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Global Electric LCV Market Report and Forecast 2024-2032
Market Report I 2024-03-26 I 197 Pages I EMR Inc.
Global Electric LCV Market Report and Forecast 2024-2032
Market Outlook
According to the report by Expert Market Research (EMR), the global electric LCV market is projected to grow at a CAGR of 12.30% between 2024 and 2032. Aided by the global shift towards sustainability, stringent emissions regulations, and advancements in electric vehicle (EV) technology, the market is expected to grow significantly by 2032.
Electric LCVs encompass a range of vehicles such as electric vans, trucks, and pickups designed for commercial use. These vehicles are gaining traction due to their efficiency, lower operating costs, and reduced environmental impact compared to their internal combustion engine counterparts.
The electric LCV market growth is being propelled by several key drivers. Foremost among these is the escalating concern over environmental pollution and the corresponding regulatory mandates aimed at curbing vehicle emissions. Governments worldwide are implementing stringent emission norms and offering incentives to promote the adoption of electric vehicles (EVs), thus fuelling the growth of the electric LCV. Additionally, the total cost of ownership of electric LCVs is progressively diminishing due to advances in battery technology, which is enhancing their range and reducing their price, making them an increasingly viable option for businesses.
The electric LCV market is also witnessing a surge in demand as a result of the exponential growth of e-commerce and last-mile delivery services. With online shopping becoming the norm, there is a pressing need for efficient and eco-friendly delivery solutions, which electric LCVs are well-positioned to provide. Furthermore, the expansion of urban logistics and the rising emphasis on sustainable transportation solutions in cities are contributing to the market's growth.
The electric van segment holds a significant electric LCV market share, driven by its widespread use in courier and delivery services, as well as in public sector utilities. By battery type, lithium-ion batteries dominate the market due to their high energy density, longer lifespan, and better performance in comparison to other battery types.
A notable trend in the market is the increasing investment in charging infrastructure and the development of fast-charging stations, which are essential for supporting the wide-scale adoption of electric vehicles. Moreover, advancements in autonomous driving technology and telematics are being integrated into electric LCVs to enhance operational efficiency and safety.
As per the electric LCV market analysis, the market is witnessing robust growth across various regions, with Europe leading the charge. The region's dominance is attributed to its stringent emission norms, substantial government incentives, and the high level of environmental awareness among consumers. Following Europe, the Asia Pacific region is experiencing rapid growth, fuelled by the escalating demand for electric vehicles in China, Japan, and South Korea, coupled with supportive government policies.
As per the electric LCV market outlook, the market is characterised by intense competition among key players who are focusing on technological innovations, expanding their product portfolios, and forming strategic partnerships to consolidate their market position. These players are investing heavily in research and development to introduce more efficient and longer-range electric LCVs, thereby catering to the evolving needs of businesses and consumers.
The electric LCV market expansion is fuelled by technological advancements, increasing environmental consciousness, and supportive government policies. As battery technology advances and charging infrastructure expands, electric LCVs are expected to become more accessible and practical for a wider range of commercial applications. Furthermore, the integration of renewable energy sources with charging infrastructure and the development of battery-swapping technologies are anticipated to further enhance the market's growth potential.
Market Segmentation
The market can be divided based on propulsion type, vehicle type, power output, and region.
Market Breakup by Propulsion Type
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEVs)
- Fuel Cell Electric Vehicles (FCEVs)
Market Breakup by Vehicle Type
- Pick-up Truck
- Van
Market Breakup by Power Output
- Less Than 150 kW
- 150-250 kW
- More Than 250 kW
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global electric LCV market. Some of the major players explored in the report by Expert Market Research are as follows:
- Tesla Inc.
- Nissan Motor Co. Ltd.
- BYD Company Ltd.
- Renault SA
- Volkswagen AG
- Foton Motor Group
- Tata Motors Limited
- Mahindra and Mahindra Ltd.
- Rivian Automotive Inc.
- Dongfeng Motor Corporation Limited
- Arrival UK Ltd.
- Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Electric LCV Market Analysis
8.1 Key Industry Highlights
8.2 Global Electric LCV Historical Market (2018-2023)
8.3 Global Electric LCV Market Forecast (2024-2032)
8.4 Global Electric LCV Market by Propulsion Type
8.4.1 Battery Electric Vehicles (BEVs)
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Hybrid Electric Vehicles (HEVs)
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Fuel Cell Electric Vehicles (FCEVs)
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.5 Global Electric LCV Market by Vehicle Type
8.5.1 Pick-up Truck
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Van
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Electric LCV Market by Power Output
8.6.1 Less Than 150 kW
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 150-250 kW
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 More Than 250 kW
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.7 Global Electric LCV Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Electric LCV Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Electric LCV Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Electric LCV Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Electric LCV Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Electric LCV Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter's Five Forces Analysis
14.2.1 Supplier's Power
14.2.2 Buyer's Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Tesla Inc.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Nissan Motor Co. Ltd.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 BYD Company Ltd.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Renault SA
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Volkswagen AG
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Foton Motor Group
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Tata Motors Limited
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Mahindra and Mahindra Ltd.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Rivian Automotive Inc.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Dongfeng Motor Corporation Limited
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Arrival UK Ltd.
15.2.11.1 Company Overview
15.2.11.2 Product Portfolio
15.2.11.3 Demographic Reach and Achievements
15.2.11.4 Certifications
15.2.12 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Electric LCV Market: Key Industry Highlights, 2018 and 2032
2. Global Electric LCV Historical Market: Breakup by Propulsion Type (USD Million), 2018-2023
3. Global Electric LCV Market Forecast: Breakup by Propulsion Type (USD Million), 2024-2032
4. Global Electric LCV Historical Market: Breakup by Vehicle Type (USD Million), 2018-2023
5. Global Electric LCV Market Forecast: Breakup by Vehicle Type Media (USD Million), 2024-2032
6. Global Electric LCV Historical Market: Breakup by Power Output (USD Million), 2018-2023
7. Global Electric LCV Market Forecast: Breakup by Power Output (USD Million), 2024-2032
8. Global Electric LCV Historical Market: Breakup by Region (USD Million), 2018-2023
9. Global Electric LCV Market Forecast: Breakup by Region (USD Million), 2024-2032
10. North America Electric LCV Historical Market: Breakup by Country (USD Million), 2018-2023
11. North America Electric LCV Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Europe Electric LCV Historical Market: Breakup by Country (USD Million), 2018-2023
13. Europe Electric LCV Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Asia Pacific Electric LCV Historical Market: Breakup by Country (USD Million), 2018-2023
15. Asia Pacific Electric LCV Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Latin America Electric LCV Historical Market: Breakup by Country (USD Million), 2018-2023
17. Latin America Electric LCV Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Middle East and Africa Electric LCV Historical Market: Breakup by Country (USD Million), 2018-2023
19. Middle East and Africa Electric LCV Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Global Electric LCV Market Structure
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