Europe Electric Commercial Vehicle Market Size, Share, Growth & Forecast 2027

Summary

Report Description

Europe electric commercial vehicle market stood at USD6,071.31 million in 2021 and is anticipated to grow at a CAGR of 25.12% in terms of value during the forecast period, owing to the increased rate of EV adoption by commercial fleet management companies and growing government focus on the implementation of electric buses.

According to the International Energy Agency (IEA), about half a million electric buses are in circulation globally, most of which are in China. Driven by similar air quality concerns, bus electrification is also gaining ground in many other regions: the City of Santiago de Chile is home to the largest electric urban bus fleet outside of China. Opportunities for electrification can be seized over the coming decade, even in modes where emissions are hard to abate, such as heavy-duty trucks, aviation, and shipping.

Government Policies and Associations Aiding in Faster Adoption

According to the International Energy Agency, as of 2021, 17 countries have announced 100% zero-emission vehicle targets or the phase-out of internal combustion engine vehicles through 2050. In December 2019, France became the first country to put this intention into law, with a 2040 timeframe. The European countries recently presented their “Fit for 55” program, which seeks to align climate, energy, land use, transport, and taxation policies to reduce net greenhouse gas emissions by at least 55% by 2030. Such incentive schemes in progress and policies are striking the consumers to adopt green vehicles, which is expected to boost the market at a faster growth rate in the forecast years.

Transport Agencies and E-Commerce Logistic Companies Adopting Green Vehicles

Numerous transport agencies and transit companies have tied up their orders with global electric commercial vehicle manufacturers for better and easy adoption of electric and hybrid commercial vehicles in the region. For example, in December 2021, FedEx received the first 500 electric delivery trucks from Brightdrop. Brightdrop is the EV unit for General Motors, with the help of which the e-commerce delivery company aims to buy only electric delivery vehicles after 2025 and electrify its entire delivery fleet by 2040.

Growing Technological Advancements

According to the International Energy Agency, the electric vehicle industry attracted around USD400 billion worth of investments in the last decade. Numerous start-up companies have started investing in the development of electric vehicles, whether it is for the infrastructure or for the vehicle powertrain. In addition, numerous ICE vehicle component production companies are shifting their production line to match the forthcoming electric vehicle industry. Such factors are guiding the growth and adoption of electric and hybrid vehicles in the future years.

Improvement in Battery Technologies

In commercial electric vehicles, high-power batteries are used for moving the vehicles. Many companies use the Li-ion battery for motorcycles as they are more powerful in terms of performance. The battery can get charged by any charger like Level1, Level2, and Level3 charger at any charging station which provides these types of chargers. The battery in the commercial vehicle has a long lifetime which also means that the buyers can invest one time in the battery. Many battery companies are making major investments in their research and development facilities to improve the battery technology, which correspondingly drives the market growth.

High Battery Costs

High battery cost is another factor that can act up as a challenge for the Europe electric commercial vehicle market. The costs of the electric commercial vehicle are higher than ICE commercial vehicles mainly due to the huge costs of lithium-ion batteries, which cost almost half of the vehicle’s price. Many countries in Europe do not have domestic manufacturing of these batteries, and importing them from China and nearby countries adds the extra cost, which may increase the electric commercial vehicle prices. So, this factor may act as a challenge for the electric commercial vehicle market in various European countries. As setting up a lithium battery manufacturing plant is not an easy task with optimal minerals available to produce lithium-ion batteries. Moreover, the shortage of semi-conductor is currently going on across the globe, and such factors are expected to restrain the electric commercial vehicle sales in the forecast period.

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Market Segmentation

The Europe electric commercial vehicle market is segmented across propulsion type, vehicle type, range, and country. In terms of propulsion type, the market is segmented across hybrid electric vehicles (HEVs), battery electric vehicles (BEVs), plug-in hybrids (PHEVs), and fuel cell electric vehicles (FCEVs). In terms of vehicle type, the market is segmented into bus, truck, and light commercial vehicle (LCV). By range, the market is segmented among vehicles with a range of 0-150 Miles, 151-250 Miles, 251-500 Miles, 500 Miles & above. In terms of country, the market is divided into France, Germany, United Kingdom, Norway, Netherlands, Italy, Spain, Sweden, Poland, Belgium and Rest of the Europe.

