Electric Light Commercial Vehicle Market Share Growing Rapidly with Recent Trends, Development, Revenue, Demand and Forecast to 2030
The global electric light commercial vehicle market size is projected to grow from 333.6 thousand units in 2022 to 3,919.3 thousand units by 2030, at a CAGR of 36.1%.
Factors such as rising demand for zero-emissions commuting and government support for low-emission vehicles through subsidies and tax breaks have resulted in automakers embracing EVs and the expansion of the electric light commercial vehicle market. Government bodies are supporting zero emission vehicles over petrol or diesel automobiles due to growing worries about increased pollution by the automotive industry. People have acknowledged the importance of promoting zero-emission vehicles in order to prevent pollution. Government agencies in several countries are proposing attractive plans and incentives to entice and encourage individuals to acquire ELCVs, such as substantial discounts, reduction in taxes, lower road charges for zero emission vehicles, and others.
“E-Pickup Trucks is expected to grow at the fastest rate during the forecast period.”
E-pickup trucks is expected to grow at the fastest rate during the forecast period. Electric pickup trucks are generally more cost-effective to operate and maintain compared to traditional gasoline-powered pickup trucks. Their lower fuel costs and reduced maintenance requirements can lead to significant savings for businesses and consumers over time. Many governments worldwide are implementing policies to promote the adoption of electric pickup trucks, such as tax breaks, subsidies, and preferential treatment in urban areas. These incentives make electric pickup trucks more affordable and attractive to businesses and consumers. Additionally, Battery technology is continuously improving, resulting in batteries with higher energy density, enabling electric pickup trucks to travel longer distances on a single charge. OEMs such as Ford Motor Company, General Motors, Stellantis are lauching new ELCVs models for instance, in May 2022, Tata Motors launches e-cargo transport solutions with the all-new Ace EV. Additionally, Tata Motors Partners with Amazon, BigBasket, Flipkart and their logistics partners for green intra-city deliveries Signs Memorandum of Understanding to deliver 39,000 Ace EVs. Also, In January 2023, The electric mobility arm of Jupiter Wagons Ltd, debuted two electric light commercial vehicles for India the Jem Tez and the EV Star CC.
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