Latest news with #2033
Globe and Mail
28-05-2025
- Business
- Globe and Mail
Electric Commercial Vehicle Market Size & Industry Report 2033
The global electric commercial vehicle market size reached USD 152.0 Billion in 2024 and is expected to the electric commercial vehicle market to reach USD 1,298.3 Billion by 2033 IMARC Group, a leading market research company, has recently released a report titled 'Electric Commercial Vehicle Market Report by Vehicle Type (Electric Bus, Electric Pickup Truck, Electric Truck, Electric Van), Propulsion Type (BEV, HEV, FCEV, PHEV), Application (Cargo, Passenger), Battery Type (Lithium-Nickel-Manganese-Cobalt Oxide Batteries, Lithium-Iron-Phosphate Batteries, and Others), Battery Capacity (Less Than 50 kWh, 50-250 kWh, Above 250 kWh), and Region 2025-2033'. The study provides a detailed analysis of the industry, including the global electric commercial vehicle market share, trends, size, and industry trends forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market. The global electric commercial vehicle market size reached USD 152.0 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 1,298.3 Billion by 2033, exhibiting a growth rate (CAGR) of 25.56% during 2025-2033. Industry Trends and Drivers: Government Support and Regulations Governments worldwide are introducing regulations and incentives aimed at reducing carbon emissions, which is substantially accelerating the electric commercial vehicle market. In Asia Pacific, policies promoting electric mobility, subsidies for vehicle manufacturers, and tax benefits for consumers are encouraging the adoption of electric buses and trucks. These incentives make electric commercial vehicles more cost-competitive compared to traditional fuel-based ones, boosting their adoption. Moreover, regulatory frameworks aimed at achieving emission targets and improving air quality are further prompting manufacturers to innovate and produce efficient electric commercial vehicles that meet stringent environmental standards, favoring the market growth. Advancements in Battery Technology Progress in battery technology is propelling the electric commercial vehicle market by enhancing vehicle performance, increasing range, and lowering costs. Lithium-ion batteries, which is known for their higher energy density and reduced weight, are improving the viability of electric trucks and buses for long-distance travel and heavy-duty applications. Battery costs are also declining due to advancements in production and amplified scale, making electric commercial vehicles more economically feasible. The development of solid-state batteries and other next-generation technologies is expanding the markets potential by addressing previous limitations related to range anxiety and long charging times, contributing to the market enlargement. Growing Focus on Sustainability and Emission Reduction The global encouragement towards sustainability and reduction of greenhouse gas emissions is driving demand for electric commercial vehicles. Companies across sectors are shifting towards electric fleets as part of their corporate social responsibility and sustainability initiatives. This change aligns with environmental targets set by international accords and government policies. The rise in consumer and stakeholder awareness regarding the environmental impact of logistics and transportation is leading businesses to integrate eco-friendly solutions, including electric commercial vehicles, into their operations. This focus on sustainability is creating substantial opportunities for market growth as businesses seek to comply with global standards and reduce their carbon footprint. Buy Now: Electric Commercial Vehicle Market Report Segmentation: Breakup By Vehicle Type: Electric Bus Electric Pickup Truck Electric Truck Electric Van The dominance of electric buses is due to large-scale urban public transportation projects, backed by government grants and subsidies to replace diesel fleets with cleaner alternatives, enhancing the fleet size and network. Breakup By Propulsion Type: BEV HEV FCEV PHEV Battery Electric Vehicle (BEV) is leading due to the absence of complex internal combustion components, resulting in reduced maintenance costs, greater energy efficiency, and government incentives that lower the overall cost of ownership for commercial operators. Breakup By Application: Cargo Passenger Based on the application, the market is categorized into cargo and passenger. Breakup By Battery Type: Lithium-Nickel-Manganese-Cobalt Oxide Batteries Lithium-Iron-Phosphate Batteries Others On the basis of the battery type, the market is segmented into lithium-nickel-manganese-cobalt oxide batteries, lithium-iron-phosphate batteries, and others. Breakup By Battery Capacity: Less Than 50 kWh 50-250 kWh Above 250 kWh Based on the battery capacity, the market is divided into less than 50 kWh, 50-250 kWh, and above 250 kWh. Breakup By Region: North America Asia Pacific Europe Latin America Middle East and Africa Asia Pacific's dominance is due to strong government support for electric vehicle initiatives, significant investments in manufacturing, and a large consumer base driving the adoption of eco-friendly transport solutions. Top Electric Commercial Vehicle Market Leaders: The electric commercial vehiclemarket research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are: AB Volvo Anhui Ankai Automobile Co. Ltd. BYD Company Ltd. Construcciones y Auxiliar de Ferrocarriles S.A. Daimler AG Ebusco B.V. King Long United Automotive Industry Co. Ltd NFI Group Inc. Proterra Inc. VDL Groep B.V. Zhengzhou Yutong Bus Co. Ltd. Zhongtong Bus Holding Co. Ltd. Ask Analyst for Customized Report: Key Highlights of the Report: Market Performance (2019-2024) Market Outlook (2025-2033) Market Trends Market Drivers and Success Factors Impact of COVID-19 Value Chain Analysis If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization. About Us IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise. Media Contact Company Name: IMARC Group Contact Person: Elena Anderson Email: Send Email Phone: +1-631-791-1145 Address: 134 N 4th St. City: Brooklyn State: NY Country: United States Website:
Arabian Business
07-05-2025
- Business
- Arabian Business
Dubai economy
The growth figures align with Dubai's Economic Agenda D33 and Dubai Social Agenda 2033, which aim to position the emirate as a global investment hub and economic centre, Sheikh Hamdan said