Company Profiles

Renault–Nissan–Mitsubishi Alliance, Peugeot S.A., Ford Motors Corporation, Toyota Motor Corporation, and Hyundai Kia Automotive Group are the five leading players operating in the Europe electric commercial vehicle market. Other companies include Construcciones y Auxiliar de Ferrocarriles, S.A. (CAF), BYD Auto, Volvo AB, Man SE, etc. Apart from these flagship companies, many start-up companies are also increasing their footprint in the Europe electric commercial vehicle market by pushing their low-cost products blended with ease of availability.

Attribute	Details
Market Size Value in 2021	USD6,071.31 Million
Revenue Forecast in 2027	USD22,494.01 Million
Growth Rate	25.12%
Base Year	2021
Historical Years	2017 – 2021
Estimated Year	2022
Forecast Period	2023 – 2027
Quantitative Units	Volume in Units, Revenue in USD Million and CAGR for 2017-2021 and 2022-2027
Report Coverage	Revenue forecast, company share, competitive landscape, growth factors, and trends
Segments Covered	· Propulsion Type · Vehicle Type · By Range · By Country
Country Scope	France, Germany, United Kingdom, Norway, Netherlands, Italy, Spain, Sweden, Poland, and Belgium
Key Companies Profiled	Renault–Nissan–Mitsubishi Alliance, Peugeot S.A., Ford Motors Corporation, Toyota Motor Corporation, Hyundai Kia Automotive Group, Construcciones y Auxiliar de Ferrocarriles, S.A. (CAF), BYD Auto Co. Ltd., AB Volvo, Man SE, and Solaris Bus & Coach sp. z o.o.
Customization Scope	10% free report customization with purchase. Addition or alteration to country, regional & segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs. Explore purchase options
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

Report Scope:

In this report, Europe electric commercial vehicle Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

· Europe Electric Commercial Vehicle Market, By Propulsion Type:

o HEV

o BEV

o PHEV

o FCEV

· Europe Electric Commercial Vehicle Market, By Vehicle Type:

o LCV

o Bus

o Truck

· Europe Electric Commercial Vehicle Market, By Range:

o 0-150 Miles

o 151-250 Miles

o 251-500 Miles

o 501 Miles & Above

· Europe Electric Commercial Vehicle Market, By Country:

o France

o Germany

o United Kingdom

o Norway

o Netherlands

o Italy

o Spain

o Sweden

o Poland

o Belgium

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Europe electric commercial vehicle market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Table of content

1. Product Definition

2. Research Methodology

3. Executive Summary

4. Impact of COVID-19 on Europe Electric Commercial Vehicle Market

5. Voice of Customer

5.1. Factors Influencing Purchase Decision

5.2. Brand Recall

5.3. Brand Satisfaction Level

6. Europe Electric Commercial Vehicle Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value & By Volume

6.2. Market Share & Forecast

6.2.1. By Propulsion Type (BEV, HEV, PHEV and FCEV)

6.2.2. By Vehicle Type (Bus, Truck and LCV)

6.2.3. By Range (0-150 Miles, 151-250 Miles, 251-500 Miles and 501 Miles & Above)

6.2.4. By Country (France, United Kingdom, Germany, Spain, Italy, Poland, Belgium, Netherlands, Sweden, Norway and Rest of Europe)

