Electric Commercial Vehicles Market To Triple, Exceeding $235 Billion By 2034 | Electric Vans To Surpass $50 Billion By 2034, Dominating Urban Logistics And Last-Mile Delivery

(MENAFN- GlobeNewsWire - Nasdaq) Government Incentives and Emission Regulations Drive Surge in Electric Fleet Adoption. Fleet Operators Shift Towards Compact, Sustainable EVs to Meet Zero-Emission Zone Compliance.

Dublin, April 16, 2025 (GLOBE NEWSWIRE) -- The "Electric Commercial Vehicle Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2025-2034" report has been added to ResearchAndMarkets.com's offering.
The Electric Commercial Vehicle Market was valued at USD 72.3 billion in 2024, and is projected to reach USD 235.7 billion by 2034, rising at a CAGR of 12.7%.

Governments worldwide are driving this growth through subsidies, tax credits, and policies designed to encourage adoption. Emission reduction targets, carbon neutrality commitments, and regulatory incentives are prompting businesses and fleet operators to invest in electric fleets. Subsidized charging infrastructure, road tax exemptions, and financial support programs make electric commercial vehicles a cost-effective alternative to conventional fuel-powered options.
The declining cost of batteries due to technological advancements and improved material management has enhanced affordability. Battery efficiency has increased, leading to longer ranges and improved vehicle performance. Expanding charging networks and advancements in battery-swapping technology are further enabling wider adoption. Investments from public and private sectors in fast-charging solutions and renewable energy integration make electric commercial vehicles more practical. The EV charging station market, valued at USD 39.7 billion in 2024, is projected to surpass USD 350 billion by 2034.
Electric commercial vehicles include pickup trucks, trucks, vans, and buses. Vans, accounting for over 36% of the market, are expected to exceed USD 50 billion by 2034. Their compact size and maneuverability make them ideal for urban logistics and last-mile deliveries. Businesses are transitioning to electric vans to lower fuel and maintenance costs while complying with low-emission zone regulations. Financial incentives and tax exemptions further enhance affordability for fleet operators.
Battery capacity segmentation includes less than 100 kWh, 101-250 kWh, 251-400 kWh, 401-550 kWh, and more than 550 kWh. The sub-100 kWh category dominated in 2024, generating USD 22 billion in revenue. Lighter battery packs enhance energy efficiency, vehicle handling, and performance. They also charge faster, making them compatible with most charging networks. The optimal range of 250-400 miles per charge balances practicality and cost-effectiveness, making smaller battery packs the preferred choice for urban mobility and commercial vans.
Electric commercial vehicles are classified into battery electric vehicles (BEV), fuel cell electric vehicles (FCEV), and hybrid commercial electric vehicles (HCEV). BEVs accounted for 50% of the market in 2024 due to lower maintenance costs and operational efficiency. With fewer moving parts than hybrids or fuel cell vehicles, BEVs reduce long-term expenses for both individuals and fleet operators. Government subsidies and stricter emission regulations further drive BEV adoption. The expansion of zero-emission zones in urban areas is accelerating this trend, making BEVs the primary choice for commercial fleets.
By end-use application, the market segments include last-mile delivery, field services, distribution services, long-haul transportation, and refuse trucks. The last-mile delivery sector is set to grow at the fastest rate of 15% CAGR, driven by e-commerce expansion and increased demand for cost-effective, sustainable transport solutions. Electric delivery vehicles offer lower fuel and maintenance costs, easy navigation in congested areas, and compliance with low-emission regulations. Their ability to optimize planned routes and schedule charging reduces downtime and enhances operational efficiency.
North America leads the global electric commercial vehicle market with a 36% share, with the U.S. generating USD 26.2 billion in revenue in 2024. Favorable policies, tax credits, grants, and infrastructure investments fuel adoption. Government initiatives encourage fleet transitions to electric power, while federal funding supports nationwide EV charging station expansion. As a result, the U.S. continues to be a major player in the global shift toward sustainable transportation.
Comprehensive Market Analysis and Forecast

