commercial sector, these vehicles also offer reduced maintenance costs and a variety of operational advantages. As a result, electric Heavy vehicles are becoming increasingly popular in a variety of industries, including transportation, logistics, construction, and mining.To know about the Research Methodology :- Request Free Sample Report
Electric Heavy Vehicle Market Dynamics:
In the logistics industry, there is a growing demand for emission-free commercial cars, as well as a growing use of electric vehicles – Various governments throughout the globe have implemented programmes to make their metropolitan public transportation systems more sustainable and fuel-efficient, such as the usage of electric buses and trucks. Electric buses will revolutionize public transportation in the future years by improving air quality, lowering noise levels, and increasing fuel efficiency. Since certain countries' pollution restrictions have become more stringent, manufacturers have been pushed to adopt electric technology. Because of the European Union's strict pollution standards, Europe leads the market in the adoption of electric trucks.

High development cost – The high cost of creating electric commercial vehicles and related components like batteries and monitoring systems (battery management systems, CAN bus modules) is a key major hurdle for electric vehicle producers. The expense of developing charging infrastructure for electric vehicles is likewise very significant. According to Bloomberg, roughly USD 2.7 trillion will be required to build sufficient charging infrastructure for electric vehicles around the world. The battery of an electric car requires regular and rapid charging with specialized equipment found only at EV charging stations, such as electric chargers. Electric commercial vehicles are more expensive than standard ICE trucks due to the battery, charger, and charger installation costs.

New revenue streams have emerged in North America and Europe – Electric heavy vehicles are experiencing rapid growth in North America. Due to strict emission regulations and the booming logistics sector, the region has seen a surge in demand for low-emission, fuel-efficient, high-performance vehicles. Because of the widespread adoption of electric vans and substantial orders for electric pickup trucks, the industry in the United States is predicted to rise tremendously by 2029. In the Northern countries, such as Denmark, Finland, Iceland, Norway, and Sweden, there are also prospects for growth. Government incentives and the existence of supporting infrastructure, such as free charging stations and parking allotments, have resulted in a rapid surge in demand for electric vehicles in these countries.

Battery capacity is limited – The batteries in today's electric vehicles have low capacity and can only travel a short distance per charge. The performance and service life of batteries have a direct impact on electric vehicle performance and cost. Electric vehicles are now powered by lead-acid, nickel-cadmium, nickel-metal hydride, and lithium-ion batteries. Because lithium-ion batteries have a longer life span than lead-acid, nickel-cadmium, and nickel-metal hydride batteries, they are gradually replacing them in electric vehicles. Lithium-ion batteries, on the other hand, have insufficient capacity to power commercial vehicles. Batteries' charging-discharging performance deteriorates dramatically in cold temperatures, making it difficult for them to produce maximum power. With the current technology, charging an electric vehicle takes a long time, which causes consumer dissatisfaction. With a 7-kW charger, charging an electric vehicle from zero to 100 % takes more than four hours on average. In addition, most charging stations have low-capacity chargers. These issues must be addressed.
Electric Heavy Vehicle Market Segment Analysis
the Electric Heavy Vehicle Market is segmented into Propulsion, Vehicle and Application.

Based on Vehicle, the market is sub-segmented into Bus, Truck, Pick-up truck and van. The significant demand for electric vans in the logistics sector, particularly in North America, the electric van segment is expected to be the fastest growing market. During the forecast period, the logistics and e-commerce industries are likely to boost the market for electric vans. The use of electric vans in the logistics industry would reduce transportation costs. Many of the world's largest logistics firms in Europe and North America have begun to use electric vehicles for shipment and delivery. For example, DHL, one of the world's largest logistics businesses, uses electric vans, while Amazon has declared plans to employ Rivian-built electric delivery trucks starting in 2022.

