Global Electric Commercial Vehicle Market To 2031 – By Battery Type, Vehicle Type, Application And Region – – Business Wire | CarTailz

DUBLIN–(BUSINESS WIRE)–The Electric Commercial Vehicles Market: Global Opportunity Analysis and Industry Forecast, 2021-2031 report has been added Offer.

According to this report, the electric commercial vehicle market was valued at US$8.59 billion in 2021 and is estimated to reach US$24.98 billion by 2031, growing at a CAGR of 11.4% from 2022 to 2031.

An electric utility vehicle is a zero-emission vehicle that uses an electric motor to perform a specific task. In addition, these vehicles are used in farms, parks, in logistics or to transport other utilities. Airports, warehouses and industrial plants use specialized electric utility vehicles. In addition, electric utility vehicles also find application in leisure activities and last-mile deliveries.

The popularity of lithium-ion batteries is growing exponentially due to their light weight, high capacity, and sharp price declines in recent years. Lead-acid batteries have disadvantages such as high self-discharge rates and relatively low charge/discharge cycles, making them less suitable for energy storage applications. Because of these disadvantages, manufacturers use lithium-ion batteries in electric commercial vehicles.

In addition, several manufacturers are innovating in lithium-ion batteries to enable fast charging in upcoming EVs as well as electric commercial vehicles. For example, General Motors introduced Ultium batteries in March 2020. Ultium batteries use a new type of lithium-ion chemistry being developed by GM and LG Chem under the Ultium brand name. GM’s new Ultium batteries can be stacked vertically or horizontally in the battery pack. It also helps in providing an estimated range of up to 400 miles. Additionally, Ultium-powered EVs are expected to feature Level 2 and DC fast charging.

The growth of the global electric commercial vehicle market has been fueled by the introduction of new and improved electric commercial vehicles, stricter government regulations and regulations related to vehicle emissions, and an increase in fuel costs. However, lack of charging infrastructure and limited range of electric vehicles are the factors hampering the growth of the market. Furthermore, advancements in technology and proactive government initiatives are the factors that are expected to provide opportunities for growth during the forecast period.

The electric utility vehicle market is segmented by battery type, vehicle type, application and region. According to the battery type, it is divided into lithium-ion, lead-acid and others. By vehicle type, it is classified into sport utility vehicle, multi utility vehicle, utility terrain vehicle and others. According to the application, it is fragmented into passenger transport, industrial, agricultural, sports and others. Additionally, it analyzes the current electric commercial vehicle market trends in different regions like North America, Europe, Asia Pacific and LAMEA and suggests the future growth opportunities by analyzing the government regulations and policies.

Main Benefits

  • This report provides a quantitative analysis of the market segments, recent trends, estimates and dynamics of the Electric Commercial Vehicles market analysis from 2021 to 2031 to identify the prevailing Electric Commercial Vehicles market opportunities.

  • The market research is offered along with information on key drivers, restraints and opportunities.

  • Porter’s Five Forces Analysis highlights the potential of buyers and suppliers to enable stakeholders to make profit-driven business decisions and strengthen their supplier-buyer network.

  • An in-depth analysis of the Electric Commercial Vehicles market segmentation helps to determine the prevailing opportunities in the market.

  • Major countries in each region are mapped according to their revenue contribution to the global market.

  • The positioning of market participants facilitates benchmarking and provides a clear understanding of the current position of market participants.

  • The report includes the analysis of regional and global Electric Commercial Vehicles market trends, key players, market segments, application areas, and market growth strategies.

Important market participants

  • Tesla, Inc.

  • auks

  • Tropos engines

  • Columbia Vehicle Group Inc.

  • Marshall Green Power

  • Polaris Inc.

  • club car

  • Star EV Corporation

  • Neuron EV

  • Bollinger motors

  • Mahindra Electric Mobility Limited

  • Ford Motor Company

  • The General Motors Company

  • Toyota Motor Corporation

  • Hyundai Motor Co

Important market segments

By vehicle type

  • Sport Utility Vehicle

  • multi utility vehicle

  • commercial vehicle

  • Other

through application

  • passenger commute

  • Industrial

  • Agricultural

  • Sports

  • Other

By battery type

  • lithium ion

  • Other

  • lead acid

By region

  • North America

  • US

  • Canada

  • Mexico

  • Europe

  • Germany

  • United Kingdom

  • France

  • Spain

  • rest of Europe

  • Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Rest of Asia Pacific


  • Latin America

  • middle East

  • Africa

For more information about this report, visit

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