Global Electric Van Market will be worth ~$22.2 Billion by 2027

According to Mobility Foresights, the global Electric Van Market size is ~$2.7 Billion in 2022 growing at a CAGR of 30% during the forecast period 2022 to 2027.

| Source: Mobility Foresights Mobility Foresights

Bangalore, July 29, 2022 (GLOBE NEWSWIRE) --

Report summary

LCVs( Light Commercial Vehicles) comprise 60-65% of commercial vehicles sold globally, per annum or (6-6.5 million units). Electric van market is a subset of the fast growing Electric vehicle market and the developments have been largely concentrated in Europe.

The van market is heavily influenced by economic trends, especially in housing and retail. Most of the electric vans/ LCVs spend most of their time inside city centers, either for last mile delivery/commute or short haul deliveries. The average daily distance traveled by these vehicles is in the range of 200-250kms and mostly in urban confines. Therefore, range anxiety is much lower for drivers and fleet operators.

In US electric vehicle market, OEMs are offering fleet operating services such as smart charging based on electricity charges, increasing logistics efficiency, etc. to improve the value add offered with electric vans.

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Key Takeaway

  • Europe is the largest contributor in terms of value, as more electric vans are expected to be launched by the OEMs during the forecast period.
  • The market for the electric vans is less than 10% of the overall van market, and the demand for the electric vans used for last-mile services is currently in high demand in Europe
  • While China and Europe are showcasing the potential for electric vans, other regions like the US, etc. will catch up, especially if the vehicle prices decrease.
  • LCVs in China are mainly based on mini trucks. Electrification of mini trucks is looked into by OEMs and the government mainly for Tier 1 and Tier 2 cities
  • Major component suppliers like Samsung SDI and GKN Driveline are looking to expand manufacturing facilities for electric vans in the North American region, as these are currently concentrated in Europe and China.
  • Ukraine is the biggest exporter of Neon gas, which is an essential part of the production process of the chips used extensively in the e-LCVs. The EV production has already been badly affected over the past year by the microchip shortage

Last Mile Delivery Market trends and opportunities

  • The e-commerce industry has seen a massive growth for the past two years as this pandemic has made a tectonic shift in consumers' behavior to buy goods online rather than going to retail stores
  • Last-mile delivery companies has taken major steps in the direction to fast-track EV adoption
  • As e-commerce boomed, fleet operators looked to cut down their operating costs, and fleet operation was one of the primary expenses. Electric vans have a 40% lower operating costs
  • The overall e-commerce shipments have grown from 0.82 billion shipments in 2018 to 1.4 billion shipments in 2021 and is expected to grow to over 5 billion shipments by 2025

Market trends

  1. Most of the electric vans in Europe are available with two battery sizes (50-55/70-80 kWh) and are expected to deliver range of  200 and 300 kilometers respectively as per the new WLTP cycle
  2. Mercedes-Benz is leading the way in the commercial electric van business, with sales of more than 25,000 electric vans, this has made them the market leader in both midsize and large eVans.
  3. The Direct to Consumer market is increasing across Europe & US, causing fleet operators to increase the van fleet size. Online holiday shopping increased by more than 40% between 2019 and 2021. Lower operating costs will entice fleet operators to consider electric vans as they increase their fleet size

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Market Segmentation

By Geography

  • US
  • Europe
  • China
  • Asia Ex- China
  • ROW

By EV Type

  • BEV
  • PHEV

By Application

  • Last mile delivery
  • Others

By Tier Diameter

  • 14-16”
  • >16”

By Motor Power

  • 80-100 kW
  • >100 kW

Related Reports

India Electric Vehicle market

Germany Electric vehicle market

Russia Electric Vehicle market

 Companies Profiled

  • PSA Group
  • Renault Automobile Company
  • DaimlerAG
  • London Electric vehicle Company
  • Fiat Automobiles S.p.A.
  • Ford Motor Company
  • Arrival
  • Toyota Motors
  • BYD Company
  • Dongfeng

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