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Meticulous Research® has forecasted that the global electric commercial vehicle market will reach $920.9 billion by 2031, growing at a robust CAGR of 25.4% from 2024 to 2031. By volume, the market is projected to hit 9.4 million units by 2031, with a CAGR of 26.3% over the same period. This growth is driven by supportive government regulations, substantial investments from top automotive OEMs, and decreasing battery prices. However, factors such as the high initial costs of electric vehicles and inadequate charging infrastructure in developing nations are limiting the market's growth.
Emerging economies and the rise of smart city projects offer new opportunities for industry players, though challenges like limited vehicle range and insufficient performance in heavy-duty applications may restrict growth. The market is segmented by vehicle type (light and heavy commercial vehicles), propulsion (battery electric and hybrid electric), power output, and end user.
In 2024, light commercial vehicles are expected to dominate the market, driven by rising awareness about reducing carbon emissions and stricter government regulations. Battery electric vehicles are also anticipated to capture the largest market share, fueled by increasing demand for zero-emission vehicles and falling battery prices.
Regionally, Asia-Pacific is expected to lead the global market in 2023 due to supportive policy frameworks, while Europe is projected to grow the fastest, thanks to subsidies, tax incentives, and the rising adoption of electric public transport vehicles.
Key market players include NFI Group, AB Volvo, Traton SE, Tesla Inc., and Tata Motors.
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Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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