The Canada electric commercial vehicle market is growing steadily as the government and businesses push for greener transportation solutions. With Canada’s commitment to achieving net-zero emissions by 2050, federal incentives like the Incentives for Medium- and Heavy-Duty Zero-Emission Vehicles (iMHZEV) program are encouraging fleet operators to switch to electric trucks, vans, and buses. Major players such as Lion Electric, BYD, and Volvo are developing electric commercial vehicles suited for Canadian conditions, including extreme cold weather. The logistics sector, especially companies like Amazon and Purolator, is adopting electric delivery vans to reduce carbon footprints and operational costs.
Additionally, public transit systems in cities like Toronto, Vancouver, and Montreal are integrating electric buses into their fleets to lower emissions and improve urban air quality. However, challenges remain, including the need for widespread charging infrastructure and high initial costs. To address these barriers, Canada is investing in fast-charging stations and battery technology advancements. With increasing corporate sustainability goals and government funding, the adoption of electric commercial vehicles is expected to accelerate. As battery range improves and more charging stations are deployed, Canada’s electric commercial vehicle market is poised for significant expansion in the coming years.
Electric commercial vehicle Market Size was valued at USD 11301.1 Million in 2023. The Global Electric commercial vehicle market industry is projected to grow from USD 13663.02 Million in 2024 to USD 62244.5 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 20.87% during the forecast period (2024-2032).
Market Research Future Insights :
According to the US Energy Information Administration (EIA), daily consumption will be 97.45 million barrels in 2021. Except for a few exceptional circumstances, like as the COVID-19 epidemic, gas prices have been growing on the global market. The strong demand for gasoline is to blame for the price increase. It’s not a renewable energy source. It will therefore likely exhaust itself during the following several decades. Gasoline prices rise as a result of changes in supply and demand. Despite numerous agreements being struck to manage gasoline prices globally, expenses have climbed over time. Because most countries are compelled to import it, the consumption of gasoline has an impact on the economy’s trade balance.
Automobile manufacturers are more and more taking into account alternative fuel sources for their vehicles as a result of the depletion of petroleum supplies and the rising cost of gasoline. It is anticipated that the 2022 conflict between Russia and Ukraine will further boost fuel costs, which have risen over the last few decades. This is anticipated to prompt fresh initiatives to switch to EVs and lower global transportation costs. Due to their lower running costs compared to the high cost of operating ICE commercial cars, electric commercial vehicles will become more and more popular. resulting in increased sales of electric commercial vehicles.
Regional Analysis :
The report provides regionally categorised market information for North America, Europe, Asia-Pacific, and the rest of the world. With projected sales of $3.98 billion in 2022, the Asia Pacific market for electric commercial vehicles is expected to grow at a significant CAGR throughout the study period. The Asia Pacific Electric Commercial Vehicle market is predicted to have a greater revenue share than other regional markets during the projection period. The Asia Pacific Electric Commercial Vehicle market’s revenue growth is mostly attributable to the Chinese electric bus sector. In addition, the China Electric Commercial Vehicle market has the largest market share and the fastest growth rate in the Asia-Pacific region for Electric Commercial Vehicles.
Moreover, the United States, Canada, Germany, France, the United Kingdom, Italy, Spain, Australia, South Korea, and Brazil are among the important nations examined in the market analysis.
Market Segmentation :
BEV, HEV, PHEV, and FCEV are among the propulsion-based market segments for electric commercial vehicles. The BEV category will be the largest during the expected time period. A BEV is an electric car that runs exclusively on batteries. The Vehicle drives ahead thanks to a permanent magnet motor that is powered by an internal battery. BEVs typically have a range of 150–200 miles. Nevertheless, this could change according on the battery that is inserted. The majority of intracity transportation takes place in buses, vans, and cars with BEV propulsion systems. There will probably soon be a significant demand for BEVs due to the fact that cities are where these vehicles are used the most.
Buses, trucks, and other vehicles are included in the market segmentation for electric commercial vehicles depending on vehicle type. The segments for heavy trucks are expected to increase at the fastest rate. Due to steps launched by the leading producers of heavy-duty electric trucks to speed up their development, there is an increase in demand for the electric commercial vehicle industry. For instance, in September 2022, Tata Motors announced the launch of a fleet of new heavy-duty trucks in 28 and 19 tonnes models. The Lane Departure Warning System, the Collision Mitigation System, and the Driver Monitoring System are just a few of the advanced driver assistance systems (ADAS) that these vehicles include (LDWS).
An electric motor, EV batteries, and hydrogen fuel cells are included in the market segmentation for electric commercial vehicles based on their individual components. The demand for EVs and emission control systems is expected to develop, and during the projected period, the EV battery category is expected to expand at a very quick CAGR. Governments in various nations have enacted legislation to promote the development of EVs because to the growing concern about pollution.
Key Players :
Global Electric Commercial Vehicle Market key players include; Nissan (Japan), BYD (China), Proterra (US), Daimler (Germany), LG Chem (South Korea), Tesla (US), Zhongtong Bus Holding Co Ltd (China), and Panasonic (Japan). Delphi (US), Daimler (Germany) are the companies prominent in the market.
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