6.2.5. By Company (2021)

6.3. Market Map (By Vehicle Type)

7. France Electric Commercial Vehicle Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value & By Volume

7.2. Market Share & Forecast

7.2.1. By Propulsion Type (BEV, HEV, PHEV and FCEV)

7.2.2. By Vehicle Type (Bus, Truck and LCV)

7.2.3. By Range (0-150 Miles, 151-250 Miles, 251-500 Miles and 501 Miles & Above)

8. Germany Electric Commercial Vehicle Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value & By Volume

8.2. Market Share & Forecast

8.2.1. By Propulsion Type (BEV, HEV, PHEV and FCEV)

8.2.2. By Vehicle Type (Bus, Truck and LCV)

8.2.3. By Range (0-150 Miles, 151-250 Miles, 251-500 Miles and 501 Miles & Above)

9. United Kingdom Electric Commercial Vehicle Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value & By Volume

9.2. Market Share & Forecast

9.2.1. By Propulsion Type (BEV, HEV, PHEV and FCEV)

9.2.2. By Vehicle Type (Bus, Truck and LCV)

9.2.3. By Range (0-150 Miles, 151-250 Miles, 251-500 Miles and 501 Miles & Above)

10. Norway Electric Commercial Vehicle Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value & By Volume

10.2. Market Share & Forecast

10.2.1. By Propulsion Type (BEV, HEV, PHEV and FCEV)

10.2.2. By Vehicle Type (Bus, Truck and LCV)

10.2.3. By Range (0-150 Miles, 151-250 Miles, 251-500 Miles and 501 Miles & Above)

11. Netherlands Electric Commercial Vehicle Market Outlook

11.1. Market Size & Forecast

11.1.1. By Value & By Volume

11.2. Market Share & Forecast

11.2.1. By Propulsion Type (BEV, HEV, PHEV and FCEV)

11.2.2. By Vehicle Type (Bus, Truck and LCV)

11.2.3. By Range (0-150 Miles, 151-250 Miles, 251-500 Miles and 501 Miles & Above)

12. Italy Electric Commercial Vehicle Market Outlook

12.1. Market Size & Forecast

12.1.1. By Value & By Volume

12.2. Market Share & Forecast

12.2.1. By Propulsion Type (BEV, HEV, PHEV and FCEV)

12.2.2. By Vehicle Type (Bus, Truck and LCV)

12.2.3. By Range (0-150 Miles, 151-250 Miles, 251-500 Miles and 501 Miles & Above)

13. Spain Electric Commercial Vehicle Market Outlook

13.1. Market Size & Forecast

13.1.1. By Value & By Volume

13.2. Market Share & Forecast

13.2.1. By Propulsion Type (BEV, HEV, PHEV and FCEV)

13.2.2. By Vehicle Type (Bus, Truck and LCV)

13.2.3. By Range (0-150 Miles, 151-250 Miles, 251-500 Miles and 501 Miles & Above)

14. Sweden Electric Commercial Vehicle Market Outlook

14.1. Market Size & Forecast

14.1.1. By Value & By Volume

14.2. Market Share & Forecast

14.2.1. By Propulsion Type (BEV, HEV, PHEV and FCEV)

14.2.2. By Vehicle Type (Bus, Truck and LCV)

14.2.3. By Range (0-150 Miles, 151-250 Miles, 251-500 Miles and 501 Miles & Above)

15. Poland Electric Commercial Vehicle Market Outlook

15.1. Market Size & Forecast

15.1.1. By Value & By Volume

15.2. Market Share & Forecast

15.2.1. By Propulsion Type (BEV, HEV, PHEV and FCEV)

15.2.2. By Vehicle Type (Bus, Truck and LCV)

15.2.3. By Range (0-150 Miles, 151-250 Miles, 251-500 Miles and 501 Miles & Above)

16. Belgium Electric Commercial Vehicle Market Outlook

16.1. Market Size & Forecast

16.1.1. By Value & By Volume

16.2. Market Share & Forecast

16.2.1. By Propulsion Type (BEV, HEV, PHEV and FCEV)

16.2.2. By Vehicle Type (Bus, Truck and LCV)

16.2.3. By Range (0-150 Miles, 151-250 Miles, 251-500 Miles and 501 Miles & Above)

