Electric Van Market, by Range (Up to 100 miles, 100 to 200 miles, above 200 miles), by Battery Capacity (Up to 50 kWh, above 50 kWh), by Propulsion (Battery Electric Van, Plug-in Hybrid Electric Van), by Application (Personal, Commercial) End user (Last mile delivery, field services, distribution services, refrigerated services) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Electric Van Market Overview
The global Electric Van market size was estimated at USD 6.4 billion in 2023 and is projected to reach USD 41.70 billion in 2030 at a CAGR of 26.40% during the forecast period 2023-2030.
Electric vans run on electricity and use an electric motor instead of an internal combustion engine. Electricity is produced by the batteries installed in the electric van. The traction battery powers the electric motor and the vans are charged by connecting to a charging station or wall socket. In addition, an electric van is often used for commercial purposes such as cargo transportation, package delivery, last mile deliveries and more. In addition, electric vans have several advantages such as environmental friendliness, lower operating costs, low maintenance costs and others.
The growth of the global electric van market is fueled by government initiatives to promote electric mobility, reduced costs of electric vehicle batteries and increase demand for emission-free and efficient electric vans. However, the lack of charging infrastructure and the limited range of electric vans are factors restraining the growth of the market. Further, technological advancements are expected to provide growth opportunities during the forecast period.
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COVID-19 impacted the electric van market in a negative manner owing to the lockdown imposed in the majority of the countries across the globe. Several automobile manufacturers faced shortage of automobile components due to disruption in supply chain. However, post-pandemic, increase in the sales of electric vehicles has been observed which is supplementing the growth of the electric van market.
Delvens Industry Expert's Standpoint
The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. Since gasoline is a fossil fuel, it is not a sustainable energy source and will eventually run out. To enable sustainable growth, alternative fuel sources must be created and used. Electric van is employed, which are more cost-effective than traditional vans and do not require gasoline. As a result, many governments throughout the world have started initiatives to deploy electric van to improve the sustainability of their urban transportation system. In the following years, it's anticipated that the introduction of electric van would transform mass transit systems all over the world. As a result, the market is expected to rise at a faster rate during the forecast period due to rising demand for emission-free, high-performance electric vans. Thus, this factor is driving the market CAGR.
Key Findings
- The propulsion type segment is further divided into battery electric vehicles, hybrid electric vehicles, fuel cell electric vehicles and plug-in hybrid electric vehicles. The battery electric vehicle segment dominated the electric van market and is the fastest growing segment during the forecast period. Due to its advantages like zero emission and zero pollution, the battery electric car is in high demand and as a result, this market is expected to develop at the highest CAGR. During the forecast period, this will be the main driver for expansion of the battery market globally.
- Based on the type of charging, the electric van market is further divided into standard charging and fast charging. The plug-in segment dominated the electric van market and is the fastest growing segment during the forecast period. These chargers are the most used chargers on the market. The power varies between 3 kW and 6 kW, and the vehicle charges in 8 to 12 hours. The electric car must be fully charged at night.
- The end-use segment is further sub-segmented into last mile delivery, field services, distribution services and refrigeration services. Field services include maintenance, installation or repair at the customer's location. Businesses are eagerly adopting electric commercial vehicles such as electric vans for daily field use, maintenance, repair, other field services and to replace diesel vehicles. In March 2022, the London Electric Vehicle Company announced planned to supply 22 VN5 electric cars to Sunbelt Rentals for fleet operations.
- The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is estimated to account for the largest market share during the forecast period.
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Electric Van Market Regional Analysis
North America to Dominate the Market
- North America is estimated to account for the largest market share during the forecast period. In North America, there is a huge demand for electric vans because of the stricter emission standards set by the government.
- Additionally, a non-profit organisation called Electrify America, which promotes the use of electric vehicles, declared plans to invest $200,000 in California.
Electric Van Market Competitive Landscape
- Renault S.A.
- Tesla Inc
- Mercedes-Benz Group AG
- General Motors Company
- Ford Motor Company
- Nissan Motor Co., Ltd.
- Workhorse Group, Inc.
- Stellantis NV
- Toyota Motor Corporation
- Volkswagen AG
- BYD Company Ltd
Electric Van Market Recent Developments
- In May 2022, Ford Motor Company launched E-Transit in Europe with a range of 236 miles.
- In October 2021, BYD launched ETP3 Panel Van with a load capacity of 780 kg and a driving range of 275 km. It is also equipped with a 44.9 kWh battery, a 35-kW rated electric motor, and a top speed of 100 km/hour.
- In April 2021, Toyota Motor Corporation launched the Proace Electric van which offers a battery capacity of 75 kWh and a range of 175 km.
Reasons to Acquire in the Electric Van Market
- Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
- Gain authentic and granular data access for the Electric Van Market to understand the trends and the factors involved in changing market situations.
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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