Summary
– The commercial vehicle segment includes LCVs and HCVs, with HCVs combining heavy trucks and buses & coaches
– LCVs have evolved from basic features to versatile vehicles for both passengers and commercial use
– Various companies like Volvo, Daimler, Tesla, and ZF are already producing or developing EV models for commercial vehicles
– The growth of electric buses, particularly in China, is contributing to the expansion of the electric bus segment
– The increasing trend of replacing fuel-based public transport fleets with electric buses, along with the growth of e-commerce and shared mobility, is expected to drive the growth of electric commercial vehicles.
Article
The commercial vehicle segment is divided into light commercial vehicles (LCVs) and heavy commercial vehicles (HCVs), which include heavy trucks and buses & coaches. The production volumes and growth rates of HCVs are limited due to their specific applications in industries such as logistics, construction, and mining. LCVs have evolved from basic utility vehicles to more sophisticated models that cater to both passengers and commercial purposes. The majority of used LCVs and HCVs include vans, mini-buses, pickups, and trucks. Companies such as Volvo Group, Daimler AG, Traton Group, BYD, Nikola Motor, Tesla, DAF Trucks, etc. have already launched or are developing electric vehicle (EV) models for the commercial vehicle market. For example, Stellantis and Toyota Motor have partnered to develop a new large-size commercial van, including a battery electric version, completing a full lineup of light commercial vehicles with different sizes.
In the electric commercial vehicle market, sales of electric buses, particularly in China, have been increasing, leading to the replacement of existing fuel-based bus fleets with electric ones in several countries. The trend of transitioning to electric buses is expected to drive the growth of the electric commercial vehicle market, along with the growth of e-commerce, logistics, and shared mobility. Electric vans are anticipated to experience significant growth in Europe and Asia, as they are widely used in businesses. The electric LCV segment is projected to be the fastest-growing market in the coming years, driven by the increasing adoption of EV technology in the commercial vehicle sector.
Various companies are already offering or developing EV models for the commercial vehicle market, such as Volvo Group, Daimler AG, Traton Group, BYD, Nikola Motor, Tesla, DAF Trucks, etc. For example, ZF’s Commercial Vehicle Solutions department has introduced the ‘AxTrax 2’ and ‘AxTrax 2 dual’ electric central drive system designed for different types of vehicles, from light delivery vans to heavy-duty trucks and trailers. In May 2022, Stellantis and Toyota Motor announced a partnership to develop a new large-size commercial van with a battery electric version, expanding their light commercial vehicle lineup. The growth of electric buses and vans, as well as the increasing trend of replacing fossil fuel-based public transport fleets with electric vehicles, are expected to drive the growth of electric commercial vehicles in the forecast period.
The commercial vehicle segment consists of light commercial vehicles (LCVs) and heavy commercial vehicles (HCVs), which include heavy trucks and buses & coaches. HCVs have limited production volumes and growth rates due to their specific applications in industries like logistics, construction, and mining. LCVs have evolved from basic utility vehicles to more advanced models that cater to both passenger and commercial use. The majority of used LCVs and HCVs include vans, mini-buses, pickups, and trucks. Companies like Volvo Group, Daimler AG, Traton Group, BYD, Nikola Motor, Tesla, and DAF Trucks have already launched or are developing electric vehicle (EV) models for the commercial vehicle market.
Sales of electric buses, particularly in China, have been increasing, leading to the replacement of fuel-based bus fleets with electric ones in various countries. The transition to electric buses, along with the growth of e-commerce, logistics, and shared mobility, is expected to drive the growth of the electric commercial vehicle market. Electric vans are expected to experience significant growth in Europe and Asia due to their widespread use in businesses. The electric LCV segment is projected to be the fastest-growing market in the future, fueled by the rising adoption of EV technology in the commercial vehicle sector.
Companies are actively engaged in offering or developing EV models for the commercial vehicle market, such as Volvo Group, Daimler AG, Traton Group, BYD, Nikola Motor, Tesla, and DAF Trucks. For example, ZF’s Commercial Vehicle Solutions department has introduced the ‘AxTrax 2’ and ‘AxTrax 2 dual’ electric central drive system designed for various vehicle types, from light delivery vans to heavy-duty trucks and trailers. In May 2022, Stellantis and Toyota Motor announced a collaboration to develop a new large-size commercial van with a battery electric version, completing their light commercial vehicle lineup. The growth of electric buses and vans, along with the trend of replacing fossil fuel-based public transport fleets with electric vehicles, is expected to drive the growth of electric commercial vehicles in the forecast period.
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