17. Market Dynamics

17.1. Drivers

17.2. Challenges

18. Market Trends and Developments

19. Competitive Landscape

19.1. Renault–Nissan–Mitsubishi Alliance

19.2. Peugeot S.A.

19.3. Ford Motors Corporation

19.4. Toyota Motor Corporation

19.5. Hyundai Kia Automotive Group

19.6. Construcciones y Auxiliar de Ferrocarriles, S.A. (CAF)

19.7. BYD Auto Co. Ltd.

19.8. AB Volvo

19.9. Man SE

19.10. Solaris Bus & Coach sp. z o.o.

20. Strategic Recommendations

Figures and Tables

List of Figures

Figure 1: Europe Electric Commercial Vehicle Market Size, By Value (USD Million), By Volume (Units), 2017-2027F

Figure 2: Europe Electric Commercial Vehicle Market Share, By Propulsion Type, By Volume 2017-2027F

Figure 3: Europe Electric Commercial Vehicle Market Share, By Vehicle Type, By Volume 2017-2027F

Figure 4: Europe Electric Commercial Vehicle Market Share, By Range, By Volume 2017-2027F

Figure 5: Europe Electric Commercial Vehicle Market Share, By Country, By Volume 2017-2027F

Figure 6: Europe Electric Commercial Vehicle Market Share, By Company, By Volume, 2021

Figure 7: Europe Electric Commercial Vehicle Market Map, By Vehicle Type, Market Size (Units) & Growth Rate (%)

Figure 8: France Electric Commercial Vehicle Market Size, By Value (USD Million), By Volume (Units), 2017-2027F

Figure 9: France Electric Commercial Vehicle Market Share, By Propulsion Type, By Volume 2017-2027F

Figure 10: France Electric Commercial Vehicle Market Share, By Vehicle Type, By Volume 2017-2027F

Figure 11: France Electric Commercial Vehicle Market Share, By Range, By Volume 2017-2027F

Figure 12: Germany Electric Commercial Vehicle Market Size, By Value (USD Million), By Volume (Units), 2017-2027F

Figure 13: Germany Electric Commercial Vehicle Market Share, By Propulsion Type, By Volume 2017-2027F

Figure 14: Germany Electric Commercial Vehicle Market Share, By Vehicle Type, By Volume 2017-2027F

Figure 15: Germany Electric Commercial Vehicle Market Share, By Range, By Volume 2017-2027F

Figure 16: United Kingdom Electric Commercial Vehicle Market Size, By Value (USD Million), By Volume (Units), 2017-2027F

Figure 17: United Kingdom Electric Commercial Vehicle Market Share, By Propulsion Type, By Volume 2017-2027F

Figure 18: United Kingdom Electric Commercial Vehicle Market Share, By Vehicle Type, By Volume 2017-2027F

Figure 19: United Kingdom Electric Commercial Vehicle Market Share, By Range, By Volume 2017-2027F

Figure 20: Norway Electric Commercial Vehicle Market Size, By Value (USD Million), By Volume (Units), 2017-2027F

Figure 21: Norway Electric Commercial Vehicle Market Share, By Propulsion Type, By Volume 2017-2027F

Figure 22: Norway Electric Commercial Vehicle Market Share, By Vehicle Type, By Volume 2017-2027F

Figure 23: Norway Electric Commercial Vehicle Market Share, By Range, By Volume 2017-2027F

Figure 24: Netherlands Electric Commercial Vehicle Market Size, By Value (USD Million), By Volume (Units), 2017-2027F

Figure 25: Netherlands Electric Commercial Vehicle Market Share, By Propulsion Type, By Volume 2017-2027F

Figure 26: Netherlands Electric Commercial Vehicle Market Share, By Vehicle Type, By Volume 2017-2027F

Figure 27: Netherlands Electric Commercial Vehicle Market Share, By Range, By Volume 2017-2027F