Based on Application, the market is sub-segmented into municipal, construction, logistics, mining, and others. During the forecast period, the municipal segment is expected to be the fastest growing. This is due to rapid urbanization and the use of vehicles such as pick-up trucks and rubbish collection vehicles. In the forecast period, these factors are expected to fuel market growth.
Electric Heavy Vehicle Market Regional Analysis:
Asia-Pacific is expected to lead the electric commercial vehicle market, followed by Europe and North America. Despite a significant fall in subsidies, the market share of electric commercial vehicles in the world's largest auto market, China, increased from 4.5 % to 4.7 % in 2022. The increase in EV market share comes despite an 8.4% drop in combustion vehicle sales (from 26.82 million in 2022 to 24.56 million in 2022), with EV sales remaining largely steady (1.26 million trimmed to 1.21 million).

In 2022, China had the greatest revenue share in Asia-Pacific, accounting for more than 80%. China is also far ahead when it comes to the use of electric buses: due to the presence of important firms such as Dongfeng, BYD Auto, Daimler AG, FAW Group, and others, the area is expected to have a dominant revenue share during the forecast period. Around 385,000 e-buses are on the road worldwide, with 99 % of them being electric. Despite the low sales volume, the European market is known for having more electric truck charging stations. After the EU announced plans to cut tolls for emission-free vehicles by half until April 2023, Europe's electric trucking industry is expected to grow quickly. The EU's decision to reduce tolls is intended to encourage private investment in electric trucks. The European Union has also set a goal of reducing greenhouse gas emissions by 40% by 2040. By supplying a whole range of battery-electric trucks for distribution in Europe, major firms such as Volvo and Daimler are already providing a greater selection of heavy-duty vehicles to industries.

The objective of the report is to present a comprehensive analysis of the global Electric Heavy Vehicle Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps understand the global Electric Heavy Vehicle Market dynamics and structure by analyzing the market segments and projects the global Electric Heavy Vehicle Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Electric Heavy Vehicle Market make the report investor’s guide.
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Global Electric Heavy Vehicle Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
256.82 Thousand Units


Forecast Period 2023 to 2029 CAGR:
41.1%
Market Size in 2029:
2859.77 Thousand Units


 Segments Covered:
by Propulsion
• Battery Electric Vehicle (BEV)
• Hybrid Electric Vehicle (HEV)
• Plug-In Hybrid Electric Vehicle (PHEV)
• Fuel Cell Electric Vehicle (FCEV)


by Vehicle type
• Bus
• Truck
• Pick-Up Truck
• Van


by Application
• Municipal
• Construction
• Logistics
• Mining
• Others.



Electric Heavy Vehicle Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Electric Heavy Vehicle Market Key Players
• Orange EV
• Tesla
• Hino Heavy Vehicles
• Isuzu Motors Limited
• Nissan
• Goupil Industries
• Dong Feng Motors
• Iveco
• Efficient Drivetrains Inc (EDI)
• BYD
• Wrightspeed
• Renault & Groupe Delanchy
• Cummins Inc.
• Daimler AG
• Nikola Motor Company
• Proterra
• LG Chem
• Samsung SDI
• Panasonic
• Delphi
• ABB
• Siemens

Frequently Asked Questions:

1) What was the market size of the Electric Heavy Vehicle Market in 2022?
Ans - Electric Heavy Vehicle Market was worth 256.82 Thousand Units in 2022.

2) What is the market segment of the Electric Heavy Vehicle Market?
Ans -The market segments are based on Vehicle type, Propulsion and Application.

3) What is the forecast period considered for Electric Heavy Vehicle Market?
Ans -The forecast period for Electric Heavy Vehicle Market is 2023 to 2029.

4) What is the Electric Heavy Vehicle Market size in 2029?
Ans –Electric Heavy Vehicle Market is estimated as worth 2859.77 Thousand Units

5) Which region is dominated in Electric Heavy Vehicle Market?
Ans -In 2022, the Asia pacific region dominated the Electric Heavy Vehicle Market.