Global commercial EV market expected to reach $62.4B in 2021

Global commercial EV market expected to reach $62.4B in 2021

The report states initial high development costs for advanced battery technology may hamper market growth.

The global electric commercial vehicle market is estimated to reach $62.4 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 17.3% from 2021-2030 according to a new report by Quince Market Insights. The demand for transportation facilities in the e-commerce sector, logistics, and public transportation is expected to drive the market.

The report states many developing countries are working towards the development of smart cities and the conversion of rural areas to semi-urban areas by adopting sustainable solutions like clean energy, smart buildings, smart vehicles and others, which will also contribute to market growth. For instance, in 2015 the smart city plan was launched in India, where bigger automobile industries are also part in the development of the smart city project which includes electric vehicles.

Technological advancements in batteries will reduce their costs and increase their life span, the report says. This will decrease the cost of electric vehicles and hence drive the market. However, initial high development costs for the battery technology can hamper the market growth. The limited battery capacity can also be a challenge to the market growth.

Market developments mentioned in the report include:

  • In May, 2021, Daimler Trucks North America launched line of chargers and consulting services for electric commercial vehicle in support of fleets in deployment of electric trucks.
  • In April, 2021, Fiat launched the electric version of its Ducato medium van. The company also stated the two battery size availability with 90KWh of motor, range of 174 miles and the price of e-Ducato is $73,369, twice the diesel vehicle cost.
  • In January, 2021, General Motors announced the new commercial electric vehicle brand, Brightdrop. The company also acknowledged that the vehicle has hub motor and is powered with electric pallet which assists in easy movement of goods over short distance.

You May Also Like

asTech expands remote OEM solutions to include Tesla

asTech’s diagnostic devices now offer over 99% coverage for authentic remote OEM scans on Tesla vehicles.


asTech, a Repairify company involved in remote diagnostics, calibrations, programming and automotive intelligence for the collision and mechanical repair industries, announced an expansion of its remote OEM solutions to now include remote OEM scanning support for Tesla vehicles.

asTech said its diagnostic devices are now able to complete authentic remote OEM scans for virtually every Tesla vehicle (over 99% coverage). The company said this update continues to demonstrate the power and adaptability of asTech’s technology, as well as its dedication to ensuring customers are ready for the future of collision repair.

Cummins hydrogen-ICE engines to power concrete mixer trucks

The project aims to develop a full hydrogen eco-system together with a hydrogen producer, vehicle manufacturer and end user.

Swedish researchers develop efficient metal recycling method

Chalmers University researchers used oxalic acid to recover 100% aluminum and 98% lithium from electric car batteries.

Chalmers Tech research
Ascend Elements, Koura partner on Li-Ion recycling project

The companies will collaborate on commercializing Hydro-to-Anode technology, providing a sustainable source of graphite.

CharIN, ACM collaborate on electric vehicle charging standards

The companies aim to tackle interoperability challenges and improve consumer charging experiences.


Other Posts

Einride initiates full-time autonomous electric freight operations

Einride’s continuous autonomous electric freight will be shipping between GE Appliances’ facilities.

NACFE tests electric truck performance across depot operations

The event, called Run on Less Electric – DEPOT, tracked 22 battery-electric trucks across 10 depots from September 11-29.

Mitchell releases latest EV collision trends report

Mitchell’s report revealed EV total loss rates and intricacies in collision repair costs compared to ICE vehicles.

Volvo’s EV sales comprise 18% of total volume

Volvo reported a 14-month-straight sales increase fueled by strong EV demand.