Figure 28: Italy Electric Commercial Vehicle Market Size, By Value (USD Million), By Volume (Units), 2017-2027F

Figure 29: Italy Electric Commercial Vehicle Market Share, By Propulsion Type, By Volume 2017-2027F

Figure 30: Italy Electric Commercial Vehicle Market Share, By Vehicle Type, By Volume 2017-2027F

Figure 31: Italy Electric Commercial Vehicle Market Share, By Range, By Volume 2017-2027F

Figure 32: Spain Electric Commercial Vehicle Market Size, By Value (USD Million), By Volume (Units), 2017-2027F

Figure 33: Spain Electric Commercial Vehicle Market Share, By Propulsion Type, By Volume 2017-2027F

Figure 34: Spain Electric Commercial Vehicle Market Share, By Vehicle Type, By Volume 2017-2027F

Figure 35: Spain Electric Commercial Vehicle Market Share, By Range, By Volume 2017-2027F

Figure 36: Sweden Electric Commercial Vehicle Market Size, By Value (USD Million), By Volume (Units), 2017-2027F

Figure 37: Sweden Electric Commercial Vehicle Market Share, By Propulsion Type, By Volume 2017-2027F

Figure 38: Sweden Electric Commercial Vehicle Market Share, By Vehicle Type, By Volume 2017-2027F

Figure 39: Sweden Electric Commercial Vehicle Market Share, By Range, By Volume 2017-2027F

Figure 40: Poland Electric Commercial Vehicle Market Size, By Value (USD Million), By Volume (Units), 2017-2027F

Figure 41: Poland Electric Commercial Vehicle Market Share, By Propulsion Type, By Volume 2017-2027F

Figure 42: Poland Electric Commercial Vehicle Market Share, By Vehicle Type, By Volume 2017-2027F

Figure 43: Poland Electric Commercial Vehicle Market Share, By Range, By Volume 2017-2027F

Figure 44: Belgium Electric Commercial Vehicle Market Size, By Value (USD Million), By Volume (Units), 2017-2027F

Figure 45: Belgium Electric Commercial Vehicle Market Share, By Propulsion Type, By Volume 2017-2027F

Figure 46: Belgium Electric Commercial Vehicle Market Share, By Vehicle Type, By Volume 2017-2027F

Figure 47: Belgium Electric Commercial Vehicle Market Share, By Range, By Volume 2017-2027F

Frequently asked questions

What is the impact of COVID-19 on Europe electric commercial vehicles market?

Owing to a decline in daily commuting, closure of manufacturing plants, showrooms, and halt at imports and exports, the market witnessed a decline in market size.

What will be the growth prospects of the Europe electric commercial vehicles market?

Owing to expansion in electric vehicle charging infrastructure, and lower vehicle ownership costs, the adoption of electric vehicles is expected to rise in the forecast period. Europe electric commercial vehicles market stood around USD6,071.31 million in the year 2021, which is estimated to reach around USD22,494.01 million in the year 2027.

Who are the top 10 players in the Europe electric commercial vehicles market?

The top 10 players in the Europe electric commercial vehicles market are Renault–Nissan–Mitsubishi Alliance, Peugeot S.A., Ford Motors Corporation, Toyota Motor Corporation, Hyundai Kia Automotive Group, Construcciones y Auxiliar de Ferrocarriles, S.A. (CAF), BYD Auto, AB Volvo, Man SE, Solaris Bus & Coach sp. z o.o., etc.

What are the trends in the Europe electric commercial vehicle market?

The fastest growing segment among the vehicle type is trucks. Owing to rapid advancements in battery technology and better load carrying capacity, the segment is expected to grow at a robust CAGR of around 28.69% in the next five years by volume.

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Press Release

Europe Electric Commercial Vehicle Market to Grow at a CAGR of 25.12% through until 2027

May, 2022

Increasing penetration of electric commercial vehicle manufacturers & sustained focus of the government on adoption of green vehicles will lead to the growth of electric commercial vehicles in the fo

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