• Industry trends, key growth drivers, challenges, future opportunities, and regulatory landscape
• Competitive landscape with Porter's Five Forces and PESTEL analysis
• Market size, segmentation, and regional forecasts
• In-depth company profiles, business strategies, financial insights, and SWOT analysis

Key Attributes

Report Attribute	Details
No. of Pages	170
Forecast Period	2024-2034
Estimated Market Value (USD) in 2024	$72.3 Billion
Forecasted Market Value (USD) by 2034	$235.7 Billion
Compound Annual Growth Rate	12.7%
Regions Covered	Global

Key Topics Covered
Chapter 1 Methodology & Scope
Chapter 2 Executive Summary
2.1 Industry 360 degree synopsis, 2021-2034
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.1.1 Supplier landscape
3.1.1.1 Raw material suppliers
3.1.1.2 Component suppliers
3.1.1.3 Manufacturers
3.1.1.4 Technology providers
3.1.1.5 End use
3.1.2 Profit margin analysis
3.2 Technology & innovation landscape
3.3 Patent analysis
3.4 Regulatory landscape
3.5 Price trend
3.6 Impact forces
3.6.1 Growth drivers
3.6.1.1 Government policies & incentives
3.6.1.2 Declining battery costs
3.6.1.3 Corporate sustainability goals & ESG compliance
3.6.1.4 Urbanization & last-mile delivery growth
3.6.1.5 Technological advancements
3.6.2 Industry pitfalls & challenges
3.6.2.1 Regulatory and legal hurdles
3.6.2.2 High development costs
3.7 Growth potential analysis
3.8 Porter's analysis
3.9 PESTEL analysis
Chapter 4 Competitive Landscape, 2024
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
Chapter 5 Market Estimates & Forecast, by Vehicle, 2021-2034 ($Bn, Units)
5.1 Key trends
5.2 Pickup trucks
5.3 Trucks
5.4 Vans
5.5 Buses & coaches
Chapter 6 Market Estimates & Forecast, by Propulsion, 2021-2034 ($Bn, Units)
6.1 Key trends
6.2 BEV
6.3 FCEV
6.4 HCEV
Chapter 7 Market Estimates & Forecast, by Battery Capacity, 2021-2034 ($Bn, Units)
7.1 Key trends
7.2 Less than 100 KWH
7.3 101-250 KWH
7.4 251-400 KWH
7.5 401-550 KWH
7.6 More than 550 KWH
Chapter 8 Market Estimates & Forecast, by End Use, 2021-2034 ($Bn, Units)
8.1 Key trends
8.2 Last-mile delivery
8.3 Field services
8.4 Distribution services
8.5 Long-haul transportation
8.6 Refuse trucks
Chapter 9 Market Estimates & Forecast, by Region, 2021-2034 ($Bn, Units)
9.1 Key trends
9.2 North America
9.2.1 U.S.
9.2.2 Canada
9.3 Europe
9.3.1 UK
9.3.2 Germany
9.3.3 France
9.3.4 Italy
9.3.5 Spain
9.3.6 Russia
9.3.7 Nordics
9.4 Asia-Pacific
9.4.1 China
9.4.2 India
9.4.3 Japan
9.4.4 Australia
9.4.5 South Korea
9.4.6 Southeast Asia
9.5 Latin America
9.5.1 Brazil
9.5.2 Mexico
9.5.3 Argentina
9.6 MEA
9.6.1 UAE
9.6.2 South Africa
9.6.3 Saudi Arabia
Chapter 10 Company Profiles
The companies featured in this Electric Commercial Vehicle market report include:

• AB Volvo
• Bollinger Motors
• BYD
• Dongfeng Motor
• Ford Motor
• Irizar Group
• Isuzu Motors
• IVECO
• Mercedes Benz
• Nikola
• Paccar
• Proterra
• Renault
• Rivian
• Scania
• Tata Motors
• Tesla
• VDL Groep
• Workhorse Group
• Yutong

For more information about this report visit

About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

CONTACT: CONTACT: Laura Wood,Senior Press Manager ... For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900

MENAFN16042025004107003653ID1109435812