Market Overview
The key driving factors of the Electric Van Market include increased demand for lower fuel emission vehicles and government supports for zero-emission vehicles through subsidies.
As a result of these factors, market manufacturers around the world now have tremendous growth potential. Electric vehicle demand is increasing as a result. EV adoption and emission reduction plans are other national goals. In the forecast period between 2023 and 2030, it is anticipated that the Electric Van Market will grow at a CAGR of 21% and reach a market valuation of USD 30,807 million. As far as reducing environmental pollution goes, electric vehicles have taken the place of conventional transportation. These cars’ market value has increased thanks to their cutting-edge technical features. In terms of fuel efficiency, upkeep, carbon emissions, easy charging, and reduced engine noise, it has excelled.
Industry News
In September 2023 – Mercedes-Benz and Rivian declared their partnership and signed an MoU for the joint production of electric vans. The partnership aims for sustainability and makes the transportation sector fully electric. The companies will produce large electric vans for MercedesBenz and Rivian. They will leverage shared investments and costs to achieve large-scale electric van production operational synergies.
In August 2023 – Amazon and Rivian are planning to launch custom electric delivery vehicles in 100 cities by the end of 2023 and estimated a figure of 100,000 vehicles across the U.S. by 2030.
The rise in investments in the development of EV charging stations by the government is aiding the market. OEMs have created opportunities to propel their revenue rate and regional presence. The EV battery cost has also kept on reducing for the past decades due to technical advancements and large-scale production. Therefore, the Electric Van Market size will obtain its estimated CAGR in the forecast period.
Regional Analysis
The regional growth report of the Electric Van Market size has sown significant growth in major regions such as North America, Asia Pacific, South America, Europe, and the rest of the world.
The Asia Pacific region takes the lead in the market due to developing countries like India and China. China is considered the top producer of Electric Vehicles. The pollution control aids and initiatives taken by the government are accelerating the regional market here.
Japan and South Korea are also noticing rapid market growth due to higher demand for EV demand. The charging station installation, pollution standards implementation, and deadlines to switch from ICE vehicles to EVs are driving the market in these regions.
India is even noticing an increased demand for EVs. The new vehicle scrappage policy with other planned norms is driving the market. Other countries such as Indonesia, Malaysia, Thailand, and Vietnam have reduced car emissions and are inclined toward electric vehicles.
Market Segments
Electric Van Market size Segmentation
By Propulsion Type
- Battery Electric Vehicles
- Hybrid Electric Vehicles
- Fuel Cell Electric Vehicles
- Plug-in Hybrid Electric Vehicles
By Vehicle Type
- Short And Mid-range Electric Vans
- Long-range Electric Vans
By Charging Type
- Normal Charging
- Fast Charging
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